McHenry Times

City of Woodstock Police Pension Board met Jan. 10 

Here are the minutes provided by the board:

The Quarterly Meeting of the Woodstock Police Pension Board was called to order by President Dennis Leard at 6:00 PM on Tuesday, January 10, 2023 via video conference in accordance with Section 6 of Governor Pritzker’s Executive Order 2020-07 (COVID-19 Executive Order No. 5) for the purposes set forth in the posted agenda.

Notice of this meeting was posted forty-eight hours in advance on the City of Woodstock’s website and in the Woodstock Police Department. All Board members were notified of this meeting.

Board Members Present: Gordon Knapp, Dennis Leard, Terri Abrams, Jeremy Mortimer, Joshua Fourdyce.

Board Members Absent: None.

Others Present: John Motylinksi, Attorney.

Staff Present: Deputy City Manager/ Executive Director of Strategy & Planning Paul Christensen, Administrative Assistant Paola Ramirez.

Public Comment: None.

Acceptance of Minutes: T. Abrams made a motion to approve the minutes from the October 11, 2022 regular meeting. Seconded by G. Knapp. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Destruction of Remote Open Meeting Recordings: P. Christensen discussed date eligibility for destruction of recorded meetings. P. Christensen advised that after 18 months, recordings of meetings may be destroyed. Mr. Christensen advised that recordings held from April 20, 2020 through July 13, 2021 are eligible.

Motion by J. Mortimer for the destruction of eligible audio recordings, seconded by J. Fourdyce. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Review of closed session minutes: P. Christensen and Attorney J. Motylinksi discussed unsealing the inventory of closed executive meetings dated June 2, 2009 through May 24, 2010.

Motion by J. Mortimer to unseal the closed meetings, seconded by J. Fourdyce. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Accountant/Treasurer’s Report 

Review of Financial Statements – P. Christensen displayed and shared the financial statements. He indicated that there is $509,379.41 cash in the bank. He indicated that the $26,688,605.29 was what IPOPIF valued the investments at the point in time of the transfer. P. Christensen advised that IPOPIF has not updated the account balance online. He shared that there was an investment loss of $1,293.566.66 since the transfer.

Payment of Bills – P. Christensen explained the payroll warrant from October 1, 2022 through December 31, 2022. He discussed payment of bills totaling $50,711.86.

Motion by J. Mortimer for payment of bills and acceptance of the financial statements, seconded by T. Abrams. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Investment Reports 

Receipt and Transfer and Reconciliation of Market Value of Assets – Attorney Motylinksi, discussed the IPOPIF performance summary as of December 7, 2022.

IPOPIF Statements – No statements available as of October 11, 2022.

Communication and Reports – Status of Affidavits of Continued Eligibility P. Christensen stated he will update the board at the next meeting regarding the status of the Affidavits of Continued Eligibility.

Applications for Membership/Withdrawals from Fund: 

Carlo Minniti 

Motion by J. Mortimer to authorize Paul Christensen to transfer funds to IMRF in the amount of $44,823.16 for Carlo Minniti, seconded by J. Fourdyce. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Christopher Naatz

Motion by J. Mortimer to authorize Paul Christensen to transfer funds to IMRF in the amount of $43,116.96, seconded by J. Fourdyce. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Applications for Retirement/Disability Benefits: P. Christensen discussed the Pension Division Benefit Calculator report for Fred Eiselstein.

Motion by J. Mortimer to approve a pension award to Fred Eiselstein subject to J. Mortimer receiving all and any required retirement application, seconded by J. Fourdyce. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

New Business 

Actuarial Valuation by Foster & Foster – P. Christensen stated that under the new statute, the minimum contribution levels determined by the State as part of the consolidation has been revoked from both the Pension Board as well as the City, to be set by IPOPIF. Mr. Christensen advised that $1,582,760 would be the minimum requited contribution.

Motion by T. Abrams to accept the actuarial report by Foster & Foster, seconded by G. Knapp. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Engagement and Retainer letter for Ottosen DiNolfo – Attorney Motylinksi stated that the formal letter would be presented at the April 2023 meeting.

Review Trustee term expirations and election procedures – Attorney Motylinksi advised that Gordon Knapp’s term ends December of 2023. J. Fourdyce advised he will be resigning from the board. Due to his resignation, a special election will need to be held to fill the vacancy.

Attorney’s Report 

Update on Consolidation Lawsuit – Attorney Motylinksi advised that there was no update on the consolidation lawsuit.

Pension Insights – Attorney Motylinksi shared information on interim disability in the event of needing “In the line of duty” or non-duty disability. This sets the baseline for a disability claim while the board determines if “in the line of duty” or non-duty disability pension is needed.

Closed Session – None.

President Leard questioned whether the Board will continue membership with IPPFA. P. Christensen advised there is an invoice to pay should the board decide to renew its membership. The Board decided not to renew with the option to renew if needed in the future.

Adjournment 

Motion to adjourn the meeting presented by T. Abrams, seconded by G. Knapp. A roll call was taken.

Ayes: Gordon Knapp, President Dennis Leard, Terri Abrams, Joshua Fourdyce, Jeremy Mortimer.

Nays: None.

Abstentions: None.

Absentees: None.

Motion Carried.

Motion carried. Meeting adjourned at 6:34 PM.

https://www.woodstockil.gov/sites/default/files/fileattachments/police_pension_board/meeting/46520/12._f_-_1-10-23_police_pension_board_-_part_1_of_1_-_minutes.pdf