Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Finance topic
No spam. Unsubscribe anytime.
Huntley Police Pension Board approves $1.05 million in disbursements, sets BMO cash thresholds
Summary
The Huntley Police Pension Fund Board on April 27 accepted monthly financials showing a $15.6 million trust balance, approved $1,048,524.63 in vendor disbursements, declined repeat monthly withdrawals from IPOPIF and set a $140,000–$150,000 target for the BMO Harris account.
The Huntley Police Pension Fund Board of Trustees on April 27 accepted a monthly financial report showing $15,555,859.85 held in trust as of Feb. 28, 2023, and approved vendor disbursements totaling $1,048,524.63.
Lauterbach & Amen pension services administrators Declan Harkin and Alex Kielion presented the financial materials. The report showed a change in trust position of $307,514.08 for the reporting period and included a cash analysis, revenue and expense reports, member contribution and payroll journals, and a vendor check report. Trustee Heagney moved to accept the report and Trustee Mraz seconded; the motion carried by roll call vote with Trustees Heagney, Hewitt and Mraz voting aye (Trustees Haley and Lanute were absent).
The Board reviewed two additional invoices and approved them: Asher, Gittler & D'Alba invoice #40880 for $850 for legal services and Foster & Foster invoice #26674 for $300 for a true-cost calculation for Logan Frank.
On cash management, the Board declined to participate in repeat monthly withdrawals from the Illinois Police Officers' Pension Investment Fund (IPOPIF). Trustees directed Lauterbach & Amen to maintain a minimum balance of $140,000 and a maximum balance of $150,000 in the Fund's BMO Harris account and to transfer any excess above $150,000 to IPOPIF for investment.
The Board also reviewed investment performance materials: Verus Advisory, Inc.'s IPOPIF Investment Performance Review (period ending Feb. 28, 2023) and State Street statements. The materials cited a broad IPOPIF ending market value of $8,858,278,672 and the Fund's reported market value of $14,515,686.90, with a month-to-date net return of (2.22%).
The Board had no public comment and no retirement or disability applications were filed. The next regular meeting is scheduled for July 27, 2023 at 4:00 p.m.
