HomeMy WebLinkAbout10-29-24 Police Meeting MinutesGalesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room,City Hall
55 West Tompkins Street,Galesburg,Illinois
October 29,2024
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Kelli Bennewitz,Dave Christensen,Chris Hootman,Mike Ingles,and Curt Kramer.Also
Present:Alex Courtney and Phyllis Gau.
Dave Christensen moved,seconded by Curt Kramer,to approve the minutes from the July 30,
2024,meeting.The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented the financial statement for the fund ending
September 30,2024.Total assets are $39,732,188 and total liabilities are $313,491.The net
position-restricted pension benefits is $39,418,697.He also provided transaction reports for
the periods of July–September 2024.
Curt Kramer moved,seconded by Dave Christensen,to receive the quarterly reports.The
motion passed.
Phyllis Gau presented the Galesburg Police Variable Annuities as of September 30,2024,
showing an ending value of $26,776,493 and a total death benefit of $30,056,514.A copy of
the portfolio review has been attached to this official record.She also reported that investment
earnings are up $3.7M YTD and $1.2M for the quarter.
Curt Kramer moved,seconded by Dave Christensen,to receive the Portfolio Review from
Morgan Stanley.The motion passed.
New Business:
Kelli Bennewitz moved,seconded by Dave Christensen,to receive the Municipal Compliance
Report for the fiscal year ended December 31,2023,prepared by Lauterbach &Amen.The
motion passed.
Curt Kramer moved,seconded by Dave Christensen,to approve the admission of new Police
Officer Patricia Tiethoff to the Police Pension Fund.The motion passed.
Mike Ingles moved,seconded by Curt Kramer,to approve the resignation of Officer Patricia
Tiethoff.The motion passed.
Certified Trustee Training
Kelli Bennewitz reminded the board of the free Pension Trustee Training that is offered by IML.
Galesburg Police Pension Fund Board of Trustees October 29,2024
Public Comment
None.
There being no further business,the meeting adjourned at 9:45 a.m.
______________________________________________________________
Chris Hootman,President Kelli R.Bennewitz,Secretary
Galesburg Police Pension Fund Board of Trustees October 29,2024