HomeMy WebLinkAbout07-30-24 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 and Phyllis Gau.
Dave Christensen moved,seconded by Curt Kramer,to approve the minutes from the April 30,
2024,meeting.The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented the financial statement for the fund ending
June 30,2024.Total assets are $36,556,927 and total liabilities are $310,529.The net
position-restricted pension benefits is $36,246,398.He also provided transaction reports for
the periods of April–June2024.
Mike Ingles moved,seconded by Curt Kramer,to receive the quarterly reports.The motion
passed.
Phyllis Gau presented the Galesburg Police Variable Annuities as of June 30,2024,showing an
ending value of $25,568,997 and a total death benefit of $28,884,079.A copy of the portfolio
review has been attached to this official record.He also highlighted the following:
●Investment earnings are up over $2.5 million as of 12/31/23,which is approximately
11%,beating World Net
●Distributed the IPOPIF Investment Portfolio Asset Allocation vs.Policy for the period
ending 12/31/23.
Discussion was held on the Fund’s variable annuities.
Dave Christensen moved,seconded by Mike Ingles,to approve a resolution recommending a tax
levy of $3,922,034 to the City Council.The motion passed.
New Business:
Dave Christensen moved,seconded by Mike Ingles,to approve the pension of retiree Jack
Sperry.The motion passed.
Curt Kramer moved,seconded by Dave Christensen,to approve the admission of new Police
Officer Kyle Jackson to the Police Pension Fund.The motion passed.
Galesburg Police Pension Fund Board of Trustees July 30,2024
Kelli Bennewitz reported the death of retiree David Hendricks on May 26,2024 and that he did
have a surviving spouse.
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 10:08 a.m.
______________________________________________________________
Chris Hootman,President Kelli R.Bennewitz,Secretary
Galesburg Police Pension Fund Board of Trustees July 30,2024