HomeMy WebLinkAbout05-03-21 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Administration Conference Room
55 West Tompkins Street, Galesburg, Illinois
May 3, 2021
10:30 a.m.
Call to order by Vice President John Seitz at 10:30 a.m.
Physically Present:Kelli Bennewitz,John Seitz,and Mike Whitson.Absent:Jeremy Karlin and
Jim Pendergast. Others Present: Kelly Weller, Alex Courtney, Larry Richey (via phone).
Secretary Bennewitz reported the election results for the one active member term:
Seitz - 14 votes
O’Daniel - 1 vote
Maher - 1 vote
Mike Whitson moved, seconded by Kelli Bennewitz, to keep the current officers:
Jim Pendergast - President
John Seitz - Vice President
Kelli Bennewitz - Secretary
The motion carried.
Kelly Weller reported the following information from the December 31,2020,investment
review:
Account Summary
●Fund balance finished the period at $27.143 million.
●The quarter-to-date performance was approximately 2 percent with approximately $497
in appreciation.
●The latest one-year performance was approximately 30 percent with approximately
$6.180 million in appreciation.
●The equity location at approximately 53.3 percent is slightly overweight to the target of
52 percent.
●The fixed income allocation was approximately 42.2 percent,slightly lower than the
target of 45 percent.
A copy of the performance review has been attached to this official record.
Alex Courtney presented the financial statements for the period ending March 31,2021.Total
assets are $28,011,738 and total liabilities are $282,611.Net position-restricted pension
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benefits are $27,729,127.He also provided a transaction report for the period of January -
March 2021.
Kelli Bennewitz moved,seconded by John Seitz,to approve the financial statement as of March
31, 2021. The motion carried.
Mike Whitson moved,seconded by John Seitz,to approve the minutes from the February 1,
2021, meeting. The motion carried.
Kelli Bennewitz moved,seconded by John Seitz,to approve an accounting services contract with
Courtney & Aldrich, LLC. The motion carried.
John Seitz moved,seconded by Mike Whitson,to approve a resolution to appoint Jim
Pendergast and Kelli Bennewitz as authorized agents to communicate with FPIF and to facilitate
information sharing between each pension fund's vendors and FPIF and its vendors.
The board received an annual treasurer ’s statement for the fiscal year beginning January 1,
2020, through December 31, 2020, from Gloria Osborn,City Treasurer.
New Business
Next meeting will be August 2,2021.There was discussion on moving the meetings back to 9
a.m.
The board received the unaudited annual statement from the Department of Insurance for fiscal
year January 1, 2020, through December 31, 2020.
Kelli Bennewitz moved,seconded by Mike Whitson,to approve the applications for admission
to the Pension Fund for Daniel Cervantez and Delbert Wells. The motion carried.
Public Comment – None.
There being no further business, the meeting adjourned at 11:28 a.m.
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Jim Pendergast, President Kelli R. Bennewitz, Secretary
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