McHenry Times

City of McHenry Police Pension Board of Trustees met Oct. 18.

Here are the minutes provided by the board;

Call to Order

The special meeting of the City of McHenry Police Pension Board of Trustees was called to order at 8:30 a.m. at McHenry City Hall, 333 S Green St, McHenry, IL.

Roll call:

Members present: President Jeffery Foerster, Sergeant Nick Clesen, Cheryl Kranz, Officer Robert Beaudoin, Thomas Settles. Others present: Monte Johnson, Carolyn Lynch, Kevin Cavanaugh of Lauterbach & Amen

Public Input:

No members of the public were present to offer comments.

Transfer of $500,000 from Illinois Funds to checking to cover expenses through January 10, 2023 A motion was made by Cheryl Kranz and seconded by Thomas Settles to approve the transfer of $500,000 from Illinois Funds to checking to cover expenses through January 10, 2023. Roll Call Vote: 5- ayes: Jeff Foerster, Sergeant Clesen, Cheryl Kranz, Officer Beaudoin, Thomas Settles. Motion carried.

Presentation of Actuarial Valuation Report and recommendation to forward Pension Fund Tax Levy request to McHenry City Council

Kevin Cavanaugh was present from Lauterbach & Amen to present this year’s actuarial valuation report. Last year’s recommended contribution was $625,600, and this year’s recommended contribution is $620,960, for a decrease of 0.74%. He explained that this was a difficult investment year, but the five year average helps spread it out. The pension fund is over 100% funded again this year. Funds were at 104%, and we are at 98.43% market value due to the bad investment year.

For our fund we are at a unique position because we are 100% funded. We do not need to make a payment for the unfunded liability. This year is also unusual because the statutory contribution is actually higher than the recommended contribution. The rate of return for the past year was -6.21%, and we expect to have 7%. All twelve of the presentation slides were reviewed and questions were answered from the Commission.

A motion was made by Thomas Settles and seconded by Officer Beaudoin to request the alternative contribution of $671,455 to the McHenry City Council. Roll Call Vote: 5-ayes: Jeff Foerster, Sergeant Clesen, Cheryl Kranz, Officer Beaudoin, Thomas Settles. Motion carried.

Motion to Adjourn

A motion was made by Sergeant Clesen and seconded by Thomas Settles to adjourn at 8:55 a.m. Roll Call Vote: 5-ayes: Jeff Foerster, Sergeant Clesen, Cheryl Kranz, Officer Beaudoin, Thomas Settles. Motion

https://cms8.revize.com/revize/mchenryil/Document_Center/BoardDocs/Police%20Pension/Minutes%2010-18-22.pdf