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Police Pension Packet 2008 08-12-08 Yorkville Police Pension Fund Board ` 804 Game Farm Road Yorkville, 11 60560 (630) 553-4340 5 :OOPM on Aug 12, 2008 Police Department Conference Room O V:*F ( CiAL Al?enda Attachments: Meeting Minutes for May 13, 2008 Monthly Treasurer's Report as of July 31 , 2008 ----------- ------------_---------------------_°-------------_------------___ --___--______-__-- Meeting Call to Order: Roll Call: Previous Meeting Minutes: may 13, 2008 Corrections/Approval Communications : Monthly Treasurer's Report: as of 7/31 /2008 Motion to Approve: Real Estate Tax Levy for fiscal 2008-09: $300,000.00 Bills for Payment: MVT management fees: 4/1 /08 to 6/30/08 From Schwab #3137-9036 $ 3069.00 Cary Collins: Attorney $ 600.00 Tiim Sharp: $ 1 ,300.00 Bill Powell: Bookkeeping $ 600.00 Total Bills $ 51569.00 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, 0. Box 628290 Orlando, Fl 32862-9906 Unfinished Business: Letter from Attorney Richard Slocum regarding the pension of Terry Klingel Officer Pleckham to review personnel files IDOI Status Andrew Houghton request for return of contributions New Business: Pension Fund Admission Applications for John Hunter Behr R. Pfizenmaier Additional Business: 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 Aug 12 200&doe Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, 11 60560 (630) 553-4340 5 :OOPM on Aug 12, 2008 Police Department Conference Room f Agenda ! c �ti t� tS eueScc ^-� Attachments: Meeting Minutes for May 13, 2008 Monthly Treasurer's Report as of July 31 , 2008 Processing Fee for Domestic Relations Order dated 5/29/08 Bills for Payment ------------------------------------- --------------------------------------------------- Meeting Call to Order: Roll Call : Previous Meeting Minutes : May 13, 2008 Corrections/Approval Motion to Approve: Communications : Deputy Treasurer Resignation Monthly Treasurer's Report: as of 7/31 /2008 Motion to Approve: Real Estate Tax Levy for Fiscal 2008-09: $300,000.00 Checks Received : July 22, 2008: $22,412,78 Bills for Payment: MVT management fees: From Schwab #3137-9036 $ 3026.00 Cary Collins : Attorney $ 600.00 Kelly Zabinski: IDOI 2007 Filing $ 200.00 Final Payment Bill Powell: Bookkeeping $ 287.50 Total Bills $ 4, 1 13 .50 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: Letter from Attorney Richard Slocum regarding the pension of Terry Klingel Processing Fee for Domestic Relations Order received on 5/29/08. Attorney Collins to prepare order. Officer Pleckham to review personnel files IDOI Filing Status: Zabinski Consulting Services Inc to complete 2008 data entry by Aug 31 ". Andrew Houghton request for return of contributions. New Business: Fund Management Presentation by State Bank of Illinois Pension Fund Admission Applications for John Hunter Behr R. Pfizenmaier Pension Fund Distribution: Scott Filando Option to leave or withdraw contributions. New Officer: Christoper Hayes Name Change: Sarah Cernekee to Sarah Klingel Additional Business: Adjournment: Motion to Approve: 2008 Meeting Dates: Tuesdays 2/12, 5/13, 8/12, 11 / 18 @ 5PM file: Porce\agenda\agendaAug 122008 doe Yorkville Police Pension Fund Board 804 Game Farnr Road Yorkville, 1160560 (630) 553-4340 5 :OOPM on May 13. 