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Police Pension Fund Packet 2007 11-13-07 Ct Ell lc Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, 11 60560 (630) 553 -4340 t�lov 13 S:OOPM on , 2008 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: WT management fees: $206, 00 From Schwab #3137-9036 (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 R O Box 628290 Orlando, F1 32862-9906 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\agendalagenda Nov 13 2007 doc Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, I160560 (630)553-4340 Meeting Minutes for Nov 13, 2007 Approved : Attachments: Minutes: Aug 14, 2007 Treasurer's Report dated Oct 31 , 2007 Revised Annual Police Pension Fund Activity Report for Fiscal Year May 1 , 2006 to April 30, 2007 Reflecting Oct 16, 2007 audit results. Call to Order: President Debord called the meeting to order at 5 :05 PM. Members Present: President Debord, Officer Pleckham, and Chief' Martin. Also present were Treasurer Powell, Glen Calvert, Shirley Kubicz, Attorney Collins, William Yocius Jr. (MVT) Absent: Todd Overmeyer, Greg Sibenaller Previous Meeting Minutes: A motion was made by Mr. Debord (2"d Chief Martin) to approve the Aug 14, 2007 minutes. Ayes: 3 Nays: 0 Communications: A motion was made by Chief Martin (2"d Officer Pleckbam) to approve payment to Shirley Kubicz in the amount of $ 3690.68 as reimbursement of her contributions to the pension fund. Ayes: 3 Nays: 0 Treasurer's Report: The Treasurer's report dated Oct 31 , 2007 was submitted indicating the following funds: YNB Cash: 1123748.44 Schwab Cash: 35,531 .81 Fixed Securities: 119181828.86 Equities: 232.779.56 Total Balance: 2,2991888.67 A check for 152,551 .62 is expected from the City for R. E. tax levy proceeds tonight. A motion was made by Mr. Debord (2"d Officer Pleckhani) to accept the Aug 14, 2007 Treasurer's Report as submitted. Ayes: 3 Nays: 0 A motion was made by Mr. Debord (2"d Officer Pleckham) to transfer $230,000.00 to the Schwab account 3137-9036 upon receiving the R. E. tax levy check from the City. Ayes: 3 Nays: 0 Letters were issued to the employees indicating their YTD and total contributions as well as total fund balance as of Oct 31 , 2007. Bills for Payment: WT management fees: $2686.00 (from Schwab account #3137-9036) Cary Collins: $ 600.00 for Oct, Nov. Dec legal services William Powell: $ 475.00 for bookkeeping services and minutes through 11/13/07, Total Bills: $ 3,761 . 00 A motion was made by Chief Martin (2"d Officer Pleckhain) to approve bills for payment. Ayes: 3 Nays 0 Portfolio Review and Investment Action: William Yocius handed out a Quarterly Report date Oct 13, 2007 and reviewed the results as listed below. Portfolio Allocation as of 9/30/07: Fixed Income: 89.7% Equities: 10.3% Third quarter Investment gain: $61 , 164.00 or 5.07%. The state of the financial market was discussed. It was mentioned that the pension fund will exceed $2,500,000.00 at which time the percent of funds that may be invested in equities will increase to 45%. Mr. Powell will watch this and issue a letter when that figure is exceeded. A motion was made by Mr. Debord (2"d Officer Pleckham) to authorize MVT to increase the equities accordingly when the figure is reached. Ayes: 3 Nays 0 Unfinished Business: Glen Calvert's Adjusted Service Date: There was a discussion of how to calculate Officer Calvert's adjusted service date, Attorney Collins will prepare a letter defining Officer Calvert's adjusted service date. Mr. Powell stated that the IDOI filing for fiscal 2006- 2007 is completed. New Business: Officer Pleckham mentioned that he intends to review the personnel record for completeness after the first of the year. A motion was made by Officer Pleckbam (2"d Mr. Debord) to accept the application for admission to the Yorkville Police Pension fund for Scott Fiandale and Tom Grimes starting 9/14/07. Ayes: 3 Nays 0 Meeting dates for 2008 were established as 2/12/08, 5/13/08, 8/12/08, 11/18/08, Next Meeting: The next meeting is scheduled for Feb 12, 2008 at 5 :OOPM in the police conference room. Adjournment: The meeting was adjourned at 6:40 PM Prepared