Police Pension Minutes 2009 08-25-09
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on Aug 25, 2009
Police Department Conference Room
Minutes (Approved: Nov. 10, 2009)
Meeting Call to Order:
The meeting was called to order at 5:12 PM
Roll Call:
Chief Martin, Officer Pleckham, Mr. Dusell, Mr. Overmyer, Treasurer Powell
Guests:Attorney Collins, Dwight Owen (MVT), Larry Debord (MVT)
Previous Meeting Minutes:
June 2, 2009
Corrections/Approval:None
nd
Motion to Approve: A motion was made by Chief Martin (2 Mr. Dusell) to approve the minutes as
read. Ayes – 3, Nays – 0
Communications:
nd
At the June 2 meeting the Public Pension Funds Compliance Fee of $526.31 was paid on check # 202.
Monthly Treasurer’s Report:
as of July 31, 2009
The monthly Treasurer’s report was submitted showing total assets as of July 31, 2009 to be $3,008,451.71.
The equity investment portion represents 43.2% that is within the 45% guideline.
The cash balance at Old Second Bank was $90,875.71 with an expected additional $12,148.51 to be
received from the tax levy at tonight’s City Council meeting.
Tax Levy: The tax levy for 2009 (to be collected in 2009) is $325,000.00
Date Received Amount
7/31/09 $34,032.42
8/25/09 $12,148.51
Chief Martin requested a report on the tax levy funds received from the City. Mr. Powell will follow up.
nd
Motion to Approve: A motion was made by Chief Martin (2 Officer Pleckham) to approve the Treasurer’s
report as read. Ayes – 3, Nays – 0
Bills for Payment:
MVT management fees:
From Schwab #3137-9036 (Jan - April) $6258.00
Cary Collins: Attorney (July-Sept 09) $650.00
Tim W. Sharp Actuary (Check # 204) $1500.00
Kelly Zabinski IDOI filing: Partial Payment $650.00
IDOI Compliance Fee: (Check # 202) $526.31
Dan Pleckham: Conference Fee $100.00
William Powell $262.50
Total Bills for Payment: $9946.81
nd
Motion to Approve: A motion was made by Chief Martin (2 Officer Pleckham) to approve the bills
for payment. Ayes – 3, Nays – 0
Investments:
As of 8-25-09 the checking account balance is $104,761.72 with an anticipated additional
$12,148.51 from the city. Per standing board direction funds in excess of $40,000.00 will be transferred
from Old Second to the Schwab accounts and reported at the next board meeting.
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
nd
Mr. Owen and Mr. Debord submitted a Quarterly Report for the 2 quarter of 2009 ending June 30, 2009.
At that time the fund had a balance of $2,791,777 with a net investment gain for the quarter of $178,777.
The gain since March 31, 2006 is $114,888. Management fees for the quarter are shown as $3,086.
Unfinished Business:
IDOI Filing progress:
Mr. Powell reported that a preliminary report had been received from Kelly Zabinski and
was forwarded to the auditor for their review.
SB 1974: Annual Training for Pension Board Trustees
thth
Officer Pleckham to report on the June 4 and 5conference.
HB1974 requires 32 hours of training for trustees appointed after Aug 13, 2009 and 16
hours of annual training for all trustees. The deadline for receiving training is April 3,
2010. Attorney Collins mentioned that a group is trying to establish several training
sessions and possibly a webcast session to provide this training.
Illinois Public Pension Fund Association membership (IPPFA)
IPPFA and IPAC were discussed. After much discussion this item has been tabled to a
later date.
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Pleckham will follow up.
Attorney Collins stated that his office would provide a certification form for the individuals
that received buyback funds. He also mentioned that this information should be sent to IDOI.
Officer Pleckham to review personnel files: The review is in progress.
Officer Pleckham mentioned that files are being updated and this is a constant process.
Discussion of the Investment Policy and the Rules and Regulations
The investment Policy will be reviewed at the Jan 2010 meeting.
New Business:
None
Additional Business:
None
Next meeting:
The next meeting is scheduled for Nov 10, 2009 at 5:00PM.
nd
Motion to Adjourn:
A motion was made by Chief Martin (2 Officer Pleckham) to adjourn at 6:03PM.
Ayes – 4, Nays – 0
Year 2009 Meeting Dates: Feb 10, May 21, Aug 11, Nov 10