Police Pension Minutes 2017 11-14-17Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville,IL 60560
630)553-4340
5:00PM on November 14,2017
Police Department Conference Room
Minutes
Attachments:
Meeting Minutes for August 08,2017 President/Secretary to sign
Monthly Treasurer's Reports
Bills for Payment
2017 Actuarial Valuation Report
Meeting Call to Order: 5:00pm by Greg Sibenaller
Roll Call: Present: Joe Gillespie,Ray Mikolasek, Greg Sibenaller,James Jensen,Ryan Goldsmith(5:06pm)
Guests: Larry Richey&Bruce Ebel, GLA; Larry DeBord,citizen; Rob Fredrickson,Treasurer;
Cary Collins,Attorney.
Citizen Comments: None
Previous Meeting Minutes: August 08,2017
Corrections/Approval -None
Motion to Approve: Joe Gillespie 2nd Ray Mikolasek,4 ayes 0 nays
Communications: None
Monthly Treasurer's Report: June,July, and August 2017
Motion to Approve: Joe Gillespie 2nd Ray Mikolasek,4 ayes 0 nays
Bills for Payment:
MVT Management Fee: (Oct-Dec 2017) 3,682.00
From Schwab Acct: 3137-9036
Great Lakes Advisors Fee: (Jul-Sep)2,594.48
Acct: 90733303
Great Lakes Advisors Fee: (Jul-Sep)1,463.62
Acct: 56737766
Lauterbach&Amen Pension Audit 2,600.00
Reimburse UCOY for Postage(May-Aug)17.02
Zabinski Consulting Services(Jun-Sep) 633.36
Zabinski Consulting Services (DOI Report) $ 1350.00
Collins and Radja: Attorney 775.00
Total Bills for Payment: 13,115.48
Motion to Approve: Joe Gillespie 2nd James Jensen,Roll call vote: Joe Gillespie, aye; Ray Mikolasek, aye; Greg
Sibenaller, aye; James Jensen, aye.
Investments:
Progress Report from Great Lakes Advisors(GLA)
Larry Richey-Assets managed by GLA at $4.57 million dollars. Approximately$200,000 in appreciation
for the quarter, $700,000-750,000 thousand for one year, and$936,000 for three years. Since January 01,2014, GLA
has added$1.125 million to the fund. That number only represents the equity portion of the fund, as GLA does not
manage the fixed assets portion of the fund.
Bruce Ebel -economy continues to grow slowly without any inflationary pressures,the stock market
continues its unabated upward streak, and volatility is very low. Interest rates are still low,but Federal Reserve is
beginning to raise the short rates and normalize its balance sheet. Equity market continues to be strong with positive
returns. Growth stocks are up 25%compared to value stocks which are a third of that growth. International stocks
are above the returns for the US market for the year to date period. Emerging markets have been a top performer with
32%growth year to date. A interest rates start to rise,bond prices are going down,which resulted in negative returns
for the quarter for the bonds. The dollar value of our account managed by GLA has a 1.5%yield,which creates
68,000 a year cash to be reinvested in equities as the market fluctuates. GLA is complying with the statutory
requirement of 45%investment in equities.
Unfinished Business:
None
New Business:
Actuarial Valuations-Tim Sharpe and IDOI
Rob Fredrickson-The fund had a very good year. The tax levy requirement actually went down. Went
from$966,000 in the current levy year,to$963,000 next year.The fund went from 39.5%funded to 42.3%funded,
which is a substantial year-over-year increase. The fund had a good year and exceeded the actuarial benchmark by 6
basis points. A slight change in mortality tables impacted the fund in a positive manner. The city continues to meet
its actuarial requirements.
Personnel Changes and Additions:
New Hire -Robert Harris III- 11/13/17 Tier II
Additional Business:
Set 2018 meeting dates: Feb 13, May 22,Aug 14,Nov 13
Ray Mikolasek 2nd James Jensen, 5 ayes 0 nays
Citizen Comments: Larry DeBord-Impressed with performance of GLA as they beat the S&P 500 for two and half
years, and even though they are lagging this year,continue to do a great job.
Next meeting:
February 13,2018 5:00pm
Motion to Adjourn: 5:54pm James Jensen 2nd Joe Gillespie, 5 ayes 0 nays
2018 meeting dates: Feb 13,May 22,Aug 14,Nov 13
resident Secretary