Police Pension Packet 2008 02-26-08 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I160560 _
(630) 553-4340
---,- 5:30PM on Feb 26, 2008
Police Department Conference Room
Attachments:
Treasurer's Report as of Jan 31 , 2008
Northern Trust Company collateralization letter dated Nov 13, 2007
Memo to Glen Calvert for adjusted service date.
Memo to Mitchell Vaught, and Taylor stating net fund assets over $2.5 million
IMRF Transfers to the Police Pension Fund Memo dated 2/26/08
Tax Issues relating to Early Distribution — Draft Procedure and Samples
--------------------------------------------------------------------------------------------------------------------------
Meeting Call to Order:
Roll Call:
Previous Meeting Minutes: Nov 13, 2007 Corrections/Approval
Communications:
Treasurer's Report:
Real Estate Tax Levy checks
Nov. 13, 2007: 152,551 .62
Nov. 27, 2007: 31 ..712.23
Jan. 08, 2008: 10,806, 12
Motion to Approve:
Bills for Payment:
MVT management fees: 1/1/08 to 3/31/08
From Schwab #3137-9036 $ 2,973.00
Cary Collins: $ 600A0
Bill Powell: $ 450.00
Total Bills $ 4023.00
Motion to Approve:
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, F132862-9906
Unfinished Business:
Glen Calvert: Service date calculation
Officer Pleckbam to review personnel files
New Business:
Revised asset allocation based on net fund balance exceeding $2,5 million.
TMRF Transfers to the Police Pension Fund Memo dated 2/26/08
Tax Issues relating to Early Distribution — Draft Procedure and Samples
Additional Business:
Fiscal Analysis of Illinois Pensions
2008 Meeting Dates: Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM
Adjournment: Motion to Approve:
2008 Meeting Dates: Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM File: PolicelagendMagenda Feb 12 2008.doc
Yorkville Police Pension Fund Board
804 Game Far1n Road
Yorkville, I160560
(630) 553-4340
5: OOPM on Nov 13 2007
Police Department (conference Room
Meeting Call to Order:
Roll Call:
Previous Meeting Minutes: Corrections/Approval
Aug 14, 2007
Communications:
Treasurer's Report:
Real Estate Tax Levy check to be received from the City on Nov 13, 2007 for $ 152,551 .62
Motion to Approve:
Bills for Payment:
MVT management fees: $2,686.00
From Schwab 93137-9036
(Oct 1 — Dec 31 , 2007)
Cary Collins: $ 600.00
Bill Powell: $ 475.00
Motion to Approve:
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, F132862-9906
Unfinished Business:
Glen Calvert: Service date calculation
IDOI Annual Report filing
New Business:
Reimbursement of contributions for Shirley Kubicz
Application for admission to the Yorkville Police Pension for
Scott Fiandale
Tom Grimes
Additional Business:
Fiscal Analysis of Illinois Pensions
2008 Meeting Dates: Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM
Adjournment:
Motion to Approve:
2008 Meeting Dates: Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM
file: Police\agenda\agenda Nov 13 2007.doc
United City of Yorkville
J �,p 800 Game Frame Road
Yorkville, Illinois 60560
Esr leas Phone 630-553-1887 William Powell
~ `— Fax: 630-553-7575 Treasurer
.� ® p \ yJ
Treasurer' s Report
(As of Jan 31 . 2008)
Dollars Percent
Cash: YNB 87,510.74
Schwab 92.652.33
Total Cash: $ 180, 163.07 7.0%
Schwab:
Fixed Securities: 2, 1861608.51 85.0%
Equities: 205,372. 13 8.0%
Total Assets: $ 2,5721143 .71
2006 Tax Levy Estimate: (paid in 2007) $275,000.00
Actual Payments: 8/14/07 12,505.93
9/11/07 66,927.84
11/13/07 1529551,62
11/27/07 31 ,71123
1/08/08 M806. 12
12
Total YTD 274,504,04
Estimated monthly deposits: $ 13,000.00
Estimated monthly retiree payments: $ 127243 .00
GC/e c-tit _
William Powell
Treasurer
United City of Yorkville File: T Report 013108.doc
NOU-13-2007 14 : 15 NORTHERN TRUST 312 630 1613 P . 02
_.... Page t of 2
The Northern Trust Company, PLEOGOR AUTHORIZATION CoC,(. ATE ti Ar( . j ':iL.A%T- I QeJ
50 s. LaSalle Street
Chicago, IL 60675
===Gentlemen: '..
