HomeMy WebLinkAbout01-31-23 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room,City Hall
55 West Tompkins Street,Galesburg,Illinois
January 31,2023
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 and Rob Arth.
Dave Christensen moved,seconded by Curt Kramer,to approve the minutes from the October
25,2022,meeting.The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented a formal financial statement for the fund
ending September 30,2022.He noted at the last meeting,he did not have the Police Pension
Fund September 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 December 31,2022.He
noted that he did not have the Police Pension Fund’s December 2022 IPOPIF investment activity
in time for the board meeting.For this reason,he recorded the October and November 2022
investment activity only.Once the IPOPIF statement is available,he will record the December
2022 activity and send out finalized statements.
As of September 30,2022,total assets were $26,916,205 and total liabilities are $800.The net
position-restricted pension benefits is $26,915,405.He also provided a transaction report for
the period October -December 2022.
Curt Kramer moved,seconded by Dave Christensen,to receive the draft quarterly report.The
motion passed.
Rob Arth presented the Galesburg Police Variable Annuities as of December 31,2022,showing
an ending value of $24,119,309 and a total death benefit of $25,801,408.A copy of the
portfolio review has been attached to this official record.
New Business:
Kelli Bennewitz moved,seconded by Dave Christensen,to approve the admission of new
officers Harlan,Meyer,Pawlak,Perez,Ramierez,and Rogers to the Police Pension Fund.The
motion passed.
Dave Christensen moved,seconded by Curt Kramer,to accept the resignations of officers
Schlomer and Trulson.The motion passed.
Galesburg Police Pension Fund Board of Trustees January 31,2023
Dave Christensen moved,seconded by Curt Kramer,to approve the 2023 cost of living increases
for retirees at a total amount of $7,256.12.The motion passed.
Dave Christensen moved,seconded by Curt Kramer,to approve the following dates for 2023
board meetings:
●April 25,2023
●July 25,2023
●October 31,2023
The motion passed.
Upcoming certified trustee training opportunities:May 10 –12,2023,Eagle Ridge Resort,
Galena,IL.It was also noted that IML is continuing to offer online Pension Trustee at no cost.
Kelli Bennewitz recommended sending affidavits,which are statements sent annually to active
payees,at the end of this year.These would include retirees,beneficiaries,and QUIOLDROs in
order to verify receipt of benefits from the fund,as well as current address information.Each
payee would need to sign the affidavit,have it notarized,and return it to the City Clerk’s office.
Currently,the affidavit states that benefits would be withheld until it is returned.
Public Comment
None.
There being no further business,the meeting adjourned at 10:43 a.m.
______________________________________________________________
Chris Hootman,President Kelli R.Bennewitz,Secretary
Galesburg Police Pension Fund Board of Trustees January 31,2023