2008 Police Department Conference Room May 13, 2008 Meeting Minutes I PP Z� ucO 6 12- - c & Attachments: Meeting Minutes for Feb 26, 2008 Monthly Treasurer's Report as of April 30, 2008 Annual Treasurer's Report for Fiscal Year May 1 , 2007 to April 30, 2008 Fiscal Year 2008-2009 Budget IMRF Transfers to the Police Pension Fund Memo dated 4/18/08 Tax Issues relating to Early Distribution — Draft Procedures and Samples --------------------------------------------------- -------------- ----------------- ----------------------- ------- Meeting Call to Order: The meeting was called to order at 5 :07PM Roll Call : Present: Larry Debord; Officer Pleckham, Greg Sibenaller, Todd Overmyer, Chief Martin, Attorney Collins, Treasurer Powell, Previous Meeting Minutes: Feb 26, 2008 Note: It was acknowledged that the transfer of Funds to MVT was increased from $47.000 to $50.000 due to excess cash on hand. A motion was made by Chief Martin (2"d Officer Pleckham) to approve the minutes Ayes : 5; Nays: 0 Communications None Monthly Treasurer's Report as of 4/30/2008 It was noted that the amount listed for Bonds is a Bond Fund; and therefore, is considered equities for the purposes of reporting This will be reflected in future Treasurer Reports A motion was made by Larry Debord (2nd Todd Overmyer) to approve the report. Ayes: 5, Nays: 0 Amoral Treasurer's Report for Fiscal Year Mav 1 2007 to April 30 2008 The Annual Treasurer's Report was reviewed A motion was made by Larry Debord (2"d Todd Overmyer) to approve the report Ayes: 5, Nays: 0 - Real Estate Tax Lev), checks (Information only) Aug 14, 2007 $ 12,50593 Sept 11 . 2007 $66,92784 Nov 13, 2007: $ 152,551 62 Nov 27, 2007: $31 71223 Jan. 08. 2008 : $ 10.806. 12 Jan 22. 2008: 640.47 Total Levy Amount: $275114421 Fiscal Year 2008-09 Budget The fiscal year 2008-09 budget was reviewed $ 1000 00 was added to the Pension Seminars line item A motion was made by Larry Debord (2"d Officer Pleckham) to approve the budget as amended Ayes: 5, Nays: 0 Bills for Pavmcnt: MVT management fees: 4/1/08 to 6/30/08 From Schwab 43137-9036 $ 3069. 00 (auto pay) Cary Collins : Attorney $ 600, 00 Tim Sharp: $ 1 ,.300 .00 Bill Powell: Bookkeeping $ 600.00 Total Bills $ 5,569 00 A motion was made by Larry Debord (2nd Greg Sibenaller) to approve the bills for payment . Ayes: 5, 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 Mitchell, Vaught, and Taylor submitted a quarterly report as of May 13, 2008 As of May 12`h 73% of investments were in fixed income and the remaining 27% was in equities There was an investment gain of $47,331 for the quarter. No transfer of funds froal Old Second Bank were recommended. Unfinished Business: Tax Issues relating to Early Distribution — Draft Procedures and Samples The draft procedure was discussed and found to be acceptable A motion was made by Greg Sibenaller (2"d Larry Debord) to approve the procedure as written Ayes: 5, Nays: 0 IMRF Transfers to the Police Pension Fund Memo dated 4/18/08 The adjusted service date for Officer Calvert was corrected to 3/13/80 A motion was made by Todd Overmyer (2"d Larry Debord) to approve the report as corrected. Ayes: 5, Nays: 0 Employee Service Date Resolution (information only) A list of updated service dates for filing the IDOI report was distributed Officer Pleckham to review personnel files Officer Pleckham stated that progress is continuing on completing the review. He will report back at the next meeting New Business: Contract Award for Fiscal 2007-08 IDOI F'ilina There was a discussion on awarding the contract for the IDOI filing. The board felt that Kelly Zabinski performed the work quickly last year and although there was some items requiring resolution between her and the auditor, it was better to use her to file the report and use the auditor to check for correctness, A motion was made by Chief Martin (2"d Greg Sibenaller) to use Ms Zabinsld for another year Ayes: 5, Nays: 0 Andrew Houghton request for return of contributions A