HomeMy WebLinkAbout10-26-21 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
October 26, 2021
9 a.m.
Call to order by Vice President Mike Ingles at 9:05 a.m.
Present:Dave Christensen,Curt Kramer,Mike Ingles,and Kelli Bennewitz.Also Present:Alex
Courtney and Art Busby. Absent: Chris Hootman.
Curt Kramer moved,seconded by Dave Christensen,to approve the minutes from the July 27,
2021, meeting. The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented the financial statements for the fund ending
September 30,2021.Total assets are $33,777,806 and total liabilities are $274,620.The net
position-restricted pension benefits is $33,503,186.He also provided a transaction report for
the period July - September 2021.
Courtney noted that the fund did receive a property tax payment and investment income in the
amount of $127,717.A discussion was held on what cash balance should be kept at F&M Bank
once the consolidation is complete.Courtney stated that at this time,he would recommend we
keep six months of payroll in the account but that more information will likely be coming.
Curt Kramer moved,seconded by Kelli Bennewitz,to approve the quarterly report from Courson
& Associates. The motion carried.
Art Busby,Stratford Investments,reported on the performance review for the period ending
September 30, 2021.
Highlights noted include:
●The total fund investment return for the fourth quarter, ending September 30, 2021, was
0.4% (total 9.2% for year to date) with the fund total at $31,936,522.
●Approximately 50% of the assets will mature within five years.
●Stocks and investments were up slightly.
●October through December is seasonally a strong period for stocks.
●The Federal Reserve will announce tapering in November.
●General Electric and Wells Fargo securities were sold.
●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.
Galesburg Police Pension Fund Board of Trustees October 26, 2021
The Galesburg Police Variable Annuities as of September 30,2021,showing an ending value of
$22,815,829 and a total death benefit of $26,178,976.A copy of the portfolio review has been
attached to this official record.
New Business:
Kelli Bennewitz reported the following:
●Death of Peggy Sparling,beneficiary of former Police Officer,Ralph Sparling,in August
2021. The benefit amount was $1,019.86.
●Death of former Police Officer,Gary Thomas,on October 8,2021.His surviving spouse
will continue to receive this benefit of $5,194.61.
A motion was made by Dave Christensen,seconded by Curt Kramer,to approve the admission
of new officers Ricardo Torres and Shane Countryman to the Police Pension Fund.The motion
passed.
Bennewitz announced the retirement of Officer Joe Luna on October 5,2021,with 26 years of
service. Luna’s base pension will be $4,119.54.
Bennewitz reviewed Public Acts 102-0063 (creditable service transfer from Article 3 Downstate
Police to Article 4 Downstate Fire)and 102-0113 (creditable service transfer from IMRF to
Article 3 Downstate Police).She noted there have been four Police Officers who submitted
information to get a cost estimate for the transfer.Officer Darin Worsfold plans to take
advantage of the opportunity and the following pension portability calculator was presented
with 6% being compounded annually:
Breakdown of total payment to the Galesburg Police Pension Fund:
Amount from IMRF $20,326.03
Additional from Worsfold $9,947.53
Total Payment to GPPF $30,273.56
She also noted that Office Ingles applied for the transfer and was initially denied.He has since
submitted an appeal,which was accepted,and should be receiving information on his
application soon.Once received,the information will be sent to Courtney &Aldrich for a
calculation.
A motion was made by Kelli Bennewitz,seconded by Dave Christensen,to approve a three-year
agreement for actuarial services from Lauterback & Amen. The motion passed.
Public Comment
None.
Galesburg Police Pension Fund Board of Trustees October 26, 2021
There being no further business, the meeting was adjourned at 10:07 a.m.
______________________________________________________________
Chris Hootman, President Kelli R. Bennewitz, Secretary
Galesburg Police Pension Fund Board of Trustees October 26, 2021