The Northern Trust Company ((no "Bank") holds, from time to time, on behalf of YORKVILLE POLICE PENSION FUND_ (the "Pledgee") and as Its safekeeping agent in
Safekeeping Account #-_24072-Y_the "safekeeping Account") canain securities deposited with the Bank (the "BecurI which have been pledged to the Pledgee by Ole
undersigned as pledger as collateral for certain of the undersigned's obligations to the Pledgee
The undersigned hereby authorizes the Bank to accept instructions (whether signed, unsigned, or telephonic in form) from lime to time to hold Secarilias which have been pledged as
collateral for cenain of the undersigned's obligations to the Pledgee, on behalf of the Pledgee and as the Pledgee's Safekeeping agent. The undersigned agrees that the Bank may rely
on the authority of persons giving telephonic or unsigned instructions to hold Securities when such persons provide the Bank with an approved authorization number, and the undersigned
further agrees that the Bank shall have no liability for acting in accordance with such telephonic or unsigned instructions The undersigned shall have the responsibility for proper control
and dissemination of the approved authorization code within its organization, The undersigned agrees to provide timely changes to this auhorization code in writing upon the termination
of those who had knowledge of this inlormalion
The Bank will hold the Securities as safekeeping agent of the Pledgee. Except as provided herein, the Bank will not release, exchange, transfer or otherwise dispose of the Securities
held on behalf of the Pledgee without prior written consent of the Pledgee orexcepl as directed by a court of competent jurisdiction.
The Pledgor underslands that the Pledgee has authorized the Sam( to release a portion or all of the Securities pledged by the Pledge upon and in exchange for the deposit in the
Safekeeping Account by the pledgor of securities (the "Replacement Securities") aggregating equal or greater par value than the par value of the Securities released as of the date on
which such Securities are released. After any such exchange, the Bank will continue to hold the remaining Securities, together with 0e Replacement Securities, as safekeeping agent for
the Pledgee. The Bank shall give receipts aclmewledging possession or delivery of the Securities or the Replacement Securities At a minimum. Such receipts shall be made in
duplicate with one copy of the undersigned and one copy to the Pledgee.
The Bank shall disburse income on the Securities and the Replacement Securities, and regularly scheduled repayments or principal prior to the final maturity of the Securities and the
Replacement Securities, it any, in accordance with the Instructions of the undersigned. While the Bank is under no obligation to the undersigned to notify the undersigned with respect to
impending calls or to collect either principal or interest on the Securties or Replacement Securities, if any, called, the Bank agrees to make reasonable efforts to notify the undersigned
with respect to impending calls and to collect principal or interest on the Securities or Replacement Securities, if any, called.
The undersigned understands and hereby agrees that it shall bear sole responsibility lot the correctness and authenticity of any instructions (whether signed, unsigned or telephonic in
form) which the Bank believes to be authorized and acts upon in good faith and agrees to indemnify the Bank and hold the Bank harmless for any loss. cost or damages, including
anorney's fees and lime charges for attorneys who may be employees of the Bank, which the Bank may incur as a result of acting and relying on such instructions
The undersigned understands and hereby agrees that neither the Bank nor any of ifs directors, officers, employees or agents shall be Gable to the undersigned for any action taken in
good faith by the Bank or any of its directors officers, employees or agents in connection with the Securities and/or the Replacement Securities except for its or their own gross
negligence or willful misconduct.
The undersigned also understands that the Bank is not responsible for, and makes no representation or wananty with reaped to the validity or enforceability against third parties of the
Pledgee's security interest in the Securitias and/or the Replacement Securities or with respect to the effect of the Bank's acting as safekeeping agent of the Safekeeping Account..
