HomeMy WebLinkAbout02-01-21 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Administration Conference Room
55 West Tompkins Street, Galesburg, Illinois
February 1, 2021
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.Absent:
Jeremy Karlin.Present via Google Meet:Larry Richey.Others Present:Joe Brignall,Abby
Slagel, Kelly Weller and Alex Courtney.
Alex Courtney presented the financial statements for the period ending December 31,2020.
Total assets are $28,296,743 and total liabilities are $270,561.Net position-restricted pension
benefits are $28,026,182.He also provided a transaction report for the period of October -
December 2020.
John Seitz moved,seconded by Mike Whitson,to approve the financial statement as of
December 31, 2020. The motion carried.
John Seitz moved,seconded by Mike Whitson,to approve the minutes from the November 2,
2020, meeting. The motion carried.
New Business
Mike Whitson moved,seconded by John Seitz,to approve the retirement of Bradley S.
Stevenson on January 20, 2021, with a base pension of $5,960.44. The motion carried.
Mike Whitson moved,seconded by Kelli Bennewtiz,to approve the following meeting dates for
2021: May 3rd, August 2nd, and November 1st. The motion carried.
John Seitz moved,seconded by Mike Whitson,to approve 48 cost of living wage adjustment
increases for retirees totalling $6,417.37. The motion carried.
Secretary Bennewitz reported that John Seitz’s term will expire on April 30,2021.A notice will
be posted at the end of March inquiring about any interest in the position from active
firefighters. Any names received will be placed on the ballot and mailed the first of April.
Kelli Bennewitz left the meeting at 10:45 a.m.
Kelly Weller reported the following information from the December 31,2020,investment
review:
Account Summary
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●The managed account fund balance finished the period at $23.7 million with
approximately $2.05 million in dollar appreciation.
●This represents an 8.28% net gain for the trailing three-month period.
●Net year-to-date performance was 11.09%with an estimated $2.662 million in dollar
appreciation.
●Net five-year performance was 8.24%with an estimated $9.029 million in dollar
appreciation.
Asset Class Performance
●The equity allocation was 51%, slightly under the target allocation of 52%.
●The portfolio’s equities gained approximately 13.8 % annualized over the last year.
The pension fund’s portfolio showed an ending market value of $26,664,769 as of December
31,2020.The fund is showing 42.9%in fixed income,50.8%in equity investments and 6.4%in
cash.
A copy of the performance review has been attached to this official record.
Old Business
Public Comment – None.
There being no further business, the meeting adjourned at 11:18 a.m.
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Jim Pendergast, President Kelli R. Bennewitz, Secretary
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