Police Pension Fund Packet 2006 08-08-06 YORKVILLE POLICE PENSION FUND BOARD
804 Game Farm Road
Yorkville, IL 60560
(630) 553-4340
AGENDA
3:00 p.m. on Tuesday, August 8, 2006
Police Department Conference Room
Meeting Call to Order: 3:00 p.m.
Roll Call:
Previous Meeting Minutes: Corrections/Approval:
November 14, 2005
April 21, 2006
Communications:
Treasurer's Report:
Employee Contributions as of January 31, 2006
Bills for Payment:
Unfinished Business:
Consultant Award for IDOI Filing
Actuarial Study by Tim Sharp
Electronic Transfer of Employee Contributions
IMRF Transfer of Funds
Fiscal 2006-2007 Budget
New Business:
Additional Business:
Adjournment:
Next Meeting:
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, 1160560
(630)553-4340
April 21, 2006 Minutes
Meeting Call to Order: The meeting was called to order at 3:19 PM
Roll Call: Present: Harold Martin, Larry Debord,Todd Overmyer, William Powell
Attorney: Cary Collins
David Vaught, Mitchell, Vaught & Taylor Inc.
Previous Meeting Minutes: Corrections/Approval
Nov 14, 2005 minute's approval deferred until next meeting.
Communications:
Larry Debord mentioned that he would be reviewing the statements from both Merrill Lynch and
MVT to be sure that all funds were properly transferred.
Restrictions on investments in Sudan were discussed. MVT will stay informed on this topic and
invest pension funds accordingly.
Treasurer's Report:
Employee contributions as of Jan 31, 2006 have been sent out.
The Treasurer's report as of March 31, 2006 was submitted showing a balance of$1,553,890.94.
A motion was made by Larry Debord (2nd Harold Martin)to approve the report.
(Ayes—3,Nays—0)
As of April 21, 2006 YNB checking account balance is $163,460.57.
A motion was made by Larry Debord (2°d Harold Martin)to transfer $150,000.00 to Schwab.
(Ayes—3,Nays—0)
Bill Powell will investigate the feasibility of electronic transferring of funds from YNB to Schwab.
In the meantime biweekly employee contributions will temporarily be deposited into YNB checking
account.
Bills for Payment:
Cary Collins: for services for the months of April, May and June of 2006 $ 500.00
Bill Powell: for accounting services from 3/3/06 to 4/3/06. $200.00
Total Bills of Payment: $700.00
A motion was made by Harold Martin(2nd Todd Overmyer)to pay bills as presented.
(Ayes—3,Nays—0)
Unfinished Business:
IRMF Transfer of Funds: Four employees transferred dollars and service from IMRF to the pension
fund. They are Harold Martin, Barry Groesch, Ronald Diederich and Glenn Calvert. Transfer
amounts and additional service years are shown below:
Name Pension Fd $'s Total Cost Factor IMRF Service Service Credit (Mo's)
H. Martin 14,973.20 62,236.00 .24 46 Mos 12
B. Groesch 16,381.17 27,624.00 .59 24 15
R. Diedereich 14,393.08 12320.00 1.17 21 21
G. Calvert 1 33,126.94 144,630.00 1 .74 141 131
Cary Collins will draft a form letter which the board will use to certify this transfer of IMRF
dollars which will then be sent to the IDOI.
A motion was made by Todd Overmyer(2"d Larry Debord )to approve this action.
(Ayes—2, Nays—0, Abstain—H. Martin)
MVW Fund Management Firm: Dave Vought handed out and reviewed the Quarterly Statement
dated April 21, 2006. He stated that funds from Merrill Lynch were transferred"In Kind". Also,the
quarterly statement reflects only a 2-month period. In addition, he discussed the Sudan compliance
issue. Equities investments were increased to 10%of fund balance. Bill Powell will provide a copy
of the investment policy to Dave Vought.
Actuarial Study by Tim Sharp: Larry Debord will contact Tim Sharp to update the actuarial study
for the whole plan.
New Business:
1. Nvww.schwa b.cone ID's and Passwords: Presently Larry Debord, Dan Pleckham and Bill Powell
are authorized to view the Schwab accounts online. Bill Powell outlined how that is to be done.
2. Request for Proposal for IDOI Filing: Bill Powell handed out a Request for Proposal for IDOI
Filing which was discussed. After some modifications to the request it will be mailed out to 3
identified firms. Bill Powell will provide the final letters to Larry Debord for signature and
mailing.
