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Police Pension Minutes

Police Pension Minutes

North Aurora Police Pension

Board of Trustees

Regular Board Meeting

Minutes of the meeting – July 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 Steve Van Loan.  Fifth Third Representative Bruce Heniken, 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 April 20, 2021. A motion was made by Greg, seconded by Mark.  A roll call vote was taken:  Stecklein – yes; Swoboda – yes; Van Loan –yes; Manko -yes.  Motion passed 4-0.

 

A motion was made to approve the minutes of the Special Board Meeting dated May 12, 2021. A motion was made by Mark, seconded by Steve. A roll call vote was taken:  Stecklein – yes; Swoboda – yes; Van Loan –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 June 30, 2021 including expenses paid.  Total market value of all investments held at MB Financial and Old Second is $24,871,302.92 (excluding accrued income).  Bill provided comparison statements showing quarter to quarter change. The quarter ended June 30, 2021 was a 6.8% increase over the prior quarter amount of $23,286,741.68.  Treasurer Hannah also reviewed bills paid during the quarter. Hannah also presented unaudited draft financial statements for the Pension Fund as of May 31, 2021, the end of the fiscal year.  Total Net Position Restricted for Pensions as of May 31, 2021 was $24,080,719. Total Additions during the year were $5,534,431 and Total Deductions were $930,276 for a Change in Fiduciary Net Position during the year of $4,604,155. Hannah indicated that these financial statements as well as the updated census will be sent to the actuary, Foster and Foster, in order to do the actuarial valuation for the fund as of June 1, 2021.  It is not anticipated that there will be any assumptions changes to the valuation, which will presented to the Pension Board at the October meeting.   A motion was made to approve the Treasurer’s Report by Mark; seconded by Steve.  A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan –yes; Manko -yes.  Motion passed 4-0.

 

Presentation and Acceptance of Investment Report

Representatives from Fifth Third discussed the most recent quarterly report as of June 30, 2021.  The report indicated that as of June 30, 2021 the ending market value of the portfolio was $24,678,684 excluding accrued income.  Calendar year-to-date the fund was up 5.9%.  The current portfolio was allocated at 49.04% equities, 45.51% fixed income, 1.96% real assets and 3.50% cash and equivalents.  Bruce explained that the portfolio has divested itself of individual stock holdings and reinvested into various mutual funds.  Some questions and discussion were held on crypto assets and inflation. A motion was made to approve the Investment Report by Greg; seconded by Mark .  A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko -yes.  Motion passed 4-0.

 

New Business

 

Approval of Application to North Aurora Police Pension Fund for Ioan Boeriu

After discussion it was the recommendation that since Officer Boeriu was no longer with the Department, that the Pension Board take no action on his application to the Fund.

 

Approval of Applications to the North Aurora Police Pension Fund for Elijah Gomez and Daniel Stone

A motion was made to approve the applications by Greg; seconded by Steve.  A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan –yes; Manko -yes.  Motion passed 4-0.

 

Appointment of Pension Board Officers

A motion was made by Steve to approve the following as officers for the fund, seconded by Mark:

 

President:           Robyn Stecklein

Vice-President  Mark Swoboda

Secretary:           Greg Manko

Asst. Secretary: Steve Van Loan

 

A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan –yes; Manko -yes.  Motion passed 4-0.

 

Resolution to Appoint Authorized Representatives to the Illinois Police Officers’ Pension Investment Fund (IPOPIF)

Robyn indicated that the Resolution appointing authorized representatives needed to be submitted to the IPOPIF prior to the meeting, and included Robyn Stecklein and Bill Hannah. A motion was made to approve Robyn and Bill as representatives by Steve, seconded by Greg. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan –yes; Manko -yes.  Motion passed 4-0.

 

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 indicated all replies have been received. Discussion was held on the process of selecting three physicians. A motion was made by Greg seconded by Steve to INSPEA for both current cases. the process of selecting physicians through INSPE. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan –yes; Manko -yes.  Motion passed 4-0.

 

Pending Application for Disability Pension Benefits of John Kerlin

Attorney Atwell indicated that he is still waiting on a few replies related to the case.

 

Other

Attorney Atwell provided an update the motion challenging the pension consolidation. The Board also discussed the upcoming IPPFA conference in the fall.

 

Adjourn

A motion was made to adjourn the meeting at 5:55 by Greg; seconded by Mark.  A roll call vote was taken: Stecklein – yes; Swoboda – yes; Van Loan – yes; Manko -yes.  Motion passed 4-0.

 

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