HomeMy WebLinkAboutMinutes - 05/30/2008 - Police Pension BoardSPECIAL MEETING OF THE POLICE PENSION BOARD
CITY OF MCHENRY
Friday, May 30, 2008
A special meeting of the McHenry Police Pension Board was called to order on, May 30,
2008, at 3:00 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, and Ormel Prust. Absent: Daniel Kinnerk.
Other present at the meeting were Chris Black, Carolyn Lynch, and Marci Geraghty,
City of McHenry.
Investment Strategies
Terms and rates were sought to reinvest a $1,000,000 certificate of deposit that will
expire on June 2, 2008. Accountant Carolyn Lynch presented a spreadsheet listing bids
for certificates of deposit for 12, and 24-months submitted by various local financial
institutions. Ten bids were received with McHenry Bank & Trust offering the highest
rate of interest at 3.47% with a 3.53% APY for 12-months.
Ormel Prust abstained from the discussion. Lynch explained that the rates quoted were
�. not as high as last year. A discussion ensued regarding bond yields and if they would
be more lucrative. It was noted that basis points take away from yields and bonds could
be called.
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
Prust
abstain
Kinnerk
absent
Motion carried.
Request for Retirement Pension — Sgt. Thomas Jenkins
President Foerster presented an application for retirement benefits from Sgt. Thomas
Jenkins. Sgt. Jenkins has been a McHenry Police Officer for over 29 years and intends
to retire effective June.2, 2008.
Roske made a motion, seconded by Prust to accept the application for retirement
�„ benefits from Sgt. Thomas Jenkins as presented. All ayes, motion carried.
Police Pension Board Meeting
May 30, 2008
Page Two
Other Business
President Forester informed the board that former police officer Eschbach has appealed
the board's decision regarding her application for a duty -related pension and has
formally requested an administrative review. Board attorney Puchalski was expecting
the appeal. Next step, the court will set a briefing schedule and hearing date. The
board will be kept apprised of further developments in this matter.
Adiournment
Prust made a motion, seconded by Roske to adjourn the meeting. All ayes,
motion carried.
The meeting was adjourned at 3:15 PM.
Respectfully submitted,
Marcia M. Geraghty, Recording Secretary
OR