Police Pension Minutes 2009 06-02-09
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on June 2, 2009
Police Department Conference Room
Minutes
Meeting Call to Order: The meeting was called to order at 5:12 PM.
Roll Call: Present: Todd Overmyer, Chief Martin, Officer Pleckham, Greg Sibenaller, Fred Dusell, Treasurer Powell
Guests: Dwight Ower (MVT) and Larry Debord (MVT)
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Election of Board Officers: A motion was made by Chief Martin, ( 2 Mr Sibenaller ) to approve the following
officers: President: Todd Overmyer, Vice President: Dan Pleckham, Secretary: Fred Dusell,
Deputy Secretary: Chief Martin. Ayes: 5 Nays: 0.
Previous Meeting Minutes: Feb 10, 2009
Corrections/Approval There were no corrections to the minutes.
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Motion to Approve: A motion was made by Chief Martin, ( 2 Officer Pleckham ) to approve the minutes.
Ayes: 5 Nays: 0.
Communications:
Officer Pleckham will be attending the Trustee Training seminar At Indian Lakes Resort on Thursday and Friday
and report back to the board. Trustees are required to receive 16 hours of training each year. This is a new
requirement.
There will be another seminar sometime in October.
Monthly Treasurer’s Report: as of April 30, 2009
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As of April 302009 the fund balance was $2,755,581.45.
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Motion to Approve: A motion was made by Chief Martin, ( 2 Mr Dusell ) to approve the report.
Ayes: 5 Nays: 0.
Annual Treasurer’s Report as of April 30, 2009
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Motion to Approve: A motion was made by Chief Martin, ( 2 Officer Pleckham ) to approve the report
Ayes: 5 Nays: 0.
Information Item: Real Estate Tax Levy for Fiscal 2008-09: $300,000.00
Checks Received:
July 22, 2008: $ 22,412.78 Nov 10, 2008: $ 6456.61
Aug 12, 2008: $ 122,756.89 Dec 22, 2008: $11,529.53
Oct 14, 2008: $ 9,278.07 Dec 22. 2008: $279.86
Oct 14, 2008: $ 124,614.00
Total $ 297,327.74
Bills for Payment:
MVT management fees:
From Schwab #3137-9036 (Oct – Dec) $ 3086.00
Cary Collins: Attorney (Oct, Nov, Dec) $ 650.00
William Powell $ 400.00
Total Bills for Payment: $ 4136.00
The Schwab billing was corrected to April- June.
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Motion to Approve: A motion was made by Mr Sibenaller, ( 2 Mr Dusell ) to approve the bill list as corrected.
Ayes: 5 Nays: 0.
Investments:
Progress Reports from Mitchell, Vaught, and Taylor
Mr Ower (MVT) and Mr Debord (MVT) presented a Quarterly Report also including the month of May. The
report showed a net investment gain for the period of $122,951 and a balance of $2,771,840. The report was
discussed in some detail. The present portfolio is 43.6% equity, 50.4% fixed, and 6.0% cash. The equity
target is based on 100% S & P 500.
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After discussion a motion was made by Mr Sibenaller, ( 2 Officer Pleckham ) to adjust the equity target to
75% S7P 500, 20% MSCI/EAFE and 5% Alternatives.
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
Per standing board policy, $28,000.00 will be transferred from Old Second Bank to the Charles Schwab
account.
Unfinished Business:
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Pleckham will followup.
Officer Pleckham to review personnel files: The review is in progress.
New Business:
Annual Budget for Fiscal year 2009-2010. The annual bugdet for 2009-2010 was reviewed.
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A motion was made by Chief Martin, ( 2 Mr. Overmyer ) to approve the budget as presented.
Ayes: 5 Nays: 0.
IDOI Filing: Kelly Zabinski to prepare for a fixed fee of $1350.00 to be paid incrementally by month.
Final payment upon completion of the report.
Due to the number of checks written without charge it was recommended to pay on a quarterly basis.
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A motion was made by Chief Martin, ( 2 Mr. Sibenaller ) to pay on a quarterly basis.
Ayes: 5 Nays: 0.
Discussion of the Investment Policy and the Rules and Regulations
After some discussion it was suggested to contact Attorney Collins and request some guidance on these
two items. Mr. Powell will follow up.
Additional Business:
Items for information only.
SB 1974: Annual Training for Pension Board Trustees
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Officer Pleckham will be attending the conference on June 4 and 5.
Illinois Public Pension Fund Association membership (IPPFA)
Discussion was postponed until the next meeting.
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IPPFA Conference June 4, 5: Officer Pleckham to attend.
SB 2011: Pension Funding amortization change from 2033 to 2049
This bill would reduce the annual tax levy requirements to fund the pension by increasing the
number of years to fund it.
HB 3840: Recovery from disability and return to active duty.
HB 958: 48 hour notice to the Mayor of a scheduled Pension Board meeting
The Mayor receives an email of the agenda.
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The next meeting is scheduled for Aug 11 at 5:00 PM.
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Motion to Adjourn:
A motion was made by MR Dusell, ( 2 Mr. Overmyer ) to adjourn.
Ayes: 5 Nays: 0.
The meeting was adjourned at 6:35PM
Year 2009 Meeting Dates: Feb 10, May 21, Aug 11, Nov 10
file: Police\agenda\minutes June 2 2009.doc