HomeMy WebLinkAbout11-02-20 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Administration Conference Room
55 West Tompkins Street, Galesburg, Illinois
November 2, 2020
10:30 a.m.
Call to order by President Jim Pendergast at 10:30 a.m.
Physically Present:Kelli Bennewitz,Jim Pendergast,John Seitz,and Mike Whitson.Present via
Google Meet: Jeremy Karlin and Larry Richey. Others Present: Kelly Weller and Alex Courtney.
Kelly Weller reported the following information is from the September 30,2020,investment
review:
General Economy
●Unemployment is currently at 7.9 percent with approximately 12 million people filing
claims.
●Volatility is up in the market due to the election and the virus.
Equity
●Seven global tech companies are driving the success in the market.
●While the S&P 500 declined 3.8 percent in September,the third quarter retained its
strong gains of 8.9 percent.
Fixed Income
●The yield on 10-year US Treasury bonds started 2020 at 1.88 percent and hit an all-time
low in July. It now seems to be stabilizing around .70 percent.
The pension fund’s portfolio showed an ending market value of $23,670,455 as of September
31,2020.The fund is showing 42.3%in fixed income,54.4%in equity investments and 3.4%in
cash.
A copy of the performance review has been attached to this official record.
John Seitz moved,seconded by Jeremy Karlin,to approve the minutes from the August 3,2020,
meeting. The motion carried.
Alex Courtney presented the financial statements for the fund ending September 30,2020.
Total assets are $26,514,164 and total liabilities are $270,331.Net position-restricted pension
benefits are $26,243,833.He also provided a transaction report for the period July -September
2020.
John Seitz moved,seconded by Jeremy Karlin,to approve the financial statement as of June 30,
2020. The motion carried.
Old Business
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New Business
Secretary Bennewitz reported the death of retired Fire Chief Dale May on July 23,2020.She
also reported the death of widow Bonnie Lockhart on October 18, 2020.
Bennewitz stated that the fund had a life insurance annuity on Anita Carlton.Gloria Osborn,
City Treasurer,was asked to transfer $960,000 from our F&M Bank account to the US Bank
Trust Account.Due to the receipt of funds from the annuity the fund carried on Carlton,we
had exceeded our target cash range.
Jeremy Karlin moved,seconded by John Seitz,to approve the Municipal Compliance Report for
the fiscal year ended December 31, 2019, from Lauterbach & Amen. The motion carried.
Public Comment – None.
There being no further business, the meeting adjourned at 11:14 a.m.
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Jim Pendergast, President Kelli R. Bennewitz, Secretary
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