Police Pension Minutes 2009 11-10-09
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, Il 60560
(630) 553-4340
5:00PM on Nov 10, 2009
Police Department Conference Room
Minutes (Approved: Feb. 9, 2010)
Meeting Call to Order:
The meeting was called to order at 5:04 PM.
Roll Call:
Present: Chief Martin, Todd Overmyer, Greg Sibenaller, Fred Dusell, William Powell,
Attorney Cary Collins
Guests: Larry Debord (MVT), Dwight Owen (MVT), Butch Dusell
Previous Meeting Minutes:
Aug 25, 2009
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Corrections/Approval: There were no corrections for additions to the Aug 25 minutes.
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Motion to Approve: Chief Martin (2 Mr. Overmyer) made a motion to approve the minutes as submitted.
Ayes – 4 Nays – 0
Communications:
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On Aug 27 $60,000.00 was transferred from checking to the Schwab account.
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On Sept 30 $125,000.00 was transferred from checking to the Schwab account.
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Chief Martin reported that $150,000.00 was transferred from checking to the Schwab account on Oct 30.
Monthly Treasurer’s Report:
as of Oct 31, 2009
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Motion to Approve: Chief Martin (2 Mr. Overmyer) made a motion to approve the Treasurer’s report as submitted.
Ayes – 4 Nays – 0
Bills for Payment:
MVT management fees:
From Schwab #3137-9036 (Oct) $3603.00
Cary Collins: Attorney (Oct -Dec 09) $650.00
Kelly Zabinski 2009 IDOI filing: Final Payment $123.69
William Powell $575.00
Total Bills for Payment: $4951.69
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Motion to Approve: Mr. Sibenaller (2 Mr. Dusell) made a motion to approve the bill list as submitted.
Ayes – 4 Nays – 0
Additions to the Bill List:
A statement was submitted from Wolf & Co. for charges of $880.00 for the IDOI filing and $3150.00 for the
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audit. It was noted that the MVT management fees of $3,292.00 for the period from July 1 to Sept 30 had
not been recorded in last meetings minutes. These fees are automatically deduced from the Schwab account as
indicated above.
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Motion to Approve: Chief Martin (2 Mr. Sibenaller) made a motion to approve the additions to the bill list.
Ayes – 4 Nays – 0
Investments:
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
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Mr. Owen and Mr. Debord presented the 3 Quarter of 2009 report ending Sept 20, 2009. Due to timing of
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investments, the report does not include $125,000.00 deposited on Oct 5 and $150,000 deposited on Nov 4.
Excluding these deposits, the fund had a balance of $3,103,268 with a net investment gain of $367,914 since
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March 31, 2006. Management fees for the period from July 1 to Sept 30 are shown to be $3292.00.
Unfinished Business:
IDOI Filing progress: IDOI filing was completed on Oct 27, 2009. It has been forwarded to Tim Sharp. The cost
to complete the filing was: Mr. Powell: $300.00, Zabinski Consulting: $1300.00, Wolf & Co.: $880.00 for a total
of $2480.00. It was suggested that Kelly Zabinski attend the next board meeting to recommend improvements in
the filing process.
SB 1974: Annual Training for Pension Board Trustees
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Attorney Collins discussed the statute of Trustee training requirements. There is a Dec 4 seminar in Hoffman
Estates and one in Peoria in May. He will email the registration forms to the board members.
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Pleckham will follow up.
This item will be carried over to the next meeting.
Illinois Public Pension Fund Association membership (IPPFA)
The board has decided not to participate in this association.
Discussion of the Investment Policy and the Rules and Regulations
Attorney Collins handed out a draft of an updated Investment Policy. The draft was discussed and comments
and changes should be emailed to Attorney Collins. He will revise it as needed and resubmit to the board.
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Chief Martin (2 Mr. Dusell) made a motion to table a decision on the policy to the next meeting.
Ayes – 4 Nays – 0
New Business:
A copy of the audit from Wolf & Co. was handed out the board and Dwight Owen.
Additional Business:
Mr. Owen will provide a copy of the Investment Management Agreement between the Pension
Board and MVT.
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Motion to Adjourn:
Chief Martin (2 Mr. Overmyer) made a motion to adjourn at 6:25 PM.
Ayes – 4 Nays – 0
2010 Meeting Dates: Feb 9, May 11, Aug 10, and Nov 9