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