All notices and other communications shall be sent to:
The Northern Trust Company
60 South La Salle Street
Chicago, Illinois 60675
(Attention: Safekeeping Customer Service)
the Pledger: OLD SECOND NATIONAL BANK
Pam Abrego
37 S " River St . , Aurora , IL 60506
(Attention: Please print or type name .. )
This agreement may he terminated by the undersigned (with the prior written consent of the PledzPam ;bbre;g ;written notice. Delivery of Securities and
Replacement Securities, if any, as directed by the Pledgee shall release the Bank from all further liab as
Date:
Accounting AnalW
Accepted: Accepted;
THE NORTHERN TRUST COMPANY PLEDGEE
By: rn By:
Title: I IvdVP . Jr' GC, 0/15 Tiue; Trea urer, ^
Dated: y - 4 " OD
NOU-13-2007 14 . 15 NORTHERN TRUST 312 630 1613 P . 03
Pago 2 of 2
The Northern Trust Company PLEDGEE AUTHORIZATION
50 5. La Salle Street
_-.. Chicago, IL 60675
Gentlemen:
The Northern Trust Company (the "Bank') holds, on behalf of the undersigned as pledges and as its safekeeping agent in Safekeeping Account # 24072-Y_, (the Safekeeping
Account') certain securities deposited with 1110 Bank (the 'Securities') which have been pledged to the undersigned by OLD SECOND NTLBANK/AURORA, IL-the `Piedgor')
as collateral lot certain of its obligations to the undersigned
The undersigned understands that Ole Bank will accept instructions (whether signed, unsigned or telephonic in form) from time to time from the Pledger to hold Securities, which have
been pledged as collateral lot certain of the obligations to the undersigned, in the Safekeeping Account, on behalf of the undersigned and as safekeeping agent of the undersigned.
Except as specifically provided herein below, the Bank will not release, exchange, transfer, or otherwise dispose of the Securities held on behalf of Ilia undersigned without prior written
consent of the undersigned or except as directed by a court of competent jurisdiction
The undersigned will promptly utility the Bank of its release of the pledged Securities. The undersigned hereby agrees that the Bank may rely on the authority of persons giving
instructions (whether signed, unsigned, or telephonic in form) to release the Securities which the Bank believes to be authorized, and the undersigned further agrees that the Bank shall
have no liability for acting in accordance with such instruction
The undersigned hereby authorises the Bank to release a portion or all of the Securities pledged by ilia Pledger upon and in exchange for the deposit in the Safekeeping Account by the
Pledger of securities (the 'Replacement Securities') aggregating equal or greater par value of the Securities released as of Ilia date on which such Securities are released- Alter any
such exchange- the Bank will continue to hold Ilia remaining Securities. logelher with the Reptacomenl Securities. as safekeeping agent for the undersigned.
The undersigned hereby authorizes the Bank to disburse income on the Securities and the Replacement Securities, and regularly scheduled repayments of principal prior to the final
maturity of ilia securities and the Replacement Securities, if any , in accordance with the instructions of the Pledgoe While the Bank is under no obligation to the undersigned to notify the
undersigned with respect to impending calls or to collect either principal or interest on the Securides, and Replacement Securities, if any, called. The Bank agrees to make reasonable
efforts to notify the undersigned with respect to impending calls and to collect principal or interest on the Securities or Replacement Securities, if any, called.
