Police Pension Minutes 2013 05-13-13 i
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I1 , 60560
(630) 553 -4340
5 : OOPM on May 13 , 2013
Police Department Conference Room
Minutes
Attachments :
Meeting Minutes for February 12, 2013 President/Secretary to sign
Monthly Treasurer ' s Report as of April 30, 2013
Annual Treasurer's Report for Fiscal Year 2012 — 2013
Annual Pension Board Budget
Required Report to the Municipality by the Pension Board j
Bills for Payment
Meeting Call to Order: Vice President Greg Sibenaller 1710 hours
Roll Call : Present: Mr. Sibenaller, Mr. DuSell, Mr. Fredrickson, Mr. Mikolasek, Mr. Goldsmith
Guests : Dwight Ower and John Mitchell, Mitchell, Vaught and Taylor; Cary Collins,
Attorney; Larry DeBord
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Previous Meeting Minutes : February 12, 2013
Corrections/Approval : None
Motion to Approve : Mr. DuSell 2nd Mr. Mikolasek 4 Ayes 0 Nays
Investments :
-Discussion of updated investment policy suggested by Mitchell, Vaught, and Taylor
John Mitchell discussed proposal to change the Fund' s investment policy. Current policy
names statutes incorrectly. Current policy was copied from municipal fund policy and should
reflect Police fund statutes . Investment policy should reflect Board' s current benchmark goals .
Current policy uses S&P 500 as benchmark. Board is looking to use a more diversified
benchmark that more accurately reflects the portfolio . Board decided to review
recommendations for potential changes at a future meeting.
-Progress Reports from Mitchell, Vaught, and Taylor
Portfolio value at time of report was $4,962, 804 with an investment gain of $ 188 ,541 .
Net performance for the fund during reporting period was a gain of 3 . 99% (8 . 80% equities,
0 . 10% fixed income) . Provided charts that showed the portfolio ' s performance against the
benchmarks as stated in the current RFP . The Pension Fund portfolio performed better than
those revised, diverse benchmarks .
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-Money transfers from Old Second Bank to Charles Schwab & Co
Cash was below $ 100,000 as of April 30 . Treasurer Rob Fredrickson pointed out that he
and his staff monitor cash flow daily and can make adjustments as needed to cover pension
payments. Mr. Fredrickson provided a cash transaction ledger for the account to be filed.
Communications : None
Monthly Treasurer' s Report: as of April 30, 2013 Fund value: $ 5,048,715
Motion to Approve : Mr. Mikolasek 2nd Mr. Goldsmith 4 Ayes 0 Nays
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Annual Treasurer's Report for Fiscal Year 2012 — 2013
Motion to Approve : Mr. DuSell 2nd Mr. Goldsmith 4 Ayes 0 Nays
Annual Pension Board Budget: Fiscal Year 2013 - 2014
Motion to Approve : Mr. Mikolasek 2nd Mr. Goldsmith 4 Ayes 0 Nays
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Required Report to the Municipality by the Pension Board
Motion to Approve : Mr. Mikolasek 2nd Mr. DuSell 4 Ayes 0 Nays
Mr. Goldsmith left meeting at 1825 hours j
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Bills for Payment:
Cary Collins : Attorney $ 750 . 00
MVT Management Fee : (Apr — June 2013 ) $ 5 ,463000
From Schwab Acct: 3137-9036
United City of Yorkville $ 14 . 52
(Postage Reimbursement)
Training Reimbursement $ 175 . 00
(Fred DuSell — Ethics Online)
Zabinski Consulting Services Inc. $ 478 . 98
Total Bills for Payment: $ 6, 881 . 50
Motion to Approve : Mr. Mikolasek 2nd Mr. DuSell Roll Call Vote: Mr. Sibenaller — Aye, Mr.
Mikolasek — Aye, Mr. DuSell - Aye
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Unfinished Business :
Discussion of RFPs received by Pension Board
Received 7 RFPs
After reviewing RFPs, the Investment Committee recommended using Great Lakes
Advisors to manage the Fund' s stocks and Mitchell, Vaught, and Taylor to continue to
manage the Fund' s fixed assets . This decision was based on the strengths of those firms
in managing those particular assets . Contracts to be negotiated later.
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New Business :
Appointment of Board Members : FOIA, Security, Open Meetings
o Vice President Greg Sibenaller appointed himself as Security Officer and Mr.
Mikolasek as FOIA and Open Meetings Officer
Election of Board Officers
o Election of board officers pushed until next meeting as it is not required by statute
until after July.
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Additional Business : None
Next meeting: Aug 13 , 2013 at 1700 hours
Motion to Adjourn: Vice President Greg Sibenaller 1900 hours Mr. DuSell 2nd Mr. Mikolasek 3
Ayes 0 Nays
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Year 2013 Meeting Dates : Feb 12, May 13 , Aug 13 , Nov 12
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President Secretary
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