Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Minutes of the meeting – October 18, 2011
The meeting was called to order at 5 pm, by President Robyn Stecklein.
Roll call was conducted and members present were as follows: Robyn Stecklein, Greg Manko, Mary Licar, Gerri Vaughn and Ray Treve.
Also present were Treasurer Ed MacMillan, Board Attorney Charles Atwell, Terese Krafcheck and Jim Hrabak from MB Financial; Bill Hannah from the Village of North Aurora and Anise Hesson.
Minutes of the Special Meeting on August 4, 2011, were reviewed.
Motion to approve the minutes was made by Gerri Vaughn and seconded by Greg Manko. Roll call vote: Stecklein – yes. Manko – yes. Vaughn – yes. Licar – yes. Treve – Yes. The motion passed unanimously.
Treasurer’s Report
Ed MacMillan presented the balance sheet and profit loss sheets to the board. Ed reminded the Board that the figures reflected are at cost, not at market value. The Pension payment account reflects all retro-pay being included in totals.
Motion to approve the Treasurer’s Report was made by Greg Manko and seconded by. Roll call vote: Stecklein – yes. Manko – yes. Vaughn – yes. Licar – yes. Treve – yes. The motion passed unanimously.
Investment Report
Teresa Krafcheck presented the investment report from MB Financial. It was a rough quarter for investments. Portfolio is 35% equity and 65% fixed income. There is still value in the equity market. Fixed income’s major underperformance comes from US Treasuries. The portfolio is defensive. Overall, MB would not change anything right now. Just a reminder that the plan operates perpetual, also that the Investment performance is based on calendar year.
Motion to approve the Investment Report was made by Greg Manko and seconded by Gerri Vaughn.
Old Business – went over items from August 4, 2011 meeting.
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