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Police Pension Minutes 2012 08-14-12 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 (630) 553-4340 5:00PM on August 14, 2012 Police Department Conference Room Minutes Attachments: Meeting Minutes for May 07, 2012 President/Secretary to sign Monthly Treasurer’s Report as of July 31, 2012 Bills for Payment Coalition for Qualified Plan Status letter Schwab Fees and Services letter ---------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: 5:11pm by President Todd Overmyer Roll Call: Present: Mr. Overmyer, Mr. DuSell, Mr. Powell, Mr. Mikolasek, Mr. Goldsmith Guests: Dwight Ower, Mitchell Vaught and Taylor; Tom Radja, Attorney; Larry DeBord, citizen Previous Meeting Minutes: May 07, 2012 Corrections/Approval nd Motion to Approve: Mr. DuSell, 2 Mr. Mikolasek Ayes 4 Nays 0 Communications: Transferred $150,000 from Old Second Bank account to Schwab account. Monthly Treasurer’s Report: as of July 31, 2012 nd Motion to Approve: Mr. Mikolasek, 2 Mr. DuSell Ayes 4 Nays 0 Bills for Payment: Cary Collins: Attorney $ 750.00 MVT Management Fee: (July – Sept 2012) $ 4885.00 From Schwab Acct: 3137-9036 United City of Yorkville (IPPAC Spring Conference lodging – Sibenaller, Mikolasek, Goldsmith) $ 608.22 United City of Yorkville (new file cabinet) $ 259.99 IPPAC Annual Membership Fee $ 500.00 Zabinski Consulting Services (Accounting) $ 475.00 Illinois Department of Insurance Compliance Fee $ 843.38 William Powell $ 162.50 Total Bills for Payment: $ 8,484.09 -Board discussed and decided not to pay $400 to become a member of the Coalition for Qualified Plan based on the recommendation of Attorney Tom Radja nd Motion to Approve: Mr. DuSell, 2 Mr. Mikolasek Roll call vote: Ayes 4 Nays 0 Investments: Progress Reports from Mitchell, Vaught, and Taylor Money transfers from YNB to Charles Schwab & Co Pay to: Charles Schwab & Co. Mail to: Institutional Client Service Group P. O. Box 628290 Orlando, Fl 32862-9906 -Discussion led by Dwight Ower regarding the changing of the Pension Fund benchmark from the S&P 500 to a benchmark more reflective of the diversity of the Fund’s investment portfolio. -Mr. Ower suggested CPI + 2% which is the consumer price index plus 2 percent. -Mr. Ower will provide a sample investment policy regarding this change for the Board to decide upon. -Board discussed and directed Dwight Ower to move $100,000 from international equities to domestic dividend or other U.S. equities due to the recent poor performance of international equities. nd Motion to approve transfer of money from international equities to domestic equities: Mr. DuSell, 2 Mr. Mikolasek Roll call vote: Ayes 4 Nays 0 Unfinished Business: Discussion about purging or archiving pension files -Police Records Supervisor Molly Schwartzkopf previously offered to provide assistance in this matter. -Attorney Tom Radja advised board to follow guidelines set in the Illinois Records Retention Act and advised the Illinois Secretary of State would be able to provide guidance. Discussion about request made by Officer Dan Pleckham to buy back creditable service time from Harvey Police Department. -Board has never received a letter from Officer Pleckham requesting the buy back of creditable service and Officer Pleckham will be advised to submit a formal request to the board. New Business: Mr. Powell informed board that an Illinois Department of Insurance compliance fee was inadvertently left off the bills for payment list. The compliance fee was in the amount of $843.38 payable to the Illinois State Treasurer. The fee brought the total of bills to be paid to $8,484.09. nd Motion to Approve: Mr. Mikolasek, 2 Mr. DuSell Ayes 4 Nays 0 Additional Business: Andrew Jeleniewski to rank of Sergeant effective July 02, 2012 Discussion regarding the filing of the IDOI interrogatories. -Mr. Powell stated that he intended to file by end of the week with the help of Mr. Mikolasek -Board members were reminded to keep up with their required training. Schwab fees and services letter - Dwight Ower explained that there was $422 in trading fees disclosed in this document. Coalition for Qualified Plan Status letter -Board previously discussed this matter during discussion on bills. Attorney Tom Radja made a suggestion to the Board. -Mr. Radja suggested the Board send letters to retirees confirming their personal information at least once a year. -Mr. Radja offered to provide a sample form letter to be used Next meeting: Nov 13, 2012 nd Motion to Adjourn: 6:22pm Mr. DuSell, 2 Mr. Mikolasek Ayes 4 Nays 0 Year 2012 Meeting Dates: Feb 14, May 07, Aug 14, Nov 13