Police Pension Minutes 2023 05-16-23 Yorkville Police Pension Fund Board
651 Prairie Pointe Dr
Yorkville, IL 60560
(630) 553-4340
5:00PM on May 16,2023
Yorkville City Hall
3rd Floor,West Conference Room,Rm 335
651 Prairie Pointe Dr, Yorkville,IL
Meeting Agenda
Attachments:
Meeting Minutes for February 14,2023 President/Secretary to sign
Monthly Treasurer's Reports
Bills for Payment
FY 2024 Police Pension Budget
2022 MWM Actuarial Valuation Report - Exhibit A
2022 IDOI Actuarial Valuation Report- Exhibit B
Brendan Heye IMRF transfer calculation
Jacob Schwartz creditable service buyback calculation
Meeting Call to Order: Meeting called to order by Greg Sibenaller ast 5:05 pm.
Roll Call: Present: Ray Mikolasek, Joe Gillespie, Ryan Goldsmith, Jeff Burgner, Greg Sibenaller
Guests: Rob Frederickson; Treasure
Citizen Comments:None
Previous Meeting Minutes: February 14, 2023
Corrections/Approval
Motion to Approve:Joe Gillespie, 2"d Jeff Burgner-5 ayes, 0 nays
Communications: Email from Collins, Radja, and Hartwell
Ray spoke about the email and the board did not go into executive session. Tom Hartwell was indited on an unrelated
Kane County case not tied to Yorkville Police Department Pension Fund. Collins and Radja removed Hartwell name
from their firm and Tom Hartwell will not represent this fund. Discussion from the board determined that the
Yorkville Police Pension fund will maintain representation from Collins and Radja moving froward. Discussion will
be open in the future pending the outcome of legal matters pertaining to Tom Hartwell.
Executive Session:
1. For the appointment, employment, compensation, discipline, performance, or dismissal of specific employees
of the public body or legal counsel for the public body, including hearing testimony on a complaint lodged
against an employee of the public body or against legal counsel for the public body to determine its validity.
Monthly Treasurer's Report: January, February, and March 2023
Rob Frederickson: Three months'worth with a focus on March. Total revenue ofjust under 1.7 million. Total
expenses 1.2 million having a surplus of about 500,000. Total cash in investments nearing 15 million.
Motion to approve: Joe Gillespie, 2nd Jeff Burgner—5 ayes, 0 nays
Bills for Payment:
Zabinski Consulting(Jan-Apr) $ 2,400.00
IPPAC Conference Registration Fees $ 1,000.00
IPPAC Conference Lodging $ 474.95
Collins and Radja: Attorney $ 825.00
Total Bills for Payment: $ 16,276.31
Motion to Approve:Joe Gillespie, 2"d Ryan Goldsmith. Roll call vote: Ray Mikolasek, aye, Jeff Burgner, aye, Joe
Gillespie, aye, Ryan Goldsmith, aye, Greg Sibenaller, aye
Investments: IPOPIF Statement
Rob Frederickson-Since inception, November 14,2022, about a 3%rate of return. We have about 13 million dollars
at the end of April with IPOPIF.
Old Business: None
New Business:
- Terminate contract with Mitchell, Vaught, and Taylor
Rob Frederickson-Bulk of the money in with IPOPIF as of November. There is a residual of about 1.35 million
left with Schwab under the control of Mitchell, Vaught, and Taylor(MVT). $259.00 is in a bank sweep and the
remaining 1.351 million in a money market. The fund could put money into the money market fund and manage it on
our own. We would save from paying fees. Rob made the recommendation that we give a 30-day notice to MVT that
we will terminate our contract with them and manage our own money market fund(s).
Jeff Burgner motion to give notice to MVT to terminate contract. 2"d Ray Mikolasek- 5 ayes, 0 nays
Personnel Changes and Additions: None
Additional Business:
- Required Report to the Municipality by the Pension Board
2022 MWM Actuarial Valuation Report - Exhibit A
2022 IDOI Actuarial Valuation Report - Exhibit B
Rob Frederickson-Fiscal year 2023 1.334 million city fund at 100%
Fiscal year 2024 increase of 40 thousand at 1.37 million. IS`property payment due to hit the bank at the end of
May. The city remains with its funding target by 2040.
FY 2024 Police Pension Budget
Approval Fiscal Year 2024 Police Pension Budget
Rob Frederickson spoke on the budget and progress. Expenditures to increase. 3%bump as of January 1. Jon
Helland retired early but turns 55 and will start pension payment in August or September. Contribution refunds to
former officers Jeff Ackland to the Dekalb Police of$107,000, and Chris Jeka to the Plainfield Police of$156,000.
Ray Mikolasek motion to approve, 2"dJoe Gillespie. Roll call vote,Joe Gillespie, aye, Ryan Goldsmith, aye, Jeff
Burgner, aye, Ray Mikolasek, aye, Greg Sibenaller, aye.
- Authorize transfer of former Officer Brendan Heye contributions to IMRF.
Rob Frederickson- Transfer of$79,686 to IMRF
Jeff Burgner motion, 2nd Ray Mikolasek
Roll call vote, Jeff Burgner, aye, Ray Mikolasek, aye, Joe Gillespie, aye, Ryan Goldsmith, aye, Greg
Sibenaller, aye.
- Update on Officer Schwartz creditable service buyback
Rob Frederickson waiting on Wilmington fund who uses Lauterbach
Citizen Comments: None
Next meeting:
August 08, 2023, 5:00pm
Motion to Adjourn: Jeff Burgner, 2'Ray Mikolasek- 5 ayes, 0 nays at 5:35 pm.
2023 meeting dates: Feb 14, May 16, Aug 08,Nov 14
i . 4/‘
4,/,14441(1Af
reside / Secretary