HomeMy WebLinkAbout07-27-21 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
July 27, 2021
9 a.m.
Call to order by Vice President Mike Ingles at 9:15 a.m.
Present:Curt Kramer,Mike Ingles,and Kelli Bennewitz.Also Present:Alex Courtney,Phyllis
Gau, and Art Busby. Present via Google Meet: Kevin Cavanaugh, Lauterbach & Amen.
Kevin Cavanaugh gave a presentation on the Police Pension Fund for the contribution year
ending December 31, 2021. A copy of the presentation has been attached to this official record.
Curt Kramer moved,seconded by Kelli Bennewitz,to approve the minutes from the May 12,
2021, special meeting. The motion passed.
Art Busby,Stratford Investments,reported on the performance review for the period ending
June 30, 2021.
Highlights noted include:
●The total fund investment return for the fourth quarter,ending June 30, 2021, was 5.6%
with the fund total at $31,813,994.
●Approximately 50% of the assets will mature within five years.
●Yield curve continues to steepen with rising inflation.
●Bond fundamentals are weak but are hitting record issuance.
●Commodity prices are signaling higher inflation.
●Recommended sales:
o General Electric Bond is due 2026 and Wells Fargo Bond is due 2027.
●Recommended purchases:
o Corporate/treasurer/agency variable rate, step-up,and/or coupon bonds/CDs
A copy of the performance review has been attached to this official record.
Phyllis Gau reviewed the Galesburg Police Variable Annuities as of June 30,2021,showing an
ending value of $22,714,543 and a total death benefit of $25,982,140.A copy of the portfolio
review has been attached to this official record.
Alex Courtney,Courtney &Aldrich,LLC,presented the financial statements for the fund ending
June 30,2021.Total assets are $32,517,665 and total liabilities are $276,148.The net
position-restricted pension benefits is $32,241,517.He also provided a transaction report for
the period April - June 2021.
Curt Kramer moved,seconded by Kelli Bennewitz,to approve the quarterly report from Courson
& Associates. The motion carried.
Galesburg Police Pension Fund Board of Trustees July 27, 2021
New Business:
A motion was made by Kelli Bennewitz,seconded by Curt Kramer,to approve the admission of
new Officer Matthew Hoard to the Police Pension Fund.The motion passed.
A motion was made by Curt Kramer,seconded by Mike Ingles,to approve a resolution to
appoint President Chris Hootman and Secretary Kelli Bennewitz as the authorized
representatives for the Illinois Police Officers’Pension Investment Fund. The motion passed.
Chris Hootman moved,seconded by Mike Ingles,to approve a resolution recommending to the
City Council a tax levy of $3,360,350. The motion carried.
Public Comment
None.
There being no further business, the meeting was adjourned at 10:19 a.m.
______________________________________________________________
Chris Hootman, President Kelli R. Bennewitz, Secretary
Galesburg Police Pension Fund Board of Trustees July 27, 2021