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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