City of Plano Plano Police Pension Board met Feb. 21.
Here is the agenda provided by the board:
CALL TO ORDER
ROLL CALL
GUESTS
INVESTMENT REPORTS
1. Arbitrage Management Group (AMG)
a. Meet Virtually
2. Mitchell, Vaught and Taylor, Inc.
a. AC #1780 – ending balance as of 12/31/22 $0.01 – Request sent to close account
3. Illinois Police Officer’s Pension Investment Fund (IPOPIF)
a. Ending balance as of 12/31/22 $7,550,325.05, an increase of $477,547.97 from 9/30/22
APPROVAL OF MINUTES
1. Minutes of November 22, 2022 quarterly meeting
NEW BUSINESS
1. Treasurer’s Report
a. Treasurer’s Report as of December 31, 2022 has a total balance of $8,445,061.19 (investments & cash on hand)
b. Check registers for the Checking and Money Market accounts held at Midland States Bank
c. FY’24 Original Budget – projections and requested amounts are noted for your review
d. Fiduciary Liability Insurance Renewal
2. Approval Of Payment of Bills
a. Approve check #2306 $500,000.00 to Wedbush/AMG – Transfer for higher interest earnings
b. Approve check #2307 $75.00 to Roberto Hernandez - Meeting Minutes
c. Approve check #2308 $120.75 to Ron Vander Band - H&R Block Tax Service & Postage
d. Approve check #2309 $800.00 to Collins & Radja, P.C. - For Quarterly Retainer
e. Approve check #2310 $3,002.00 to Alliant - Fiduciary Liability Insurance
f. Approval of Quarterly Management Investment Fees:
i. Illinois Police Officer’s Pension Investment Fund (IPOPIF) - None
3. Membership Applications
a. Vince Ochoa, Tier 2, Hired on January 8, 2023
4. Banking
a. Arbitrage Management – Completed the new account application and issued a check for $500,000.00 to gain higher interest earnings; with a 6-month security at 4.65% and a 10- month security at 4.7%
b. Midland Bank – Switched the Money Market into an Insured Cash Sweep (ICS) account to gain higher interest earnings (at approximately 3.14%). The Checking Account will maintain a minimum balance of $250,000 then any excess will be swept into the ICS account; it is a bank requirement to keep a balance of $250,000
5. Training
a. IPPAC 26th Annual Spring Conference will be held Wednesday, May 31, 2022 and Thursday June 1, 2022 to cover the 8-Hour Continuing Education for Current Pension Board Members
i. Who will attend?
ii. # Of Days for Per-diem
iii. # Of Days for Hotel Reservations
6. Correspondence
a. Statement of Economic Interest - The County Clerk’s office is requesting Board members file one in accordance with the Illinois Governmental Ethics Act no later than May 1, 2023
i. Fill out distributed document to comply
OLD BUSINESS
1. 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
2. Schedule of Meeting Dates
e. February 21, 2023
f. May 16, 2023
g. August 15, 2023
h. November 21, 2023
ATTORNEY’S REPORT
NEXT MEETING DATE: May 16, 2023 2:00 P.M. PLANO POLICE DEPARTMENT CONFERENCE ROOM
https://www.cityofplanoil.com/AgendaCenter/ViewFile/Agenda/_02212023-1822
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