Police Pension Minutes 2010 11-09-10
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on November 9, 2010
Police Department Conference Room
Minutes (Approved: February 8, 2011)
eting Call to Order:
MeBy President Overmyer 5:15 p.m.
Roll Call:
Present: Mr. Overmyer, Mr. DuSell, Mr. Mikolasek, Chief Hart, Mr. Powell
Guests: Larry DeBord and Dwight Ower of MVT, Atty. Cary Collins, Barry Groesch,
Josh Wilson .
Previous Meeting Minutes:
August 10, 2010
Corrections/Approval: There were no corrections to the minutes.
nd
Motion to Approve: Mr. DuSell, 2. Mr. Mikolasek Ayes 4 Nays 0
Communications:
Winter seminar/ Holiday party IPPAC December 10,2010
Overmyer, Mikolasek, DuSell to attend. Seminar free as part of IPPAC membership.
Monthly Treasurer’s Report
: as of October 31, 2010
Total Assets as of Oct 31, 2010: $4,028,081.83
nd
Motion to Approve: Mr. DuSell 2 Mr. Mikolasek Ayes 4 Nays 0
Bills for Payment:
Cary Collins: $ 650.00
MVT Management Fee: (Oct – Dec 2010) $4195.00
From Schwab Acct: 3137-9036
Kelly Zabinski 2010 Acounting/Bookkeeping $1625.00
William Powell $ 250.00
Total Bills for Payment: $6720.00
nd
Motion to Approve: Mr. DuSell, 2. Mr. Mikolasek Ayes 4 Nays 0
Investments:
Progress Reports from Mitchell, Vaught, and Taylor
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
Discussion on maintaining an interest bearing checking account.
Mr. Powell reported that due to a change in the law the Board must decide if it
wants to have a interest or non-interest bearing checking account.
Since the check book balance should never be over $250,000.00 it was decided
to keep the account as interest bearing.
It was decided to transfer $200,000.00 from Old Second Bank checking to MVT.
nd
Motion to approve: Chief Hart 2. Mr. Du Sell Ayes 4 Nays 0
Unfinished Business:
The IDOI filing was completed and the file has been sent to Tim Sharp for the
actuarial review.
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Mikolasek update.
New Business:
Membership in Illinois Public Pension Advisory Committee discussion.
nd
A motion was made by Mr. Dusell (2 Chief Hart) to join this group.
The cost is $500 per year.
nd
Motion: Mr. DuSell, 2. Chief Hart Ayes 4 Nays 0
Additional Business:
Discussion of required board member training to be completed.
Discussed number of hours required for board members and what type of training required. All
members required to attend 8 hours ethics training each year.
Approval of tuition reimbursement for required board member ethics
training not to exceed $149 through December 31, 2010.
Tuition reimbursement for online pension training provided by IPPAC.
nd
Motion to Approve: Mr. Du Sell, 2. Chief Hart Ayes 4 Nays 0
Discussion on several members buyback options on IMRF and military service.
Questions regarding procedure for buyback of military or IMRF time were answered.
A resolution to record meeting attendees was approved.
nd
Motion: Chief Hart (2 Officer Mikolasek) Ayes 4 Nays 0
Discussion on approving the following dates meeting dates for 2011: Feb 8, May 9,
Aug 9, and Nov. 8
nd
Motion to Approve: Mr. Du Sell 2. Chief Hart Ayes 4 Nays 0
Next meeting: February 08, 2011
nd
Motion to Adjourn: Mr. Overmyer 2. Mr DuSell Ayes 4 Nays 0
Adjournment at 6:05 p.m.
file: Police\agenda\minutes Nov 9 2010.doc