HomeMy WebLinkAbout02-23-21_Police_Meeting_MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
February 23, 2021
9 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Dave Christensen,Chris Hootman,Curt Kramer,Mike Ingles,and Diana Whitson.Also
Present:City Clerk Kelli Bennewitz,Alex Courtney,Rob Arth,and Art Busby.Present via Google
Meet: Phyllis Gau.
Dave Chirstensen moved,seconded by Curt Kramer,to approve the minutes from the October
27, 2020, meeting. The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented the financial statements for the fund ending
December 21,2020.Total assets are $31,252,140 and total liabilities are $266,026.The net
position-restricted pension benefits are $30,986,114.He also provided a transaction report for
the period October - December 2020.
Curt Kramer moved,seconded by Diana Whitson,to approve the quarterly report from Courson
& Associates. The motion carried.
Art Busby,Stratford Investments,reported on the performance review for the period ending
December 31, 2020.
Highlights noted include:
●The total fund investment return for the fourth quarter,ending December 31,2020,was
8.9% with the fund total at $29,843,040.
●For the year 2020, the fund’s investment return was 8.9%.
●Approximately 55 percent of the assets will mature within five years.
●Yield curve continues to steepen and the majority of the decline in yields took place
during the first quarter.
●Rising wages are pushing inflation higher.
●The global economy continues to rebound.
A copy of the performance review has been attached to this official record.
Rob Arth reviewed the Galesburg Police Variable Annuities as of December 31,2020,showing
an ending value of $20,059,821 and a total death benefit of $23,861,943.A copy of the
portfolio review has been attached to this official record.
It was noted that it is still unclear what the State will do with the Fund’s annuities once
consolidated.
Galesburg Police Pension Fund Board of Trustees February 23, 2020
Old Business
New Business:
A motion was made by Mike Ingles,seconded by Diana Whitson,to approve 45 cost of living
wage adjustment increases for retirees totalling $7,032.49.The motion passed.
A motion was made by Curt Kramer,seconded by Dave Christensen,to approve the following
meeting dates for 2021: April 27th, July 27th, and October 26th. The motion passed.
City Clerk Bennewitz reported the death of retired Police Officer Peggy Tuszinski on October 8,
2020.
A motion was made by Dave Chrsitensen,seconded by Mike Ingles,to approve the admission of
police officer Gabriel (Gabe) Turlson to the Galesburg Police Pension Fund. The motion passed.
A motion was made by Dave Christensen,seconded by Kurt Cramer,to approve the transfer of
creditable service (August 10,2017,through December 30,2020)to the East Peoria Pension
Fund in the amount of $41,469.72 for Police Officer Scott Simmons. The motion passed.
Public Comment
None.
There being no further business, the meeting was adjourned at 10:14 a.m.
______________________________________________________________
Chris Hootman, President Kelli R. Bennewitz, City Clerk
Galesburg Police Pension Fund Board of Trustees February 23, 2020