3. Fiscal 2006-2007 Budget: Bill Powell handed out an expense budget for the 2006—2007 fiscal
year.
A motion was made by Harold Martin(2"d Larry Debord)to approve the budget as presented
pending final year end figures
(Ayes—3,Nays—0)
Additional Business:
The Investment Management Agreement between the United City of Yorkville Police Pension
Broad and Mitchell,Vaught, and Taylor, Inc has been filed with IDOI.
A motion was made by Harold Martin(2"d Larry Debord)to approve an application for admission
of Jacob Beldsoe to the Pension Fund (Ayes—3,Nays—0)
Adjournment: A motion was made by Todd Overmyer (2"d Harold Martin)to adjourn.
(Ayes—3,Nays—0)
Next meeting: Aug 8,2006
file: minutes april 21 2006.doc
Treasurer's Report
(As of July 31, 2006)
As of July 31, 2006:
Cash: YNB 56,970.74
Schwab:
Cash: 17,731.67
U S Government Securities: 1,406,297.26
Mutual Funds: 150,253.49
Total Assets: $ 1,631,253.16
( MVT Fees: July, 2006 = $1965.00)
a=cesf
William Powell
Treasurer
United City of Yorkville File:T Report 073106.doc
May 15, 2006
To: Police Pension Board
City Council
United City of Yorkville
Subject: Annual Police Pension Fund activity for fiscal year May 1, 2005 to April 30, 2006
(As required by Illinois State Statue 40 ILCS 5/3 — 141)
Beginning Balance as of May 1,2005: 1,129,794.33
Fiscal 2005 Contributions: Employees: 128,761.21
IMRF Transfers 78,874.39
Tax Levy: 231,123.76
As of April 30,2006•
Old Second Bank: 13,249.74
Schwab (MVT): 1,561,209.58
Fiscal Year End Balance: 1,574,459.32
Expenses Paid:
Investment Fees 3,217.00
Legal Fees: 2,000.00
Accounting Services: 1,580.00
Actuarial Fees 0.00
Audit Fees 1001.15
IDOI Annual Compliance Fees 159.26
Total Expenses 7957.41
Account Value as of April 30,2006 1,574,459.32
Submitted by:
W�— P0wel/
William Powell
Treasurer: United City of Yorkville
Annual pension stmtF2005.doc
United City of Yorkville
Police Pension Fund
Budget: Fiscal Year 2006 Year End Actuals
Fiscal 03-04 Fiscal 04-05 Fiscal 06-06 Fiscal 06-07
Budget Item (as of 04/30/04) as of 04/30/05 las of 04/30/06
Revenue Actual Budget Actual Budget Actual Budget Actual
Beginning Balance 517894.18 796339.38 796339.38 1574459.32
Tax Levy 183410.85 207000.00 206231.47 231686 231123.76 250000
Member Contributions 92801.83 103000.00 121781.25 128000 128761.21 150000
IMRF 2006 Member Transfers 78874.39
Expenditures
Supplies 0.00 100.00 0.00 100.00 0.00 100.00
Attorney Fees 2000.00 2000.00 2000.00 2000.00 2000.00 2000.00
Accounting Fees 950.00 800.00 1290.00 1200.00 1580 2500.00
Audit Fees 0.00 0.00 385.00 1000.00 1001.15 1000.00
IDOI Filling Fees 2500.00
Actuarial Fees 0.00 1500.00 1300.00 1500.00 0 1500.00
Investment Fees Merrill Lynch 150.00 150.00 150.00 150.00 245
Investment Fees MVT 2972 5000.00
Pension Seminars 0.00 500.00 0.00 0.00 0 0.00
Participant Refunds 0.00 0.00 0.00 0.00 0 0.00
Retirement Benefits 0.00 0.00 0.00 0.00 0 0.00
Disability Benefits 0.00 0.00 0.00 0.00 0 0.00
Spousal Benefits 0.00 0.00 0.00 0.00 0 0.00
Dependant Benefits 0.00 0.00 0.00 0.00 0 0.00
IDOI Annual Compliance Fee 103.57 103.57 120.00 159.26 150
Total Expenditures 3100.00 5153.57 5228.57 6070.00 7957.41 14750.00
prepared by: William Powell
Approved: 4/21/06 Pending Fiscal Y.E. Figures
police/b u d g etf06-07.xl s