Police Pension Minutes 2013 02-12-13
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, IL 60560
(630) 553-4340
5:00PM on February 12, 2013
Police Department Conference Room
Minutes
Attachments:
Meeting Minutes for November 13, 2012 President/Secretary to sign
Monthly Treasurer’s Report as of January 31, 2013
Bills for Payment
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Meeting Call to Order: by Vice President Sibenaller at 5:05 p.m.
Roll Call: Present: Mr. Sibenaller, Mr. Mikolasek, Mr. Goldsmith, Mr. DuSell
Guests: Mr. Fredrickson, Mr. Powell, Mr. DeBord, Attorney Collins, and from Mitchell Vaught &Taylor
Mr.’s.
Ower and Yocius
Previous Meeting Minutes: November 13, 2012
Corrections/Approval
nd
Motion to Approve: Mr. DuSell 2 Mr. Mikolasek Ayes 4 Nays 0
Communications:
nd
Transfer of $89,000 from Old Second Checking to Schwab. Motion to raise the minimum at Old 2 Bank to
nd
$100,000 made by Mr. Sibenaller, 2 Mr. DuSell and unanimously approved by roll call vote.
U.S Census Survey completed and submitted online. Census prepared and submitted by Mr. Fredrickson
Monthly Treasurer’s Report: as of January 31, 2013
nd
Motion to Approve: Mr. DuSell 2 Mr. Sibenaller Ayes 4 Nays 0
Bills for Payment:
MVT Management Fee: (Jan – Mar 2013) $ 4,528.00
From Schwab Acct: 3137-9036
Zabinski Consulting Services (Jul-Sep) $ 475.00
Zabinski Consulting Services (Oct-Dec) $ 475.00
Zabinski Consulting Services (IDOI Filing Fee) $ 1,300.00
IPPAC Winter Seminar Training
(Ryan Goldsmith & ToddOvermyer) $ 100.00
Collins and Radja: Attorney $ 750.00
Total Bills for Payment: $ 7,628.00
nd
Motion to Approve: Mr. DuSell 2 Mr. Mikolasek Ayes 4 Nays 0
Investments:
Progress Reports from Mitchell, Vaught, and Taylor
Money transfers from Old Second Bank to Charles Schwab & Co
Pay to: Charles Schwab & Co.
Mail to: Institutional Client Service Group
P. O. Box 628290
Orlando, Fl 32862-9906
Investment report by Mitchell ,Vaught, and Taylor given by Mr. Ower. The fund had an investment gain of $25,557
in Qtr 4 of 2012 for an ending value of $4,685,263, with income from dividends of $51,051. He mentioned the
dividend income was from year end payouts due to increased taxes on same in 2013. MVT is reducing our Treasuries
exposure in favor of Corporates, and staying short on all bond investments, while increasing our international sector
equities in China and Brazil in the next qtr. Mr. Yocius reported the Health Care sector is improving YTD also.
A review of trades and transactions approving MVT as our registered agent was ratified . Motion to Ratify: Mr.
nd
Sibenaller, 2 Mr. Goldsmith Ayes 4 Nays 0
Unfinished Business: Discussion by Mr. Mikolasek on submitting new beneficiary forms to pensioners.
New Business:
Resignation of William Powell as Treasurer
Appointment of Rob Fredrickson to position of Treasurer
A resolution to replace Mr. Powell with Mr. Fredrickson as authorized signers on accounts was passed.
nd
Motion to Approve: Mr. Sibenaller 2 Mr. Mikolasek Ayes 4 Nays 0
Discussion to consider moving checking account from Old Second Bank to Castle Bank
Tabled for the May meeting
Costs attributed for approved Pension Fund director training shall be reimbursed by the Fund.
nd
Motion to approve: Mr. DuSell 2 Mr. Mikolasek Ayes 4 Nays 0
Personnel Changes and Additions:
New Hire: Matthew Nelson 12-17-12 Mr. Mikolasek has prepared the Tier 2 form and filed
Additional Business: Suggestion by Mr. Powell that we review our minimum cash balance periodically
Next meeting:
May 13, 2013 5:00pm
nd
Motion to Adjourn: Mr. DuSell 2 Mr. Mikolasek Ayes 4 Nays 0 Adjournment at 6:16 p.m.
2013 meeting dates: Feb 12, May 13 (Monday), Aug 13, Nov 12