HomeMy WebLinkAboutMinutes - 07/06/2021 - Police Pension Board
Police Pension Board of Trustees
Regular Meeting Minutes
July 6, 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. in the Council Chambers at 333 S Green Street in McHenry, Illinois.
Roll call:
Members present: President Jeffery Foerster, Officer Robert Beaudoin, Sergeant Nick Clesen, Thomas
Settles. Members absent: Cheryl Kranz. Others present: Monte Johnson, Carolyn Lynch, Gary Karshna,
James Schmidt.
Public Input:
No members of the public were present to offer comments.
Clerk’s note: Cheryl Kranz joined the meeting at 2:32 p.m.
Call for Nominations to Approve Election of Board Officers
Sergeant Clesen nominated Jeff Foerster for President. A motion was made by Cheryl Kranz and
seconded by Tom Settles to close nominations for President. Voice Vote: 5-ayes. Motion carried.
A motion was made by Sergeant Clesen and seconded by Cheryl Kranz to have the Secretary cast one
unanimous ballot for Jeff Foerster for President. Voice Vote: 5-ayes. Motion carried.
Sergeant Clesen nominated Officer Beaudoin for Vice President. A motion was made by Sergeant Clesen
and seconded by Cheryl Kranz to close nominations for Vice President. Voice Vote: 5-ayes. Motion
carried. A motion was made by Sergeant Clesen and seconded by Cheryl Kranz to have the Secretary cast
one unanimous ballot for Robert Beaudoin for Vice President. Voice Vote: 5-ayes. Motion carried.
Officer Beaudoin nominated Nick Clesen for Secretary. A motion was made by Sergeant Clesen and
seconded by Tom Settles to close nominations for Secretary. Voice Vote: 5-ayes. Motion carried. A
motion was made by Tom Settles and seconded by Cheryl Kranz to have the Secretary cast one
unanimous ballot for Sergeant Clesen for Secretary. Voice Vote: 5-ayes. Motion carried.
Sergeant Clesen nominated Cheryl Kranz for Assistant Secretary. A motion was made by Tom Settles and
seconded by Sergeant Clesen to close nominations for Assistant Secretary. Voice Vote: 5-ayes. Motion
carried. A motion was made by Sergeant Clesen and seconded by Tom Settles to have the Secretary cast
one unanimous ballot for Cheryl Kranz as Assistant Secretary. Voice Vote: 5-ayes. Motion carried.
Motion to approve the Minutes from April 13, 2021, and April 22, 2021
Jeff Foerster noted that there should be a correction to the minutes from April 22, 2021, as Officer
Fisher was listed as Sergeant Fisher. A motion was made by Sergeant Clesen and seconded by Cheryl
Kranz to approve the Minutes from April 13, 2021, and April 22, 2021, with the noted correction. Voice
Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer Beaudoin, Cheryl Kranz. 1-abstain: Tom Settles.
Motion carried.
Semi-Annual Review of Executive Session Minutes
There are no executive session minutes to review that have not already been opened to the public.
Motion to accept the annual independent Medical Examination for Police Disability Pensioner Justin
DeBolt
A motion was made by Cheryl Kranz and seconded by Sergeant Clesen to accept the annual independent
Medical Examination for Police Disability Pensioner Justin DeBolt. Voice Vote: 5-ayes. Motion carried.
Motion to accept the annual independent Medical Examination for Police Disability Pensioner Sean
Klechak
A motion was made by Cheryl Kranz and seconded by Sergeant Clesen to accept the annual independent
Medical Examination for Police Disability Pensioner Sean Klechak. Voice Vote: 5-ayes. Motion carried.
Motion to appoint two Authorized Representatives to fulfill duties and requirements for the Illinois
Police Officers’ Pension Investment Fund
A motion was made by Cheryl Kranz and seconded by Officer Beaudoin to appoint Jeff Foerster and
Sergeant Clesen to be Authorized Representatives for the Illinois Police Officers’ Pension Investment
Fund. Voice Vote: 5-ayes. Motion carried.
Motion to approve the Treasurer’s Report
A motion was made by Sergeant Clesen and seconded by Tom Settles to approve the Treasurer’s Report
as presented by City Treasurer Carolyn Lynch. Voice Vote: 5-ayes. Motion carried.
Capital Gains, Inc. Fixed Assets Report
Investment Manager Gary Karshna reported that the influx of money has affected the labor markets.
Many people are not working as it is advantageous to some of them to stay at home instead of work.
Hopefully in September when the unemployment benefits run out, the economy will hit full stride. Bond
rates are still at historically low figures. The strategy is to not have too much in long term investments.
Despite the bad bond market, we are off to a good start to this fiscal year.
LPL Financial Equities Report
Investment Advisor James Schmidt reported that we had a gain of almost $10 million, which is 46.97%.
The current value of the portfolio is close to $44 million. We are almost done with our dollar cost
averaging strategy. We will probably have to make an adjustment to get below the 65% ratio by the end
of the year.
Motion to approve the payment of bills
Five bills were submitted for payment. A motion was made by Cheryl Kranz and seconded by Tom
Settles to approve the payment of bills as presented by Treasurer Carolyn Lynch. Voice Vote: 5-ayes.
Motion carried.
Additional Items for Discussion
Robert Lumber has filed for disability, and the hearing will be coming within the next few months.
Luis Pena has transferred to Arlington Heights. It is possible that there may be a portability request of
those funds for the next meeting.
The following are the terms of each of the board members:
Jeff Foerster, President (retired) - Elected 04/30/23
Robert Beaudoin, Elected 04/30/23
Nicolas Clesen, Elected 04/30/23
Cheryl Kranz 04/30/22
Thomas Settles 04/30/23
Jeff Foerster reported that trustee training will begin soon, and Monte Johnson will work to get
everybody registered.
Motion to Adjourn
A motion was made by Tom Settles and seconded by Sergeant Clesen to adjourn the meeting at 3:28
p.m. Voice Vote: 5-ayes. Motion Carried.
______________________________
Monte Johnson, Recording Secretary