Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – April 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, Steve VanLoan, Mary Licar and Greg Manko. Brad Brown was absent. MB Financial representative, Terese Krafcheck was 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 January 19,2016 by Greg; motion seconded by Steve. A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
Presentation and Acceptance of Treasurer’s Report and Approval of Bills Presented and Paid
Ed MacMillan has retired as the Village Treasurer.. Bill Hannah has been appointed as Village Treasurer by the Village Board. Bill Hannah will now present the Treasurer’s Report. The format has changed slightly since Bill will be using software at the Village to track all financial activity. Bill presented a General Ledger with all activity in the accounts through April 19, 2016 including expenses paid. At the Village Board meeting on April 18, 2016, the Village recommended a budget adjustment to include a $150,000 additional contribution to the Pension Fund due to the receipt during the year of one-time revenues. A motion was made to approve the Treasurer’s Report by Robyn; seconded by Greg. A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
Presentation and Acceptance of Investment Report
Terese Krafcheck presented the Performance Report as of March 31, 2016. The ending market value of the portfolio with accrued income was $13,814,657. 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 Greg; seconded by Steve. A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
New Business
1. Ratification of Election Results for the Board – Steve Van Loan will continue as retired board member; Brad Brown will be replaced by Paul Dilley. Robyn and Greg remain on board, as well as Mary. A motion was made to accept the new board election results by Robyn, seconded by Greg. . A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
2. Discussion of Investment Policy – Terese indicated that changes to the policy are being contemplated now that the Village has gone through the GASB 67 requirements for one year. Terese is anticipating having some changes proposed for the July meeting and will send those changes ahead of time. Item will be moved to next meeting’s agenda.
3. Approval of Application to North Aurora Pension Fund – Maggie McGrath – since the Board does not have the physical forms in hand for this meeting, this item will be tabled and added to next meeting’s agenda.
4. Approval of Application to North Aurora Pension Fund – James Redmon – since the Board does not have the physical forms in hand for this meeting, this item will be tables and added to next meeting’s agenda. A motion was made to table items 3 and 4 until the Board has forms in hand to process by Greg; seconded by Steve. A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
5. Approval of Expenditures for the IPPFA Conference – a motion was made to approve and reimburse the Board members for expenses to attend the IPPFA conference by Steve, seconded by Greg. A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
Audience Comments
None
Other
Attorney Atwell provided the Board with a verbal update on some of the legislation in Springfield that may affect pension funds and benefits.
The board’s next meeting will be Tuesday, July 19, 2016 at 5pm.
A motion was made to adjourn the meeting by Greg; seconded by Steve. A roll call vote was taken: Stecklein – yes; Manko – yes; Licar – yes; VanLoan – yes. Motion passes.
Meeting adjourned.
Robyn Stecklein – President
Brad Brown – Secretary
