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HomeMy WebLinkAboutMinutes - 01/12/2021 - Police Pension Board 011M r 1 V h Police Pension Board of Trustees MCHLW Regular Meeting Minutes January 12,2021 Call to Order The regular meeting of the City of McHenry Police Pension Board of Trustees was called to order at 2:30 p.m. as an online Zoom meeting due to the COVID-19 pandemic. Roll call: Members present: President Jeffery Foerster, Marc Fisher, Sergeant Nick Clesen. Members absent: Ann Buss, Cheryl Kranz. Others present: Monte Johnson, Carolyn Lynch, Gary Karshna,James Schmidt. Public Input: No members of the public were present to offer comments. Approve the October 13 2020 meeting minutes The minutes were not part of the packet distributed to Board members prior to the meeting. Deputy Clerk Johnson will email those to the Board for approval at a later point in the meeting. Presentation and motion to approve the Treasurer's Report A motion was made by Sergeant Clesen and seconded by Officer Fisher to approve the Treasurer's Report as presented. Roll Call Vote: 3-ayes:Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried. LPL Financial Equities Report Investment Advisor James Schmidt explained that another$4 million has been added to the fund.The year end value sat at$29 million and now sits at$32.5 million with the recent money that was added. The total rate of return for the previous calendar year was 19.80%. Capital Gains, Inc. Fixed Assets Report Investment Manager Gary Karshna explained that all of the incoming money from bond proceeds was invested in short order and it all worked out well. It was difficult because there is no yield on the market. Most of the money has been invested at an average yield of about 1%. Moving forward it would be wise to transfer money into equities, and most of the fixed assets are invested for an average of a 5 month term. There is about$500,000 in cash plus securities in a lump sum, so there is$2 million in investments that could be made in March and April. We could easily liquidate that and transfer it if the stock market is low at that time.The rate of return for the last 12 months is 5%, but the first 8 months of the fiscal year has a return of 1.23%. Approve Pension Increases A motion was made by Sergeant Clesen and seconded by Officer Fisher to approve the pension increases as presented. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried. PGM-Law Retainer Fees President Foerster explained that the PGM-Law retainer fees are being increased from $215 per hour to $230 per hour. He still believes this is a fair price.A motion was made by Officer Fisher and seconded by Sergeant Clesen to approve the fee increases as presented for PGM-Law. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried. Approve the retirement of Sergeant Sexton A motion was made by Officer Fisher and seconded by Sergeant Clesen to approve the retirement of Sergeant Sexton. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried. Approve the retirement of Anthony Mucciante A motion was made by Sergeant Clesen and seconded by Officer Fisher to approve the retirement of Anthony Mucciante. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried. Accept Pension Application of Joseph Lopez A motion was made by Officer Fisher and seconded by Sergeant Clesen to accept the pension application of Joseph Lopez. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried. Motion to approve the payment of bills Submitted bills included an LPL payment of$11,836.91, an LPL payment from October for$14,102.69, a Capital Gains payment of$4,769, a payment for legal fees from PGM of$250.A motion was made by Sergeant Clesen and seconded by Officer Fisher to approve the payment of bills as presented. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried Public Pension Trustee Training Update It was reported that all training certificates have been received. Copies will be sent to Director Lynch for inclusion of the audit. Semi-Annual Review of Executive Session Minutes There were no executive session minutes to review. Addition Items for Discussion It will soon be time for the election of trustees.That paperwork will be prepared and sent out by Deputy Clerk Johnson. Motion to Adjourn A motion was made by Sergeant Clesen and seconded by Officer Fisher to adjourn the meeting at 2:58 p.m. Roll Call Vote: 3-ayes: Sergeant Clesen, Officer Fisher,Jeff Foerster. Motion carried *Clerk's Note: The minutes of the October 13, 2020, meeting were not voted on at this meeting. Those will be approved at the next meeting. '.ji Q' AJ646- Monte Johnson, Recording Secretary Jeff Foerster, President