HomeMy WebLinkAbout11-04-24 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall,Administration Conference Room
55 West Tompkins Street,Galesburg,Illinois
November 4,2024
10:30 a.m.
Call to order by President Matt Lewis at 10:33 a.m.
Present:Kelli Bennewitz,John Cratty,Matt Lewis,and Brad Nolden.Absent:Nick Morrissey.
Others Present:John Seitz.
Brad Nolden moved,seconded by John Cratty,to approve the minutes from the August 5,2024,
meeting.The motion carried.
Alex Courtney presented the financial statement for the fund ending June 30,2024 showing
total assets of $30,679,055 and total liabilities of $311,611.The net position-restricted pension
benefits is $30,367,444.
Courtney also presented the financial statements ending September 30,2024.The total assets
are $33,850,323,and the total liabilities are $309,712.The net position-restricted for pension
benefits is $33,540,611.He also provided transaction reports for the periods of July –
September 2024.
Courtney and Kelli Bennewitz explained that as an account representative for the Fund with the
authority to facilitate cash withdrawals from FPIF to the F&M Bank operating account,
Bennewitz will be able to renew the recurring withdrawal for 2025.Currently,the amount is
$280,000 per month.Courtney will verify that the amount will suffice for 2025 and contact
Bennewitz to set up the recurring withdrawal.
Kelli Bennewitz moved,seconded by John Cratty,to to receive the Municipal Compliance Report
for the fiscal year ended December 31,2023,prepared by Lauterbach &Amen.The motion
passed.
New Business
Kelli Bennewitz announced the resignation of Kyle Bumphrey as of September 26,2024.At this
time,his contributions are still with the Fund.
She also announced the retirement of Dave Farrell on October 8,2024.His base salary is
$6,000.73.
John Cratty moved,seconded by Brad Nolden,to approve a resolution for the 2024 Tax Levy in
the amount of $3,648,725.The motion carried.
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Kelli Bennewitz moved,seconded by John Cratty,to approve the appointment of Jennifer
O’Hern as an Account Representative and Authorized Agent for the Illinois Firefighters’Pension
Investment Fund (IFPIF).The motion carried.
Kelli Bennewitz announced the death of retiree Jay Franey on May 4,2024,and retiree Robert
Redfern on July 27,2024.
Certified Trustee Training
Kelli Bennewitz reminded the board of the free Pension Trustee Training that is offered by IML..
Public Comment
None.
There being no further business,the meeting adjourned at 10:56 a.m.
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Matthew Lewis,President Kelli R.Bennewitz,Secretary
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