Plano City Mayor Michael (Mike) Rennels | Plano IL Area Chamber of Commerce / Facebook
Plano City Mayor Michael (Mike) Rennels | Plano IL Area Chamber of Commerce / Facebook
City of Plano Police Pension Board met Aug. 20.
Here is the agenda provided by the board:
CALL TO ORDER
ROLL CALL
GUESTS
APPROVAL OF MINUTES
1. Minutes of May 21, 2024 quarterly meeting
NEW BUSINESS
1. Lauterbach & Amen Report
a. Active Member Statements
b. Discussion/Possible Action – Benefit Discrepancies
c. Correct the “effective date of pension benefit” for
i. Barks to April 14, 2024
ii. Flanigan to October 13, 2024
iii. Whowell to January 7, 2024
d. Harry L Haggard discussion of total pensionable salary review
2. Treasurer’s Report
a. Treasurer’s Report as of June 30, 2024 has a total balance of $10,624,960.80 (investments & cash on hand)
i. Illinois Police Officer’s Pension Investment Fund ending balance $9,031,682.76
ii. Arbitrage Management Group ending balance $ 131.78 - Closed account on 7/15/24
iii. Midland States Bank Checking ending balance $250,054.59
iv. Midland States Bank ICS Sweep ending balance $1,031,693.23
v. BMO CD (Mature Date 9/23/24) ending balance $311,398.44
vi. BMO Lauterbach Checking ending balance $0 – Opened account
b. Revenue and Expenditure Report for period ending 6/30/24– for your review
c. Amended Budget – will start before the next meeting and need approval to make necessary adjustments
d. Annual Report by Treasurer (40 ILCS 5/3 141)
e. Audit Updates: Lauterbach & Amen have completed field work for the FY’24 audit
f. Actuarial Valuation
i. MWM
ii. IPOPIF
3. Approval Of Payment of Bills
a. Approve $100.00 to Roberto Hernandez - Meeting Minutes
b. Approve $6,000.00 to MWM - Actuarial Consulting
c. Approve $500.00 to Lauterbach & Amen – Setup Benefit Administration
d. Approve $488.00 to Lauterbach & Amen - 2% of audit fees
e. Approve $800.00 to Radja Collins Law – For Retainer
f. Approval of Quarterly Management Investment Fees:
i. IPOPIF $1,071.70
4. Membership Applications
a. Brittany Stankus, Tier 2, Hire Date: August 13,2024
5. Banking
a. Update on cash transfer to IPOPIF as approved at the February 20, 2024 meeting
b. Transfers from Midland Checking to BMO Lauterbach Checking
i. Approve initial transfer of $200,000 - to cover one quarter of payments
ii. Approve to replenish quarterly
6. Correspondence
a. IPOPIF Save The Date
7. Training
a. Sexual Harassment
i. Public Act 101-0221 amended the Illinois Human Rights Act ("IHRA") requiring: Illinois employers to provide annual sexual harassment prevention training by December 31, 2020 and annually thereafter. – Training is attached for your review - Need Signature Sheets
b. Cyber Security Training
i. Public Act 102-0753 was signed into law on May 6, 2022: Effective January 1, 0223 this law requires each employee of a municipality to complete a cyber security training program. – Training is attached for your review - Need Signature Sheets
c. IPPAC Pension Conference (new trustee training is 16-hours, others 8-hours annually plus 4 hours Consolidation Training)
i. All trustees attended the IPPFA training, certificates are attached
8. Election
a. Election Held on July 7, 2024 and only one nomination for the position was received, New Active Rep is Tracy Iversen and Term Expiring 8/2026
b. Current Board Election: Name and Expiring Terms
i. Retiree Rep:
ii. Officers:
1. President
2. Vice President
3. Secretary
4. Assistant Secretary
5. Security Officer
6. FOIA/OMA Officer
OLD BUSINESS
1. Current Board
a. Mayor’s Appointment: Name and Expiring Terms
i. Gordon Flanigan Term Expires 5/2025
ii. Randall Klatt Term Expires 5/2026
b. Elected: Name and Expiring Terms
i. Retiree Rep: Harry L. Haggard Term Ends 8/2025
ii. Active Rep:
1. Gene Morton Term Ends 8/2025
2. Tracy Iversen Term Ends 8/2024
c. Current Officers: Name and Expiring Terms
i. President: Gene Morton Term Ends 8/2024
ii. Vice President: Harry L. Haggard Term Ends 8/2024
iii. Secretary: Gordon Flanigan Term Ends 8/2024
iv. Assistant Secretary: Randall Klatt Term Ends 8/2024
v. Security Officer: Zoila Gomez Term Ends 8/2024
vi. FOIA/OMA Officer: Gene Morton Term Ends 8/2024
ATTORNEY’S REPORT
1. Article 3 Police Survivor Pension
2. Rules and Regulations for the Pension Fund
NEXT MEETING DATE:
November 19, 2024 at 2:00 PM Plano Police Department Conference Room
ADJOURN
https://www.cityofplanoil.com/AgendaCenter/ViewFile/Agenda/_08202024-2037