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Police Pension Minutes 2019 02-26-19Yorkville Police Pension Fund Board Special Meeting 804 Game Farm Road Yorkville,IL 60560 630)553-4340 5:00PM on February 26,2019 Police Department Conference Room Special Meeting Minutes Attachments: Meeting Minutes for November 13, 2018 President/Secretary to sign Monthly Treasurer's Reports Bills for Payment Meeting Call to Order: 5:03pm by Joe Gillespie Roll Call: Present:Joe Gillespie,Ryan Goldsmith,Ray Mikolasek,James Jensen, Rob Fredrickson Guests: Cary Collins,Attorney; Larry DeBord, citizen;John Mitchell,Mitchell,Vaught, and Taylor. Citizen Comments:None Previous Meeting Minutes: November 13, 2018 Corrections/Approval Motion to Approve:Ray Mikolasek, 2"d James Jensen, 4 ayes 0 nays Communications: MTV Letter, unsolicited presentation from Falconpath Advisors Monthly Treasurer's Report: October,November,and December 2018 Motion to Approve:Ray Mikolasek, 2"d Ryan Goldsmith, 4 ayes 0 nays Bills for Payment: MVT Management Fee: (Jan-Mar 2019) 4,188.06 From Schwab Acct: 3137-9036 Great Lakes Advisors Fee: (Oct-Dec 2018) $ 2629.02 Acct:90733303 Great Lakes Advisors Fee: (Oct-Dec 2018) $ 1777.35 Acct: 56737766 Zabinski Consulting Services Nov-Dec 2018,Jan 2019) 475.02 UCOY Postage Reimbursement 8.28 IPPAC Online Trustee Training(Jensen) 500.00 Collins and Radja:Attorney 775.00 Total Bills for Payment: 10,352.73 Motion to Approve: Ray Mikolasek, 2"d Ryan Goldsmith, Roll call vote:Joe Gillespie, aye;Ryan Goldsmith, aye;RayMikolasek, aye;James Jensen, aye. Investments: Progress Report from Mitchell, Vaught and Taylor,Inc. John Mitchell: Beginning value was $5,160,131. Working on a rebalance with Rob Fredrickson moving some money out of bonds and into stocks. Ending value was$4,786,351. Not a loss as money that left was from rebalancing.Annualized net return was 4.22%and cumulative net return since inception was 69.49%. Most of our fund is in Treasury Bonds. Inverted bond curve as 2 and 3-year treasuries had a higher yield than 5-year notes. Often a sign of a pending recession within 12-26 months. The investment gain since inception with Mitchell,Vaught,and Taylor MVT)is$1,810,308. A weakness in the 4th quarter was that corporate bonds did worse than treasury bonds. MVT is taking less risk in the market than the target but has higher yields than the target which is the goal. MVT has not hit the Yorkville benchmark this last quarter but are right on the benchmark at the 7 and 10-year marks. The bad 4th quarter brought down the performance since inception. Unfinished Business: New Business: Personnel Changes and Additions: New Hires: Joshua Opp—January 7, 2019 (Tier II) Kyle Borowski-January 7, 2019 (Tier II) Ryan Fisher-January 7,2019 (Tier II) Approve admission to Pension Fund:Ray Mikolasek, 2"d Joe Gillespie, 4 ayes, 0 nays. Retirement: Dan Pleckham—November 19,2018 o Will not turn 50 until March 10—moved to May meeting Terry Klingel—February 20,2019 o Has QILDRO—must pay his ex-wife from his payment until disbursement is calculated. Approve annual benefit of$68,208.88.Joe Gillespie, 2"d Ryan Goldsmith, Roll call vote:Joe Gillespie, aye; Ryan Goldsmith, aye;Ray Mikolasek, aye;James Jensen, aye. Additional Business: 2019 meeting dates: Feb 12,May 21,Aug 13,Nov 12 Citizen Comments: Larry DeBord: Equity side of portfolio is a disaster. One hundred eighty(180)basis points under benchmark. Mutual funds are particularly ugly. Recommended looking at an index fund for investment. Recommended the board put out a request for proposals (RFP). Next meeting: May 21, 2019 5:00pm Motion to Adjourn: 6:16pm by James Jensen, 2nd Joe Gillespie, 4 ayes 0 nays. t es ent Secretary