HomeMy WebLinkAboutMinutes - 06/05/2020 - Police Pension Board - t_..)
Police Pension Board of Trustees
MCA Special Meeting Minutes
June 5, 2020
Call to Order
A special meeting of the City of McHenry Police Pension Board of Trustees was called to order at 9:32
a.m.via Zoom online due to the COVID-19 pandemic.
Roll call:
Members present: President Jeffery Foerster, Ann Buss, Officer Marc Fisher, Sergeant Nick Clesen.
Absent: Cheryl Kranz. Others present: Monte Johnson, Carolyn Lynch
Public Comments:
No members of the public were present to offer comments.
Discussion and motion regarding the investment of$1,500,000 from large bond maturity
Jeff Foerster explained that we have a large amount of bonds maturing in June that can be turned into
equity positions.Jim Schmidt, investment advisor, suggests the following via email:
Currently we stand at approximately:
Cash $1,500,000
Bonds $10,056,000
Equities $18,156,000 (60%)
This gives us an approximately 60% in equities thus a 5% opportunity to add to the equity
positions and stay within the 65% guideline. 5% of$30,225,000 equal $1,500,00. I spoke with
Gary and he has over$1,800,000 maturing in June. I'd like to recommend an averaging in over
the next 3 months of$500,000 each time on the 15th of each month.
The funds approved would be allocated be as such:
Washington Mutual 35%
AMCAP 25%
Capital World G&I 20%
SmallCap World 15%
New World 5%
A motion was made by Officer Fisher and seconded by Ann Buss to follow the investment advice
outlined above as given by Jim Schmidt.Vote: 4-ayes:Jeff Foerster,Ann Buss, Marc Fisher, Nick Clesen.
1-absent: Cheryl Kranz. 0-nays, o-abstained. Motion carried.
Motion to Adjourn
A motion was made by Sergeant Clesen and seconded by Officer Fisher to adjourn the meeting at 9:33
a.m. Vote: 4-ayes by unanimous voice vote. 1-absent: Cheryl Kranz. Motion carried.
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Monte Johnson, cording Secretary Jefffoerste resident