Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – October 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, Mark Swoboda, Greg Manko and Mary Licar. 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 July 20, 2021. A motion was made by Mark, seconded by Greg. 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 June 30, 2021 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $25,281,436.12 (excluding accrued income). Bill provided comparison statements showing quarter to quarter change. The quarter ended September 30, 2021 was a 1.6% increase over the prior quarter amount of $24,871,302.92. Treasurer Hannah also reviewed bills paid during the quarter.. 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.
Presentation and Acceptance of Investment Report
Representatives from Fifth Third discussed the most recent quarterly report as of September 30, 2021. The report indicated that as of June 30, 2021 the ending market value of the portfolio was $25,158,088 excluding accrued income. Calendar year-to-date the fund was up 5.8%. The current portfolio was allocated at 48.30% equities, 46.18% fixed income, 1.92% real assets and 3.60% cash and equivalents. A motion was made to approve the Investment Report by Mary; seconded by Mark . A roll call vote was taken: Stecklein – yes; Swoboda – yes; Licar – yes; Manko -yes. Motion passed 4-0.
New Business
Approval of Application to North Aurora Police Pension Fund for Matthew Johnson
No action required, Matthew has begun employment and has been accepted into the fund.
Discussion and approval of 6/1/2021 Police Pension Actuarial Valuation and Recommend Tax Levy
Director Hannah presented the actuarial valuation which was completed by Foster and Foster. There were no changes to any assumptions in the valuation for this year. The Village recommended contribution was determined to be $1,443,240, which is $13,883 increase over last years recommended valuation of $1,429,357. Director Hannah highlighted the reasons for the increase discussing investment performance for the year, salary increases and other factors. The recommended valuation is more than the statutory minimum required contribution of $1,322,990. A motion was made to approve the 6/1/21 valuation and recommended tax levy by Greg seconded by Mary. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Licar –yes; Manko -yes. Motion passed 4-0. Hannah said he will incorporate the recommendation into the Village’s upcoming tax levy and complete the Municipal Compliance Report regarding the pension fund’s status.
Approval of Annual Meeting Dates
The following dates were selected for meetings in 2022
January 18th
April 19th
July 19th
October 18th
It was proposed to have the meetings start at 6:00 p.m. instead of 5:00 p.m. A motion was made to approve the meeting dates by Mary; seconded by Greg. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Licar – yes; Manko -yes. Motion passed 4-0.
Update on Pending Application for Disability Pension Benefits of Mark Shillair
Attorney Atwell said that dates for the independent medical examinations have been scheduled over the next month, and discussed the possible timeline for the next steps in the process.
Update on Pending Application for Disability Pension Benefits of John Kerlin
Attorney Atwell said that dates for the independent medical examinations have been scheduled over the next month, and discussed the possible timeline for the next steps in the process.
Other
Attorney Atwell provided an update on the court cases challenging the investment consolidation process.
Adjourn
A motion was made to adjourn the meeting at 5:40 by Greg; seconded by Mary. A roll call vote was taken: Stecklein – yes; Swoboda – yes; Licar – yes; Manko -yes. Motion passed 4-0.
