Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – January 19, 2021
The meeting was called to order at 5:00pm, by Robyn Stecklein and was held electronically via Zoom. Roll call was conducted and members present were as follows: Robyn Stecklein, Steve Van Loan, Mark Swoboda, Greg Manko and Mary Licar. Fifth Third representatives Patrick Sweeney, 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 October 20, 2021 by Mark; motion seconded by Steve. A roll call vote was taken: Stecklein – yes; Swoboda – yes; VanLoan – yes; Licar –yes; Manko -yes. Motion passed 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 December 31, 2020 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $23,135,921.80 (excluding accrued income). Bill provided comparison statements showing quarter to quarter change. The quarter ended December 31, 2020 was a 7.2% increase over the prior quarter amount of $21,589,134.08. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Steve; seconded by Mark. A roll call vote was taken: Stecklein – yes; Swoboda – yes; VanLoan – yes; Licar –yes; Manko -yes. Motion passed 5-0.
Presentation and Acceptance of Investment Report
Representatives from Fifth Third discussed the most recent quarterly report as of December 31, 2020. The report indicated that as of December 31, 2020 the ending market value of the portfolio was $22,919,624.70 excluding accrued income of $88,993.82. Calendar year-to-date the fund was up 10.8%. The current portfolio was allocated at 48.35% equities, 45.93% fixed income, 1.99% real assets and 3.74% cash and equivalents. A motion was made to approve the Investment Report by Greg; seconded by Mark. A roll call vote was taken: Stecklein – yes; Swoboda – yes; VanLoan – yes; Licar –yes; Manko -yes. Motion passed 5-0.
New Business
Approval of Pension Increases Effective for 2021
Treasurer Hannah presented the schedule of pension payment increases applicable for 2021. A motion was made to approve the pension increase schedule by Steve; seconded by Greg. A roll call vote was taken: Stecklein – yes; Swoboda – yes; VanLoan – yes; Licar –yes; Manko -yes. Motion passed 5-0.
Other
Attorney Atwell provided the Board with an update on the status of the set up and process for the consolidation of investments under the new Illinois Police Pension Investment Fund.
Board members asked Attorney Atwell about the process for reviewing a potential application for pension disability benefits. Attorney Atwell briefly discussed the process including the selection of physicians, as well as the Board’s role. Attorney Atwell also discussed the Board’s responsibility for the review of the status of someone on a disability pension on an ongoing basis if one is awarded.
Adjourn
A motion was made to adjourn the meeting at 5:45 by Steve; seconded by Mark. A roll call vote was taken: Stecklein – yes; Swoboda – yes; VanLoan – yes; Licar –yes; Manko -yes. Motion passed 5-0.
