HomeMy WebLinkAboutMinutes - 12/11/2008 - Police Pension BoardSPECIAL MEETING OF THE POLICE PENSION BOARD
CITY OF MCHENRY
Thursday, December 11, 2008
A special meeting of the McHenry Police Pension Board was called to order on,
Thursday, December 11, 2008, at 3:35 PM in the City of McHenry Municipal Center,
333 South Green Street.
At roll call, the following members were present: Sgt. Jeff Foerster, Officer Robert
Roske, Bob Hettermann, Ormel Prust, and Daniel Kinnerk.
Other present at the meeting were Jim Schmidt, LPL Financial; and, Carolyn Lynch, and
Marci Geraghty, City of McHenry.
Investment Strategies
Terms and rates were sought to reinvest a $1,000,000 certificate of deposit currently
invested with McHenry Bank &Trust that expires on December 14, 2008. Accountant
Carolyn Lynch presented a spreadsheet listing bids for certificates of deposit for 12, and
24-months submitted by local financial institutions. Eleven bids were received with
McHenry Bank & Trust offering the highest rate of interest at 3.50% with a 3.56% APY
for 12-months and 3.72% and 3.8 APY for 24-months.
Ormel Prust abstained from the discussion. Lynch explained that the rates quoted were
higher than expected due to the current economic conditions.
Hettermann made a motion, seconded by Roske to purchase a 12-month
certificate of deposit for $1,000,000 from McHenry Bank & Trust as presented.
President Forester called for a voice vote:
Hettermann aye
Roske
aye
Forester
aye
Kinnerk
aye
Prust
abstain
Motion carried.
LPL Financial — Equity Investment Report
Jim Schmidt from LPL Financial provided the board with an equity investment report.
As of December 11, 2008, total value of investments was $4,374,393, (40.26%) from
December 31, 2007. A discussion ensued on the state of the economy and the
subsequent impact on the equity and fixed assets of the fund.
Special Meeting of the Police Pension Board
December 11, 2008
Page Two
I-- Other Business
President Forester informed the board that former police officer Eschbach has filed an
appeal with the Appellate Court in dispute of Judge McIntyre's affirmation of the
Pension Board's ruling to denying her application for a duty -related disability pension.
Adiournment
Roske made a motion, seconded by Hettermann to adjourn the meeting. All ayes,
motion carried.
The meeting was adjourned at 4:06 PM.
Respectfully submitted,
I, (tz E l
Marcia M. Gera ty, IVecording Secretary