Police Pension Minutes 2014 05-12-14Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville,IL 60560
630)553-4340
5:OOPM on May 12,2014
Police Department Conference Room
Minutes
Attachments
Meeting Minutes for February 11,2014 President/Secretary to sign
Annual Treasurer's Report for Fiscal Year 2013-2014
Fiscal Year 2015 Police Pension Fund Budget
Required Report to the Municipality by the Pension Board
2013 Police Pension Tax Levy Report(informational)
Bills for Payment
Meeting Call to Order: 5:02pm by Todd Overmyer
Roll Call:Present: Todd Overmyer,Greg Sibenaller,Rob Fredrickson,Fred DuSell,Ryan Goldsmith,Ray Mikolasek
Guests:Kelly Weller and Christy Coon,Great Lakes Advisors;David Vaught,Mitchell,Vaught and Taylor;
Larry DeBord,citizen; Cary Collins,Attorney
Citizen Comments:None
Previous Meeting Minutes: February 11, 2014
Motion to Approve: Greg Sibenllaer 2nd Ryan Goldsmith Ayes 5 Nays 0
Annual Treasurer's Report for Fiscal Year 2013—2014
Motion to Approve: Fred DuSell,2nd Greg Sibenaller Ayes 5 Nays 0
Police Pension Fund Budget: Fiscal Year 2014-2015
Motion to Approve: Greg Sibenaller,2nd Ray Mikolasek Ayes 5 Nays 0
Required Report to the Municipality by the Pension Board
Motion to Approve: Fred DuSell,2nd Ray Mikolasek Ayes 5 Nays 0
Bills for Payment:
WT Management Fee: (Apr—June 2014) $ 2,547.00
From Schwab Acct: 3 13 7-903 6
Zabinski Consulting Services(Jan-Mar 2014) $ 478.76
Tim Sharp:Actuary 1,700.00
United City of Yorkville(Postage Reimburse) $ 3.84
IPPAC(Ethics Training Mikolasek and 350.00
Goldsmith)
IPPAC(Training-Annual Conference- 700.00
Mikolasek, Goldsmith, Sibenaller,DuSell)
IPPAC(Ethics Training DuSell)PAID 175.00
Stephen Klett Contributions Returned 7,467.57
Collins and Radja:Attorney 750.00
Total Bills for Payment: 14,172.17
Motion to Approve: Ray Mikolasek,2nd Fred DuSell Roll Call Vote;Todd Overmyer,Aye; Greg Sibenaller,Aye;
Fred DuSell,Aye;Ryan Goldsmith,Aye;Ray Mikolasek,Aye.
Investments:
Progress Reports from Mitchell,Vaught,and Taylor
MVT reported.50% 1st quarter return on our fixed portfolio for a gain of$14,358. Their strategy going
forward will be to slightly overweight our holdings on quality corporate rather than government bonds due to the
concern of inflation risk. Although Target corporation had a weak performance due to recent security issues,they will
hold our position there and consider adding to it, as they feel Target is otherwise a good quality bond and will
rebound.
Progress Reports from Great Lakes Advisors
Great Lakes Advisors reported a net return for the 1 st quarter of 5.66%or$62,818. They reported a net for
YTD as of 04/30/2014 of 2.29%, or$44,920. On our international holdings,they plan to trim back Lazard Emerging
Market and add to Oakmark International. Jon Quigley explained the investment strategy by telephone conference to
board. In summary,the board concurred with our treasurer and Great Lakes Advisors,that we will do a rebalancing
on an annual basis so as to not have a possible negative effect on cash holdings limiting our potential gain with
equities in the interim,especially during periods of favorable performance in the market.
Unfinished Business:None
New Business:
Pension Election Results and Appointments
Todd Overmyer re-appointed by Mayor
Retired Officer election: sent out 6 ballots, 5 were returned electing Greg Sibenaller
Active Officer election results:Ray Mikolasek and Ryan Goldsmith re-elected;Ray Mikolasek 22 votes,
Ryan Goldsmith 22 votes,and Dan Pleckham 6 votes.
Election of Board Officers-Will hold elections in August
Appointment of Board Members: FOIA, Security, Open Meetings-Appointments will be made in August
Personnel Changes and Additions:
New Hire:Christopher Kuehlem 03 725-14-Tier H
Resignation: Stephen Klett 02-22-14
Contributions Returned: $7,467.57
Additional Business:
Approval to reimburse United City of Yorkville for lodging charges associated with the IPPAC Annual
Conference,May 14, 15, and 16,upon receipt of bill. Lodging for four rooms,at two nights each,not to exceed
810.96.
Board agreed to reimburse the United City of Yorkville immediately upon receipt of lodging bills in an
amount not to exceed$1,000. Motion to approve: Greg Sibenaller,2nd Ryan Goldsmith Ayes 5 Nays 0
Citizen Comments: Larry DeBord commended Great Lakes Advisors for outperforming the S&P 500.
Next meeting:
Tuesday,August 12,2014 5:OOpm
Motion to Adjourn: 5:53pm Fred DuSell,2nd Greg Sibenaller Ayes 5 Nays 0
2014 meeting dates:Feb 11,May 12(Monday),Aug 12,Nov 10 (Monday)
President Secretary