HomeMy WebLinkAbout05-02-22 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Erickson Conference Room
55 West Tompkins Street, Galesburg, Illinois
May 2, 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.Others Present:Matt
Lewis, Alex Courtney, Joe Brignall, and Jeff Maher.
Anthony Gedvilas and Ian Irvine,Lauterbach &Amen,LLP,presented the Fire Pension Fund
Report for the year ending December 31, 2021. Highlights included:
●Recommended contribution is $3,261,480, a decrease of 1.89% or $62,843
○Alternative contribution - $2,341,675
●50.41% funded
●Three members were hired during the year,which increased the recommended
contribution by approximately $28,400.
●Three members retired during the year which increased the recommended contribution
by approximately $27,700.
●There was one surviving spouse who passed away during the year.
●The Funding Policy was changed from the prior valuation from a 16-year payroll
amortization to a 15-year layered amortization.
●The Rate of Return on Investments for the fund was approximately 7.03%net of
administrative expenses.
●The expected Rate of Return on Investments is 6.75%.
●Total active members is 41; total inactive members is 71.
Secretary Bennewitz announced that Matt Lewis had been elected as the new active firefighter
representative. The following results were read:
Lewis - 13
Sampier - 4
O’Daniel - 2
Matt Lewis moved, seconded by John Cratty, to approve the following slate of officers:
John Seitz -- President
Matt Lewis -- Vice President
Kelli Bennewitz -- Secretary
The motion passed.
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John Cratty moved,seconded by John Seitz,to approve the minutes from the February 7,2022,
meeting. The motion carried.
Alex Courtney presented the financial statements for the period ending March 31,2022.Total
assets are $27,671,627 and total liabilities are $299,031.Net position-restricted pension
benefits are $27,372,596.He also provided a transaction report for the period of January -
March 2022.
Discussion was held on the recommended amount of cash kept locally at F&M Bank and as
suggested by IFPIF.Courtney presented the Board with a Cash Analysis Projection for the year
ending December 2022.IFPIF is requiring that cash flow projections include,at a minimum,the
following information:
●Estimated cash balance for 12 months.
●Estimated employee contributions.
●Estimated employer contributions.
●Estimated pension benefits.
●Estimated administrative expenses.
●Estimated monthly net inflow or outflow.
●Estimated monthly funding request / money transfer.
The cash flow projection is not meant to be exact,though it will act as a guide for IFPIF to
properly plan investments to ensure sufficient liquidity.The suggestion is to have $280,000
transferred each month to the Fund’s F&M Bank account.
New Business
Next meeting will be August 1, 2022.
Kelli Bennewitz moved,seconded by John Cratty,to approve the retirement of Scott Benson on
March 7, 2022. The motion passed.
Kelli Bennewitz moved,seconded by Matt Lewis,to approve the application of new firefighter
Trey Yocum into the Firefighters’ Pension Fund. The motion passed.
John Seitz moved,seconded by John Cratty,to approve the application for the purchase of
military service for additional creditable service for Nicholas Morrissey.It was noted that the
policy is that the Fund pays L&A for one estimate per employee. The motion passed.
Public Comment – None.
There being no further business, the meeting adjourned at 11:25 a.m.
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Jim Pendergast, President Kelli R. Bennewitz, Secretary
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