HomeMy WebLinkAbout08-09-21 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Administration Conference Room
55 West Tompkins Street, Galesburg, Illinois
August 9, 2021
10:30 a.m.
Call to order by President Jim Pendergast at 10:30 a.m.
Physically Present:Jim Pendergast,John Seitz,and Mike Whitson.Absent:Kelli Bennewitz and
Jeremy Karlin. Others Present: Alex Courtney, Larry Richey (via phone), Bruce Ebel (via phone).
Larry Richey reported the following information from the June 30, 2021, investment review:
Account Summary
●Fund balance finished the period at $27.458 million.
●The quarter-to-date performance was approximately 3.4 percent with approximately
$934 in appreciation.
●The latest one-year performance was approximately 19 percent with approximately
$4.446 million in appreciation.
●The 3 year performance was approximately 9%with approximately $6.5 million in
appreciation.
●The net performance since inception was approximately 6.9%with approximately $23
million in appreciation.
A copy of the performance review has been attached to this official record.
Alex Courtney presented the financial statements for the period ending June 30,2021.Total
assets are $28,440,846 and total liabilities are $287,288.Net position-restricted pension
benefits are $28,153,558.He also provided a transaction report for the period of April -June
2021.
James Pendergast moved,seconded by John Seitz,to approve the financial statement as of June
30, 2021. The motion carried.
John Seitz moved,seconded by James Pendergast,to approve the minutes from the May 3,
2021, meeting. The motion carried.
John Seitz moved,seconded by James Pendergast,to approve a resolution for FPIF to take
custody of,manage,and invest all securities,funds,assets,and monies representing permanent
or temporary investments of the Pension Fund.
___________________________________________________________________________________________________________________________________________________________________________________________
Galesburg Firefighters’ Pension Fund Page 1 of 2
New Business
A presentation of the Actuary was given by Anthony Gedvillas from Lauterbach & Amen.
A motion was made by John Seitz, seconded by James Pendergast to approve a resolution
recommending to the City Council a tax levy of $3324,323 as recommended by the actuary
Lauterbach & Amen. The motion carried.
Next meeting will be November 1,2021.There was discussion on moving the meetings back to
9 a.m.
James Pendergast moved,seconded by John Seitz,to approve the retirement of Gary Nelson on
May 27, 2021, with a salary of $3,814.67. The motion carried.
Public Comment – None.
There being no further business, the meeting adjourned at 11:33 a.m.
______________________________________________________________
Jim Pendergast, President Kelli R. Bennewitz, Secretary
___________________________________________________________________________________________________________________________________________________________________________________________
Galesburg Firefighters’ Pension Fund Page 2 of 2