Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – April 21, 2020
The meeting was called to order at 5:02pm, by Robyn Stecklein and was held electronically via Zoom. Roll call was conducted and members present were as follows: Robyn Stecklein, Mary Licar, Brad Brown, Steve Van Loan and Mark Swoboda. Fifth Third representatives Patrick Swaney and Bob Thompson as well as Board Attorney Charles Atwell and Finance Director/Treasurer Bill Hannah were also present.
Audience Comments
None
Approval of Minutes
A motion was made to approve the minutes of the Regular Board Meeting dated January 21, 2020 by Brad; motion seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown– yes; Licar – yes; Swoboda – yes; VanLoan – yes. Motion passes 5-0.
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 March 3, 2020 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $17,942,330.88 (excluding accrued income). Bill provided comparison statements showing quarter to quarter change. The quarter ended March 31, 2020 was a 10.8% decrease over the prior quarter amount of $20,122,439.15. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Mark; seconded by Brad. Stecklein – yes; Brown– yes; Licar – yes; Swoboda – yes; VanLoan – yes. Motion passes 5-0.
Presentation and Acceptance of Investment Report
Representatives from Fifth Third discussed the most recent quarterly report as of March 31, 2020. The report indicated that as of March 31, 2020 the ending market value of the portfolio was $17,898,630 excluding accrued income of $66,876. Year-to-date the fund was down 10.4% due to the significant decrease in equities over the last quarter as a result of the economic impacts of the coronavirus pandemic. Questions regarding inflation, quantitative easing and oil futures were asked by Board members as they relate to and impact the portfolio. The current portfolio was allocated at 45.73% equities, 48.45% fixed income, 1.29% real assets and 4.53% cash and equivalents.
A motion was made to approve the Investment Report by Brad; seconded by Mark. A roll call vote was taken: Stecklein – yes; Brown– yes; Licar – yes; Swoboda – yes; VanLoan – yes. Motion passes 5-0.
New Business
Ratification of Election Results for the Police Pension Board
Election results for active officers were held. The results of the election indicated that the two active officers to the Fund are Mark Swoboda and Greg Manko. Ratification of the results for the retiree/beneficiary election will be done at the next meeting.
A roll call vote was taken: Stecklein – yes; Brown– yes; Licar – yes; Swoboda – yes; VanLoan – yes. Motion passes 5-0.
Audience Comments
None.
Other
None.
Adjourn
A motion was made to adjourn the meeting at 5:44 by Brad; seconded by Steve. A roll call vote was taken: A roll call vote was taken: Stecklein – yes; Brown– yes; Licar – yes; Swoboda – yes; VanLoan – yes. Motion passes 5-0.
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Robyn Stecklein – President
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Brad Brown – Secretary
