HomeMy WebLinkAbout11-01-21 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Administration Conference Room
55 West Tompkins Street, Galesburg, Illinois
November 1, 2021
10:30 a.m.
Call to order by President Jim Pendergast at 10:30 a.m.
Physically Present:Jim Pendergast,Kelli Bennewit,and Mike Whitson.Absent:John Seitz and
Jeremy Karlin. Others Present: Alex Courtney and Abby Slagel.
The board discussed the recent unexpected passing of Larry Richey.Flowers were sent to the
visitation.
Hayley Flaherty, Marketing & Client Service Associate, Great Lakes Advisors, LLC, did send an
investment review as of September 30, 2021.
Account Summary
●Fund balance finished the period at $27,066,137.89.
●Interest accrued for the quarter was $55,095.48.
●The quarter-to-date performance was approximately -1.12%with a net loss of
$$301,312.45.
●Allocation by asset class was 4.6% in cash, 52.6% in equities, and 42.8% in fixed income.
A copy of the performance review has been attached to this official record.
Alex Courtney presented the financial statements for the period ending September 30,2021.
Total assets are $29,398,785 and total liabilities are $287,450.Net position-restricted pension
benefits are $29,111,335.He also provided a transaction report for the period of July -
September 2021.
Discussion was held on the 90-day recommended amount of cash kept locally at F&M Bank and
as suggested by FPIF.The board was of consensus that six months would be better but that a
rule is likely expected to come down the pike after the first of the year.A question was raised
about the Funds two annuities (Tyke Jordan) and whether or not the Fund would retain those.
Mike Whitson moved,seconded by James Pendergast,to approve the financial statement as of
September 30, 2021. The motion carried.
Mike Whitson moved,seconded by James Pendergast,to approve the minutes from the August
2, 2021, meeting. The motion carried.
New Business
___________________________________________________________________________________________________________________________________________________________________________________________
Galesburg Firefighters’ Pension Fund Page 1 of 2
Both Whitson and Pendergast attended training through AFFI on October 26th. Whitson noted
that there is new training for social security as well.
Kelli Bennewitz moved,seconded by Mike Whitson,to approve the application into the fund of
new firefighter Nick Morrisey. The motion carried.
Kelli Bennewitz moved,seconded by Mike Whitson,to approve a three-year agreement for
actuarial services from Lauterbach & Amen. The motion carried.
Public Comment – None.
There being no further business, the meeting adjourned at 11:16 a.m.
______________________________________________________________
Jim Pendergast, President Kelli R. Bennewitz, Secretary
___________________________________________________________________________________________________________________________________________________________________________________________
Galesburg Firefighters’ Pension Fund Page 2 of 2