HomeMy WebLinkAbout07-28-2020_Police_Meeting_MinutesGalesburg Police Pension Fund Board of Trustees July 28, 2020
Galesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
July 28, 2020
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Physically Present: Dave Christensen, Chris Hootman, Curt Kramer, and Mike Ingles. Present Via
Telephone: Diana Whitson. Also Present: Deputy City Clerk Ericka Welch, Alex Courtney and
Phyllis Gau.
Mike DeForest moved, seconded by Diana Whitson, to approve the minutes from the January
27, 2020, meeting. The motion carried.
June 30, 2020. Total assets are $26,579,221 and total liabilities are $252,523. The net position-
restricted pension benefits is $26,325,698. He also provided a transaction report for the period
April - June 2020.
Curt Kramer moved, seconded by Mike Ingles, to approve the quarterly report from Courson &
Associates. The motion carried.
Rob Arth and Phyllis Gau reviewed the Galesburg Police Variable Annuities as of June 30, 2020,
showing an ending value of $16,444,126.70 and a total death benefit of $21,533,168. A copy of
the portfolio review has been attached to this official record. This reflects a gain of 16.18% for
the second quarter, however, the year to date return is -8.12%. The loss is a result of the
COVID-19 pandemic recession but stocks are still the best way to invest fund.
Old Business
A motion was made by Kip Canfield, seconded by Diana Whitson, to adopt the rules and
regulations for the Pension Fund. The motion carried.
Public Comment – None.
There being no further business, the meeting was adjourned at 9:34 p.m.
___________________________ ___________________________________
Chris Hootman, President Kelli R. Bennewitz, City Clerk