letter has been sent to Mr Houghton advising him of his options and requesting his direction No response has been received as of this meeting No other action was taken. Creditable Service Buyback request for John F Hunter It was determined that Officer Hunter had less than two years of creditable service with Montgomery Therefore, he is not eligible to transfer these funds to Yorkville' s pension fund Letter fi om Attorney Richard Slocum regarding the pension of Terry Klingel Attorney Collins was given a copy of this request and will follow up with Attorney Slocum Deputy Treasurer Duties (information only) Treasurer Powell handed out a memo on Treasurer responsibilities He mentioned that lie was requesting the appointment of a Deputy Treasurer at tonight' s City Council meeting and if approved some pension duties that he has been performing will be assigned to the Deputy Treasurer This will save the Pension Fund approximately $ 1000 00 per year Review, of fiscal year 2007-08 Actuarial Valuation Report (Information only) The actuarial report was reviewed . The pension fund is 37 7% funded which is an increase from .31 . 5% in the previous year A new employee increases the tax levy requirement by approximately 15% of their salary The City has budgeted $300,000.00 in the Fiscal year 2008-09 tax levy Additional Business. Use of IML' s Historical Pension Data Tables After some discussion, it was decided that use of the IML, tables are not required by the Board . Pendinv Legislation House Bills 1223 4603 5158 5197. and 5692 Pending legislation items were reviewed. 2008 Meeting Dates. Tuesdays 2/ 12, 5/ 131 8/12, 11 / 18 @ 5PM Adjournment. The meeting was adjourned at 6 .45PM. The next meeting is scheduled for Aug 12"' at 5 . 00PM in the Police conference room 2008 Meeting Dates. Tuesdays 2/12, 5/13, 8/12, 11 /18 @ 5PM me: Police\agenda\agendaMay 13 2008 doc J?�cEp ��r1 United City of Yorkville 800 Game Frame Road [� Yorkville, Illinois 60560 esr 1636 Phone 630-553-1887 William Powell ® © O Fax: 630-553-7575 Treasurer <LE Treasurer' s Report (As of July 31 , 2008) Dollars Percent Cash: YNB ( 1 ) 91 ,729.58 Schwab 12 243 .70 Total Cash: $ 103,973.28 4.0% Schwab: Fixed Securities: 117082589.87 66.0% Equities: (2) 776, 112.97 30.0% Total Assets: $ 2,5883676. 12 2007 Tax Lew Estimate: (paid in 2008) $300,000.00 Actual Payments: 7/22/08 222412.78 Estimated monthly deposits: $ 13,000.00 Estimated monthly retiree payments: $ 9344.00 AZ&4 /e e William Powell Treasurer United City of Yorkville Pile: 7' Report O73108.doc (1 ) The board has established a $40,000.00 minimum balance (2) The maximum equity percent is 45 % by statue 1Vlyitchey Suite 905 hl , Va u Alt 53 West Jackson Boulevard T av1 or Inc . Chicago, IL 60604 312-922-1717 (phone) Investment Advisors 312-922-1772 (fiix) July 1, 2008 Statement for Third Quarter 2008 For Services Rendered Yorlarille Police Pension Fund Attn: Lacy DeBord 800 Game Farm Road Yorltville, IL 60560 Investment Management Fees I1urd Quarter 2008 July 1, 2008 through September 30, 2008 June 30, 2008 Portfolio value $ 2,526,055 first $2 million @ 0.50% $ 2,500 Next $3 million @ 0.40% $ 526 Total fee for Third Quarter, 9.008 $ 3,026 Account #3137-9036 at Charles Schwab & Co., Inc. has been charged $3,026. Charles Schwab & Co., Inc, as custodian, makes no independent verification of the calculation of the billing amount, which is the client's responsibility. Zabinski Consulting Services, Inc. Invoice P O Box 6534 Aurora, IL 60598-6534 Invoice M 143 Invoice Date: 11/6/2007 Due Date: 1116/2007 Bill To: Case: 2007 IDOI Fili. _. Yorkville Police Pension Fund P.O. Number: Attn: Mr William Powell 800 Gamefarm Road Yorkville, IL 60560 Description Quantity Rate Serviced Amount Final Billing related to the 2007 Department of 20000 20000 Insurance Filing Total $200.00 Payments/Credits $0.00 Balance Due $20000 Idlk,4,/ kM .. L Police:Pension Accounting Services Log Date Activity ' Hours 5 13 1 o 7,., M o- c S • u P D 4r. (U� v t t -e d7 {"c ,. 