HomeMy WebLinkAboutMinutes - 07/09/2013 - Police Pension BoardPolice Pension Board of Trustees Meeting
July 9, 2013
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, and Kelly Ducak.
Absent: Marc Fisher. Others present: Gary Karshna, Capital Gains, Inc.; Jim Schmidt, LPL Financial; and
recording secretary Joan Lunsmann.
Public Input
None
Approval of Minutes
Prust moved that the minutes of the April 9, 2013 meeting be approved as presented and held for audit.
Meyer seconded.
Ayes: Prust, Foerster, Ducak, Meyer
Absent: Fisher
Abstain: None
Motion carried
Annual Election of Board Members
Pres. Foerster called for nominations for the office of president. Meyer nominated Jeff Foerster.
Foerster called to close nominations. Moved by Prust, seconded by Meyer. 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. Prust so moved, Meyer seconded. Vote entered
for the election of Jeff Foerster as president.
Foerster then called for nominations for the office of vice-president. Ducak nominated Jon Meyer for
vice-president. Foerster called to close nominations. Moved by Prust, seconded by Ducak. 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. Ducak so moved, Prust 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. Foerster called to close nominations. Moved by Prust, seconded by Meyer. 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, Meyer seconded. Vote entered for the election
of Kelly Ducak as secretary.
Foerster then called for nominations for the office of assistant secretary. Ducak nominated Mel Prust
for assistant secretary. 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, Ducak seconded.
Vote entered for the election of Mel Prust as assistant secretary.
Treasurer Report
Motion by Meyer, seconded by Prust to approve the Treasurer report as presented and hold it for audit.
�' Voice vote was unanimous.
L
Investment Reports
a) Capital Gains, Inc.: Gary Karshna recommended keep the bonds of short duration. Low
inflation. Exodus from bonds is coming and will lower gains. Loss is on paper only. Bonds
have performed strongly over the last quarter.
b) LPL Financial: There has been a stock market correction. 50/50 portfolio currently. Going
forward, you may move up to 65% into equities. Balance currently at $9.4 million, up from
$7.7 million, a 22.2% increase. This will not continue.
Coalition for Qualified Plan Status
Foerster advised that the IPPFA recommends joining the Coalition for Qualified Plan Status at a cost of
$300 due to upcoming legislation aimed at pension boards. Meyer moved to approve joining the
Coalition for Qualified Plan Status. Ducak seconded. Roll call vote taken:
Ayes: Prust, Foerster, Ducak, Meyer
Absent: Fisher
Abstain: None
Motion Carried.
Public Pension Training Update
Foerster reported that Meyer, Prust and Foerster are currently up to date on training. Fisher and Ducak
will be attending the 32 hour training in November. New year starts in August and Meyer, Prust, and
Foerster will need to do 16 hours of training. Meyer asked if the same 8 hour on-line course can be
used, and Foerster advised it could. Prust can use his bank training and Fisher and Ducak could use
police ethics training also. IPPFA web site has on-line training, however some of it is out -dated. Marci
will keep track of hours once she is advised of training members have taken.
Fiduciary Liability Insurance renewal was approved at last meeting.
Unfinished Business
a) Justin DeBolt will attend his required 3 IME's in July and August. Will probably come up for
hearing in August or September. Will require a special meeting.
b) Letters of continued disability have been received for David Porter and Daniel King. Motion
made by Meyer to continue both disability statuses. Seconded by Prust. Roll call vote
taken:
Ayes: Prust, Foerster, Ducak, Meyer
Absent: Fisher
Abstain: None
Motion carried.
c) No executive session minutes to approve.
Bills for Approval
a)
Dan King medical exam
$475.00
b)
Capital Gains, Inc.
$5102.00
c)
Dave Porter medical exam
$466.00
d)
Public Pension
$3439.37
e)
Minuteman Press
$347.84
Motion made by Prust to approve bills for payment. Seconded by Meyer. Roll call vote
taken:
Ayes: Prust, Ducak, Foerster, Meyer
116� Absent: Fisher
Abstain: None
Motion carried.
The next meeting of the Police Pension Fund Board of Trustees is October 8, 2013. Prust moved to
adjourn, seconded by Meyer. Roll call vote taken:
Ayes: Prust, Ducak, Foerster, Meyer
Absent: Fisher
Abstain: None
Motion carried.
The meeting was adjourned at 4:10 pm
At that point, Foerster located an additional bill that had not been approved for payment. The meeting
was reconvened and the additional bill was brought forth for approval. That bill was for Puchalski Law
for legal fees. Roll call vote taken:
Ayes: Prust, Ducak, Foerster, Meyer
Absent: Fisher
Abstain: None
Motion carried.
The meeting was adjourned at 4:15 pm