Police Pension Fund Board Minutes 2020 02-11-20Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, IL 60560
630) 553-4340
5:00PM on February 11,2020
Yorkville Police Department
804 Game Farm Rd
Minutes
Attachments:
Meeting Minutes for November 12, 2020 President/Secretary to sign
Monthly Treasurer's Reports
Bills for Payment
2019 Actuarial Valuation Report
Meeting Call to Order: 5:05pm by Joe Gillespie
Roll Call: Present: Ryan Goldsmith, James Jensen, Joe Gillespie, Rob Fredrickson, David Mahea
Guests: Tom Dugan, MVT(5:09pm)
Citizen Comments:None
Previous Meeting Minutes: November 12,2019
Corrections/Approval
Motion to Approve:James Jensen, 2nd Ryan Goldsmith, 3 ayes 0 nays
Communications: David informed board of Collins and Radja change of address to:
330 W. Colfax St. Palatine,IL 60067
Monthly Treasurer's Report: October and November 2019
Motion to Approve:James Jensen, 2nd Ryan Goldsmith 3 ayes 0 nays
Bills for Payment:
MVT Management Fee: (Oct-Dec 2019) 3,495.79
From Schwab Acct: 3137-9036
Great Lakes Advisors Fee: (Jul-Sep) 2,972.68
Acct: 90733303
Great Lakes Advisors Fee: (Jul-Sep) 3,556.34
Acct: 56737766
UCOY Postage Reimb(Jun 2019) 28.00
Zabinski Consulting: (Aug-Oct) 633.36
Lauterbach&Amen Audit 2,700.00
Collins and Radja: Attorney 775.00
Total Bills for Payment: 14,161.17
Motion to Approve: Ryan Goldsmith, 2"d James Jensen. Roll Call Vote: Ryan Goldsmith, aye;Joe Gillespie, aye;
James Jensen, aye.
Investments:
Progress Report from Mitchell,Vaught&Taylor.
Tom Dugan from Mitchell, Vaught& Taylor discussed the Yorkville Police Pension Fund Investment Portfolio.
Portfolio has been status quo. GDP's are the lowest year since Trump took office. Bond trades at$10 per trade for
any amount. With regards to IL Pension Fund consolidation, MVT will continue to manage money within the policy.
Communication was spoke between Tom, David, and board regarding scenarios with uncertainty of Pension
consolidation funds.
New Business:
Discussion regarding Consolidation Resolution
What happens going forward with regards to managing the fund and contributions?
Law has been enacted and an interim board has been elected, needs to elect director.
Personnel Changes and Additions:
New Hire: Alexander Jordon,January 8, 2020 (Tier II)
Motion to conditionally accept into pension fund—James Jensen, 2nd Ryan Goldsmith 3 ayes 0 nays
Additional Business:
Former employee,Andrew Gatz withdrew contributions from fund.
Rob Fredrickson movedfunds under direction of Cary Collins in the amount of$5,946.81 to a Vantage
Point Fund since under two years of service.
Motion to Approve:James Jensen, 2nd Ryan Goldsmith 3 ayes 0 nays
Rob Fredrickson informed board o auctorial evaluation from the state.
City contributions pension policy is striving for 100%funding by 2040.
Rob Fredrickson statedformer employee, Pete Pappas is seeking to move pension proceeds of approximately
29,000 to Lakemoor Pension Fund
Rob is working on transfer and getting actuary evaluations done for final amount
James Jensen exited meeting at approximately 5:42pm
Citizen Comments: None present
Next meeting:
May 19,2020 5:00pm
Motion to Adjourn: 6:08pm by Joe Gillespie, 2„d Ryan Goldsmith 2 ayes 0 nays
2020 meeting dates: Feb 11, May 19,Aug 11,Nov 10
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President Secretary