HomeMy WebLinkAboutMinutes - 12/11/2009 - Police Pension BoardSPECIAL MEETING OF THE POLICE PENSION BOARD
CITY OF MCHENRY
Friday, December 11, 2009
A special meeting of the McHenry Police Pension Board was called to order on
December 11, 2009, at 3:30 PM in the City of McHenry Municipal Center, 333 South
Green Street.
At roll call, the following members were present: Sgt. Jeff Foerster, Daniel Kinnerk, and
Robert Hettermann. Absent: Ormel Prust and Officer Robert Roske.
Also present at the meeting was Carolyn Lynch and Marci Geraghty, City of McHenry.
Foerster said that Officer Roske was detained and will arrive late to the meeting.
Investment Strategies
Terms and rates were sought to reinvest $1,000,000 certificate of deposit expiring on
December 14, 2009. Accountant Carolyn Lynch presented a spreadsheet listing bids
submitted by various local financial institutions for certificates of deposit for $1,000,000
and $500,000 for the term of 12 and 24-months. Eleven bids were requested and only
two were received. McHenry Bank & Trust offered the highest rate of interest at 1.00%
�-- with a 1.00% APY for 12-months and 1.88% for 24 months with an APY of 1.90%. A
discussion ensued on the decline in interest rates offered for investments.
Foerster reported that the city has requested $400,000 in cash to pay pension
obligations. Foerster added that more employees are expected to retired in 2010.
Kinnerk and Hettermann suggested reinvesting $500,000 in a two year CD.
Officer Robert Roske joined the meeting at 3:40 PM.
Kinnerk made a motion, seconded by Hettermann to purchase a 24-month
certificate of deposit for $500,000 from McHenry Bank & Trust as presented and
retain $500,000 of the $1,000,000 CD that is expiring to pay bills. All ayes, motion
carried.
Carolyn Lynch reported that the annual pension report was filed with the Illinois
Department of Insurance and Chris Black was noted at the Administrator of the fund.
Mandatory Public Pension Training. Sgt. Foerster reported that IPPFA is sponsoring a
"Mandatory Public Pension Trustee Training" class as required by the State of Illinois.
Hettermann, Prust, and Kinnerk signed up for the February 12th class in Hoffman
Estates and Foerster and Roske will attend the January 29th class in Naperville. The
�-- cost is $75 per member and will be paid from the Police Pension training account.
Special Police Pension Board meeting
December 11, 2009
Page Two
Adjournment
Hettermann made a motion, seconded by Roske to adjourn the meeting. All ayes,
motion carried.
The meeting was adjourned at 3:45 PM.
Respectfully submitted,
OA Ut 11QAA] ttl
Marcia M. Geraghtt Re rding Secretary