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Police Pension Board Minutes

Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – January 21, 2020

The meeting was called to order at 5:03pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Mary Licar and Brad Brown. Steve VanLoan was absent. Mark Swoboda arrived at the meeting at 5:25. Fifth Third representative Patrick Swaney was also present along with Finance Director/Treasurer Bill Hannah.

Audience Comments
None

Approval of Minutes
A motion was made to approve the minutes of the Regular Board Meeting dated October 24, 2019 by Mary; motion seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown– yes; Licar – yes. Motion passes 4-0.

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, 2019 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $20,122,439.15. Bill provided comparison statements showing quarter to quarter change. The quarter ended December 31, 2020 was a 4.6% increase over the prior quarter. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Mary; seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown –yes; Licar – yes. Motion passes 3-0.

Presentation and Acceptance of Investment Report
Representatives from Fifth Third discussed the most recent quarterly report as of December 31, 2019. The report indicated that as of December 31, 2019 the ending market value of the portfolio was $20,046,833 excluding accrued income of $93,637. Year-to-date the fund is up 16.6%. Fifth Third discussed several new holdings of the fund and discussed the global trade tensions, where the market cycle currently is and the asset allocation. The current portfolio was allocated at 48.58% equities, 44.91% fixed income, 1.30% real assets and 5.20% cash and equivalents.

A motion was made to approve the Investment Report by Brad; seconded by Mary. A roll call vote was taken: Stecklein – yes; Brown – yes; Licar – yes. Motion passes 3-0.

New Business

Approval of Pension Increases for 2020. Bill presented the schedule of pension payment increases for 2020. A motion was made to approve the increases by Brad; seconded by Mary. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Brown – yes; Licar – yes. Motion passes 4-0.

Discussion of Trustee Training Requirements. The Board discussed the revised Trustee training requirements as a result of the pension consolidation legislation.

Approval of Remaining Meeting Dates
The Board set the following meeting dates for 2020:
April 21 at 5:00 pm
July 21 at 5:00 pm
October 20 at 5:00 pm

A motion was made to approve the increases by Mary; seconded by Mark. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Brown – yes; Licar – yes. Motion passes 4-0.

Audience Comments
None.

Other
None.

Adjourn
A motion was made to adjourn the meeting at 5:45 by Mark; seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– yes; Licar – yes. Motion passes 4-0.

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