HomeMy WebLinkAbout02-07-22 Meeting Minutes___________________________________________________________________________________________________________________________________________________________________________________________
Galesburg Firefighters’ Pension Fund Page 1 of 2
Galesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Erickson Conference Room
55 West Tompkins Street, Galesburg, Illinois
February 7, 2022
10:30 a.m.
Call to order by President Jim Pendergast at 10:30 a.m.
Present: Jim Pendergast, Kelli Bennewitz, John Seitz, and John Cratty (via Google Meet). Others
Present: Alex Courtney.
Secretary Bennewitz announced that John Cratty had been elected as the new retiree
representative. The following results were read:
Cratty - 10
Cowan - 6
Hoffman - 8
Sexton - 3
Marty - 4
Total ballots received were thirty-one.
John Seitz moved, seconded by John Cratty, to approve the minutes from the November 9, 2021,
meeting. The motion carried.
Alex Courtney presented the financial statements for the period ending December 31, 2021.
Total assets are $29,698,660 and total liabilities are $288,516. Net position -restricted pension
benefits are $29,410,144. He also provided a transaction report for the period of October -
December 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.
Discussion was held again about the Fund’s two annuities (Tyke Jordan) and whether or not the
Fund would retain those. Pendergast noted that he received an email from Steve Zahn, COO of
the Firefighters’ Pension Investment Fund, that stated they are placing all annuities on Non-
Transferable Asset Lists. This means that our annuities will continue to be in custody under the
fiduciary control of your Board of Trustees. FPIF will be working with pension funds on ways to
prudently transfer assets placed on Non-Transferable Asset Lists post transition.
___________________________________________________________________________________________________________________________________________________________________________________________
Galesburg Firefighters’ Pension Fund Page 2 of 2
Kelli Bennewitz moved, seconded by James Pendergast, to approve the 2022 cost of living
increases for 52 retirees in the amount of $7,437.02. The motion carried.
John Seitz moved, seconded by James Pendergast, to approve the following meeting dates for
2022: May 2, 2022; August 1, 2022; and November 7, 2022. The motion carried.
New Business
Bennewitz announced that she would be attending the IPPFA Illinois Pens ion Conference in East
Peoria, April 27-29, 2022. If anyone else is interested in attending, please let her know and she’ll
make arrangements .
Public Comment – None.
There being no further business, the meeting adjourned at 10:55 a.m.
___________________________ ___________________________________
Jim Pendergast, President Kelli R. Bennewitz, Secretary