City of Princeton Police Pension Board met April 6
City of Princeton Police Pension Board met April 6.
Here is the minutes as provided by the board:
1. The Princeton Police Pension Board held a meeting on Friday 4-6-2018 at 1:00PM at the
Princeton Police Department. Trustee’s present were Gary Swanson, Barry Portman, Erik
Sorenson, and Scott Underwood. Terry Charbonneau was absent. Also present was City
Manager Rachel Skaggs.
2. Minutes from the meeting dated 1-9-2018 were read. Corrections were made. Scott
Underwood made a motion to approve the minutes. Erik Sorenson seconded the motion.
3. There was no treasurer’s report due to the City of Princeton has not appointed a treasurer at
this time. President Gary Swanson provided the board with an updated investment summary.
See the investment summary for details. City Manager Rachel Skaggs told the board the City of
Princeton is looking at hiring Lauterbach & Amen, LLP a CPA accounting firm to be handle the
City Treasurer position. CM Rachel Skaggs introduce to the board Allison Barrett CPA for
Lauterbach & Amen. Allison Barrett gave a presentation to the board of what accounting
services their firm can provided to the PPPF. These services consist of accounting, pension
benefits, and actuarial. Allison Barret provided a proposal of what the cost of these services
would be. See proposal for details. The board addressed the fact to CM Rachel Skaggs that the
treasurer provided the accounting services. This service was not a cost to the PPPF. CM Rachel
Skaggs told the board the City of Princeton would continue to provide the service to the PPPF
but some of the benefits administration & monthly accounting costs may have to be shared.
PPPF will be responsible for actuarial services such as tax levy report and portability. The PPPF
would still be responsible for the IDOI annual statement and municipal compliance report. CM
Rachel Skaggs said the PPPF will have to decide between Lauterbach & Amen’s complete
package or to purchase services as needed. CM Rachel Skaggs and President Gary Swanson
agreed to meet to work on issues concerning the treasurer’s position and what costs the PPPF
would be responsible for.
4. Scott Shirley of AG Edwards addressed the board regarding PPPF investments. For details see
AG Edwards 3-2018 investment report for details. Scott Shirley told the board for the 2018
calendar year stocks are up 1.3%. Federal interest rates went up. Stocks peaked in January
2018 but since then have dropped due to the volatile market. Scott Shirley told the board the
PPPF has a CD maturing in August 2018. Scott Shirley told the board his suggestion would be if
Federal interest rates on CD’s go to 3% or more to liquidate the bond portfolio with AG Edwards
and to purchase CD’s with the available funds.
5. President Gary Swanson reported the board an issue concerning IPPF annual billing. President
Swanson said PPPF board did approve joining the IPPF and paid the fee for 2014 and 2015.
President Gary Swanson said he discovered the Princeton Fire Department belongs to the IPPF
and the PFD fee $775 dollars for 2013 was deducted from the PPPF account. President Gary
Swanson said he has addressed this with CM Rachel Skaggs to recover the $775 dollars.
President Gary Swanson said he has notified IPPF that the PPPF is not interested in joining the
6. IPPF. President Gary Swanson told the board the PPPF does belong to the IPPAC due to the
PPPF has been receiving the required ethics and continuing education training through the
7. The application of Officer Dustin Schail was presented to the PPPF board. Erik Sorenson made a
motion to accept the application. Scott Underwood seconded the motion. Motion carried.
8. The benefit of Laura Tanner was presented to the PPPF board. The calculated benefit if for
$890.78 monthly. The PPPF has received the QUILDRO, benefit calculator form, and consent
form all signed by required parties. Barry Portman made a motion to approve the benefit. Erik
Sorenson seconded the motion. Motion carried.
9. President Gary Swanson notified the board IPPAC was having a seminar in May in the Quad
Cities and that two days of the seminar would cover the ethics and continuing education
training. It was decided to wait till the training dates became available in Peru, Illinois.
10. PPPF board discussed funds available for investments. The board felt the PPPF available cash
was needed at this time to cover expenses through August 2018 and if other funds were needed
the funds could be obtained out of the Central Bank Savings account.
11. Barry Portman told the board former police officer Aaron Queciagrossa needs to be contacted
concerning refunding his pension contributions. Barry Portman and Scott Underwood agreed to
contact him concerning this matter.
12. Erik Sorenson made a motion to adjourn the meeting. Barry Portman seconded the motion.
Motion carried. The meeting was adjourned on 4-6-2018 at 2:40pm