'k- 3 , o e F F . a 2,� -2 - � E; c i C7°u (11 t Q IP> E C� N i nt �i : 08 - 05 S4! COL- CENt SDo..L GL1 NG.c 1. i3 08 cutaw cc 'A y D6 / tiG n+ 41 o Ta t< c1 n ^T� GC)O U, ,A;Tv o.� (U i .t,: R -� i z /�}OG�.tf? C -vz r 0o INPu� AI-OL CSC Lc-*,r-re . f 2sS t oS Meet a c G' a rn�C Agenda, Meeting Mintues Employee contributions, YNB Bank, Merrill Lynch data entry Quarterly member contributions letters State of Illinois internet filing for fiscal year end file: Police Pension Time Log As THE LAW FIRM OF DREYER , FOOTE , STREIT, FURGASON & SLOCUM A PROFESSIONAL ASSOCIATION WILLIAM J. FOOTE 1999 WEST DOWNER PLACE TELEPHONE: THOMAS J STREIT AURORA , ILLINOIS 60506 1630) 597-8764 RICHARD M FURGASON FACSIMILE: RICHARD C SLOCUM WWW dreyerfoote.com (630) 6971735 PAUL T PATRICOSKI — ROBERT F BROUCH JOHN E DREYER JONATHAN B SHANOWER' ( 1929 - 2005) MICHAEL W HUSEMAN 'ALSO ADMITTED IN MONTANA JOSHUA B ROSENZWEIG May 29, 2008 Mr. William Powell Treasurer United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 Re: Terry Klingel Qualified Illinois Domestic Relations Order Dear Mr. Powell : Pursuant to a letter I have received from Attorney Collins, I am enclosing with this letter a check in the amount of $50.00, representing payment for the processing of the Qualified Illinois Domestic Relations Order regarding Terry Klingel's pension. Please provide me with confirmation that the Order has been accepted and "processed" by the Police Pension Fund Board. Please contact me if you have any questions regarding this matter. I remain, Sincerely,, DREYER, FOOTE, STREIT, ;GASON & SLOCCUM, P.A. ' card C. Slocum RCS :mcm enc.. 7Gailbiuniski Coinisiulllitiuny 5(e)rvvUc(es, Ilintc May 31 , 2008 Mr. Bill Powell United City of Yorkville Police Pension Fund 801 Game Farm Road Yorkville, IL 60560 Dear Mr . Powell : The following is the list of non-audit services provided to you from Zabinski Consulting Services, Inc. We hope to better meet your expectations of service from our firm by clearly identifying the particular services to be provided and their frequency. Our services will cover the year ending April 30, 2008- You are responsible for the management decisions and functions, and for designating a competent employee to oversee any bookkeeping services or other services we provide . You are responsible for evaluating the adequacy and results of and accept responsibility for such services. You are responsible for establishing and maintaining internal controls, including monitoring ongoing activities. According to our professional standards, management decisions and reviews are kept by you And this is the way it should be. These are your financial systems and reports. We assist in limited ways to help you with them None of the services can be relied on to detect errors, fraud , or illegal acts that may exist . However, we will inform the appropriate level of management of any material errors that come to our attention and any fraud or illegal acts that come to our attention , unless they are clearly inconsequential. In addition, we have no responsibility to identify and communicate significant deficiencies or material weakness in your internal control as part of this engagement. Based on discussions with you, the Police Pension Fund is looking for assistance