Police Pension Packet 2004 10-04-04 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, II 60560
(630)553-4340
Oct. 4, 2004 Meeting Minutes
Meeting Call to Order: The meeting was called to order at 3:30 PM
Roll Call: Present: Harold Martin, Dan Pleckham, Larry Debord, Todd Overmyer, William Powell
Attorney Cary Collins
Guest: Brad Kitchener (Merrill Lynch)
Previous Meeting Minutes Corrections/Approval:
A motion was made by Harold Martin (2nd Dan Pleckham)to approve April 5, 2004 minutes.
(Ayes —4, Nays— 0)
A motion was made by Todd Overmyer(2nd Harold Martin) to approve July 6, 2004 minutes.
(Ayes—4, Nays—0)
Communications:
Brad Kitchener presented the status of the Merrill Lynch investment portfolio.
Actuarial Study: A tax levy study submitted by Tim Sharp was discussed. A bill has not yet been
submitted for this service and is estimated at $1500.
Treasurer's Report:
Bill Powell submitted the Treasurer's Report as of 9/30/2004 (copy attached).
Handed out revised budget for fiscal 2004-05 reflecting a payment of$103.87 for IDOI.
Bills for Payment:
Accounting Fees for preparation of officer contribution letters, minute preparation, and IDOI
filing work.: William Powell $680.00
Total Bills for Payment $680.00
Unfinished Business:
IDOI Internet Filing for Fiscal 2003 is still being worked on. Assistance was requested from the
PTW auditors to complete the IDOI filing. It was estimated that a charge of$500 would be incurred.
New Business:
A motion was made by Harold Martin (2nd Larry Debord)to approve receipt of officer's application
for admission to the pension fund. (Ayes—4, Nays — 0)
Meeting schedule for fiscal 2005: Jan 04, April 04, July 05, and Oct 03
Investment Action:
Two CD's are maturing:
East West Bank $75,000 due on 11/19/04
Home Federal Savings $75000 due on 11/15/04
A motion was made by Harold Martin (2nd Dan Pleckham)to approve the following investments.
$9,000. in Davis New York Venture Fund
$9,000. in Oppenheimer Capital Appreciation CL A Fund
These investments will represent less than 10 % of total funds.
$25,000 each in Treasury notes maturing on 2006, 2007, 2008, and 2009 for a total of$100,000
Upon maturity of the 2 above CD's the following additional investments were authorized:
$50,000 each in Treasury notes maturing on 2007, 2008, 2009 for a total of$150,000.
This will leave approximately $50,000 in cash plus additional officer contributions.
(Ayes—4, Nays— 0)
Additional Business: None
Adjournment: A motion to adjourn at 4:42 PM was made by Todd Overmyer(2nd Harold Martin)
Ayes-4, Nays-0
Next meeting: Jan 4, 2005 at 3:30 PM
file:Minutes Oct 4,2004(WEP)
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630)553-4340
3:30PM on Monday Oct 4, 2004
Police Department Conference Room
Meeting Call to Order: 3:30 p.m.
Roll Call: �, � �,� r o ///if
Previous Meeting Minutes: Corrections/Approval
April 5, 2004 # 1A149 4 ig
July 6,2004 43•
Communications:
Treasurer's Report: �4
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Bills for Payment: L / 1� •
Unfinished Business:
Actuarial Study: Tim Sharp / %�
DOI Annual Filing — 5-77,,
New Business: //y (/// o/3
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Additional Business:
Adjournment: Next meeting: `/ Y
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Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630)553-4340
3:30PM on Monday Oct 4, 2004
Police Department Conference Room
Meeting Call to Order: 3:30 p.m. E
Roll Call: A 1 '44 6,-4' , zra 44- .rr�.�� 1_ 2-• _ -F,
Previous Meeting Minutes: Corrections/Approval 0(1G e `4 flrl - 7 V
April 5, 2004&�� : d S. S
July 6,2004 -
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Communication
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Additional Business:
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Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I160560
(630)553-4340
3:30PM on Monday Oct 4, 2004
Police Department Conference Room
Meeting Call to Order: 3:30 p.m.