The undersigned hereby authorizes the Bank to give receipts, acknowledging possession, or delivery of the Securities and/or the Replacement Securities. At a minimum, such receipts
shall be made in duplicate with one copy to the undersigned and one copy to the Pledger
The undersigned understands and hereby agrees that it shall bear sole responsibility for the correctness and authenticity of any instructions (whether signed. unsigned, or ielephonie in
form) with respect to the Securities and/or Replacement Securities which the Bank believes to be authorized and acts upon in good faith and agrees to indemnity the Bank and hold the
Bank harmless for any loss, cost or damages, including attorney s lees and time charges for attorneys who may be the Banks employees, which the Bank may incur as a result of acting
and relying on such instructions
The undersigned understands and hereby agrees that neither the Bank nor any of its directors, officers, employees or agents shall be liable to Ilia undersigned for any action taken in
good faith by the Bank or any of its directors, officers, employees or agents in connection with the Securities and/or Replacement Socurities except for its or their own gross negligence or
willful misconduct
The undersigned also understands that the Bank is not responsible for. and makes no representation or warranty whatsoever 10 anyone with respect lo, the validity or enforceability
against third polies of the undersigned's security interest in the Securities andror Replacement Securities or with respect to the Bank's acting as Safekeeping agent or the Salekeeping
Account
All notices and other communications shall be sent lo:
The Northern Trust Company
50 So La Salle Street
Chicago, Illinois 60575
(Attention: Safekeeping Customer Service)
the Pledgee; YORKVIL.LE POLICE PENSION FUND
Bill Powell , Treasurer
804 Game Farm Rd . , Yorkville , IL 60560
(Akentiote Please print or type name )
This agreement may be terminated by the undersigned (with the prior written consent of the Pledgees) or by the Bent( at any time upon writen notice.. Delivery of Securities and
Replacement Securities, if any, as directed by the Pledgees shall release the Bank from all further liability or responsibility hereunder
Sincerely.
Dale: " J.. 1/loo -7 By.
Treasurer � ) P12L,) P
mamoi l rep SUfer
(ngo)
Accepted:
THE NORTHERN TRUST COMPANY
By: �M.GLlt ' Wr
�
Title: � Nd V/PT .
Dated: ' `y- — c'' F
TOTAL P . 03
Mitchell ,
Va.0 S7�ht 5.3 West Jackson Boulevard
8 �j Suite 905
Tavl o r Inc . Chicago, II. 60604
312-922-1717 (phone)
Investment Advisors 312-922-1772 (fax)
January 2, 2008
Statement for First Quarter 2008
For Services Rendered
Yorkville Police Pension Fund
Attn: Larry DeBord
800 Game Farm Road
Yorkville, EL 60560
Investment Management Fees
First Quarter 2008 January 1, 2008 through March 31, 2008
December 31 , 2007 Portfolio value $ 2,4737371
First $2 million @ 050% $ `2,500
Next $3 million @ 040% $ 473
Total Fee for First Quarter, 2008 $ 21973
Account #3137-9036 at Charles Schwab & Co , Inc. has been charged $2,973. Charles Schwab & Co.,
Inc., as custodian, makes no independent verification of the calculation of the billing amount, which
is the client's responsibility.
Law Offices of Cary J. Collins, ID C. Invoice
2200 West Higgins Road Suite 155
-_-;,--Hoffinan Estates, IL 60169 Date Invoice #
Telephone 847-519-0010 Fax 847-519-0016 12/14/2007 3656
Bill To
Yorkville Police Pension Board 00�
Atten: Chief Harold Martin
804 Game Farm Road 4�U
Yorkville IL 60560
Terms
Due on receipt
Description Amount
Quarterly retainer for the months of: 600 .00
JANUARY, FEBRUARY AND MARCH, 2008
Total $60000
Please make checks payable to the LAW OFFICES OF CARY J. COL LJNS
Payments/Credits $000
Balance Due $600.00
Police Pension Accounting Services Log for Fiscal 2005-2006
Date Activity I Hours
0'1 NeU Itt 07 Mec-r . c % + EMaI T-o N At ab '''...
