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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 – October 18, 2022

The meeting was called to order at 6:01 pm by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Mary Licar, Randall Voss, Ryan Peat, and Mark Swoboda. Fifth Third Representative Bruce Heniken, Board Attorney Charles Atwell, and Finance Director/Treasurer Jason Paprocki were also present.

Audience Comments
None

Approval of Minutes
Voss made a motion to approve the minutes of the Regular Board Meeting dated July 19, 2022; seconded by Peat. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – 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 September 30, 2022 including expenses paid. A motion was made to approve the Treasurer’s Report by Swoboda; seconded by Voss. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

Presentation and Acceptance of Investment Report
Bruce Heniken from Fifth Third reported assets were transferred to State St. Bank on October 3, 2022, in accordance with the pension consolidation process. The remaining final cash balance, retained to ensure sufficient liquidity for the Fund’s operational expenses and cash management pursuant to consolidation, will be transferred to the North Aurora Police Pension Fund’s Old Second Bank account in November.

Heniken presented the most recent quarterly report as of September 30, 2022. The report showed that the ending market value of the portfolio was $20,921,383.99. Calendar year-to-date the fund is down 16.9%, and it is down 14.3% over the last twelve months. Heniken said that the fund’s performance reflects the overall economic downturn, and that inflation continues to negatively affect financial markets. However, he noted that when looking back to the last three years, the fund is up 1.6% over that timeframe. Voss made a motion to approve the investment report; seconded by Licar. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

Old Business

Update on Pending Application for Disability Pension Benefits of Travis Foltz
Attorney Atwell said that two of the three independent medical examination reports have been received. The Board will be provided with the full compendium of records when they have been received and compiled by Atwell’s office.

New Business

Entry of Board’s Decision and Order with attached Warrant for Benefits
A motion to approve the Entry of Board’s Decision and Order with attached Warrant for Benefits for John Kerlin was made by Swoboda; seconded by Licar. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

Resolution Appointing Authorized Account Representative
A motion was made by Swoboda to approve a resolution to add Mandy Flatt (Village of North Aurora Accounting and Finance Manager) and Ryan Peat as authorized account representatives for the North Aurora Police Pension Fund; seconded by Voss. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

Approval of Application to North Aurora Police Pension Fund for Bryan Reyes
An application for Bryan Reyes to be added to the North Aurora Police Pension Fund was received.

Approval of Application to North Aurora Police Pension Fund for Jeffrey Cook
An application for Jeffrey Cook to be added to the North Aurora Police Pension Fund was received.

Approval of Application to North Aurora Police Pension Fund for Fernando Ramirez
An application for Fernando Ramirez to be added to the North Aurora Police Pension Fund was received.

The three application approvals were conducted in one motion, made by Voss; seconded by Peat. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

Discussion and Approval of 06/01/2022 Police Pension Actuarial Valuation and Recommended Tax Levy
A motion to approve the 06/01/2022 police pension actuarial valuation and recommended tax levy, in the amount of $1,652,487, was made by Swoboda and seconded by Licar. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

A motion to approve the municipal compliance report was made by Swoboda and seconded by Licar. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

Adjourn
A motion was made to adjourn the meeting at 7:05 pm by Swoboda; seconded by Voss. A roll call vote was taken: Voss – yes; Licar – yes; Peat – yes; Swoboda – yes; Stecklein – yes. Motion passed 5-0.

 

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