Police Pension Minutes 2010 05-10-10
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on May 10, 2010
Police Department Conference Room
Minutes (Approved: August 10, 2010)
Meeting Call to Order: Meeting called to order 5:05 by Todd Overmyer
Roll Call: Present: Mr.Overmyer, Chief Martin, Mr. DuSell, Mr. Powell, Mr. Sibenaller, Officer Mikolosek
Guests: Mr. Ower, Mr. DeBord, Ms. Zabinski, Attorney Collins
Election of Trustees:
2 year term- Active Officers: Chief Hart, and Officer Mikolosek were elected
2 year term Retired Members: Greg Sibenaller was elected
nd
Motion to approve Election results: Mr. Overmyer 2. Mr. DuSell Ayes 5 Nays 0
Election of Board Officers:
President Chief Hart nominated Mr. Overmyer Ayes 5 Nays 0
Vice President Mr. Sibenaller nominated Chief Hart Ayes 5 Nays 0
Secretary Mr. Overmyer nominated Officer Mikolosek Ayes 5 Nays 0
Asst. SecretaryMr. Sibenaller nominated Mr. DuSell Ayes 5 Nays 0
Previous Meeting Minutes: Feb 9, 2009
nd
Motion to Approve: Mr Sibenaller 2 Mr. DuSell Ayes 5 Nays 0
Communications:
No funds were transferred from checking to the Schwab account since Feb 9,2010
Monthly Treasurer’s Report: as of April 30, 2010
nd
Motion to Approve: Mr. Sibenaller 2 Mr. DuSell
Bills for Payment:
Return of Contributions: Jordan Poulos $14,282.08
Illinois State Compliance Fee $ 551.82
MVT management fees:
From Schwab #3137-9036 (April) $ 4,063.00
Cary Collins: Attorney (Oct -Dec 09) $ 650.00
Actuary Study Ending 4/30/2010 $ 1,500.00
Zabinski Consulting Services $ 400.00
William Powell $ 587.50
Total Bills for Payment: $22,034.40
nd
Motion to Approve: Mr Sibenaller 2 Chief Hart Ayes 5 Nays 0
Investments:
Discussion on raising minimum balance at Old Second Bank from $40,000 to $60,000 to accommodate
future payouts.
nd
Motion to increase to $60,000: Mr. Sibenaller 2. Chief Hart Ayes 5 Nays 0
Discussion on Charles Schwab transfers noting that wire transfers incur a $25 fee, whereas electronic
transfers are free.
nd
Motion to authorize Chief Hart on Schwab Account: Mr Overmyer 2. Mr. DuSell Ayes 5 Nays 0
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:
nd
Motion to approve proposal from Zabinski Consulting Services: Chief Hart 2. Mr. Sibenaller
Ayes 5 Nays 0
nd
Motion by Mr Sibenaller 2 Mr DuSell to adopt Resolution for Administration of Investment/
Bank Accounts authorizing Mr Powell and Chief Hart on the Accounts
SB 1974: Annual Training Documentation for Pension Board Trustees
Discussion on training reimbursement of .50 per mile travel allowance, and $35 per day per
diem for required trustee training
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Mikolosek to include in employee
files.
Discussion of the Investment Policy and the Rules and Regulations:
nd
Motion to adopt new Policy as presented by Attorney Collins made by Mr. Sibenaller 2 Mr.
DuSell Ayes 5 Nays 0
Record Retention: Discussion on approving the services of a clerk to assist with minutes and filing at a
nd
of $20.00 per hour Motion: Mr Overmyer 2 Chief Hart Ayes 5 Nays 0
New Business:
Retirement of Glen Calvert
Mr. Sibenaller’s pension payout was prepaid 1 month early, and will be recovered upon his final
payment
Additional Business:
Pension Payment Adjustments: Mr. Sibenaller, Mr. Diderich, and Mr. Martin’s to be ratified in July.
Next meeting: Aug 10, 2010
nd
Motion to Adjourn: at 6:43 p.m. Mr. DuSell 2 Chief Hart
Year 2010 Meeting Dates: Feb 10, May 11, Aug 10, Nov 9
file: Police\agenda\agenda May 10 2010.doc