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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 – October 16, 2018

The meeting was called to order at 5:02pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Brad Brown and Mark Swoboda. Steve VanLoan and Mary Licar were absent. MB Financial representatives, Frank Fanelli and Spencer Klein were 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 August 15, 2018 by Brad; motion seconded by Robyn A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– abstained. 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 September 30, 2018 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $18,239,193.55. Bill provided comparison statements showing quarter to quarter; reflecting a 3.5% increase in market value. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Brad; seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda – yes. Motion passes.

Presentation and Acceptance of Investment Report
Frank Fanelli presented the Performance Report as of September 30, 2018. The report indicated that as of September 30, 2018 the ending market value of the portfolio with accrued income was $18,222,954. Goal is based on 50% equity securities, 45% fixed income securities and 5% alternative strategies and the current portfolio at 46.53% equity, 46.58% fixed income and 6.90% alternative strategies. The total earnings fiscal year to date (calendar year) equaled $438,963.

A discussion was had regarding authorized signers on the MB account. A motion was made by Robyn to add authorized users to the MB account to reflect the same as the authorized users on the Old Second National Bank account. Motion seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda – yes. Motion passes.

A motion was made to accept the Investment Report by Brad; seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda – yes. Motion passes.

New Business

1. Discussion and Approval of 6/1/2018 Police Pension Actuarial Valuation and Recommended Tax Levy – Bill Hannah presented the Village of North Aurora Police Pension Fund Actuarial Valuation as of June 1, 2018, prepared by Foster and Foster. The recommended tax levy is $1,166,171 an increase from $1,046,968 from last year. The increase is largely attributable to the change in assumptions, most notably the decrease in the interest rate from 7.0% to 6.5%. The sole favorable experience was average salary increases that were lower than assumed. A motion was made to accept the valuation report and request a tax levy in the amount of $1.166,171 per the actuarial report by Brad, seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda – yes. Motion passes.

2. Approval of Meeting Dates for 2019-the following meeting dates have been set for 2019:
a. January 15, 2019 at 5:00pm
b. April 17, 2019 at 5:30pm
c. July 16, 2019 at 5:00pm
d. October 15, 2019 at 5:00pm

A motion was made to accept the above meeting dates for 2019 by Brad, seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda – yes. Motion passes

Audience Comments
None

The board’s next meeting will be Tuesday, January 15, 2019 at 5 pm

A motion was made to adjourn the meeting by Mark; seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda – yes. Motion passes.

Meeting adjourned at 6:05pm.

____________________________________
Robyn Stecklein – President

____________________________________
Brad Brown – Secretary

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