Loading...
Police Pension Minutes 2024 05-21-24Yorkville Police Pension Fund Board 651 Prairie Pointe Dr Yorkville, IL 60560 (630)553-4340 5:OOPM on May 21, 2024 Yorkville City Hall 3`d Floor, West Conference Room, Rm 335 651 Prairie Pointe Dr, Yorkville, IL Minutes Attnehmentc- Meeting Minutes for February 13, 2024 President/Secretary to sign Monthly Treasurer's Reports Bills for Payment FY 2025 Police Pension Budget 2023 MWM Actuarial Valuation Report - Exhibit A 2023 IDOI Actuarial Valuation Report - Exhibit B Illinois Funds Statement Meeting Call to Order: Meeting called to order by Greg Sibenaller at 5: 00pm Roll Call. Present: Jeff Burgner, Greg Sibenaller, Ray Mikolasek, John Hunter, Rob Fredrickson Guests: Tom Radjo, Attorney Citizen Comments: None Previous Meeting Minutes: February 13, 2024 Corrections/Approval Motion to Approve: Jeff Burgner, 2"d Ray Mikolasek — 4 Ayes, 0 Nays Communications: IPPFA Letter Monthly Treasurer's Report: January and February 2024 — Rob Fredrickson Total revenues of $3.2 million and total expenses of $1.5 million, leading to a $2.8 million dollar surplus, for a total of $17, 089,265 in cash and investments at the end of February. Motion to approve: Jeff Burgner, 2" `r Ray Mikolasek — 4 Ayes, 0 Nays Bills for Payment: Zabinski Consulting (Jan -Mar, May) $ 2,500.00 Radia Collins Law: Attorney $ 825.00 Total Bills for Payment: $ 3,325.00 Motion to Approve: Ray Mikolasek, 2"`r Jeff Burgner - Roll Call vote: Greg Sibenaller, aye; Ray Mikolasek, aye; John Hunter, aye; Jeff Burgner; aye. - Investments: IPOPIF Statement Rob Fredrickson- April statement. Quarter to date is a -2.5% investment return. One year investment return is 9.45% which puts us above our actuarial benchmark of 7%. Funding level of fund has increased and will share number when announced. Old Business: None New Business: - Active Member Pension Trustee Election Results Election winners were Ray Mikolasek with 20 votes and John Hunter with 17 votes. Motion to certify election results.- Jeff Burgner, 2"" John Hunter - 4 Ayes, 0 Nays - Review/Discuss updated Rules and Regulations — tabled to August meeting - Trustee training options after dissolution of IPPAC board will weigh options and discuss at August meeting Personnel Changes and Additions: New Hires: Cameron Bonner — April 30, 2024 (Tier 11) Motion to accept Cameron Bonner's application to Yorkville Police Pension Fund: Ray Mikolasek, 2'rd John Hunter — 4 ayes 0 nays Resignations: Behr Pfiizenmaier May 2, 2024 Additional Business: - Appointment of Board Officers Motion to appoint Greg Sibenaller to President, Jeff Burgner to Vice President, Ray Mikolasek to Secretary, and John f1unter to Assistant Secretary: Greg Sibenaller, 2"d Ray Mikolasek — 4 ayes 0 nays. - Retiree election upcoming —John Hunter to conduct prior to August meeting. - Approval of Fiscal Year 2025 Police Pension Budget Motion to approve: Jeff Burgner, 2"d Ray Mikolasek — 4 Ayes, 0 Nays - Required Reporting to the Municipality by the Pension Board 0 2023 MWM Actuarial Valuation Report — Exhibit A o 2023 IDOI Actuarial Valuation Report Exhibit B Rob Fredrickson reported that the City will fund the Pension Fund via tax levy in the recommended amount of $1,386,265. Motion to approve the $1,386,265 tax levy contribution to theftind: Ray Mikolasek, 2"d Jeff Burgner — 4 ayes 0 nays. Citizen Comments: None Next meeting: August 13, 2024 5:00pm Motion to Adjourn: Ray Mikolasek, 2"d Jeff Burgner — 4 ayes 0 nays @7a 5: 27pm. 2024 meeting dates: Feb 13, May 21, Aug 13, Nov 12 Secretary