Police Pension Fund Board Minutes 2008 11-18-08 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, 11 60560
(630) 553-4340
5:OOPM on Nov 18, 2008
Police Department Conference Room
Minutes
Approved: Feb 10, 2009
Attachments:
Meeting Minutes for Aug 12, 2008
Monthly Treasurer's Report as of Oct 31, 2008
House Bill 4603: Creditable Service Buyback
Revised Procedure for Early Withdrawal of Contributions
Bills for Payment
Municipal Public Safety Pension Reforms Act
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Meeting Call to Order: The meeting was called to order at 5:1 OPM
Roll Call: Present: Chief Martin, Todd Overmyer,Larry Debord, Greg Sibenaller,
Attorney Collins, Treasurer Powell
Absent: Officer Pleckham
Guests: Dwight Ower, MVT; John Mitchell,MVT
Previous Meeting Minutes: Aug 12, 2008 Moved to next meeting
Communications:None
Monthly Treasurer's Report: as of 10/31/2008 Attached
As of Oct 31"Total Assets were$2,582,037.94
Motion to Approve: Mr.Debord made a motion(2°d Mr. Overmyer)to approve the report as read.
Ayes: 4 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) $ 3,108.00
Cary Collins:Attorney(Oct,Nov, Dec) $ 600.00
Kelly Zabinski: IDOI 2008 Filing $ 1,275.00
William Powell $ 287.50
Transfer of Funds for Scott Fiandalo $ 2.487.99
Total Bills for Payment $7,758.49
Motion to Approve:Mr.Debord made a motion(2°d Mr.Overmyer)to approve payment. Ayes:4 Nays:0
Investments:
Progress Reports from Mitchell, Vaught, and Taylor
Dwight Owes handed out and reviewed the quarterly report.The fund was down 3.7% in the quarter but
still up 2.69%since started. As of Sept 301e the fund had 16.5% Equities, and 66.0% Fixed Income.
Money transfers from YNB to Charles Schwab&Cc
Old Second Bank Checking balance after bill payment as of 11/18/08 is $206,892.10. Per the Board's
direction$167,000.00 will be transferred to Schwab.
Pay to: Charles Schwab& Co.
Mail to: Institutional Client Service Group
P. O. Box 628290
Orlando, F132862-9906
Unfmished Business:
Fund Management Presentation by State Bank of Illinois
The Board decided not to use the services of the State Bank of Illinois at this time.
Pension Fund Admission Applications for John Hunter and Behr R. Pfizenmaier were signed.
Officer Pleckham to review personnel files
IDOI Filing Status: The IDOI filing was completed on time. Mr. Debord and Treasurer Powell signed the
Certification Form and placed it in Officer Pleckham's mailbox for his signature. Once signed the form will
be mailed to IDOI.
New Business:
Year 2009 Meeting Dates: Feb 10, May 12,Aug 11, and Nov 10:
Motion to Approve: Chief Martin made a motion(2°d Mr. Debord)to approve the dates. Ayes: 4 Nays: 0
Revised Procedure for Early Distributions: Treasurer Powell reviewed the revised procedure. Attorney
Collins stated it looked complete.
Motion to Approve: Chief Martin made a motion(2°d Mr. Debord)to approve the procedure. Ayes: 4 Nays: 0
New Officer: Christoper Hayes
House Bill 4603: Creditable Service Buyback: This Bill affects a couple of officers. They
will be notified of their options and will be told to contact Tim Sharp if they have any questions.
Municipal Public Safety Pension Reforms Act: This is a new requirement stating Pension Fund status as
of the end of the fiscal year. All of the information is readily available in the Actuarial Valuation Report.
The report has been signed by President Debord and will be submitted to the City Council at the next
meeting.
TAX DETERMINATION LETTERS FROM THE IRS: Attorney Collins stated that as a governmental
body the Police Pension Fund is exempt from this requirement.
Additional Business:None
Adjournment: Mr. Debord made a motion(2°d Mr. Sibenaller)to adjourn. Ayes:4 Nays: 0
Year 2009 Meeting Dates: Feb 10, May 12, Aug 11, Nov 10: @ SPM
file:Police\agenda\Minu[es Nov 18 2008.doc