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HomeMy WebLinkAboutMinutes - 10/10/2024 - Police Pension BoardPolice Pension Board of Trustees Meeting Minutes October 10, 2024 Call to Order The regular meeting of the City of McHenry Police Pension Board of Trustees was called to order at 8:30 a.m. on Thursday, October 10, 2024, at McHenry City Hall, 333 S Green St, McHenry, IL. Roll call: Members present: President Jeffery Foerster, Commander Nick Clesen, Jim Schmidt, Thomas Settles, Officer Beaudoin. Others present: Monte Johnson, Carolyn Lynch, Noelle Jacobs of Lauterbach & Amen. Public Input: No members of the public were present to offer comments. Presentation of the Actuarial Valuation Report Noelle Jacobs of Lauterbach & Amen was present to give the annual actuarial report. The recommended contribution for this year is $691,364, which is a $41,619 increase, or 6.41%. The demographic changes were explained, which showed why the recommended contribution increased or decreased for each type of demographic change. Five members were hired, two members retired, three members were terminated, and 31 inactive members collected benefits. The beginning value of the assets was $55,718,500. The ending fair value of assets was $59,660,400, for a increase of $3,941,900. A motion was made by Tom Settles and seconded by Jim Schmidt to approve the actuarial results and to recommend forwarding a levy request of $691,364 to the McHenry City Council, based on the unaudited financial statements, pending the final audit. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the Minutes from June 26, 2024 A motion was made by Commander Clesen and seconded by Jim Schmidt to approve the minutes of the meeting of June 26, 2024. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the Minutes from the Public Hearing on August 23, 2024. A motion was made by Officer Beaudoin and seconded by Commander Clesen to approve the minutes of the public hearing on August 23, 2024. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Authorize the Payment of Bills City Treasurer Carolyn Lynch submitted a list of bills totaling $30,011, which was read by President Foerster. A motion was made by Commander Clesen and seconded by Jim Schmidt to approve the payment of bills as submitted. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Treasurer’s Report City Treasurer Carolyn Lynch submitted the treasurer’s report, which was reviewed. A motion was made by Tom Settles and seconded by Jim Schmidt to approve the treasurer’s report as submitted. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the 2025 Police Pension Board Schedule All board members agreed that they could meet on the second Wednesday of every third month, being January 8, April 9, July 9, and October 8, 2025, at 8:30 p.m. A motion was made by Commander Clesen and seconded by Tom Settles to approve the 2025 Police Pension Board Schedule as discussed. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Authorize City Treasurer Carolyn Lynch to transfer funds as needed. Carolyn Lynch explained that she would need $550,000 in funds to make the pension payroll before the next meeting. A motion was made by Commander Clesen and seconded by Officer Beaudoin to authorize City Treasurer Carolyn Lynch to transfer $550,000 in funds from the IPPFA. Voice Vote: 5- ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the pension applications of Thomas Jager and Jeremy Hollander A motion was made by Tom Settles and seconded by Commander Clesen to approve the pension applications of Thomas Jager and Jeremy Hollander. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the pension retirement applications for Adriana Birk and Robert Roske. A motion was made by Commander Clesen and seconded by Tom Settles to approve the pension retirement applications for Adriana Birk and Robert Roske. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the portability transfer for Daniel Lincicum A motion was made by Tom Settles and seconded by Officer Beaudion to approve the portability transfer for Daniel Lincicum. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. Approve the disability pension application of Peter Mader A motion was made by Commander Clesen and seconded by Officer Beaudoin to approve the disability pension application of Peter Mader. Voice Vote: 4-ayes: Foerster, Clesen, Settles, Beaudoin. 1-abstain: Schmidt. Motion carried. 2024 Annual Affidavits of Continued Eligibility Last year was the first year we had all retirees submit paperwork to show that they were still eligible for a pension. Deputy Clerk Monte Johnson will prepare and mail the paperwork to all retirees, which will be required to submit the affidavits back by December 1st. Motion to Adjourn A motion was made by Tom Settles and seconded by Commander Clesen to adjourn the meeting at 9:08 a.m. Voice Vote: 5-ayes: Foerster, Clesen, Schmidt, Settles, Beaudoin. Motion carried. ______________________________ Monte Johnson, Recording Secretary