Police Pension Minutes 2010 02-09-10
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on Feb 9, 2010
Police Department Conference Room
Minutes (Approved: May 10, 2010)
Meeting Call to Order: The meeting was called to order at 5:06 PM
Roll Call: Present: Mr. Overmyer, Officer Pleckham, Mr. Sibenaller, Mr. Dusell, Mr. Powell, Chief Hart
Guests: Mr. Debord, Mr. Yocius, Attorney Collins, Ms. Zabinski,
Harold Martin Board Resignation: Assistant Secretary Martin has resigned due to retirement.
Election of Chief Rich Hart as trustee: A vote was take to elect Chief Hart to the pension board on
Feb 9, 2010. Term of office to be from Jan 31 to May 2010.
nd
A motion was made by Mr. Overmyer (2 Mr. Dusell) to elect Chief Hart to the position of Assistant
Secretary. Ayes – 4, Nays – 0
Note: A change in the signature card for the Old Second bank account will be required. Mr. Powell to
follow up.
Previous Meeting Minutes: Nov 10, 2009
Corrections/Approval A correction changing Mr. Sibenaller’s first name from Glen to Greg.
nd
Motion to Approve: A motion was made by Mr. Sibenaller (2 Officer Pleckham) to accept the minutes as
corrected. Ayes – 5, Nays - 0
Communications:
No funds were transferred from checking to the Schwab account since 11/10/2009.
Monthly Treasurer’s Report: as of Jan 31, 2010: The Treasurer’s report was reviewed.
Fund values were reported as:
Cash: $ 398,923.91
Fixed Securities: $ 1,609.529.96
Equities: $ 1,468,998.66
Total Value: $ 3,384,935.01
nd
Motion to Approve: A motion was made by Mr. Dusell (2 Mr. Sibenaller) to accept the report as read.
Ayes – 5, Nays - 0
Bills for Payment:
MVT management fees:
From Schwab #3137-9036 (Jan – March 2010) $ 3952.00
Cary Collins: Attorney (Oct -Dec 09) $ 650.00
Kelly Zabinski 2009 IDOI filing: Final Payment $ 650.00
William Powell $ 175.00
Total Bills for Payment: $ 5427.00
nd
Motion to Approve: A motion was made by Mr. Dusell (2 Officer Pleckham) to accept the bills of
payment. Ayes – 5, Nays - 0
Investments:
Money transfers from YNB to Charles Schwab & Co
Pay to: Charles Schwab & Co.
Mail to: Institutional Client Service Group
P. O. Box 628290
Orlando, Fl 32862-9906
Progress Reports from Mitchell, Vaught, and Taylor
Unfinished Business:
Improving the IDOI Filing Process:
Discussion with Kelly Zabinski: There was a discussion on information flow to improve the process
of filing the IDOI.
A motion was made to increase her role in the accounting process and filing of the IDOI pending
review of the proposal by Attorney Collins. Ayes – 5, Nays - 0
Electronic Transfer of Funds: The process to transfer funds from Old Second Bank to the Schwab
account has been established. Mr. Powell will contact Mr. Owen to try this for the first time.
Actuarial Report as of May 31, 2009. A copy of portions of the Actuarial report ending May 31,
2009 was presented. The report shows a Tax Levy requirement between $519,851.00 and $544,930.00
for fiscal year 2009. Attorney Collins will provide a sample letter used to inform the City of this
requirement.
nd
A motion was made by Mr. Dusell (2 Mr. Sibenaller) to authorize Mr. Powell to submit the levy
amount to the City. Ayes – 5, Nays - 0
SB 1974: Annual Training Documentation for Pension Board Trustees
Mr. Powell requested that board members provide documentation of any training that they have
taken to Secretary Dusell.
Attorney Collins will email a registration form to the board members for the training seminar in
Peoria to be held May 11 – May 14.
New Trustee Documents
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Pleckham to follow up.
This item will be carried over to the next board meeting.
Discussion of the Investment Policy and the Rules and Regulations
Attorney Collins will email copies of the revised Investment Policy to the board for their review.
This item will be carried over to the next board meeting.
New Business:
Election of Trustees: The election of active member Trustees will be held in April.
RFP for Investment Manager: Mr. Powell has requested information from the IMTA for sample RFP’s
and qualified investment managers. It was pointed out that an RFP is not required until year 2013.
Increase in Old Second Minimum Balance: With pension payments to an additional retiree, it was
suggested that the minimum balance at Old Second Bank be raised from $40,000 to $50,000.
nd
A motion was made by Mr. Overmyer (2 Officer Pleckham) to approve this increase. Ayes – 5, Nays – 0
Additional Business:
Illinois Public Pension Advisory Committee Request: The form was completed and given to Attorney
Collins.
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IPPFA Annual Spring Conference May 13 & 14: Board members will be attending the IPAC seminar
in Peoria.
Record Retention: Secretary Dusell will request information on record retention from the Illinois
Attorney General.
FOIA Compliance: There was a discussion on FOIA compliance. The following appointments were
made:
nd
A motion was made by Mr. Overmyer (2 Mr. Sibenaller) to appoint Officer Pleckham as the Open
Meetings Act Administrator.
Ayes – 5, Nays – 0
nd
A motion was made by Mr. Dusell (2 Mr. Overmyer) to appoint Mr. Sibenaller as the Security
Administrator.
Ayes – 5, Nays – 0
nd
A motion was made by Mr. Overmyer (2 Mr. Sibenaller) to appoint Chief Hart as the FOIA
Administrator.
Ayes – 5, Nays – 0
The City and County Clerk’s office must be notified of these appointments.
Note the change in date- May 10, 2010
Next meeting:
nd
Motion to Adjourn: A motion to adjourn was made by Mr. Overmyer ( 2 Officer Pleckham) at 6:55 PM.
Ayes – 5 Nays - 0
May 10
Year 2010 Meeting Dates: Feb 10, , Aug 10, Nov 9
file: Police\agenda\minutes Feb 9 2010.doc