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Agenda, Meeting Mintues
Employee contributions, YNB Bank, Merrill Lynch data entry
United City of Yorkville
EST 1636 County Seat of Kendall County William Powell
800 Game Farm Road Treasurer
Yorkville, IL 60560
0Pq 2� Phone: 630-5534350, east. 6008
CE Fax:Fax: 630-553-7575
.Jan 30, 2008
Subject: Adjusted Service Date for Glen Calvert
In accordance with Cary Collins letter and direction from IDOI Glen Calvert's adjusted service date to be
used for pension calculations is March 13, 1980,
This date will be reported in future IDOI filings,
bilj
William Powell
cc: Police Pension Board
Cary Collins
Denise Kasper
2 O
.1% United City of Yorkville
EST. ^R _ 1838 County Seat of Kendall County William Powell
14 I _ 800 Game Farm Road Treasurer
O XT Yorkville, IL 60560
® ' c� 20 Phone: 630-5534350, ext. 6008
CCE Fax: 630-553-7575
Jan 30, 2008
Messrs: Mtichell, Vaught, and Taylor
Subject: Police Pension Asset Allocation
United City of Yorkville
On Jan. 30, 2008 the Police Pension fund balance was $2,572,821 .60. In accordance with IDOI policy, once
the balance exceeds $2,500,000.00 investments are no longer limited to 10% in equities. Therefore the asset
allocation for the equity portion of these funds may be increased going forward.
JA' ,e
William Powell
cc: Police Pension Board
Cary Collins, Attorney
Mike Langenfeld, IDOI
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From: Micbael Peterson <mpeterson @VillageOfGrayslake.com>
i
To: WM E POWELL <wpnkp8l @sbcglobal.net>
Sent: Tuesday, February 26, 2008 3 :01 : 10 PM
Subject: RE: Police Pension Tax Procedure
I will send your request via Ehelp.
Grayslake does not deal with the tax issue or pension payments. As part of our Fixed Income
Investment Services, we included a clause that requires the broker (Ailegiant) to pay our
beneficiades and make all necessary tax reports and 1099-R filings.
One small bit of advise, do not send a 1099-R to any beneficiary that is receiving an 1n the line of
duty" disability pension. The IRS has been verbally telling us this for the past two years. If you
need more information on this subject, let me know.
RE Police Pension Tax Procedure Standar
Susan Mika <smfka@iyorkvitie 1us> ia-'' Uew Tuesday, February 26, 20081
To lNM E PMELL <wpn"16sbcglobaLnet>; Mke City(Peterson Grayslake) <mpetersoni @villageofgrayslake.rnm>
Cc: Harold City(Martin) <hmartin @yorkvrlle.il.us>; Denise City(Kasper) ¢dkasper@yorkvlle.il.us>r Jennifer Milewski
<jrrilewsld@ yorkvi1le.il.us>
All
The City would not get involved with this because we are not the ones authorizing and issuing
early distribution payouts..
1
I thought Kelly Zibinski was your accountant. Shouldn't she be processing this? She does the
11701 fling, right?
Susan Mika
Finance Director
United City of Yorkville
630. 563 .8534 Direct
630. 553.7575 Fax
From: WM E POWELL [mailto :vapnkp8l(Lnsbcglobal.net)
Sent Tuesday, February 26, 2008 10 :48 AM
To: Mike City(Peterson Grayslake)
Cc: Harold City(Martin); Denise City(Kasper); Susan Ci4r(Mika)
Subject. Police Pension Tax Procedure
Nae, I am looking for any procedures or examples that deal vc ith tax issues for Police Pension fund e:
distributions and actual pension payments- Form 1099-R and 1972 may apply.
Thanks in achrance, Bill Powell: United City of York ge iN pnk-p81 u.sbcplobaLnet
Subject: Police Pension Tax Issues for Early Distributions
United City of Yorkville Police Pension Plan is a "Defined Contribution Plan" since the
employees contribute to the pension fund. When an officer decides to leave the
department he may leave his funds in the pension plan, transfer them to another qualified
pension plan, or withdraw his contributions.. If he decides to withdraw his contributions
the city will issue a form 1099-R. As a total distribution of his pension dollars, IRS form
4972 may also apply. Withholding form
W-4P will also be needed. Forms may be ordered from the IRS website at www.IRS.gov
or by calling 1-800-829-3676. (Note: Forms found on the website are not scannable and
therefore cannot be used to file formal documentation with the IRS.) Form 1099-R copies
B, C, and 2 should be furnished to the recipient by February 2M. IRS assistance may be
requested for completing the 1099-R format 1 -866-455-7438.
