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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 – April 19, 2022

The meeting was called to order at 5:00pm by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Mark Swoboda, Steve Van Loan, Greg Manko, and Mary Licar. Fifth Third Representative Bruce Heniken, Board Attorney Charles Atwell, and Finance Director/Treasurer Jason Paprocki were also present.

Audience Comments
None

Approval of Minutes
A motion was made to approve the minutes of the Regular Board Meeting dated January 18, 2022. The motion was made by Swoboda, seconded by Van Loan. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko – yes; Licar – yes. Motion passed 5-0.

Presentation and Acceptance of Treasurer’s Report and Approval of Bills Presented and Paid
Jason Paprocki presented summary and detailed financial reports for the Pension Fund with all activity in the accounts through March 31, 2022 including expenses paid. A motion was made to approve the Treasurer’s Report by Swoboda; seconded by Manko. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko –yes; Licar – yes. Motion passed 5-0.

Presentation and Acceptance of Investment Report
Representatives from Fifth Third discussed the most recent quarterly report as of March 31, 2022. The report indicated that as of March 31, 2022 the ending market value of the portfolio was $23,963,960 excluding accrued income. The current portfolio was allocated at 50.8% equities, 49.2% fixed income, 2.0 % real assets, and 0.1% cash and equivalents. Issues regarding the impacts on the portfolio related to inflation, lingering effects of the pandemic, and potential rate increases at the fed were discussed. A motion was made to approve the Investment Report by Manko; seconded by Van Loan. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko – yes; Licar – yes. Motion passed 5-0.

Old Business

Update on Pending Application for Disability Pension Benefits of Mark Shillair
Attorney Atwell advised that the paperwork for the pension board’s official ruling for Officer Shillair’s disability pension hearing on January 26, 2022 is still in draft status— still waiting on the official document to be completed.

IPOPIF Update and Approval of Designation of Signers to IPOPIF
Attorney Atwell briefed the board on the status of a pending court case in Kane County related to the constitutionally of involuntarily consolidating police pension funds. The board considered issues related to the transfer of funds to the IPOPIF, and potential return of the funds to the North Aurora Police Pension Fund in the event that the court deemed the involuntary consolidation unconstitutional. Due to potential negative financial and clerical factors related to possibly moving pension funds twice (or more), the board decided that it would be prudent to wait on transferring funds to the IPOPIF until the court issued a ruling on the matter— provided that the ruling occurs in a reasonable timeframe. The status of the transfer will be discussed at the next regularly scheduled quarterly pension board meeting.

Due to personnel changes, specifically the resignation of William Hannah and subsequent appointment of Jason Paprocki as North Aurora Finance Director/Treasurer, a motion was made to remove William Hannah and add Jason Paprocki as a designated signer for the IPOPIF asset transfer process.

A motion to hold off on the transfer of pension funds to the IPOPIF, and to remove Hannah and add Paprocki as a designated signer was made by Licar; seconded by Manko. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko – yes; Licar – yes. Motion passed 5-0.

New Business

Ratification of Election Results for the Police Pension Board
Stecklein provided results from the recent pension board election. Mark Swoboda and Ryan Peat were elected to the board to fill the positions for active members, and Randall Voss was elected to serve on the board as a current pension beneficiary

A motion to ratify the election results was made by Van Loan; seconded by Swoboda. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko – yes; Licar – yes. Motion passed 5-0.

Update on Pending Application for Disability Pension Benefits of John Kerlin
Attorney Atwell stated that the hearing for Officer Kerlin is scheduled for 1pm tomorrow, April 20, 2022, in-person, in the Village Hall board room.

Update on Pending Application for Disability Pension Benefits of Travis Foltz
Attorney Atwell said that the subpoenas have been returned and the documents are being reviewed. After document review has been completed and records organized, INSPE will be contacted to arrange for IME appointments.

Adjourn
A motion was made to adjourn the meeting at 6:48 by Steve; seconded by Mark. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan Licar – yes. Motion passed 3-0.

 

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