HomeMy WebLinkAbout10-31-23 Police Meeting Minutes (1)Galesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room,City Hall
55 West Tompkins Street,Galesburg,Illinois
October 31,2023
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Chris Hootman,Mike Ingles,Dave Christensen,and Kelli Bennewitz.Absent:Curt
Kramer.Also Present:Alex Courtney and Rob Arth.
Alex Courtney,Courtney &Aldrich,LLC,presented a formal financial statement for the fund
ending September 30,2023.Total assets are $31,485,309 and total liabilities are $6,325.The
net position-restricted pension benefits is $31,478,984.He also provided transaction reports
for the periods of July -September 2023.
Curt Kramer moved,seconded by Mike Ingles,to receive the quarterly reports.The motion
passed.
Rob Arth presented the Galesburg Police Variable Annuities as of September 30,2023,showing
an ending value of $20,828,861 and a total death benefit of $26,176,724.A copy of the
portfolio review has been attached to this official record.Arth stated that they would provide a
review at the next meeting regarding the variable annuities,any annual step-ups,roll-ups,or
ratchets.
Dave Christensen moved,seconded by Kelli Bennewitz,to accept the annuity report.The
motion passed.
New Business:
Dave Christensen moved,seconded by Mike Ingles,to accept the resignation of Office Jake
Medhurst.The motion passed.
Dave Christensen moved,seconded by Kelli Bennwitz,to approve the admission of new officers
Tanner Lowe and Kristal Palacious to the Police Pension Fund.The motion passed.
The order from the Department of Military Affairs for the State of Illinois for Office Nathan
Wooters was received.He was ordered to active duty effective August 2023 for a period of
three years.
Kelli Bennewitz moved,seconded by Dave Christensen,to approve the QILDRO for Michelle
Hostens in the base amount of $1,633.50.The motion passed.
Bennewitz will send information on any upcoming certified trustee training.
Galesburg Police Pension Fund Board of Trustees October 31,2023
Public Comment
None.
There being no further business,the meeting adjourned at 9:33 a.m.
______________________________________________________________
Chris Hootman,President Kelli R.Bennewitz,Secretary
Galesburg Police Pension Fund Board of Trustees October 31,2023