Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – July 16, 2019
The meeting was called to order at 5:04pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Mary Licar, Brad Brown and Mark Swoboda. Steve VanLoan was absent. Fifth Third representatives Robert Thompson and Patrick Swaney were also present along with Board Attorney Charles Atwell and 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 April 17, 2019 by Mark; motion seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– 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 June 30, 2019 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $19,398,907.65. Bill provided comparison statements showing quarter to quarter; reflecting a 5.0% increase over the last 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; Swoboda– yes; Licar – yes. Motion passes 4-0.
Presentation and Acceptance of Investment Report
Robert Thompson announced that Spencer Klein had left the firm to take a position with another company. Representatives from Fifth Third discussed the most recent quarterly report as of June 30, 2019. The report indicated that as of June 30, 2019 the ending market value of the portfolio was $18,937,789. Year-to-date the fund is up 11.0%. During the presentation the Board asked questions regarding asset allocations and the new statement presented by Fifth Third. The current portfolio was allocated at 49.84% equities, 43.96% fixed income, 1.46% real assets and 4.74% cash and equivalents.
A motion was made to approve the Investment Report Brad; seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– yes; Licar – yes. Motion passes 4-0.
New Business
1. Appointment of Pension Board Officers. A motion was made by Mark and seconded by Brad to make the following appointments for officers of the Police Pension Fund.
President Robyn Stecklein
Vice-President Mark Swoboda
Secretary Brad Brown
Asst. Secretary Steve Van Loan
A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– yes; Licar – yes. Motion passes 4-0.
2. Action regarding the Pension Service Credits and Funds Related to Randy Johnson. Deferred pensioner Randy Johnson applied for a transfer of his creditable service time with the North Aurora Police Pension Fund to the Campton Hills Police Pension Fund. Finance Director Hannah requested a summary of the calculations from Foster and Foster. Randy has $76,531.76 in member contributions with the North Aurora Police Pension Fund and 18 years, 5 months and 11 days of creditable service eligible to be transferred. The interest calculation on his contributions through 8/31/2019 is $214,663.20 and the total member amount to be transferred is $291,194.96. The employer amount to be transferred is also the same at $291,194.96 which calculates to be $582,389.92 to be transferred from the North Aurora Police Pension Fund to the Campton Hills Police Pension Fund. The True Cost calculation provided by Lauterbach and Amen is $106,561.08. Per Randy Johnson’s election decision, he is not paying the True Cost and will receive a prorated transfer of years of service of 15 years, 7 months and 3 days. A motion was made by Mark and seconded by Brad to approve the transfer calculations as provided and authorize Finance Director Hannah to pay over to the Campton Hills Police Pension Fund the amount of $582,389.92. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– yes; Licar – yes. Motion passes 4-0.
Audience Comments
None.
Other
None.
Adjourn
A motion was made to adjourn the meeting at 6:08 by Brad; seconded by Mary. A roll call vote was taken: Stecklein – yes; Brown – yes; Swoboda– yes; Licar – yes. Motion passes 4-0.
