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Police Pension Fund Board Minutes 2008 05-13-08 Yorkville Police Pension Fund Board 804 Game Farni Road Yorkville. 11 60560 (630) 553-4340 5:OOPM on May 13, 2008 Police Department Conference Room May AA13, 2OO8 MeetinL Il�inrtes Attachments: Meeting Minutes for Feb 26, 2008 Monthly Treasurer's Report as of April 30, 2008 Annual Treasurer's Report for Fiscal Year May 1, 2007 to April 30, 2008 Fiscal Year 2008-2009 Budget IMRF Transfers to the Police Pension Fund Memo dated 4/18/08 Tax Issues relating to Early Distribution—Draft Procedures and Samples --------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: The meeting was called to order at 5:07PM Roll Call: Present: Larry Debord, Officer Plecldiam, Greg Sibenaller, Todd Overmyer, Chief Martin, Attorney Collins, Treasurer Powell, Previous Meetine Minutes: Feb 26. 2008 Note: It was acknowledged that the transfer of Funds to MVT was increased from $47,000 to $50,000 due to excess cash on hand A motion was made by Chief Martin (2"d Officer Pleckham)to approve the minutes. Ayes: 5,Nays: 0 Comnnunications: None Monthly Treasurer's Report: as of 4/30/2008: It was noted that the amount listed for Bonds is a Bond Fund; and therefore, is considered equities for the purposes of reporting This will be reflected in future Treasurer Reports. A motion was made by Larry Debord (2"d Todd Overmyer)to approve the report Ayes: 5, Naps: 0 Aimual Treasurer's Report for Fiscal Year May 1.2007 to April 30. 2008 The Annual Treasurer's Report was reviewed. A motion was made by Lary Debord (2"d Todd Overmyer)to approve the report. Ayes: 5,Nays: 0 - Real Estate Tax Levy checks (Information only) Aug 14, 2007 $12,505.93 Sept 11, 2007 $66,927.84 Nov 13, 2007: $152,551.62 Nov 27, 2007: $31 712 23 Jan. 08. 2008: $10.806.12 Jan 22, 2008: 640.47 Total Levy Amount: $275,14421 Fiscal Year 2008-09 Budget: The fiscal year 2008-09 budget was reviewed $1000.00 was added to the Pension Seminars line item A motion was made by Larry Debord(2nd Officer Pleckbam)to approve the budget as amended. Ayes: 5,Nays: 0 Bills for Pavment. MVT management fees: 4/1/08 to 6/30/08 From Schwab 43137-9036 $ 3069.00(auto pay) Cary Collins: Attorney $ 60000 Tun Sharp: $ 1,30000 Bill Powell: Bookkeeping $ 600.00 Total Bills $ 5,56900 A motion was made by Larry Debord (2nd Greg Sibenaller)to approve the bills for payment Ayes: 5, Nays: 0 Investments: Progress Reports from Mitchell, Vaught, and Taylor Money transfers from YNB to Charles Schwab &Cc Pay to: Charles Schwab & Cc Mail to: Institutional Client Service Group P: 0 Box 628290 Orlando, F] 32862-9906 Mitchell, Vaught, and Taylor submitted a quarterly report as of May 13, 2008. As of May 12'h 73% of investments were in fixed income and the remaining 27% was in equities There was an investment gain of$47,331 for the quarter. No transfer of funds from Old Second Bank were recommended Unfinished Business. Tax Issues relating to Early Distribution— Draft Procedures and Samples The draft procedure was discussed and found to be acceptable A motion was made by Greg Sibenaller(2nd Larry Debord)to approve the procedure as written. Ayes: 5,Nays: 0 IMRF Transfers to the Police Pension Fund Memo dated 4/18/08 The adjusted service date for Officer Calvert was corrected to 3/13/80. A motion was made by Todd Overmyer(2"d Lary Debord)to approve the report as corrected. Ayes: 5,Nays: 0 Employee Service Date Resolution (information only) A list of updated service dates for filing the IDOI report was distributed Officer Pleckham to review personnel files Officer Pleckham stated that progress is continuing on completing the review He will report back at the next,meeting. New Business. Contract Award for Fiscal 2007-08 IDOI Filing There was a discussion on awarding the contract for the IDOI filing. The board felt that Kelly Zabinski performed the work quickly last year and although there was some items requiring resolution between her and the auditor, it was better to use her to file the report and use the auditor to check for correctness A motion was made by Chief Martin (2"d Greg Sibenaller)to use Ms Zabinsld for another year Ayes: 5,Nays: 0 Andrew Houghton request for return of contributions A letter has been sent to Mr Houghton advising him of his options and requesting his direction. No response has been received as of this meeting. No other action was taken Creditable Service Buyback request for John F. Hunter It was determined that Officer Hunter had less than two years of creditable service with Montgomery Therefore, he is not eligible to transfer these funds to Yorkville's pension fund Letter from Attorney Richard Slocum regarding the pension of Terry Klingel Attorney Collins was given a copy of this request and will follow up with Attorney Slocum Deputy Treasurer Duties (information only) Treasurer Powell handed out a memo on Treasurer responsibilities He mentioned that he was requesting the appointment of a Deputy Treasurer at tonight's City Council meeting and if approved some pension duties that he has been performing will be assigned to the Deputy Treasurer This will save the Pension Fund approximately $1000 00 per year Review of fiscal year 2007-08 Actuarial Valuation Report (Information only) The actuarial report was reviewed, The pension fund is 37 7% funded which is an increase from 31.5% in the previous year. A new employee increases the tax levy requirement by approximately 15% of their salary The City has budgeted $300,000.00 in the Fiscal year 2008-09 tax levy Additional Business: Use of EVIL's Historical Pension Data Tables After some discussion, it was decided that use of the ME tables are not required by the Board.. Pending Leaislation. House Bills 1223, 4603, 5158. 5197, and 5692 Pending legislation items were reviewed 2008 Meeting Dates. Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM Adjournment: The meeting was adjourned at 6.45PM. The next meeting is scheduled for Aug 12°i at 5.00PM in the Police conference room 2008 Meeting Dates. Tuesdays 2/12, 5/13, 8/12, 11/18 @ 5PM file:Police\agenda\agenda May 13 2009 doc