HomeMy WebLinkAbout07-26-22 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
July 26, 2022
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Chris Hootman,Dave Christensen,Curt Kramer,and Kelli Bennewitz.Absent:Mike
Ingles. Also Present: Alex Courtney, Phyllis Gau, and Rob Arth.
Dave Christensen moved,seconded by Curt Kramer,to approve the minutes from the April 26,
2022, meeting. The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented a DRAFT financial statement for the fund
ending June 30,2022.He noted that he did not have the Police Pension Fund June 2022 IPOPIF
investment activity in time for the board meeting.For this reason,he recorded the April and
May 2022 investment activity only.Once the IPOPIF statement is available,he will record the
June 2022 activity and send out finalized statements.
Total assets are $28,012,646 and total liabilities are $294,863.The net position-restricted
pension benefits is $27,717,783.He also provided a transaction report for the period April -
June 2022.
He also noted that he has changed a title to “Interest and Other Investment Income”under the
Investment Income heading of the Fiduciary Net Position report.This is due to not knowing
specifics on the investment activity.He noted that there has been a 20%loss in the market with
both stocks and bonds falling.
Curt Kramer moved,seconded by Dave Christensen,to receive the draft quarterly report.The
motion passed.
Phyllis Gau and Rob Arth presented the Galesburg Police Variable Annuities as of June 30,2022,
showing an ending value of $18,982,697 and a total death benefit of $25,617,298.A copy of
the portfolio review has been attached to this official record.Discussion was held on the
performance of the fund from its inception in 2012 and the fact that it is tracking close to the
benchmarks.Gau noted that the fund is up $9.2 million since 2012.She added that the last
recession was in 2008 and that the market usually has one every eight years.
Discussion was held on getting guidance and direction on investment allocations and that a
request should be made to IPOPIF for clarification.It was noted that the IPOPIF Board has the
fiduciary responsibility to provide guidance as the custodian of our investments.
New Business:
Galesburg Police Pension Fund Board of Trustees July 26, 2022
A motion was made by Dave Christensen,seconded by Curt Kramer,to approve the retirements
of officers Boynton,Shea,Williams,and Worsfold from the Police Pension Fund.The motion
passed.
A motion was made by Chris Hootman,seconded by Dave Christensen,to approve a Resolution
recommending to the City Council a tax levy of $3,345,948. The motion carried.
Kelli Bennewtiz presented a draft amended Rules &Regulations.Amendments include
removing the investment policy wording and adding information on IPOPIF’s policy.It also
removes the option for the Fund to directly pay insurance premiums by making a monthly
deduction from annuitants pension.Those that have elected to have this done at this point can
continue.
A motion was made by Dave Christensen,seconded by Curt Kramer,to approve the Rules &
Regulations for the Galesburg Police Pension Fund. The motion passed.
Public Comment
None.
There being no further business, the meeting adjourned at 10:32 a.m.
______________________________________________________________
Chris Hootman, President Kelli R. Bennewitz, Secretary
Galesburg Police Pension Fund Board of Trustees July 26, 2022