by: W. Powell file: Police\agendaUniraaes Nov 13 2007.doc Yorkville )Police Pension Fund Board 804 Game Farm Road Yorkville, I160560 (630)553-4340 Meeting Minutes for Aug 14, 2007 Approved : Nov 13, 2007 Attachments: Minutes- June 12, 2007 Treasurer' s Report dated July 31 , 2007 ------------° ---- - -------------------------------------- ----------- ----------------------------------- -- ------- Call to Order: President Debord called the meeting to order at 5 05 PM. Members Present: President Debord, Officer Pleckham, and Chief Martin, Todd Over meyer Also present were 'Treasurer Powell, Attorney Collins, John Mitchell (MVT) Previous Meeting Minutes: A motion was made by Chief Martin (2"d Todd Overmeyer) to approve the June 12, 2007 minutes Ayes 4 Nays 0 Communications: None Treasurer' s Report: The Treasurer's report dated April 30, 2007 was submitted indicating the following funds YNB Cash- 361047 .42 Schwab Cash: 1171585 .41 Fixed Securities 11789,891 , 86 Equities: 215,722. 87 Total Balance: 2, 1591247, 56 A motion was made by Chief Martin (2"d Mr . Overmeyer) to accept the July 31 , 2007 Treasurer' s Report as submitted . Ayes: 4 Nays: 0 Letters were issued to the employees indicating their YTD and total contributions as well as total fund balance as of July 31 , 2007 Bills for Pavment: IDOI Annual Fee. $ 31660 Zabinski Consulting: $ 1000.00 Tim Sharp . $ 1300 00 Cary Collins. $ 600. 00 for July, Aug, Sept legal services William Powell . $ 330. 00 for bookkeeping services and minutes Total Bills: $ 3,654 10 A motion was made by Mr Overmeyer (2"d iblr. Debord) to approve bills for payment . Ayes. 4 Nays 0 Portfolio Review and Investment Action: .John Mitchell handed out a Quarterly Report date Aug 14, 2007 and reviewed the results as listed below Portfolio Allocation as of 6/30/07. Fixed Income: 89. 5% Equities: 10. 5% Second quarter Investment gain. $5,479 .00 The state of the financial market was discussed With the expectation of $275,000 00 in Real Estate taxes before the next board meeting in Nov a motion was made by Chief Martin (2nd Mr. Debord) to transfer up to $200,000. 00 from Old Second Bank to Schwab Ayes: 4 Nays : 0 It was mentioned that the present payout of funds to the 2 retirees exceeds the monthly employee contributions by approximately $2000 00 , The $200,000. 00 figure will leave sufficient funds available to pay the monthly pension checks for several months. Unfinished Business: Andrew Jeleniewski' s I RF dollar transfer from Chicago Heights has been determined to be all taxable Glen Calvert' s Adjusted Service Date: there was a discussion of how to calculate Officer Calvert's adjusted service date . It was decided to send Attorney Collins all the documents for his review and to move further discussion to the Nov 13"i meeting IDOI Filing. Bill Powell stated that Zabinski Consulting had completed a preliminary report for filing with IDOI It was decided to wait to E-file the report until after the City audit is completed . Then Bill Powell will E-file the report if it does not submit Kelly Zabinski will assist as needed. New Business. The Police department held an election of officers and Chief Martin and Officer Pleckham were re- elected as of June 12, 2007 Greg Sibenaller was also elected to the board as the retired member. A letter was received from Jeff Ackland requesting a pension fund refund of his contributions Bill Powell will provide the final dollar figure to Chief Martin so a check may be mailed Pension applications were received from Officers Bledsoe, Poulos, and Carlyle A motion was made by Chief Martin (2nd Officer Pleckham) to approve their applications Ayes — 4 Nays - 0 Next Meeting: The next meeting is scheduled for Nov 13 , 2007 at 5 .00PM in the police conference room Adjournment: The meeting was adjourned at 6:30 PM Prepared by: W. Powell file: Police\agendaVninutes Aug, 14 2007.doe United City of Yorkville F 800 Game Frame Road 1pppppppp Yorkville, Illinois 60560 EST ES f = 1636 Phone 630-553-1887 William Powell `= Fax: 630-553-7575 Treasurer Treasurer' s Re, oorrt (As of Oct 31 , 2007) Dollars Percent Cash: YNB 112,748 44 Schwab 35 531 .81 Total Cash: $ 148,280. 