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Police Pension Fund Board Minutes 2008 02-26-08 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, 1160560 (630) 553-4540 5:30PM on Feb 26, 2008 Police Department Conference Room Meeting Minutes Approved: !f i3( OR Attachments: Treasurer's Report as of.Ian 31, 2008 Northern Trust Company collateralization letter dated Nov 13, 2007 Memo to Glen Calvert for adjusted service date Memo to Mitchell Vaught, and Taylor stating net ftmd assets over$2 5 million IMRF Transfers to the Police Pension Fund Memo dated 2/26/08 Tax Issues relating to Early Distribution— Draft Procedure and Samples ---------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: The meeting was called to order at 5:48PM Roll Call: Present Officer Pleckham, Retiree Greg Sibenaller, Larry Debord, Attornev Cary Collins, William Powell, and Susan Mika Previous Meeting Minutes: The Nov 13, 2007 meeting minutes were reviewed A motion was made by Mr Sibenaller(2nd Mr Debord) to approve the minutes Ayes — .3.Nays - 0 Communications: There were no additional communications Treasurer's Report: The Treasurer's report dated ,Tan 31, 2008 was submitted indicating the following funds. YNB Cash. 87,510 74 Schwab Cash. 92,652 33 Fixed Securities. 2,186,608.51 Equities. 205,372.13 Total Balance: 2,572,143 71 A motion was made by Mr. Debord (2nd Mr Sibenaller) to accept the .Tan 31, 2008 Treasurer's Report as submitted. Ayes. 3 Nays: 0 A motion was made by Mr. Debord (2"d Mr Sibenaller) keep a minimum balance of$40,000 00 in the YNB checking account Ayes — 3, Nays— 0 A motion was made by Mr Debord (2"d Officer Pleckham) to transfer $47,000 00 to the Schwab account 3137-9036 Ayes. 3 Nays. 0 Bills for Payment: MVT management fees: 1/1/08 to 3/31/08 From Schwab#3137-9036 $ 2,973 00 Attorney Collins: $ 60000 Bill Powell: $ 450.00 Total Bills $ 402100 Motion to Approve: A motion was made by Mr Debord (2nd Officer Pleckham) to approve the bills for payment Ayes— 3, Nays— 0 Investments: Progress Reports from Mitchell, Vaught, and Taylor: The Feb 12, 2008 Quarterly report from Mitchell, Vaught, and Taylor Inc was reviewed A motion was made by Mr Debord (2"d Nlr Sibenaller) to accept the report as submitted Ayes — 3, Nays — 0 Money transfers from YNB to Charles Schwab & Co Pav to: Charles Schwab & Co Mail to: Institutional Client Service Group P O Box 628290 Orlando, FI 32862-9906 Unfinished Business. Glen Calvert. Service date calculation. Attorney Collins stated that he had talked with Scott Brandt of IDOI and it was agreed to adjust Glen Calvert's service date as indicated in Attorney Collins' letter Service date adjustments due to Creditable IMRF buybacks or Creditable Service buybacks will be reflected in future 1DOI annual reports. Officer Pleckham to review personnel files: Officer Pleckham stated that the review was in progress New Business. Revised asset allocation based on net fund balance exceeding $2.5 million (Letter attached). Now that the balance has exceeded $2,500,000 00 equity investments may be increased up to 45% IMRF Transfers to the Police Pension Fund Memo dated 2/26/08 (Memo attached): A draft memo that reflects IMRF and Service buybacks was discussed It will be revised and resubmitted at the next meeting Tax Issues relating to Early Distribution—Draft Procedure and Samples (Memos attached): Draft documentation for Early Distributions of Pension Funds was reviewed Mr. Powell and Attorney Collins will revised the documents and incorporate them into the Pension Board Rules and Procedures. It was also mentioned that 1099- Mise forms should be issued Additional Business. Fiscal Analysis of Illinois Pensions: No discussion. Adjournment: Motion to Approve: A motion was made by Mr. Sibenaller(2',d Officer Pleckham)to adjourn Ayes — 31 Nays -0 2008 Meeting Dates- Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM file:Police\agendhninutes Feb 26 2008 doe