HomeMy WebLinkAbout05-05-25 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Erickson Conference Room
55 West Tompkins Street, Galesburg, Illinois
May 5, 2025
10:30 a.m.
Call to order by President Matt Lewis at 10:30 a.m.
Roll Call #1: Present: Kelli Bennewitz, John Cratty, Matt Lewis, Nick Morrissey, and Brad Nolden.
Others Present: City Manager Eric Hanson, Finance Director Jen O’Hern, and Alex Courtney.
David Murciano, Lauterbach & Amen, presented the Firefighters’ Pension Fund Report for the
fiscal year ending December 31, 2024. Highlights included:
● Recommended contribution is $3,920,921, an increase of 7.46% or $272,196
● 50.50% funded
● There were two members who retired during the year. This increased the
Recommended Contribution by approximately $200.
● There was one member who terminated employment during the year. This decreased
the Recommended Contribution by approximately $9,600.
● There were four retirees who passed away during the year, two of whom had an eligible
surviving spouse. Also there was one surviving spouse who passed away during the
year.
● There were 62 inactive members who continued to collect benefits. This decreased the
Recommended Contribution by approximately $38,600.
● Benefit payments are anticipated to increase 14% in the next five years and 29% in the
next 10 years.
● Total Active Members — 42
● Total Inactive Members — 71
● The Rate of Return on investments was approximately 10.47% net of administrative
expense with the expected rate of return on investments at 6.75%.
Murciano noted that this report and Recommended Contribution will change and be updated
when the fund receives an extra $985,423 from the City.
Brad Nolden moved, seconded by John Cratty, to approve the following slate of officers:
Matt Lewis — President
Nick Morrissey — Vice President
Kelli Bennewitz — Secretary
Roll Call #2:
Ayes: Bennewitz, Cratty, Lewis, Morrissey, and Nolden, 5.
Nays: None
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Absent: None
Chairman declared the motion carried.
Brad Nolden moved, seconded by Nick Morrissey, to approve the minutes from the February 3,
2025, meeting.
Roll Call #3:
Ayes: Bennewitz, Cratty, Lewis, Morrissey, and Nolden, 5.
Nays: None
Absent: None
Chairman declared the motion carried.
Alex Courtney, Courtney & Aldrich, LLC, presented a final financial statement for the fund
ending December 31, 2024. At the time it was presented, he had noted that it was a draft due
to the fact that after review and confirmation from the City ’s external audit firm, there would be
an additional payment coming from the General Fund. He added that this payment is noted on
the Statement of Fiduciary Net Position report as due from the City of Galesburg. The payment
will be $985,423.
Courtney presented the statement as of March 31, 2025, with total assets at $32,638,727 and
total liabilities of $322,691. The net position-restricted pension benefits is $32,316,036. He
also provided the secretary a transaction report for the period of January–March 2025.
Kelli Bennewitz moved, seconded by John Cratty, to receive the quarterly report.
Roll Call #4:
Ayes: Bennewitz, Cratty, Lewis, Morrissey, and Nolden, 5.
Nays: None
Absent: None
Chairman declared the motion carried.
New Business
The next meeting date will be August 4, 2025.
Kelli Bennewitz moved, seconded by John Cratty, to approve a one-year contract with Courtney
& Aldrich, LLC, to provide accounting services for the pension fund.
Roll Call #5:
Ayes: Bennewitz, Cratty, Lewis, Morrissey, and Nolden, 5.
Nays: None
Absent: None
Chairman declared the motion carried.
John Cratty announced that IFPIF is having their second Public Notice for comments on pending
rules, which will have final consideration at their next board meeting. He noted one proposed
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change, “Encourage, rather than require, each Participating Pension Fund to determine an
estimated cashflow projection.”
Certified Trustee Training
Public Comment
None.
There being no further business, the meeting adjourned at 11:42 a.m.
___________________________ ___________________________________
Matthew Lewis, President Kelli R. Bennewitz, Secretary
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