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Police Pension Minutes 2013 11-12-13 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 (630) 553 -4340 5 : OOPM on November 12, 2013 Police Department Conference Room i Minutes i Attachments Meeting Minutes for August 13 , 2013 President/Secretary to sign Monthly Treasurer' s Report as of September 30, 2013 Bills for Payment Board member annual statutory training summary Actuary Report -------------------------------------------------------- Meeting Call to Order: Greg Sibenaller 5 : 15pm Roll Call: Present: Greg Sibenaller, Ray Mikolasek, Ryan Goldsmith, Fred DuSell, Rob Fredrickson Guests: Larry DeBord, citizen; Kelly Weller, Great Lakes Advisors; John Mitchell, Mitchell, Vaught, and Taylor; Cary Collins, Attorney (5 :30pm) j Citizen Comments : Larry DeBord question to Kelly Weller — Will this portfolio be similar to Sycamore Fire Pension Fund portfolio that GLA manages? Kelly Weller — Answer depends on decisions made by board at meeting. Larry DeBord - Who is custodian? Kelly Weller — Will continue to use Schwab . i Previous Meeting Minutes: August 13 , 2013 Corrections/Approval Motion to Approve: Fred DuSell 2°d Greg Sibenaller Ayes 4 Nays 0 Communications : IPPAC Winter Seminar December 6 Monthly Treasurer' s Report: as of September 30, 2013 Rob Fredrickson — Total Fund value as of September 30 was $5, 570, 148 ($5 , 117,289 Investments, $452, 859 j Cash) Motion to Approve: Fred DuSell 2°d Ray Mikolasek Ayes 4 Nays 0 �i Bills for Payment: United City of Yorkville $ 2,526 .46 Zabinski Consulting Services (July-Aug 2013 ) $ 316.66 Collins and Radja: Attorney $ 750 . 00 Total Bills for Payment: $ 3 ,59112 I Motion to Approve: Ray Mikolasekc 2"d Ryan Goldsmith Roll Call vote: Ray Mikolasek, Aye; Ryan Goldsmith, Aye; Fred DuSell, Aye; Greg Sibenaller, Aye. I Investments : j Progress Reports from Mitchell, Vaught, and Taylor John Mitchell: Presented new contract to manage fixed income assets . Signed by Vice President Greg Sibenaller and Secretary Ray Mikolasek. Good investment gains this quarter of $ 185,637 . Ending Value of Portfolio is $53223 ,3571 i Unfinished Business : Presentation by Kelly Weller of Great Lalces Advisors — Investment strategy Kelly Weller (GLA) :Board needs to amend investment policy to allow GLA to do what we have asked. Board decided to use investment policy suggested at last meeting by MVT. Motion to Approve : Fred DuSell 2nd Ray Mikolasek 4 Ayes 0 Nays. Kelly Weller suggested Treasurer Rob Fredrickson ask Schwab for a flat rate fee rather than transaction fee. Will save fund money in long term due to large number of transactions . Kelly presented GLA Al1Cap investment strategy. Ask board for approval to proceed with investment strategy. Motion to Approve: Fred DuSell 2nd Ray Mikolasek 4 Ayes 0 Nays . New Business : Actuary Report — review and discuss tax levy amount Rob Fredrickson: City to fund at higher level than suggested by Actuary. Expects tax levy to be around $614,000 . Cary Collins to draft letter to city asking for actuary suggested tax levy amount. Discuss Board member annual statutory training summary Training report shows Todd Overmyer not meeting training requirements . Cary Collins to contact Todd and suggest he meet his statutory training requirements or board will have to take action for his removal. I Personnel Changes and Additions: None Additional Business : None Set 2014 meeting dates: Feb 11 , May 12 (Monday), Aug 12, Nov 10 (Monday) - Approved Citizen Comments : Larry DeBord; Suggested Rob Fredrickson ask Schwab to lower transactions fees . Asked Kelly Weller if GLA will have separate Schwab account than MVT. Kelly Weller: GLA will be separate so MVT and GLA can only view their accounts, but Rob Fredrickson can view both accounts. Next meeting: Feb 11 , 2014 5 : OOpm Motion to Adjourn: Fred DuSell 2nd Ryan Goldsmith 4 Ayes 0 Nays 6 : 55pm 2014 meeti g dates : Feb 11, May 12 (Monday), Aug 12, Nov 10 (Monday) Pre ' de Secretary i i I ICI �I