City of Plano Plano Police Pension Board met Nov. 22.
Here is the agenda provided by the board:
CALL TO ORDER
ROLL CALL
GUESTS
INVESTMENT REPORTS
1. Old Second National Bank of Aurora
a. Ending balance as of 9/30/22 $0.00
2. Mitchell, Vaught and Taylor, Inc.
a. AC #6360 - ending balance as of 9/30/22 $0.00
b. AC #2665 - ending balance as of 9/30/22 $0.00
c. AC #1780-ending balance as of 9/30/22 $0.01
3. Illinois Police Officer's Pension Investment Fund (IPOPIF)
a. Ending balance as of 9/30/22 $7,072,777.08
APPROVAL OF MINUTES
1. Minutes of August 16, 2022 quarterly meeting.
NEW BUSINESS
1. TREASURER'S REPORT
a. Treasurer's Report as of September 30, 2022 has a total balance of $7,962,312.43 (investments & cash on hand).
b. Check registers for the Checking and Money Market accounts held at Midland States Bank.
c. Amended Budget: Changes noted in blue ink.
d. Audit Updates - Lauterbach and Amen
i. Brad Porter of Lauterbach & Amen reviewed the Fiscal Year 2022 Audit with the City Council on September 26, 2022. There were no findings and all is well.
e. Illinois Department of Insurance (IDOI) Annual Statement - for your review only.
f. Actuarial Valuation
i. MWM - Statutory Minimum Contribution $490,139 & Funded Ratio is 67.34%.
ii. Illinois Department of Insurance
g. Municipal Compliance - Report by Pension Board (40 ILCS 5/3-143)
i. The Required Report by Pension Board to the Municipality on the condition of the fund was given October 24, 2022.
ii. The Pension Board requested from the upcoming tax levy the amount $490,139.
2. APPROVAL OF PAYMENT OF BILLS
a. Approve check #2300 $87.00 to Illinois Dept of Insurance - Compliance Fee
b. Approve check #2301 $100.00 to First Insurance Group
c. Approve check #2302 $5,800.00 to MWM Actuarial Consulting
d. Approve check #2303 $75.00 to Roberto Hernandez - Meeting Minutes
e. Approve check #2304 $2,447.20 to Lauterbach & Amen - 2% of audit fees & IDOI report
f. Approve check #2305 $1,212.50 to Collins & Radja, P.C. - For Retainer
g. Approval of Quarterly Management Investment Fees:
i. Old 2nd Wealth Management $3,316.61
ii. Illinois Police Officer's Pension Investment Fund (IPOPIF) $4.33
3. Contract MWM Consulting Group for Police Pension Actuarial Services. - Need Roll Call Vote
a. Three-year contract at a cost of 2023 $5,700, 2024 $6,000 and 2025 $6,200
4. Cory Christenson
a. Reinstatement of Service from Plano
b. Transfer of Service from Carol Stream to Plano
5. Set Annual Schedule of Meeting Dates
a. February 21, 2023
b. May 16, 2023
c. August 15, 2023
d. November 21, 2023
6. Banking
a. Transfer from Money Market to Investments
OLD BUSINESS
1. Training
a. Gordon Flanigan completed the 16-hours new trustee training on August 23, 2022
2. Current Board
b. Mayor's Appointment: Name and Expiring Terms
i. Gordon Flanigan Term Expires 5/2023
ii. Janet Goehst Term Expires 5/2024
c. Elected: Name and Expiring Terms
i. Retiree Rep: Harry L. Haggard Term Ends 8/2023
ii. Active Rep:
1. Gene Morton Term Ends 8/2023
2. Jonathan Whowell Term Ends 8/2024
d. Current Officers: Name and Expiring Terms
i. President: Herbert Gene Morton Term Ends 8/2023
ii. Vice President: Harry L. Haggard Term Ends 8/2023
iii. Secretary: Jonathan Whowell Term Ends 8/2023
iv. Assistant Secretary: Gordon Flanigan Term Ends 8/2023
v. Security Officer: Zoila Gomez Term Ends 8/2023
vi. FOIA/OMA Officer: Herbert Gene Morton Term Ends 8/2023
ATTORNEY'S REPORT
NEXT MEETING DATE: February 21, 2023 2:00 P.M. PLANO POLICE DEPARTMENT CONFERENCE ROOM
ADJOURN
https://www.cityofplanoil.com/AgendaCenter/ViewFile/Agenda/_11222022-1783
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