Police Pension Minutes 2018 02-13-18Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville,IL 60560630) 553-4340
5:00PM on February 13,2018
Police Department Conference Room
Minutes
Attachments:
Meeting Minutes for November 14,2017 President/Secretary to sign
Monthly Treasurer's Reports
Bills for Payment
Meeting Call to Order: 5:04pm by Joe Gillespie
Roll Call: Present: Ray Mikolasek,James Jensen,Joe Gillespie, Ryan Goldsmith(5:08pm)
Guests: David Vaught,Mitchell,Vaught,and Taylor; Rob Fredrickson,Treasurer; Cary Collins,Attorney.
Citizen Comments:None
Previous Meeting Minutes: November 14,2017
Corrections/Approval
Motion to Approve: James Jensen 2nd Ray Mikolasek, 3 ayes,0 nays
Communications: Letter from Collins &Radja
Monthly Treasurer's Report: September, October,November 2017
Rob Fredrickson: Total revenue as of 11-30-2017 was $1,576,266,total expenses of$318,934,for a surplus of
1,257,333. The city paid$966,211 into the fund as required in the actuarial report. This is the 4th or 5th year in a
row that the city has met or exceeded the required contribution. The required contribution for next year set to be
963,000. Will send out a budget draft in next month or so and we will vote on budget at May meeting. Motion to
Approve: James Jensen 2nd Ray Mikolasek,4 ayes, 0 nays
Bills for Payment:
MVT Management Fee: (Jan-Mar 2018) 3,834.00
From Schwab Acct: 3137-9036
Great Lakes Advisors Fee: (Oct-Dec) 2,792.87
Acct: 90733303
Great Lakes Advisors Fee: (Oct-Dec) 1,698.40
Acct: 56737766
Zabinski Consulting Services (Oct-Dec 2017) $ 475.02
IPPAC Training(Dec-Mikolasek, Goldsmith) $ 100.00
Collins and Radja: Attorney 775.00
Total Bills for Payment: 9,675.29
Motion to Approve: Ryan Goldsmith 2nd Ray Mikolasek,Roll call vote: Ray Mikolasek,aye; Ryan Goldsmith,aye;
James Jensen,aye;Joe Gillespie, aye.
Investments:
Progress Report from Mitchell,Vaught and Taylor,Inc.
David Vaught: Slightly negative return in fixed income this quarter of-0.37%($16,379). Took in$26,822 in cash
which helped to offset the losses. Losses in bond market are a result of interest rates going up. Incomes in the labor
report went up 2.9%for the year. This report is affecting the stock market during the current quarter. The report
spooked"the stock market amid fears of a faster raise in interest rates. Therefore,the market has been more volatile.
The MVT strategy has been to buy longer duration bonds as interest rates go up. Allocation has essentially stayed the
same. The portfolio continues to make money at a modest rate, falling just short of the index,but paralleling the
index.
Unfinished Business:
None
New Business:
None
Personnel Changes and Additions:
None
Additional Business: Collins and Radja is going to prepare a form book with pension related questions and answers.
Everyone on the board will be given a thumb drive containing the document.
2018 meeting dates:Feb 13, May 22,Aug 14,Nov 13
Citizen Comments:
None
Next meeting:
May 22,2018 5:00pm
Motion to Adjourn: 5:33pm Ray Mikolasek 2nd James Jensen,4 ayes,0 nays.
Al AIL ALL/ Att///k)d-
Presiden Secretary