The URL can be used to link to this page

Home My WebLink AboutMinutes - 05/17/2011 - Police Pension BoardMay 17, 2011 Police Pension Board of Trustees Special Meeting Meeting called to order at 1:32 PM by President Bob Roske in the Municipal Center conference Room. Other board members present were Jeff Foerster, Jon Meyer and Ormel Prust. Absent: `-- Brian Aalto. Others present: Pension Board Attorney Rich Puchalski, Vickie Zinanni, City of McHenry and recording secretary Marci Geraghty. Investment Strategies Foerster reported that a $750-M certificate of deposit held by McHenry Bank & Trust will expire in June. Motion by Roske, seconded by Prust to seek competitive interest rates from local financial institutions to consider reinvesting the funds in a certificate of deposit. All ayes, motion carried. Retirement- Officer Kenneth P. Klean Foerster reported that Kenneth Klean submitted his resignation from the McHenry Police Department effective May 17, 2011. Klean has been contributing to the fund since January 27, 1997, and is requesting a payout of his contributions. His total contribution to the fund is $75,873.28. Forester explained that Klean is 43 years old and per state statute, if an officer is under 60 and has less than 20 service years in the fund, he must wait to age 60 to begin receiving a pension or received a payout. �.. Roske made a motion, seconded by Meyer to approve a payout of pension funds to retired officer Kenneth P. Klean for $75,873.28. All ayes, motion carried. Public Pension Trustee Training Board attorney Puchalski told the members that his firm offers 4-hour training modules for pension trustee training. The IDOI now requires pension board trustees to complete 32 hours of training their first year of service and 16 hours each subsequent year. Foerster will obtain local conference information for the trustees. Roske noted he attended training in Rockford this past March and satisfied 8 hours of required training. Puchalski confirmed that Foerster is only required to take 16 hours of training as his absence from the board was less than one year. Training required this year is as follows: Aalto 32 hours Foerster 16 hours Meyer 32 hours Prust 16 hours Roske 8 hours Adjournment There being no further matters to discuss, Prust made a motion, seconded by Roske to adjourn the meeting. All ayes, motion carried. The meeting adjourned at 1:46 pm.