Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – April 20, 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, Mark Swoboda, Greg Manko and Mary Licar. Fifth Third representatives Bruce Heniken and Patrick Swaney, 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 19, 2021, and the special Board meeting minutes of March 22, 2021 by Mark; motion seconded by Mary. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Licar –yes; Manko -yes. Motion passed 4-0.
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 31, 2021 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $23,286,741.68 (excluding accrued income). Bill provided comparison statements showing quarter to quarter change. The quarter ended March 31, 2021 was a 0.7% increase over the prior quarter amount of $23,135,921.80. Treasurer Hannah also reviewed bills paid during the quarter, and provided the Board with an update on the upcoming audit of the fund to be done by Lauterbach and Amen, and the annual actuarial valuation to be done by Foster and Foster. A motion was made to approve the Treasurer’s Report by Mark; seconded by Mary. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Licar –yes; Manko -yes. Motion passed 4-0.
Steve Van Loan arrived at the meeting after this roll call was taken.
Presentation and Acceptance of Investment Report
Representatives from Fifth Third discussed the most recent quarterly report as of March 31, 2021. The report indicated that as of March 31, 2021 the ending market value of the portfolio was $23,237,387 excluding accrued income of $83,457. Calendar year-to-date the fund was up 1.4%. The current portfolio was allocated at 48.23% equities, 46.80% fixed income, 1.99% real assets and 2.98% cash and equivalents. A discussion was held on theasset allocation mix and Fifth Third discussed why the current allocation was roughly 50/50. A motion was made to approve the Investment Report by Greg; seconded by Steve. A roll call vote was taken: Stecklein – yes; Swoboda – yes; VanLoan – yes; Licar –yes; Manko -yes. Motion passed 5-0.
New Business
Approval of Application for Refund of Pension Contributions from Maggie McGrath
No application for a refund has been received yet so no action was taken on this item. Once an application is received, it can be processed by the Treasurer and the Board could provide retro approval of the refund.
Pending Application for Disability Pension Benefits of Mark Shillair
Attorney Atwell updated the Board on the status of receiving records related to the case, and the process of selecting physicians through INSPE. The Board asked what the current time frame was to gather all required information for discussion and it was indicated that 6 to 9 months was a fair estimate.
Pending Application for Disability Pension Benefits of John Kerlin
Attorney Atwell updated the Board on the status of the application in regards to the subpoena of records related to the case.
Other
A discussion was held on the three (3) newly hired police officers that were lateral transfers from other departments and the process for the portability of service time, if eligible.
Adjourn
A motion was made to adjourn the meeting at 5:50 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.
