Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – August 15, 2018
The meeting was called to order at 5:00pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Brad Brown and Steve VanLoan. Mary Licar and Mark Swoboda were absent. MB Financial representative, Spencer Klein and Frank Fanelli 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 April 24, 2018 by Robyn. All in favor; 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 June 30, 2018 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $17,626,609.55. Bill provided comparison statements showing quarter to quarter; reflecting a 2.8% increase in market value. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Steve; seconded by Brad. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Presentation and Acceptance of Investment Report
Spencer Klein presented the Performance Report as of June 30, 2018. The report indicated that as of June 30, 201 the ending market value of the portfolio with accrued income was $17,600,190. Goal is based on 50% equity securities, 45% fixed income securities and 5% alternative strategies and the current portfolio at 45.90% equity, 46.77% and 7.34% alternative strategies. The total earnings fiscal year to date (calendar year) equaled $29,800.
A motion was made to accept the Investment Report by Steve; seconded by Brad. A roll call vote was taken: – Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Old Business
None
New Business
1. Appointment of Pension Board Officers:
President – Robyn Stecklein
Secretary – Brad Brown
Vice President – Mark Swoboda
Assistant Secretary – Steve VanLoan
A motion was made to accept the appointment of the pension board officers as slated by Robyn; seconded by Steve. A roll call vote was taken: – Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
2. Discussion of Approval of Revised Investment Policy
Frank Fanelli presented the revised investment policy to the board.
A motion was made to approve the revised investment policy by Robyn; seconded by Steve. A roll call vote was taken: – Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes
3. Discussion of Upcoming Actuarial Valuation
Bill presented the update to the progress with the actuarial valuation. Foster and Foster will be completing the valuation. This is the third year they have completed the report. A full report will be presented in October.
Audience Comments
None
Other
The board’s next meeting will be Tuesday, October 16, 2018 at 5pm.
A motion was made to adjourn the meeting by Robyn; seconded by Steve. A roll call vote was taken: Stecklein – yes; Brown – yes; VanLoan – yes. Motion passes.
Meeting adjourned at 5:42pm.
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Robyn Stecklein – President
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Brad Brown – Secretary