in completing the annual filing for the Department of Professional and Financial Regulation for the year ending April 30, 2008 It is our expectation that the Police Pension Fund will provide us with a trial balance for period ending April 30, 2008, all necessary investment/bank account statements showing the detailed transactions from your investment advisor, all supporting documentation for the participant data (including cumulative payroll withholdings, new employee information , changes in status for the year, etc), a detail listing of board members as of April 30, 2008 and as of the filing of the report and a completed interrogatory for the entire fiscal year The fee for these non-audit services is based on a fixed fee basis of $ 1 , 275. Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Accounting Auditing Financial Consulting P.O Box 6534 • Aurora, IL. 60598-6534 • (630) 939-7668 Office + (630) 978-8275 Fax Mr. Bill Powell United City of Yorkville Police Pension Fund Page 2 We appreciate the opportunity to be of service to you and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Sincerely, Calene "Kelly" ZZ inski, CPA UNITED CITY OF YORKVILLE POLICE PENSION FUND Accepted by Date: July 30, 2008 Procedure to Generate the Quarterly Police Pension Treasurer's Report and Employee Contribution letters. 1 . Denise Kasper provides a monthly printout of employee contributions and gives it to me. (Jennifer),This list is used to update the . . . /Police/Pension Contributions F2004-2008,xls file. Input current month dollars and totals will be calculated automatically. Verify total contributions on Denise's printout per page and total on Pension Contributions F2004-2008.xls as they are entered. 1 Get current balances from Pension accounts at Old Second htto.//%vxvw. o2bancorp.com/ account 620912 and Schwab https.//www. schwab com/ (2 accounts 3137-9036 and 3139-4036). Use this information to create the Quarterly Treasurer' s Report . . ,/Treasurer Reports/T Report 07.3108.doc. Use Template below and revise dollars and percents, ♦4% D clTk United City of Yorl.-ville Ja � 800 Game Frame Road Yorkville, Illinois 60560 E6I. `� 1836 Phone 630-553-1887 William Powell Fax: 630-553-7575 Treasurer O r! fl Lg,E @�♦' Treasurer' s Report As of July 31 , 20081 Dollars Percent Cash: YNB 49544937 Schwab 12J79. 15 Total Cash: $ 61 ,628.52 2.4% Schwab: Fixed Securities: 1 ,8525587.09 70.9% Bonds: (Bond Fund) 209656.72 0.8% Equities: 67'7,666.29 25.9% Total Assets: $ 256123538.50 2007 Tax Lew Estimate: (paid in 2008) $�3y009000.00 Estimated monthly deposits: a a Estimated monthly retiree payments: $ 9344.00 William Powell 'Ireasurer United City of Yorkville Fite: i Report 073108.doc 3 . Employee Contribution Letters: Path to letters: . . . Police/Emp Stmts 02-03 This directory has a word.doc file for each officer. Change the dates, employee contributions (from Empl Struts 02-03 .xls file), and revise totals from T Report 073108,doc. I use cut and paste for the totals to save on typing. Print one letter for each employee for Treasurer's signature. William Powell file: Quarterly Police Pension Procedure.doc Law Offices of Cary J Collhis, R C, Invoice 2200 West Higgins Road Suite 155 I Ioffman Estates, IL 60169 Date Invoice # Telephone 847-519-0010 Fax 847-519-0016 6/16/2008 3777 Bill To Yorkville Police Pension Board Atten: Chief Harold Martin 804 Game farm Road Yorkville IL. 60560 Terms Due on receipt Description Amount Quarterly retainer for the months of 600 .00 JULY, AUGUST & SEPTEMBER, 2008 Total S60000 Please make checks payable to the LAW OFFICES OF CARY J COLLINS Payments/Credits S000 Balance Due 560000