Form 1099-R will be filled out according to the officer's specific information such as
age, disability, taxable or nontaxable contributions, etc. When the officer decides to leave
the department a letter will be written informing him of his taxable and nontaxable
contributions to the pension plan. A form W-4P, "Withholdings Certificate for Pension
or Annuity Payments" will be enclosed. The letter will recommend that the recipient seek
advice from a tax consultant before requesting a check withdrawing his funds from the
pension plan.
The example below is for an officer who is taking an early distribution, is not disabled,
whose contributions are all taxable, and is under age 59 '/
Example: Officer John, aged 35, taxable contributions to the plan = $ $25,000.00. Officer
John requests a personal check of $25,000 and elects no tax dollar withholdings on form
W-4P.
See Sample 1099-R attached.
file: Early Withdrawal of Funds.doc
❑ CORRECTED (if checked)
PAYER'S name, street address, city, state, and ZIP code 1 Gross distribution OMS No. 1545-0119 Distributions From
U N tTF 9 L � I c k V i L.L & Pensions, Annuities,
o
Q. $ �.S G p J w �_ Retirement or
go y 6 A hLE q n M ` ) Profit-sharing
� 0 2a Taxable amount CSO Plans, IRAs,
Y ° a k J l,t_LE j MS — o, Insurance
$ � Insurance
1099-R Contracts,
etc.
2b Taxable amount Totaic Copy
B
not determined ❑ distribution Report this
PAYER'S federal identification RECIPIENT'S identification 3 Capital gain (included 4 Federal income ax income on your
number number t in box 2a) withheld federal tax
0V::f— Lc.. e.YL. .3311., ( return. if this
39 - 366 1943 S -44- $ $ form shows
federal income
RECIPIENT'S name y 5 Employee contributions 0 Net unrealized tax withheld in
(7 r E"t C CA. Zt u �"�� /Designated Roth appreciation in box 4, attach
contributions or employer's securities
insurance premiums this copy to
$ $ your return,
Street address (including apt. no ) 7 Distribution IRA/ 0 Other
Z ,3 M.A t a1 S �. code(s) / I SIMP� This Information is
' 1. ) $ being furnished to
the Internal
City, state, and ZIP code 9a Your percentage of total 96 Total employee contributions Revenue Service.
p ,(L,VL Stu, 0 O distribution °ro $
1st year of desig,. Roth contrib.. 10 Stale tax withheld 11 State/Payer's stale no 12 State distribution
$ $
. . . . .. .... . ... .. ._... .. .. . ... . .. ._ . . . . _.. . .. . .. ... . ..... .... .. . . . .. .. . .. ... ... __. __ _.
Account number (see Instructions) ttjj_, 13 Local tax withheld 14 Name of lo 15 Local distribution
C) CEYI.. 4-6 `�R N SS * . ... .
1 . . ..
__$$_ - -- .. . . . _.. . . . . ... . . . __ . . . .. .. . . .. ... . . . . .. . .$$-_. ____ _ _.. . . .. ..
Form 1099-R �( n C Department of the Treasury(- Internal Revenue Service
� \ � 7 2 t X 14 i'tL 'k)
I
Nom .
SAnnQL � ( uI'171A � ,� awA (_
Aug 7, 2007
Officer John
(Subject: Statement of Contributions to the United City of
Yorkville Police Pension Fund
The statement below shows your contributions in the United City
I Yorkville Police Pension Fund as of your
resignation. It is recommended that you discuss your options on
dispersal of funds with a tax consultant before
you request any action.
Taxed Tax Deferred
Contributions Contributions'
j INIRF funds transferred: $ $
IMRF funds transferred in 2006 $ $
You have contributed the following amounts:
Your portion of the INIRF transfer: $ $
Transfer of Service Credits and Funds $ $
Fiscal Year $
Current Fiscal Year to Date $ $
Total Contributions: $
The value of the United City of Yorkville Police Pension fund was:
Schwab $
Yorkville National Bank: $
Total: $
Please retain this letter for your records,
William Powell
Treasurer
United City of Yorkville
' file: Early Withdrawal Employee Letter. doe