Kendall County Times

City of Plano Police Pension Board met Nov. 19.

Here is the agenda provided by the board:

CALL TO ORDER

ROLL CALL

GUESTS

APPROVAL OF MINUTES

1. Minutes of August 20, 2024 quarterly meeting

NEW BUSINESS

1. Treasurer’s Report

a. Treasurer’s Report as of September 30, 2024 has a total balance of $11,362,748.68 (investments & cash on hand)

i. Midland States Bank Checking ending balance $250,024.59 (APY 0.12%)

ii. Midland States Bank ICS Sweep ending balance $978,899.50 (APY 4.16%)

iii. BMO Lauterbach Checking ending balance $37,782.08 (APY 0%)

iv. IPOPIF ending balance $10,096,042.51 (ROI-QTD 6%)

b. Revenue and Expenditure Report – for your review

c. Amended Budget – for your review only

d. 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 to the City Council on October 28, 2024

ii. The Pension Board requested from the upcoming tax levy the amount of $780,318 pursuant to MWM Actuarial Valuation Contribution Required to Prevent Negative Funding

2. Approval Of Payment of Bills

a. Approve $100.00 to Roberto Hernandez - Meeting Minutes

b. Approve $825.00 to IPPFA - Annual Membership Dues

c. Approve $987.50 to Radja Collins Law - For Retainer

d. Approve $150.00 to Lauterbach & Amen - July Benefit Administration Fee

e. Approve $44.00 to Lauterbach & Amen - 2% of audit fees

f. Approve $2,600.00 to Lauterbach & Amen - IDOI pension report

g. Approve $300.00 to Lauterbach & Amen - August & September Benefit Administration Fee

h. Approve $150.00 to Lauterbach & Amen - October Benefit Administration Fee

i. Approve $45.67 to BMO – Account Analysis Fee

j. Approval of Quarterly Management Investment Fees:

i. IPOPIF $1,502.39

3. Transfer of Service

a. Brian Rolls requested to calculate the transfer of creditable service from Plano to Lisle

b. Rolls would need to repay Plano $93,486.71 to reinstate his service

c. Plano would then remit $259,611.36 to Lisle

d. Approve payment to Lisle if Brian Rolls reinstates his Plano service

4. Banking

a. BMO CD-0458 Matured on 9/23/24, with principal of $300,000 and interest of $16,648.20

b. BMO CD-0458 was cashed and placed at Midland bank

c. Cash Transfer from Midland to IPOPIF? If so, I recommend to keep $600,000 cash on hand.

5. Correspondence

a. Lauterbach & Amen

i. Memo of 1099-R coding / Re-employment

1. On 10/14/24 Lauterbach was informed Plano doesn’t have re-employed pensioners.

ii. Memo of 1099-R Reporting of Pension Benefit (Box 7 code 1)

b. IPPFA Heroes Holiday Gala will be held December 12, 2024

c. IPPFA Conference Dates are scheduled for May 7 – 9, 2025, with golf outing on May 6th.

d. IPOPIF Certification Memo

6. Set Annual Schedule of Meeting Dates

a. February 18, 2025

b. May 20, 2025

c. August 19, 2025

d. November 18, 2025

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 8/2026

c. Current Officers: Name and Expiring Terms

i. President: Gene Morton Term Ends 8/2025

ii. Vice President: Harry L. Haggard Term Ends 8/2025

iii. Secretary: Gordon Flanigan Term Ends 8/2025

iv. Assistant Secretary: Randall Klatt Term Ends 8/2025

v. Security Officer: Tracy Iversen Term Ends 8/2025

vi. FOIA/OMA Officer: Gene Morton Term Ends 8/2025

ATTORNEY’S REPORT

1. Rules and Regulations for the Pension Fund

NEXT MEETING DATE: February 18, 2025 at 2:00 PM Plano Police Department Conference Room

ADJOURN

https://www.cityofplanoil.com/AgendaCenter/ViewFile/Agenda/_11192024-2073