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Police Pension Minutes 2016 02-09-16 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 (630) 553-4340 S:OOPM on February 9, 2016 Police Department Conference Room Minutes Attachments Meeting Minutes for November 10,2015 President/Secretary to sign Monthly Treasurer's Reports November 2015 2015 Actuarial Valuation Report Bills for Payment --------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: Roll Call: Present: Fred DuSell,Ryan Goldsmith(5:12pm),Ray Mikolasek,Joe Gillespie,Rob Fredrickson Guests: Larry DeBord,citizen; Chris Friedberg, attorney Citizen Comments: Larry DeBord-Great Lakes Advisors did well last year. They beat the S&P 500 by 150 basis points. Equities were up 3.23%and mutual funds were down 5.16%. Larry believes we should approach GLA about moving more money out of mutual funds and into equities,keeping the minimum required in mutual funds. Previous Meeting Minutes: November 10,2015 Corrections/Approval-Joe Gillespie was left off the November 2015 minutes by accident. He was in attendance and was added. Motion to Approve: Joe Gillespie,2nd Fred DuSell 3 ayes 0 nays Communications: IPPAC Spring Conference May 18-20. Letter from Warren Christopher Freiberg of Collins and Radja Monthly Treasurer's Report:November and December 2015 Motion to Approve: Joe Gillespie,2nd Fred DuSell 3 ayes 0 nays Bills for Payment: MVT Management Fee: (Oct-Dec 2015) $ 3,192.00 From Schwab Acct: 3137-9036 Zabinski Consulting Services(Nov-Jan 2015) $ 477.34 United City of Yorkville(Dec&Jan Postage) $ 31.26 Collins and Radja: Attorney $ 750.00 Total Bills for Payment: $ 4,450.60 Motion to Approve: Joe Gillespie,2nd Ray Mikolasek Roll Call Vote: Joe Gillespie,Aye; Fred DuSell,Aye; Ryan Goldsmith,Aye; Ray Mikolasek,Aye. Investments: Progress Report from Mitchell, Vaught and Taylor. via email:the Fed increased rates .25%in December which resulted in the value of bonds in the portfolio decreasing by-0.71% or-$25,996. Corporate bonds had better returns than government bonds in the period,resulting in our portfolio beating the target which was down-0.77%. MVT will reduce cash in the 4th quarter, buying 4 securities including JP Morgan Chase and US Treasury Notes. Preview of 1 st quarter of 2016: stock markets have seen significant losses around the world. As investors move to safety in bonds,the demand pushes the price on bonds up and yields down. Our bond portfolio had gains of 1.33%in January. Our portfolio statement for 12/31/2015 shows assets valued at$3,648,530 including accrued income. Did not receive update from Great Lakes Advisors-Rob Fredrickson will contact Kelly Weller. Unfinished Business: Update on Officer Pleckham's creditable service buyback? Held up by Harvey pension fund which is currently without an actuary. New Business: Active and Retiree Trustee elections in April-Ray Mikolasek to oversee. Also noted that Joe Gillespie to seek reappointment by Mayor Golinski for another term. Current term ends April 30. Creditable Service Buyback for Sergeant James Presnak -Board waiting on James Presnak to advise us on what he wants done next. IDOI Actuarial Valuation-Rob Fredrickson-Tim Sharp(whose recommendation the city uses)recommended $825,000 for tax levy while Illinois Department of Insurance(IDOI)recommended$869,000. Rob noted the two amount will never be the same as they use different computing methods,however it is a good sign that the two amounts are getting closer. Letters to Pensioners-Annual pensioner verification letters will be sent out at end of fiscal year when open enrollment begins. Rob plans to work with city to make the verification letters part of the open enrollment process. Verification is necessary to note any changes and ensure benefits are not improperly paid. Personnel Changes and Additions: None Additional Business: Chris Freiberg-going forward,anything being voted on needs to be on agenda prior to meeting. New law January I st: Illinois government has a website to post a link to every pension agenda for every fund. We will have to comply with posting of agendas. It was noted that our agendas are already posted on the city's website. Legislation to consolidate all the police and fire pension funds has been abandoned for now due to budget impasse. Citizen Comments: None Next meeting: May 24, 2016 5:OOpm Motion to Adjourn: 5:25pm Joe Gillespie,2nd Ray Mikolasek 4 ayes 0 nays 2016 meeting dates: Feb 9,May 24,Aug 9. Nov 8 President Secretary