Police Pension Minutes 2009 02-10-09
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on Feb 10, 2009
Police Department Conference Room
Minutes
Meeting Call to Order: The meeting was called to order at 5:10 PM
Roll Call: Present: Mr. Overmyer, Chief Martin, Officer Pleckham, Treasurer Powell, Attorney Collins
Absent: Greg Sibenaller
Guests: Dwight Ower (MVT) and Larry Debord (MVT)
Previous Meeting Minutes: Aug 12, 2008, Nov 18, 2008
Previous meeting minutes were read.
Corrections/Approval:
None
Motion to Approve:
nd
A motion was made by Chief Martin, (2 Officer Pleckham) to approve the minutes.
Ayes - 3 Nays - 0
Communications: There were no additional communications.
Monthly Treasurer’s Report: as of Jan. 31, 2009
Treasurer Powell discussed the Jan 31, 2009 Treasurer’s Report.
The fund has $260,330.95 in cash, $1,404,533.57 in Fixed Securities, and $944,986.95 in Equities
for a balance of $2,609,851.47.
Motion to Approve:
nd
A motion was made by Chief Martin, (2 Officer Pleckham) to approve the report.
Ayes - 3 Nays - 0
Real Estate Tax Levy for Fiscal 2008-09: $300,000.00
Checks Received:
July 22, 2008: $ 22,412.78
Aug 12, 2008: $ 122,756.89
Oct 14, 2008: $ 9,278.07
Oct 14, 2008: $ 124,614.00
Total $ 279,061.74
Bills for Payment:
MVT management fees:
From Schwab #3137-9036 (Oct – Dec) $ 3,172.00
Cary Collins: Attorney (Oct, Nov, Dec) $ 600.00
William Powell $ 300.00
Lauterbach & Amen LLP
(IRS Pension Plan Compliance Filing Fee) $ 400.00
Total Bills for Payment: $ 4,472.00
On the advice of Attorney Collins the Lauterbach & Amen LLP bill was removed from the bill list
pending review due to ongoing discussion. Total Bills for Payment was revised to $4072.00.
Motion to Approve:
nd
A motion was made by Chief Martin, (2 Officer Pleckham) to approve the bill list as amended.
Ayes - 3 Nays - 0
Investments:
Progress Reports from Mitchell, Vaught, and Taylor
The MVT 4th Quarter 208 report was distributed and discussed by Mr. Ower and Mr. Debord
The net performance for the quarter was –4.38% vs. the target portfolio performance of –4.47%
Quarter Activity:
Beginning Value: $2,607,759
Net Contributions: $ 164,948
Investment Gains: $ (100,246)
Ending Value: $2,672,461
No investment action or transfer of funds was made during the 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
Unfinished Business:
House Bill 4603: Creditable Service Buyback
For the record Officer Pleckham will draft a letter to the individuals that qualify for this option to
place in their personal file.
Municipal Public Safety Pension Reform Act
A copy of this act was given to MVT for their review. This act states that an RFP must be issued
to hire an Investment Manager for the fund every 5 years. MVT has been the Investment
Manager since Jan of 2006.
Pension Fund Admission Applications for Christopher Hayes
nd
A motion was made by Chief Martin, (2 Officer Pleckham) to enroll Officer Hayes into the
pension fund.
Ayes - 3 Nays - 0
Officer Pleckham to review personnel files
This is still being reviewed.
New Business:
TW Actuary Summary Dated Dec. 22, 2008
A copy of TSW Actuarial summary was distributed and discussed. It was noted that the percent
funded has decreased from 37.7% to 35.6% and that the annual funding allocated from the City
through the tax levy was less than the actuarial guidelines. It was suggested that the City be informed
of this short fall. It was also suggested that Tim Sharp of TWS Actuary make a presentation to the
City at next year’s Municipal Public Safety Pension Reform Act report to the City. This report is
made prior to the City’s Budget approval. The Police Pension Actuarial Report is on the agenda for
Feb 12th Administration meeting.
Copies of Fiscal 2007 – 2008 Audit:
Copies of pages of the 2007-2008 City audit report that relate to the Police Pension were distributed.
Additional Business:
Pages from the Feb 2009 IML Legislative Update that pertain to the Police Pension were distributed.
An error in copying these pages excluded page 8 that has been attached for completeness.
Copies of Grayslake’s Investment policy were distributed. The board will review this for the next
meeting to determine if there is anything that it wishes to incorporate into Yorkville’s policy.
Adjournment:
nd
A motion was made by Chief Martin, (2 Officer Pleckham) to adjourn Ayes – 3 Nays – 0
The meeting was adjourned at 6:10PM
The next meeting is scheduled for May 12, 2009.
Year 2009 Meeting Dates: Feb 10, May 12, Aug 11, Nov 10
file: Police\agenda\minutes Feb 10
2009.doc