HomeMy WebLinkAbout01-03-20 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Administration Conference Room
55 West Tompkins Street, Galesburg, Illinois
January 3, 3030
9:00 a.m.
Call to order by President Jim Pendergast at 9:00 a.m.
Present:Kelli Bennewitz,Jeremy Karlin,Jim Pendergast,John Seitz,and Mike Whitson.Others
present: Kelly Weller and Joe Brignall.
The Board and Kelly Weller discussed the pension consolidation and the fact that everyone is in
a waiting mode for likely the next 30 months.
Weller reviewed the pension fund’s portfolio showing an ending market value of $22,710,209
as of December 31,2019.The fund is showing 42.8%fixed income,53%equity investments and
4.2% cash. Other items noted:
●The GDP is expanding at 2.1 percent and has seen the best decade with no recession
●Phase one of the tariff agreement sare boosting confidence in trade flows.
●Unemployment is at 3.5%.
●The S&P 500 gained 31.5 percent on a total return basis in 2019.
A copy of the performance review has been attached to this official record.
Weller distributed information on the new Sustainable Investing Act,which passed the Illinois
legislature and was signed by Governor Pritzker in August,2019.Public Act 101-473,provides
that all state and local government entities,including pension funds,that hold and manage
public funds should integrate material,relevant,and useful sustainability factors into their
policies,processes,and decision-making.The Act provides a stronger focus on labor rights and
human capital factors, including responsible contractor policies.
Language on the act will be incorporated into the Fund’s Investment Policy,which will be
presented as a red-line version at the next meeting.
John Seitz moved,seconded by Mike Whitson,to approve the minutes from the November 4,
2019, meeting. The motion carried.
John Seitz moved,seconded by Jeremy Karlin,to receive the statement of account through
October 31, 2019.
Old Business
None
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New Business
Kelli Bennewitz moved,seconded by John Seitz,to approve the 2020 meeting dates.The
motion carried.
Bennewitz reported that the election for a retiree appointment for the board will take place on
April 20th.All retirees will be mailed a ballot.Mike Whitson stated that he would be willing to
stay on the board, but will also check with other retirees on their interest.
Jeremy Karlin moved,seconded by Mike Whitson,to approve annual cost of living increases to
fifty retirees in the total amount of $6,632.42. The motion carried.
Public Comment – None.
There being no further business, the meeting adjourned at 10:05 a.m.
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Jim Pendergast, President Kelli R. Bennewitz, Secretary
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