HomeMy WebLinkAboutMinutes - 1/10/2023 - Police Pension BoardPolice Pension Board of Trustees
Meeting Minutes
January 10, 2023
Call to Order
The regular meeting of the City of McHenry Police Pension Board of Trustees was called to order at 9:00
a.m. at McHenry City Hall, 333 S Green St, McHenry, IL.
Roll call:
Members present: President Jeffery Foerster, Sergeant Nick Clesen, Officer Robert Beaudoin, Thomas
Settles. Others present: Monte Johnson, Carolyn Lynch
Public Input:
No members of the public were present to offer comments.
Approve the October 11, 2022 Regular Meeting Minutes and the October 18, 2022 Special Meeting
Minutes
A motion was made by Thomas Settles and seconded by Sergeant Clesen to approve minutes from
October 11, 2022, and October 18 2022. Roll Call Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer
Beaudoin, Thomas Settles. Motion carried.
Report of Investment Accounts
Finance Director Carolyn Lynch distributed the reports to the board members. The Pension Board sent
$53.8 million to the new retirement fund and we now have $54.6 million. A motion was made by
Sergeant Clesen and seconded by Officer Beaudoin to approve the treasurer’s report as presented. Roll
Call Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer Beaudoin, Thomas Settles. Motion carried.
Approve Pension Increases
President Foerster explained that Edward O’Donnell passed away on January 1st. Pension increases are
effective January 1st, and there was a discussion if the surviving spouse should be given the yearly
increase. Taking the advice from Laura Goodloe, it was decided that the spouse should be given the
increase along with the other pensioners. A motion was made by Thomas Settles and seconded by
Officer Beaudoin to approve the pension increases as presented. Roll Call Vote: 4-ayes: Jeff Foerster,
Sergeant Clesen, Officer Beaudoin, Thomas Settles. Motion carried.
Discussion and possible motion to approve an update to the pension policy with amendments
performed by Board Attorney Laura Goodloe
President Foerster talked to Laura Goodloe about the pension board rules now that we no longer have
control over our assets. It seems wise to change our pension board policy to reflect the changes in the
way our investments are handled. A motion was made by Thomas Settles and seconded by Sergeant
Clesen to approve an update to the pension policy with amendments performed by Board Attorney
Laura Goodloe. Roll Call Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer Beaudoin, Thomas Settles.
Motion carried.
Approve pension application of Ryan Sciame
Ryan Sciame retired December 26, 2022. A motion was made by Sergeant Clesen and seconded by
Officer Beaudoin to approve the pension application of Ryan Sciame. Roll Call Vote: 4-ayes: Jeff
Foerster, Sergeant Clesen, Officer Beaudoin, Thomas Settles. Motion carried.
Review Election Procedures
President Foerster explained that we mail letters to beneficiaries because many are out of town or out
of state. We have the current employees drop off the ballots in the records office because they are all
local and regularly are in the building. A motion was made by Thomas Settles and seconded by Sergeant
Clesen to approve the election procedures as stated above. Roll Call Vote: 4-ayes: Jeff Foerster,
Sergeant Clesen, Officer Beaudoin, Thomas Settles. Motion carried.
Transfer of $500,000 from investments for expected expenses
Director Lynch explained that we have $900,000 in Illinois Funds, of which we will take the $500,000.
Each quarter we should do a transfer of investments to pay for our bills. The money will be used to pay
the pensioners. A motion was made by Sergeant Clesen and seconded by Officer Beaudoin to transfer
$500,000 from Illinois Funds. Roll Call Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer Beaudoin,
Thomas Settles. Motion carried.
Approve the payment of bills
Lauterbach & Amen had two invoices we need to pay. The actuarial report is $3,080 and the GASB
report is $2,570. A motion was made by Thomas Settles and seconded by Sergeant Clesen to approve
the payment of bills as presented. Roll Call Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer
Beaudoin, Thomas Settles. Motion carried.
Public Pension Trustee Training Update
Recording Secretary Monte Johnson explained that there is a free training through the IML for the
annual required training. He will send a link to each board member for them to complete the training.
Semi-Annual Review of Executive Session Minutes
There are no executive session minutes to review or approve.
Additional Items for Discussion
President Foerster reported that we received money back from the Burg estate that was due to us.
Motion to Adjourn
A motion was made by Thomas Settles and seconded by Sergeant Clesen to adjourn at 9:25 a.m. Roll Call
Vote: 4-ayes: Jeff Foerster, Sergeant Clesen, Officer Beaudoin, Thomas Settles. Motion carried.
______________________________
Monte Johnson, Recording Secretary