Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – January 19, 2016
The meeting was called to order at 5:00pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Brad Brown and Steve VanLoan. Mary Licar and Greg Manko were absent. MB Financial representatives, Spender Klein and Terese Krafcheck. Also present were Board Attorney Charles Atwell, Bill Hannah from the Village of North Aurora, Ed MacMillan and Anise Hesson.
Audience Comments
None
Approval of Minutes
A motion was made to approve the minutes of the Regular Board Meeting dated October 20, 2015 by Steve; motion seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Presentation and Acceptance of Treasurer’s Report
Ed MacMillan presented the Treasurer’s Report. Profit and Loss detail covers activity from October 21, 2015 through January 19, 2016. As of December 31, 2015, Net Income is at $780,910.94. Total Assets are up 6.3% from the same period last year. A motion was made to approve the Treasurer’s Report by Brad; seconded by Steve. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Presentation and Acceptance of Investment Report
Terese Krafcheck presented the Performance Report as of December 31, 2015. The ending market value of the portfolio with accrued income was $13,669,184. Goal is based on 50% equity securities and 50% fixed income securities; the portfolio is very close to target. All investments are preforming ahead of the benchmark.
Motion was made to accept the Investment Report by Brad; seconded by Robyn. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
New Business
1. Approval of Retirement Pension Calculations for John Ithal – John retiring as of January 16, 2016 after 20 years and 7 months of service. The effective date of benefit is January 17, 2016. The initial annual pension benefit is calculated as $41,594.28 = 50.00% of $83,188.56 (annual salary). The prorated benefit for the period of January 17, 2016 to January 31, 2016 is calculated as $1,677.19 = 15 prorated days times $3,466.19 (monthly benefit) divided by 31 days in the month. These calculations were done by using the Illinois Department of Insurance benefit calculator.
A motion was made by Brad to approve the retirement pension calculations pursuant to the attached schedules for John Ithal, seconded by Steve. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
2. Approval of Application to North Aurora Police Pension Fund – Maggie McGrath – this item was tabled at the meeting. Will move item to agenda for April 2016.
3. Aproval of Application to North Auora Police Pension Fund – James Redmon – this item was tabled at the meeting. Will move item to agenda for April 2016.
4. Approval of Annul Pension Increases – Bill Hannah submitted the Schedule of Police Pension Increases for 2016. A motion was made to accept the Schedule by Brad; seconded by Steve. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Audience Comments
None
The board’s next meeting will be Tuesday, April 19, 2016 at 5pm.
A motion was made to adjorn the meeting by Brad; seconded by Steve. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Meeting adjourned.
Robyn Stecklien – President
Brad Brown – Secretary
