HomeMy WebLinkAbout01-27-2020_Police_Meeting_MinutesGalesburg Police Pension Fund Board of Trustees
January 27, 2020
1
Galesburg Police Pension Fund Board of Trustees Regular Meeting
Basement Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
January 27, 2020
9:00 a.m.
Call to order by President Michael DeForest at 9:02 a.m.
Present: Michael DeForest, Chris Hootman, Mike Ingles, and Diana Whitson. Absent: Marvin
Dahlberg. Also present was Deputy City Clerk Ericka Welch, Rob Arth, Phyllis Gau, and Art
Busby.
Mike Ingles moved, seconded by Diana Whitson, to approve the minutes from the October 28,
2019, meeting. The motion carried.
Ericka Welch distributed the monthly bank statements for the fourth quarter of 2019. Mike
Deforest made a motion to accept the statements, seconded by Chris Hootman.
Mike DeForest moved, seconded by Diana Whitson, to keep Stratford Investments and Morgan
Stanley as the pension advisors for the fund. President DeForest stated that due the
consolidation of the downstate pension funds that it would be best to keep them as the
advisors. The motion carried.
Rob Arth, Morgan Stanley, reviewed the Galesburg Police Variable Annuities as of December
31, 2019, showing a return of 7.90 for the quarter and 24.55% for the year. The board
discussed what would happen to the death benefits for the annuities once the consolidation
takes place.
A copy of the performance review has been attached to this official record.
Art Busby, Stratford Investments, reported on the performance review for the period ending
December 31, 2019.
Highlights noted include:
The total fund investment return through December 31, 2019 (4th quarter), was 5.4
percent.
Year-to-date, the fund’s investment return was 16.5 percent.
Stocks remain more attractive than bonds as the earnings and margin are near record
highs.
The U.S. economy and consumer spending remain strong
There is record U.S. government, corporate and global debt.
New Business:
Galesburg Police Pension Fund Board of Trustees
January 27, 2020
2
Mike DeForest moved, seconded by Mike Ingles, to approve the 20208 COLA increases
in the amount of $6,325.14 for the retirees. The motion carried.
Chris Hootman moved, seconded by Diana Whitson, to approve the 2020 meeting
schedule. The motion carried.
Mike DeForest moved, seconded by Mike Ingles, to approve the admission of new
Officer Marverick Rasmussen to the Police Pension Fund. The motion carried.
President announced that April would be his last meeting serving on the pension board.
Certified Trustee Training:
Ericka Welch reported that there are new training requirements due to the upcoming
consolidation and will send out the information to the board members.
Public Comment – None.
There being no further business, the meeting adjourned at 10:02 a.m.
___________________________ ___________________________________
Mike DeForest, President Kelli R. Bennewitz, City Clerk