HomeMy WebLinkAbout04-30-24 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room,City Hall
55 West Tompkins Street,Galesburg,Illinois
April 30,2024
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Kelli Bennewitz,Dave Christensen,Chris Hootman,and Curt Kramer.Absent:Mike
Ingles.Also Present:Alex Courtney,Rob Arth,and Kevin Cavanaugh.
Dave Christensen moved,seconded by Curt Kramer,to approve the minutes from the January
30,2024,meeting.The motion passed.
Kelli Bennewitz reported on the election results:
Two Active Officers
Hootman -9 votes
Ingles -9 votes
One Retired Officer
Kramer -29 votes
Kelli Bennewitz moved,seconded by Curt Kramer,to approve the following slate of officers:
Chris Hootman --President
Mike Ingles --Vice President
Kelli Bennewitz --Secretary
Dave Christensen --Assistant Secretary
The motion passed.
Kevin Cavanaugh,Lauterbach &Amen,presented the Police Pension Fund Report for the fiscal
year ending December 31,2023.Highlights included:
●Recommended contribution is $3,922,034,an increase of 9.75%or $348,312
●53.06%funded
●Eleven members who were hired during the year,two of whom were rehires,increased
the Recommended Contribution by approximately $74,500.
●One member retired during the year,increasing the Recommended Contribution by
approximately $36,000.
●Six members terminated employment during the year,which decreased the
Recommended Contribution by approximately $51,300.
●There were 61 inactive members who continued to collect benefits.
Galesburg Police Pension Fund Board of Trustees April 30,2024
●Benefit payments are anticipated to increase 22%in the next five years and 41%in the
next 10 years.
●The Rate of Return on investments was approximately 16.09%net of administrative
expense with the expected rate of return on investments at 6.75%.
Alex Courtney,Courtney &Aldrich,LLC,presented an amended financial statement for the fund
ending December 31,2023,showing the City ’s additional payment of $927,305.This brings the
total assets to $34,855,517 with total liabilities remaining at $308,973.The net
position-restricted pension benefits is now $34,546,544.
Courtney also presented the financial statement for the fund ending March 31,2024.Total
assets are $36,497,375 and total liabilities are $310,261.The net position-restricted pension
benefits is $36,187,114.He also provided transaction reports for the periods of January–March
2024.
Curt Kramer moved,seconded by Dave Christensen,to receive the quarterly reports.The
motion passed.
Rob Arth presented the Galesburg Police Variable Annuities as of March 31,2024,showing an
ending value of $25,129,696 and a total death benefit of $28,476,353.A copy of the portfolio
review has been attached to this official record.He also highlighted the following:
●Return of net fees was 9.06%for the quarter
●The real estate sector experienced price declines in the first quarter again.
●US equities continued their upward rally.
●On the labor market front,303,000 jobs were added in the month.
New Business:
Kelli Bennewitz presented a redline version of the Police Pension Rules and Regulations showing
an amendment to the Election Rules section by removing that active officers would vote in the
City Clerk’s office.Instead,it would be proposed to add “ballots will be mailed to the active
members personal addresses along with a return envelope.”Bennewitz noted that only nine
active officers voted in this election.It was also recommended to remove the section that
would allow retirees to vote in person in the City Clerk’s office on the day of the election,but
instead only by mail.
Dave Christensen moved,seconded by Curt Kramer,to approve the amendments to the Police
Pension Rules and Regulations.The motion passed.
Curt Kramer left the meeting at 9:58 a.m.
Curt Kramer moved,seconded by Dave Christensen,to approve the retirement of Police Officer
Jason Paulsgrove as of January 25,2024.The motion passed.
Galesburg Police Pension Fund Board of Trustees April 30,2024
Dave Christensen moved,seconded by Kelli Bennewitz,to approve the admission to the Police
Pension Fund for new Police Officers Krista Mansir and Sean Hayes.The motion passed.
Dave Christensen moved,seconded by Kelli Bennewitz,to receive the resignations of Police
Officers Joseph Matuszyk and Marco Escobedo.The motion passed.
Dave Christensen moved,seconded by Kelli Bennewitz,to approve the transfer of creditable
service in the amount of $50,270.02 to the State Employees Retirement System for former
Police Officer Christopher Beaupre.The motion passed.
Kelli Bennewitz reported the death of beneficiary Karen Thomas on February 1,2024.
Certified Trustee Training
Kelli Bennewitz reminded the board of the free Pension Trustee Training that is offered by IML.
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 April 30,2024