25 6,0% Schwab: Fixed Securities 1,918,828 86 782% Equities: 232,779. 56 9. 5% Sub-Total Assets . $ 22299,888. 67 United City of Yorkville R. E. Tax (11/13/07) 152,551 .62 Total Assets: $ 214525440.29 Employee Contributions YTD: $90174226 2006 Tax Lew Estimate: (,paid in 2007) $275700000 Actual Payments: 8/14/07 12, 505 . 93 9/11/07 661927 , 84 11/13/07 152.551 . 62 Total YTD 231 ,985 .39 Estimated monthly deposits: $ 1300. 00 Estimated monthly retiree payments, $ 12,243 . 00 /Z" William Powell Treasurer United City of Yorkville File: I Report 103107 doc f E0 cl? .^ United City Of Yorkville 800 Game Farm Road Est 1836 Yorkville, Illinois 60560 ce Phone 630-5.53 -43 .50 6 L p` Fax: 630-553-7575 Vwul° ei William Powell I'E I Treasurer To . Police Pension Board City Council United City of Yorkville Subject: Annual Police Pension Fund Activity for Fiscal Year May 1 , 2006 to April 30, 2007 (As required by Illinois State Statue 40IL.CS 5/3 — 141 ) Revised to conform to the audit dated Oct 1622007 Fisca12006-07(Act) Fiscal 2007-08(Est) Beginning Balance as of May 1 , 2006. 1,583,046.69 2, 156, 872. 18 Contributions. Employees: 159,927.49 2005000,00 HARF Transfers 461172.00 0.00 Tax Levy: 248,987. 74 275,000. 00 Investment Income 130,128,114 150 000.00 Total Contributions: 585,215. 44 625,000 00 Expenses Paid. ''- Supplies: 0. 00 100. 00 Legal Fees: 13200. 00 3,600. 00 Accounting /Minutes 860. 00 11200. 00 Audit Fees. 0 .00 2,000.00 IDOI Filing Fees: 0.00 1,200.00 Actuarial Fees: 0.00 1 ,500. 00 Investment Fees: 9104.00 ' 10,000 .00 IDOI Annual Compliance Fees 225 .95 250, 00 Retirement Payments 0.00 140,000.00 Total Expenses 119389.95 159,850.00 Fiscal Year End Balance: ��2,156,872A 2,622,022.18 Submitted by: zei , ,. Wi a' o el . United City of Yorkville Treasurer ) Approved. / L _ 1. L✓ ebord : President A. Pleckh The beginning balance was adjusted to the fiscal 2005-06 ending balance Total investment income was increased to reflect accrued interest, Employee contributions were increased to include a carryover contribution from fiscal 2005-06. Investment fees were increased to include a charge at the end of the fiscal year. Retirement payouts were increased to improve estimated payments . Annual pension stmtF2006 audited doe United City of Yorkville 800 Came Farm Road Yorkville, Illinois 60560 - Phone 630-553-4350 — . Fax: 630-553 -7575 William Powell Tteastuer To Police Pension Board City Council United City of Yorkville Subiect: Annual Police Pension Fund Activity for Fiscal Year May 1 , 2006 to April 30, 2007 (As required by Illinois State Statue 40ILCS 5/3 — 141 ) Beginning Balance as of May 1 , 2006 1 , 574,459 32 As of April 30, 2006. Old Second Bank: 96,792 38 Schwab (MVT): 2,041 ,538. 81 Fiscal Year End Balance 2, 1381331 19 Total Investment Income: 111 ,450. 00 Contributions: Fiscal 06-07(Act) Fiscal 07-08(Est) Employees: 154,442. 45 20Q000 . 00 IMRF Transfers 46, 172 00 0 .00 Tax Levy: 248,987. 74 275,000 .00 Expenses Paid: Supplies 000 100 .00 Legal Fees 1 ,200 00 3,600 00 Accounting /Minutes 86000 11200 .00 Audit Fees: 000 2100000 IDOI Filing Fees 000 1,200. 00 Actuarial Fees: 000 11500 .00 Investment Fees 8,266 00 10,000 00 IDOI Annual Compliance Fees 225 .95 250, 00 Retirement Payments 0.00 120.000.00 Total Expenses 10,551 95 139,850, 00 Submitted by V / L& i 'ar owel nited City of Yorkville Treasurer Approved _ 4-_ L eb rd reside t D ch Annual pension stmtF'2006 .doc 0 C/,?% United City ® f Yorkville J County Seat of Kendall County 800 Game Farm Road a En �� ` 7836 Yorkville, Illinois, 60560 Telephone : 630-553-4350 ® o ho Fax : 630-553-7575 William Powell Website : www.yorlaille, il . us D'easur•er- Nov 11 2007 Ms Shirley Kubicz Subject: United City of Yorkville Police Pension Fund The statement below shows the balance in the United City of Yorkville Police Pension Fund and your accumulated tax deferred contributions as of Aug 28, 2007 Fiscal Year 2006-2007. $ 1,890, 64 Fiscal Year 2007-2008. $ 1 800 04 Total Contributions: $3,690. 68 Please retain this letter for your records , William Powell Treasurer United City of Yorkville cc: Police Pension Board