HomeMy WebLinkAbout10-25-22 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room, City Hall
55 West Tompkins Street, Galesburg, Illinois
October 25, 2022
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Chris Hootman,Dave Christensen,and Kelli Bennewitz.Absent:Mike Ingles and Curt
Kramer. Also Present: Alex Courtney, Phyllis Gau, and Rob Arth.
Dave Christensen moved,seconded by Chris Hootman,to approve the minutes from the July 26,
2022, meeting. The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented a formal financial statement for the fund
ending June 30,2022.He noted at the last meeting,he did not have the Police Pension Fund
June 2022 IPOPIF investment activity in time for the board meeting so presented a draft at that
time.
Courtney presented a DRAFT financial statement for the fund ending September 30,2022.He
noted that he did not have the Police Pension Fund’s September 2022 IPOPIF investment
activity in time for the board meeting.For this reason,he recorded the July and August 2022
investment activity only.Once the IPOPIF statement is available,he will record the September
2022 activity and send out finalized statements.
Total assets are $27,414,564 and total liabilities are $2,000.The net position-restricted pension
benefits is $27,412,564.He also provided a transaction report for the period July -September
2022.
He also noted that the ending balance for the fund as of May 31,2022,was $7,822.561.84 and
the beginning balance as of June 2022 was $7,817,633.57,a difference of $5,011.43.He noted
that it could be a computational error but was disappointed that there was no mention by
IPOPIF for the discrepancy.
Dave Christensen moved,seconded by Kelli Bennewitz,to receive the draft quarterly report.
The motion passed.
Phyllis Gau and Rob Arth presented the Galesburg Police Variable Annuities as of September 30,
2022,showing an ending value of $17,975,593 and a total death benefit of $25,631,381.A copy
of the portfolio review has been attached to this official record.Discussion was held on a
discussion that Bennewitz had with Scott Whalen,Verus Investment Consulting,and Kent
Custer,CIO for IPOPIF.Custer stated that they recognize that Galesburg has substantial annuity
assets that were deemed to be non transferable.Specifically,the Certified Investment Asset List
submitted for the May 2 transfer which identified $23.7 million in non-transferable assets vs.
$7.8 million of transferable assets.
Galesburg Police Pension Fund Board of Trustees October 25, 2022
Whalen has requested that the next step be to gather the pertinent information on each
annuity,starting with the contracts themselves.Once those are reviewed,they will try to
determine the best approach to take with each contract,the ultimate objective of which is to
transfer the assets into the consolidated IPOPIF fund, while maximizing the asset value.
The board discussed possibly contacting an attorney in order to be prepared.
New Business:
A motion was made by Dave Christensen,seconded by Chris Hootman,to approve the
contribution refunds to officers Kwan Cheuk ($38,536.29)and Joshua Carpenter ($20,436.93)
from the Police Pension Fund. The motion passed.
Secretary Bennewitz stated that they have received a letter of resignation from Officer Gregory
Huwe effective October 1, 2022.
A motion was made by Dave Christensen,seconded by Kelli Bennewitz,to approve the
admission of new officers Pullen,Woodbury,Hayes,and Duran to the Police Pension Fund.The
motion passed.
Public Comment
None.
There being no further business, the meeting adjourned at 10:09 a.m.
______________________________________________________________
Chris Hootman, President Kelli R. Bennewitz, Secretary
Galesburg Police Pension Fund Board of Trustees October 25, 2022