North Aurora Police Pension
Board of Trustees
Minutes of the meeting – January 18, 2011
The meeting was called to order at 5:00pm, by President Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Greg Manko, Dan Sauter, Gerri Vaughn. Also present were Treasurer Ed MacMillan, Board Attorney Charles Atwell, Dave Harrington and Therese Krafchek from MB Financial and Bill Hannah from the Village of North Aurora.
Robyn Stecklein announced that board member Jim Jackson sent his letter of resignation to the Mayor. Motion to accept his resignation was made by Robyn Stecklein and seconded by Greg Manko. Roll call vote: Stecklein – yes. Manko – yes. Sauter – yes. Vaughn – yes. The motion passed unanimously.
Dan Sauter presented his letter of resignation from the board, effective February 1. Motion to accept made by Robyn Stecklein and seconded by Greg Manko. Roll call vote: Stecklein – yes. Manko – yes. Vaughn – yes. The motion passed unanimously.
Minutes of the October 19, 2010 meeting were reviewed. Motion to approve the minutes was made by Greg Manko and seconded by Dan Sauter. Roll call vote: Stecklein – yes. Manko – yes. Sauter – yes. Vaughn – yes. The motion passed unanimously.
Treasurer’s Report
Ed MacMillan presented the balance sheet and profit loss sheets to the board. December was a good month and totals were up over 8 million dollars. Profit loss sheets were reviewed and motion to approve the report was made by Robyn Stecklein. Gerri Vaughn seconded the motion. Roll call vote: Stecklein – yes. Manko – yes. Sauter – yes. Vaughn – yes. The motion passed unanimously.
Statement of expenses was reviewed and motion to approve was made by Robyn Stecklein and seconded by Greg Manko. Roll call vote: Stecklein – yes. Manko – yes. Sauter – yes. Vaughn – yes. The motion passed unanimously.
Investment Report
Therese Krafchek presented the investment report from MB Financial. Therese noted that 2010 finished well. Investments were up 10.64% for the recent 12 month period – it was a good performance year. $300,000 went into the fund and $32,000 was taken out. Motion to approve the investment report was made by Robyn Stecklein and seconded by Greg Manko. Roll call vote: Stecklein – yes. Manko – yes. Sauter – yes. Vaughn – yes. The motion passed unanimously.
It was stated that the board should update the investment policy to name MB Financial as the fund manager.
A handout was given on investment grade (corporate) bonds. The board decided to table the corporate bond update discussion until the next meeting.
Old Business – none
New Business
Discussion was held on how often the board needs re-evaluate their fund manager. Attorney Atwell said that every 5 years is good. It has been 2 years since MB Financial was chosen, so review could be done in 3 years. Fund manager needs to be aware of fund statutes – which MB is, also performance is good and reporting is good. The board decides to table the discussion for now.
Audit of the fund is happening in 2 weeks. Responsibility for audit compliance is split up among the board, MB, Bill Hannah and Ed MacMillan.
Future meeting dates
The dates chosen for this year’s future meetings are:
April 19, 2011
