Police Pension Minutes 2014 11-10-14 Yorkville Police Pension Fund Board
804 Game Fann Road
Yorkville, IL 60560
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(630) 553 -4340
5 OOPM on November 10 2014
Police Department Conference Room
Minutes
Attachments :
Meeting Minutes for August 12, 2014 President/Secretary to sign
Monthly Treasurer' s Report as of September 30, 2014
Bills for Payment
Meeting Call to Order: 5 : 08pm by Vice President Greg Sibenaller
Roll Call : Present: Ray Mikolasek, Greg Sibenaller, Rob Fredrickson, Joe Gillespie, Fred DuSell (5 : 17pm)
Guests : Christy Coon, Great Lakes Advisors ; Thomas Radja, attorney; Dwight Ower, Mitchell, Vaught and
Taylor; Larry DeBord, citizen; Jon Quigley, Great Lakes Advisors (via telephone 5 : 30pm-5 : 48pm)
Citizen Comments : None
Previous Meeting Minutes : August 12, 2014
Corrections/Approval
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Motion to Approve : Joe Gillespie, 2nd Greg Sibenaller Ayes 3 Nays 0
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Communications :
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Notice from IDOI for failure to submit Annual Statement
IPPAC Winter Seminar, Dec 5 in Hoffinan Estates, 9am-4 : 30pm
Monthly Treasurer' s Report: as of September 30, 2014
Motion to Approve : Joe Gillespie, 2nd Ray Mikolasek Ayes 3 Nays 0
Bills for Payment:
MVT Management Fee : (Oct - Dec 2014) $ 2, 823 . 00
From Schwab Acct: 3137-9036
Ethics Training Reimbursement (Sibenaller) $ 175 . 00
Zabinski Consulting Services (Jul-Sep 2014) $ 475 . 00
Zabinski Consulting Services (IDOI Report) $ 15350 . 00
Collins and Radja: Attorney $ 750 . 00
Total Bills for Payment: $ 5 , 573 . 00
Motion to Approve : Joe Gillespie, 2nd Ray Mikolasek; Roll Call Vote: Ray Mikolasek, Aye; Greg Sibenaller, Aye,
Joe Gillespie, Aye.
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Investments :
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Progress Reports from Mitchell, Vaught, and Taylor.
- A report on our fixed income portfolio from Mitchell, Vaught, and Taylor was given by Dwight Ower.
Income for the quarter ended 3rd quarter 2014 was $ 14,245 less management fees of $2, 695 for a net of $ 11 ,550 with
ending portfolio value of $3 ,226,439 . Mortgage backed and longer term bond issues outperformed shorter duration.
Their strategy will continue to overweight quality corporate bonds and shorter term issues closer to our benchmarks .
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Progress Reports from Great Lakes Advisors .
-A report on our equity portfolio from Great Lakes Advisers was given by Christ Coon and John
Quigley (teleconference) . Income of $48 , 732 . Beginning portfolio value was $2, 577, 088 and ending value of
$2 750, 148 which includes net additions/withdrawals of $ 124,328,After a poor September the portfolio recovered
somewhat in October but still trailed our benchmark by -1 .57 % return vs benchmark of 2 .37 % for a difference of
. 80% Sony. They will be reducing cash in order to add to our equity positions for the next quarter.
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Unfinished Business :
New Business :
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President Fred DuSell to appoint Ryan Goldsmith as Investment Chainnan
- Ryan Goldsmith not present, pushed to February 2015 meeting
Persormel Changes and Additions :
Officer Dan Pleckham employment terminated 10-01 - 14
- case in arbitration, no action to be taken at this time
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Additional Business :
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Set 2015 meeting dates : Feb 10, May 11 (Monday), Aug 11 , Nov 10
Citizen Cormnents : Larry DeBord - comment on equity portfolio - suggested that board keep an eye on S&P 500 as it
is outperforming our stocks .
Next meeting:
Feb 10, 2015 5 : OOpm
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Motion to Adjourn : 5 : 55pm Greg Sibenaller, 2nd Joe Gillespie 4 Ayes 0 Nays
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2015 meeting dates : Feb 10, May 11 (Monday), Aug 11 , Nov 10
President Secretary
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