Police Pension Minutes 2015 05-11-15 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville,IL 60560
(630)553-4340
5:OOPM on May 11,2015
Police Department Conference Room
Minutes
Attachments
Meeting Minutes for February 10, 2015 President/Secretary to sign
Monthly Treasurer's Reports Feb,Mar&Apr 2015
Investment Policy Addendum-GASB 67
City's Pension Funding Policy(informational)
Required Report to the Municipality by the Pension Board
FY 2016 Police Pension Budget
Bills for Payment
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Meeting Call to Order: 5:O1pm by Fred DuSell
Roll Call: Present:Ryan Goldsmith,Ray Mikolasek,Greg Sibenaller,Rob Fredrickson,Joe Gillespie,Fred DuSell
Guests: Kelly Weller,GLA;Larry DeBord,citizen;Larry Richey, GLA; Cary Collins,Attorney.
Citizen Comments:None
Previous Meeting Minutes: February 10,2015
Corrections/Approval
Motion to Approve:Joe Gillespie,2nd Ryan Goldsmith 5 Ayes 0 Nays
Communications: IDOI Fees were mailed but bill was incorrect based on last year's finances. IDOI sent email
confirming that new bill will be mailed out shortly and will be due upon receipt. Roll call vote to pay bill as
amended: Joe Gillespie,2nd Ryan Goldsmith, Greg Sibenaller,Aye;Joe Gillespie,Aye;Fred DuSell,Aye;Ryan
Goldsmith,Aye;Ray Mikolasek,Aye.
Monthly Treasurer's Report: February,March, and April 2015
Motion to Approve: Joe Gillespie,2nd Fred DuSell 5 Ayes 0 Nays
Bills for Payment:
MVT Management Fee: (Apr-Jun 2015) $ 2,987.73
From Schwab Acct: 3137-9036
Zabinski Consulting Services(Jan-April 2015) $ 635.60
IPPAC Annual Conference Registration
(5 Board Members) $ 1,150.00
IPPAC Ethics Training(Mikolasek) $ 175.00
Postage Reimbursement—City of Yorkville
(Jan-Apr) $ 19.93
Collins and Radja: Attorney $ 750.00
Total Bills for Payment: $ 5,718.26
Motion to Approve:Joe Gillespie,2nd Ryan Goldsmith,Roll Call Vote: Ryan Goldsmith,Aye;Ray Mikolasek,Aye;
Greg Sibenaller,Aye;Joe Gillespie,Aye;Fred DuSell,Aye.
Investments:
Progress Reports from Great Lakes Advisors. Kelly Weller-Cheap oil continues to help consumer but energy
sector is getting crushed. Long term affect on energy companies yet to be determined,but definitely affecting smaller
companies that supply energy equipment. Low oil, strong dollar, low interest rates, low inflation good for consumers,
not good for large sector of economy. Small and Mid Cap outperformed Large Cap last quarter. Portfolio did really
well. Outperformed the benchmark by 2%. New additions to the portfolio for the 1 st quarter Target Corp,Popular
Inc,American Axle,and Paccar Inc. GLA moved out of DOW Chemical, Western Digital, and XEROX. Preparing
strategy to deal with volatility in US equity market. Closed quarter with$2.9 million in assets with 99%in equities
and 1% in cash. Quarter to date,the account produced 3.8%return versus 2.8%for benchmark. One problem area
was Lazard emerging markets mutual fund. GLA sold out of Lazard and moved into Causeway emerging markets
mutual fund. No changes GLA wants to make at this time to the portfolio. GASB 67 is changing the way GLA has to
report and GLA recommends reporting dates need to be realigned to report on a fiscal year to align with our fiscal
year end.
Unfinished Business:
Approval of Investment Policy Revisions-GASB 67 Addendum
Joe Gillespie, 2nd Ray Mikolasek 5 Ayes 0 Nays
New Business:
Approval Fiscal Year 2016 Police Pension Budget
Greg Sibenaller,2nd Ryan Goldsmith, 5 Ayes 0 Nays
Custodial account agreement discussion
Leave as is for now and keep an eye on Schwab to ensure trade costs don't get out of hand.
Fred DuSell expected to be reappointed by Mayor Golinski
Personnel Changes and Additions:
None
Additional Business:
Approval to reimburse United City of Yorkville for lodging charges associated with the IPPAC Annual
Conference,May 13, 14,and 15,upon receipt of bill. Lodging for five rooms,at two nights each,not to exceed
$1,100.
Citizen Comments:
Larry DeBord-GLA representative Kelly Weller at February meeting made statement that the benchmark
showed a rate of return for 2014 of high single digits when the rate of return was actually at 13+0/o. Larry DeBord
pointed out that Great Lakes Advisors actually underperformed for the quarter.
Board went into executive session from 6:06pm until 6:29pm under Illinois Statute 5 ILCS 120/2(c)(7).
Next meeting:
August 11,2015 5:OOpm
Motion to Adjourn: Greg Sibenaller,2nd Fred DuSell, 5 Ayes 0 Nays
2015 meeting dates: Feb 10,May 11 (Monday),Aug 11,Nov 10
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