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Police Pension Minutes 2016 11-08-16 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville,IL 60560 (630)553-4340 5:OOPM on November 8, 2016 Police Department Conference Room Minutes Attachments: Meeting Minutes for August 9,2016 President/Secretary to sign Monthly Treasurer's Reports Officer Pleckham Creditable Service Transfer Paperwork James Presnak Pension Benefit Calculations Bills for Payment --------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: 5:05pm by Fed DuSell Roll Call: Present: Joe Gillespie,Ryan Goldsmith,Fred DuSell,Rob Fredrickson Guests: Larry Richey and Kelly Weller of Great Lakes Advisors; Cary Collins,attorney(5:29pm) Citizen Comments:None Previous Meeting Minutes: August 9,2016 Corrections/Approval-None Motion to Approve: Joe Gillespie,2nd Ryan Goldsmith 3 ayes 0 nays Communications:None Monthly Treasurer's Report: July,August,and September 2016 Motion to Approve: Joe Gillespie,2nd Ryan Goldsmith 3 ayes 0 nays Bills for Payment: MVT Management Fee: (Oct-Dec 2016) $ 3532.00 From Schwab Acct: 3137-9036 Great Lakes Advisors Fee: (Jul-Sep) $ 2,284.37 Acct: 90733303 Great Lakes Advisors Fee: (Jul-Sep) $ 1,076.35 Acct: 56737766 Zabinski Consulting Services(July/Sep 2016) $ 475.01 UCOY Postage Reimbursement(Aug-Sep) $ 7.91 IPPAC Ethics Training(Goldsmith) $ 175.00 Collins and Radja: Attorney $ 750.00 Lauterbach&Amen,LLP $ 5,180.00 Total Bills for Payment: $ 13,480.64 Motion to Approve: Bills amended to reduce the amount of payment for Lauterbach&Amen,LLP from$5,180.00 to $2,650.00. This new amount only pertains to the police pension fund and should reflect a new total for bills for payment in the amount of$10,950.64. Joe Gillespie,2nd Ryan Goldsmith 3 ayes 0 nays Investments: Progress Report from Great Lakes Advisors. Kelly Weller- In summary from Great Lakes Advisers on our investment progress. We had a dip early in the quarter from uncertainty on the election. The dip was in line with our benchmarks and recently showed a rebound. Emerging Markets have helped our portfolio. The international markets are expected to improve. Our 5%cash position will be invested incrementally into equities as markets improve, and they will give us asset allocation recommendations in February. Unfinished Business: Update on Officer Pleckham's creditable service buyback? Harvey police pension fund check has been deposited in the bank account. Awaiting the total calculations from Zabinski for total time,combining Harvey and Yorkville police credible service and coming up with an artificial start date. New Business: Actuarial Valuations-Tim Sharpe and IDOI Rob Fredrickson-Actuarial valuations were sent to board members via email. City's employer contributions went up to 968,000 from 825,000 in the current year. Fund did not have the best year.Money weighted return negative 43 basis points.The mortality tale changed to every 2 years to help eliminate large jumps.The levy will have to be passed and the proceeds will be deposited into the police pension fund. Personnel Changes and Additions: Retirement: Sgt. James Presnak- 11/26/2016 Motion to accept-Joe Gillespie,2°d Ryan Goldsmith Pending the calculations(to be added to minutes upon receiving) 3 ayes 0 nays Additional Business: Set 2017 meeting dates: Feb 14,May 23,Aug 8,Nov 14 No conflicts at this time Citizen Comments:None Next meeting: February 14,2017 5:00pm Motion to Adjourn: Joe Gillespie,Fred DuSell 3 ayes 0 nays President Secretary