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HomeMy WebLinkAboutMinutes - 07/14/2015 - Police Pension BoardPolice Pension Board of Trustees Meeting July 14, 2015 A meeting of the City of McHenry Police Pension Board of Trustees was called to order at 3:30 pm by President Jeff Foerster. Other board members present were: Jon Meyer, Ormel Prust, Kelly Ducak, and Marc Fisher. Others present: Capital Gains, Inc. representative Gary Karshna and temporary replacement recording secretary Joan Lunsmann. LPL Financial representative Jim Schmidt was not present. Public Input None Approval of Minutes Prust moved that the minutes of the April 8, 2014 meeting be approved as presented and held for audit. Meyer seconded. There was no discussion. Unanimous voice vote to approve. There were no Executive Session minutes to approve. Annual Election of Board Members Pres. Foerster called for nominations for the office of president. Fisher nominated Jeff Foerster. No other nominations received. Foerster called to close nominations. Moved by Meyer, seconded by Prust. Voice vote was unanimous for the election of Jeff Foerster as president. Foerster called for approval of a unanimous ballot to be entered by the secretary for Jeff Foerster as president. Ducak so moved, Fisher seconded. Vote entered for the election of Jeff Foerster as president. Foerster then called for nominations for the office of vice-president. Prust nominated Jon Meyer for vice-president. Foerster called to close nominations. Moved by Prust, seconded by Fisher. Voice vote was unanimous for Jon Meyer as vice-president. Foerster called for approval of a unanimous ballot to be entered by the secretary for Jon Meyer as vice-president. Fisher so moved, Ducak seconded. Vote entered for the election of Jon Meyer as vice-president. Foerster then called for nominations for the office of secretary. Meyer nominated Kelly Ducak for secretary. No other nominations received. Foerster called to close nominations. Moved by Meyer, seconded by Prust. Voice vote was unanimous for Kelly Ducak as secretary. Foerster called for one unanimous ballot to be entered by the secretary for Kelly Ducak as secretary. Prust so moved, Fisher seconded. Vote entered for the election of Kelly Ducak as secretary. Foerster then called for nominations for the office of assistant secretary. Meyer nominated Mel Prust for assistant secretary. No other nominations received. Foerster called to close nominations. Moved by Meyer, seconded by Ducak. Voice vote was unanimous for Mel Prust as assistant secretary. Foerster called for one unanimous ballot to be entered by the secretary for Mel Prust as assistant secretary. Meyer so moved, Fisher seconded. Vote entered for the election of Mel Prust as assistant secretary. Treasurer Report Attached. Per Carolyn Lynch, balance at approx. $21.4. $706 of employer contribution received. Meyer asked about liquidity issue discussed at last meeting. Carolyn advised the issue has been resolved. Carolyn also advised of a substantial increase coming for employer contributions due to actuarial changes. Motion by Meyer, seconded by Prust to approve the Treasurer report as presented and hold it for audit. Unanimous voice vote to approve the Treasurer's report and hold for audit. Investment Reports a) LPL Financial: Jim Schmidt. Attachments. Mr. Schmidt was not present but performance detail and performance summary hand-outs were presented and will be able to discuss any issues at next meeting. b. Capital Gains, Inc.: Gary Karshna Attachments In the bond market, Gary advised that if bonds go to 3%, the fund should be in the market to buy. Currenty at 2.4%. Depending on market reaction to issues with Greece and Iran, the fund may want to consider going to 20% in 5 year Securities. The market is in good stead for the foreseeable future. Review of disability pensions for J. DeBolt Nothing new has been received. Foerster will follow up for next meeting. 2 reports have been received for M. Gandor. One report still pending. Once received, hearing will be Scheduled, hopefully in August. Public Pension Training Update Presented were affidavits signed by Prust and Foerster, bringing them up to date with training. Meyer is current. Ducak and Fisher need to view videos/power points presentations and prepare affidavits. Approval of bills Bills presented for payment: Dr. visit for M. Gandor $1123.86 Dr. visit for M. Gandor 813.27 Capital Gains Inc. 5021.00 Ducak moved to approve bills presented for payment. Seconded by Fisher. Voting Aye: Ducak, Fisher, Foerster, Prust, Meyer Voting Nay: None Abstain: None Absent: None Motion carried Fiduciary Liability Insurance Foerster advised the Fiduciary Liability Insurance with ULLICO is up for renewal. Annual premium of $3950. Fisher moved to renew, Prust seconded. No discussion. Voting Aye: Ducak, Prust, Meyer, Fisher, Foerster Voting Nay: None Abstain: None Absent: None Motion carried. Meyer asked about board compliance with the 48 hour requirement for posting of minutes. Foerster advised that both the minutes and notice of meeting are posted to the city web site, with minutes being posted within 48 hours of approval. G. Karshna advised that he is recommending a switch from US Bank to Schwab for assets due to no basis `- points fees and ease of access to fund totals. Foerster requested Karshna prepare a packet and place the item on the agenda for next meeting to discuss. Carolyn advised she recently received information from US Bank and will forward it to Gary. Adjournment Foerster called the meeting to a close. Meyer moved to adjourn. Prust seconded. Voting Aye: Ducak, Fisher, Prust, Meyer, Foerster Voting Nay: None Abstain: None Absent: None Motion carried The meeting was adjourned at 4:20 pm. Respectfully submitted by, Joan Lunsmann Next meeting: Tuesday, 10/13/15.