Roll Call:
Previous Meeting Minutes: Corrections/Approval
April 5, 2004
July 6,2004
Communications:
Treasurer's Report:
Bills for Payment:
Unfinished Business:
Actuarial Study: Tim Sharp
IDOI Annual Filing
New Business:
Additional Business:
Adjournment: Next meeting:
From:Tim Sharpe To:Harold Martin Date:09/30/04 Time: 12:10:56 PM Page 2 of 4
�r-a.lt f Pr--1 cr
CITY OF YORKVILLE POLICE PENSION FUND
STATEMENTS NO. 25 &27 DISCLOSURE INFORMATION
The Governmental Accounting Standards Board(GASB) issued Statements No. 25 &27 that
established generally accepted accounting principles for the annual financial statements for defined
benefit pension plans. The required information is as follows:
Membership in the plan consisted of the following as of:
April 30, 2003
Retirees and beneficiaries 0
receiving benefits
Terminated plan members entitled 0
to but not yet receiving benefits
Active vested plan members 10
Active nonvested plan members 7
Total 17
Number of participating employers 1
SCHEDULE OF FUNDING PROGRESS
UAAL as a
Actuarial Actuarial Accrued Unfunded Percentage
Actuarial Value of Liability(AAL) AAL Funded Covered of Covered
Valuation Assets -Entry Age (UAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
04/30/01 NA NA NA NA NA NA
04/30/02 NA NA NA NA NA NA
04/30/03 517,894 3,418,034 2,900,140 15.2% 789,173 367.5%
•
From:Tim Sharpe To:Harold Martin Date:09/30/04 Time: 12:10:56 PM Page 3 of 4
CITY OF YORKVILLE POLICE PENSION FUND
GASB STATEMENTS NO. 25 &27 DISCLOSURE INFORMATION (Continued)
ANNUAL PENSION COST AND NET PENSION OBLIGATION
April 30, 2003
Annual required contribution 117,713
Interest on net pension obligation 0
Adjustment to annual required contribution 0
Annual pension cost 117,713
Contributions made 117,713
Increase(decrease) in net pension obligation 0
Net pension obligation beginning of year 0
Net pension obligation end of year 0
THREE-YEAR TREND INFORMATION
Fiscal Annual Percentage Net
Year Pension of APC Pension
Ending Cost(APC) Contributed Obligation
04/30/01 NA NA NA
04/30/02 NA NA NA
04/30/03 117,713 100.0% 0
•
From:Tim Sharpe To:Harold Martin Date:09/30/04 Time:12:10:56 PM Page 4 of 4
c ,
CITY OF YORKVILLE POLICE PENSION FUND
GASB STATEMENTS NO. 25 &27 DISCLOSURE INFORMATION (Continued)
FUNDING POLICY AND ANNUAL PENSION COST
Contribution rates:
City 14.92%
Plan members 9.91%
Annual pension cost 117,713
Contributions made 117,713
Actuarial valuation date 04/30/03 04/30/02
Actuarial cost method Entry age Same
Amortization period Level percentage of pay, closed Same
Remaining amortization period 30 years 31 years
Asset valuation method Market Same
Actuarial assumptions:
Investment rate of return* 7.50% Same
Projected salary increases* 5.50% Same
*Includes inflation at 3.00% Same
Cost-of-living adjustments 3.00%per year Same
May 11, 2004 (revised 9/3/2004)
To: Police Pension Board
City Council
United City of Yorkville
Subject: Annual Police Pension Fund activity for fiscal year May 1, 2003 to April 30, 2004
(As required by Illinois State Statue 40 ILCS 5/3 — 141)
Beginning Balance as of May 1, 2003: 517,894.18
As of April 30, 2004:
Contributions:
Employees: 92,801.83
Tax Levy: 183,410.85
Old Second Bank: 9,052.51
Merrill Lynch:
Cash 12,711
CD's 298,242
Gov & Agency 397,328
Mutual Funds 72,645
Estimated Accrued Interest 6,364
Total 787,291.21
Total before expenses: 796,343.72
Expenses:
Investment Fees: 150.00
Legal Fees: 2,000.00
Accounting Services: 950.00
Total 3,100.00
Account Value as of April 30, 2004 793,243.72
Submitted by:
aLaLowL /0Cild,
William Powell
Treasurer: United City of Yorkville
,oto ci,./,
United City of Yorkville
EST.k ,on 1836 County Seat of Kendall County William Powell
"" 800 Game Farm Road Treasurer
p Li it 2.--' V Yorkville,IL 60560
9 1 Phone: 630-553-4350,ext.6008
i144.E ‘‘,‘' Fax: 630-553-7575
Treasurer's Report
(As of Sept 30. 2004)
Merrill Lynch:
Merrill Lynch Amount Percent
Cash $ 168,212 18
Fixed CD's $ 298,469 32
Fixed Govmt's $ 399,220 43
Mutual Funds $ 72,985 8
Accured Interest $ 6,636
Total (difference due to rounding) $945,523.44
Old Second Checking $ 8,338.24
Total Balance $953,861.68
Annual Treasurer's Report (revised 9/3/2004)
Maturing CD's:
East West Bank $75,000 due on 11/19/04
Home Federal Savings $ 75,000 due on 11/15/04
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William Powell
Treasurer
United City of Yorkville File:T Report 009300,.doc