Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – January 16, 2018
The meeting was called to order at 5:00pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Greg Manko and Paul Dilley. Mary Licar and Steve VanLoan were absent. MB Financial representative, Spencer Klein and Frank Fanelli was present as well as Board Attorney Charles Atwell, Bill Hannah from the Village of North Aurora, and Anise Hesson.
Audience Comments
None
Approval of Minutes
A motion was made to approve the minutes of the Regular Board Meeting dated October 17, 2017 by Greg; motion seconded by Paul. A roll call vote was taken: Stecklein – yes; Dilley – yes; Manko – yes. Motion passes.
Presentation and Acceptance of Treasurer’s Report and Approval of Bills Presented and Paid
Bill Hannah presented summary and detailed financial reports for the Pension Fund with all activity in the accounts through December 31, 2017 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $17,365,286.34. Bill provided comparison statements showing quarter to quarter; reflecting a 3.0% change in market value. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Greg; seconded by Paul. A roll call vote was taken: Stecklein – yes; Dilley – yes; Manko – yes. Motion passes.
Presentation and Acceptance of Investment Report
Frank Fanelli presented the Performance Report as of December 31, 2017. The report indicated that as of December 31, 2017 the ending market value of the portfolio with accrued income was $17,357,816. Goal is based on 50% equity securities, 45% fixed income securities and 5% alternative strategies and the current portfolio at 49.92% equity, 41.93% and 8.15% alternative strategies. The total earnings fiscal year to date (calendar year) equaled $1,925,313.
A motion was made to accept the Investment Report by Greg; seconded by Paul. A roll call vote was taken: Stecklein – yes; Dilley – yes; Manko – yes. Motion passes.
Old Business
1. Approval of Police Pension Fund Application for Ethan Majerus – Office Majerus’s application for entry into the pension fund was submitted by Robyn to the Board. A motion was made to accept the application by Paul; seconded by Greg. A roll call vote was taken: Stecklein – yes; Dilley – yes; Manko – yes. Motion passes.
2. Approval of Meeting Dates for 2018 – the following meeting dates have been set for 2018:
a. January 16, 2018
b. April 24, 2018
c. July 17, 2018
d. October 16, 2018
A motion was made to accept the above meeting dates for 2018 by Greg; seconded by Paul. A roll call vote was taken: Stecklein – yes; Dilley – yes; Makno – yes. Motion passes.
New Business
1. Approval of Pension Increases Effective for 2018 – Bill Hannah presented the Schedule of Police Pension Increases to the Board. The schedule provided information for the 2018 increases including the increases not effective until June 1, 2018. A motion was made to approve the pension increases for 2108 including the increase effective in June 2018 by Greg; seconded by Paul. A roll call vote was taken: Stecklein – yes; Dilley – yes; Manko – yes. Motion passes.
Audience Comments
None
Other
The board’s next meeting will be Tuesday, April 24, 2018 at 5pm.
A motion was made to adjourn the meeting by Greg; seconded by Paul. A roll call vote was taken: Stecklein – yes; Dilley – yes; Manko – yes. Motion passes.
Meeting adjourned at 5:28pm.
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Robyn Stecklein – President
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Greg Manko – Secretary
