HomeMy WebLinkAbout11-03-25 Meeting MinutesGalesburg Fire Pension Fund Board of Trustees Meeting
City Hall, Erickson Conference Room
55 West Tompkins Street, Galesburg, Illinois
November 3, 2025
10:30 a.m.
Call to order by President Matt Lewis at 10:35 a.m.
Roll Call #1: Present: Kelli Bennewitz, John Cratty, Matt Lewis, Nick Morrissey, and Brad Nolden.
Others Present: Alex Courtney.
John Cratty moved to approve the minutes from the August 4, 2025, meeting, seconded by Brad
Nolden. This motion included an amendment to correct the amount of FDIC protection over and
above the typical amount from $25,000 to $250,000.
Roll Call #2:
Ayes: Bennewitz, Cratty, Lewis, Morrissey, and Nolden, 5.
Nays: None
Absent: None
Chairman declared the motion carried.
Alex Courtney, Courtney & Aldrich, LLC, presented a financial statement for the period ended
June 30, 2025, since at the last report only a draft was available from IFPIF. Total assets for June
30, 2025, were at $34,327,047 and total liabilities of $323,144. The net position-restricted
pension benefits was $34,003,903.
Courtney then presented the financial statement for the period ended September 30, 2025,
with total assets at $37,520,399 and liabilities at $323,145. The net position-restricted for
pension benefits is $37,197,254. He also provided the secretary a transaction report for the
period of July – September 2025.
Courtney also provided a “statement of results” for the fund from IFPIF. He noted that he will
start bringing this information to the meeting to share with the board. The report shows
beginning and ending net asset value for the fund, income and expenses, and the rate of
returns. The allocation percent for Galesburg is 0.32%.
Brad Nolden inquired about past commission fees, specifically the last 2–3 years before
consolidation. Kelli Bennewitz noted that at that time, the Fund was using Kelly Weller with
Great Lakes. While an exact figure was unknown at the time, it was the consensus that they
were considerably higher.
Brad Nolden moved, seconded by John Cratty, to receive the quarterly report.
Roll Call #3:
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 Firefighters’ Pension Fund
Municipal Compliance Report for the period ended December 31, 2024.
Roll Call #4:
Ayes: Bennewitz, Cratty, Lewis, Morrissey, and Nolden, 5.
Nays: None
Absent: None
Chairman declared the motion carried.
New Business
None
Certified Trustee Training
Morrissey and Lewis are signed up to take virtual training through AFFI.
Public Comment
None.
There being no further business, the meeting adjourned at 11:06 a.m.
___________________________ ___________________________________
Matthew Lewis, President Kelli R. Bennewitz, Secretary
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