HomeMy WebLinkAbout01-25-22 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees January 25, 2022
Galesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
January 25, 2022
9 a.m.
Call to order by President Chris Hootman at 9:05 a.m.
Present: Chris Hootman, Dave Christensen, Curt Kramer, Mike Ingles, and Kelli Bennewitz. Also
Present: Rob Arth and Art Busby.
Dave Christensen moved, seconded by Curt Kramer, to approve the minutes from the October
26, 2021, meeting. The motion passed.
Art Busby, Stratford Investments, reported on the performance review for the period ending
December 31, 2021.
Highlights noted include:
● The total fund investment return for the fourth quarter, ending December 31, 2021, was
4.1% with the fund total at $33,233,082.
● Approximately 49% of the assets will mature within five years.
● Markets are expecting higher rates but are grappling on what the Feds are going to do.
● Strong demand and continued supply chain disruptions are causing higher inflation.
● Global economic growth continues; China’s growth has slowed.
● Record earnings are leading stocks higher and low interest rates are helping continued
stock buybacks.
Mike Ingles left the meeting at 9:15 a.m.
Busby noted that he would like to attend a meeting at the end of February, before the
consolidation move, to present historical data on the fund.
A copy of the performance review has been attached to this official record.
The Galesburg Police Variable Annuities as of December 31, 2021, showing an ending value of
$24,119,309 and a total death benefit of $27,356,362. A copy of the portfolio review has been
attached to this official record.
New Business:
A motion was made by Dave Christensen, seconded by Curt Kramer, to approve the admission
of new officers Nathan Wooters and Alyssa Harpin to the Police Pension Fund. The motion
passed.
Galesburg Police Pension Fund Board of Trustees January 25, 2022
A motion was made by Dave Christensen, seconded by Curt Kramer, to approve the transfer of
creditable service from IMRF to the Police Pension Fund for officers Darrin Worsfold, Mike
Ingles, and Travis Smith. The motion passed.
Kelli Bennewitz reported that she has received correspondence from IPOPIF regarding the
transfer date of March 1, 2022, for the fund’s assets. A letter has been forwarded to the fund’s
custodian, investment consultants and advisors. This letter authorizes them to share
information with IPOPIF and State Street Bank and Trust (the custodian for IPOPIF).
A motion was made by Curt Kramer, seconded by Dave Christensen, to approve Cost of Living
Increases for retirees in a total amount of $8,250.25. The motion passed.
A motion was made by Curt Kramer, seconded by Dave Christensen, to approve the following
meeting dates for 2022: April 26th, July 26th, and October 15th. The motion passed.
Bennewitz announced that Ingles, Hootman, and herself will be attending the IPPFA Illinois
Pension Conference in East Peoria, April 27-29, 2022. If anyone else is interested in attending,
please let her know and she’ll make arrangements .
Public Comment
None.
There being no further business, the meeting adjourned at 10:31 a.m.
___________________________ ___________________________________
Chris Hootman, President Kelli R. Bennewitz, Secretary