HomeMy WebLinkAbout11-07-22 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Erickson Conference Room
55 West Tompkins Street, Galesburg, Illinois
November 7, 2022
10:30 a.m.
Call to order by President John Seitz at 10:33 a.m.
Present:Kelli Bennewitz,John Cratty,Matt Lewis,and John Seitz.Others Present:Joe Brignall
and Alex Courtney.
Bennewitz announced that she has reached out to Brad Nolden about serving on the Board and
he has accepted.The Mayor will plan to recommend the appointment at the November 21st
City Council meeting.
Matt Lewis moved,seconded by John Cratty,to approve the minutes from the August 1,2022,
meeting. The motion carried.
Alex Courtney,Courtney &Aldrich,LLC,presented a formal financial statement for the fund
ending June 30,2022.He noted at the last meeting,he did not have the Police Pension Fund
June 2022 IPOPIF investment activity in time for the board meeting so presented a draft at that
time.
Courtney presented a financial statement for the fund ending September 30,2022.Total assets
are $23,793,335 and total liabilities are $875.The net position-restricted pension benefits is
$23,792,460. He also provided a transaction report for the period July - September 2022.
Courtney also distributed a Statement of Results for June 2022 from IFPIF showing an interest
income of -$23,413.12 and other income at -$1,826.17.Unfortunately,there is no information
on the reasoning from Northern Trust.There is also a contribution of $138.62 showing for the
September statement.Bennewitz will reach out to Gloria Osborn and see if she’s aware and
knows what or who the contribution is for.
Discussion was held on entering into an agreement for legal services on an “as needed basis”
with Asher,Gittler &D’Alba,Ltd.Seitz and Bennewitz had a Zoom meeting with Jerry Marzullo,
management partner, to inquire about the services and recommend approval.
John Seitz moved,seconded by Matt Lewis,to approve entering into an agreement with Asher,
Gittler & D’Alba, Ltd. The motion carried.
New Business
John Cratty moved,seconded by Matt Lewis,to approve the application of Haley Stevenson into
the Fund. The motion carried.
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Matt Lewis moved,seconded by John Cratty,to approve the updated Investment Policy.The
amendment notes that the Secretary and/or Treasurer shall wire transfer any amount over $1
million in the Fund’s checking account to the Galesburg Firefighters Pension Fund at The
Northern Trust Company. This will be done on a quarterly basis. The motion carried.
Bennewitz reported the death of retiree David Gau on August 10,2022,and John “Tyke”Jordan
on August 27, 2022.
Matt Lewis moved,seconded by John Cratty,to approve the retirement of Terry Woolsey on
September 13, 2022. The motion passed.
Public Comment – None.
There being no further business, the meeting adjourned at 11:50 a.m.
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John Seitz, President Kelli R. Bennewitz, Secretary
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