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Police Pension Minutes 2015 02-10-15 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 (630) 553-4340 5 :OOPM on February 10, 2015 Police Department Conference Room Minutes Attachments: Meeting Minutes for Nov 10, 2014 President/Secretaiy to sign Monthly Treasurer's Report as of December 31, 2014 Bills for Payment --------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: 4:58pm by President Fred DuSell Roll Call: Present: Fred DuSell, Joe Gillespie, Ryan Goldsmith, Ray Mikolasek, Rob Fredrickson Guests: Chris Freiberg, Collins and Radja; Larry Richey, Great Lakes Advisors; Larry DeBord, citizen; Kelly Weller, Great Lakes Advisors; David Vaught, Mitchell, Vaught and Taylor. Citizen Comments: None Previous Meeting Minutes: Nov 10, 2014 Corrections/Approval Motion to Approve: Joe Gillespie, 2nd Ryan Goldsmith Ayes 4 Nays 0 Communications: Received Final Audit Report from IDOI IPPAC Spring Conference is May 13-15th Monthly Treasurer's Report: as of December 31 , 2014 Motion to Approve: Joe Gillespie, 2nd Ray Mikolasek Ayes 4 Nays 0 Bills for Payment: MVT Management Fee: (Jan - Mar 2015) $ 2,953 .00 From Schwab Acct: 3137-9036 Lauterbach & Amen (Audit) $ 2,550.00 City of Yorkville - August Postage $ 4.80 City of Yorkville - October Postage $ 13 .36 City of Yorkville - Nov/Dee Postage $ 13 .83 Zabinski Consulting Services (Oct-Dec 2014) $ 475 .00 Collins and Radja: Attorney $ 750.00 Total Bills for Payment: $ 6,759.99 Motion to Approve: Ray Mikolasek, 2nd Joe Gillespie Roll Call Vote: Joe Gillespie, Aye; Ryan Goldsmith, Aye; Ray Mikolasek, Aye; Fred DuSell, Aye. Investments: Progress Reports from Mitchell, Vaught, and Taylor. Our beginning value of $3,226,438 gained $22,933 or .70%, to an ending value of $3,374,371 at year end 2014. Decline in oil prices and a relatively strong economy have kept foreign investments in the U.S. Bond market stable. However, the possibility of rising internet rates later in the year or early 2016 will have them looking for longer duration yields and a stable portfolio. They are getting closer to our performance target and were closing the gap last quarter to our benchmark. Progress Reports from Great Lakes Advisors. Our beginning value was $2,567,939 and gained $ 109,722 or 4.06%, for an ending value of $2,802,711 . They expect our benchmark Russell 3000 to outperform the S&P 500 long term, and also expect volatility to be good for active value managers. The All CAP matched the benchmark in the 4th quarter and exceeded in an unaudited report for January 2015. Positions adding to the success in Q4 were Apple Inc, Quest Diagnostics, and Incyte Corp. Unfinished Business: President Fred DuSell appointed Ryan Goldsmith as Investment Chairman Duties include assisting with summarizing investment reports for meeting minutes. New Business: Discussion regarding the rebalancing of portfolio Portfolio to be rebalanced ahead of April 30 to meet statutory guidelines. GASH 67 Implementation Need to amend investment policy to reflect exhibit B, pg 10 in GASH handout. Will fmalize for May meeting Tax Levy Discussion Proposing tax levy of $722,940. City is writing a pension finding policy that will hopefully be done by May. Proposing city pay for actuarial analysis rather than the Pension Fund. Personnel Changes and Additions: New Hire: Andrew Gatz 09-24-14 - Tier H New Hire: Peter Pappas 09-24-14 - Tier II Additional Business: Review Investment Policy As discussed earlier, the investment policy will be ready for amendment in May. Review Rules and Regulations Review moved to May meeting Release of Executive Session minutes None to release Citizen Comments: Larry DeBord - Noted that S&P 500 was up 13 .48% for 2014 and Russell 3000 was up 12.56%. Noted that Great Lakes Advisors fell short of S&P 500 by 2.60% and was under the Russell 3000 by 1 .7%. Mr DeBord suggested that the board investment in index funds in the S&P 500 for a better investment return and less management fees. Next meeting: May 11 , 2015 5 :OOpm (Monday) Motion to Adjourn: 6:OOpm Joe Gillespie, 2nd Ray Mikolasek 4 Ayes 0 Nays 2015 meeting dates: Feb 10, May I 1 (Monday), Aug 11 , Nov 10 laaAd X�ZelO u/ President Secretary