Firemen’s Pension Fund Board of Trustees

August 23, 2021 Peoria, Illinois AGENDA REGULAR MEETING OF THE BOARD OF TRUSTEES OF THE FIREMEN’S PENSION FUND OF PEORIA, ILLINOIS A Regular Meeting of the Board of Trustees of the Firemen’s Pension Fund of Peoria, Illinois, will be held this date at City Hall, Room 404, Peoria, Illinois, at 9:30 A.M. with proper notice having been given, for the purpose of conducting regular Firemen’s Pension Fund business. ROLL CALL Roll Call of the following members: Higgins, Smith, Tarr, Tomblin, President Troglio – 5. INVOCATION A moment of silence will be held in remembrance of those Firefighters who have served our community. MINUTES Recommendation to Approve the Minutes of the Regular Meeting held on July 26, 2021, as printed. REGULAR BUSINESS ITEM NO. 1 SWEARING-IN CEREMONY for NEWLY APPOINTED TRUSTEE – THOMAS HIGGINS. ITEM NO. 2 MONTHLY PORTFOLIO PERFORMANCE REVIEW by TOM McSHANE GRAYSTONE CONSULTING (A business of Morgan/Stanley Smith-Barney), and Discussion Regarding Recommendations, Possible Action Regarding the Firemen’s Pension Fund Portfolio Performance, and Discussion and Review of the Asset Allocations, Review of the Open Orders with the S&P 500 Exchange Traded Fund (ETF), with Request to Receive and File Reports or Take Other Action. ITEM NO. 3 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of JULY 2021, which Includes the STATEMENT OF PLAN NET ASSETS, STATEMENT OF CHANGES IN PLAN NET ASSETS, SUMMARY of CASH AND INVESTMENTS, BALANCE SHEET, REVENUES and REVENUE REPORT, EXPENSES and EXPENSE REPORT, PAYROLL JOURNAL, and VENDOR CHECKS REPORT, with Recommendation to APPROVE. ITEM NO. 4 REQUEST to RECEIVE and FILE the MUNICIPAL COMPLIANCE REPORT for the FIREMEN’S PENSION FUND OF PEORIA for the Year Ended DECEMBER 31, 2020, Prepared by LAUTERBACH & AMEN, LLP.  PAGE 2 ITEM NO. 5 POST-ASSET TRANSITION CASH MANAGEMENT POLICY from LAUTERBACH & AMEN, LLP, with Recommendation to RECEIVE and FILE, or to Take Other Action Deemed Necessary. ITEM NO. 6 PENSION BENEFITS BULLETIN from LAUTERBACH & AMEN, LLP, with Recommendation to RECEIVE and FILE, or to Take Other Action Deemed Necessary. ITEM NO. 7 REQUEST to DIRECT REIMER DOBROVOLNY & LABARDI to Send Correspondence to the City Regarding the Board’s Recommended Funding Level, in the Amount of $14,234,528.00, with Request to APPROVE. ITEM NO. 8 PRESENTATION by FOSTER & FOSTER Regarding the January 1, 2021, ACTUARIAL VALUATION, with REQUEST TO RECEIVE and FILE. ITEM NO. 9 Report from Fire Marshal James Bachman of Pension Fund Contributions, which were made by payroll deductions during the MONTH of JULY 2021, from the active members of the Peoria Fire Department and which checks were turned in to the City Treasurer’s Office by Director of Finance/Comptroller, with Recommendation to Concur and Receive and File. Payroll Period When Deducted Amount June 26, 2021 – July 10, 2021 July 15, 2021 $ 64,888.22 July 11, 2021 – July 24, 2021 July 30, 2021 $ 64,238.60 TOTAL $129,126.82 ITEM NO. 10 Request to APPROVE the following BILLS: Pensions for August 2021 (dated August 31, 2021) ....................................$1,446,387.08 Lauterbach & Amen - Professional Services IDOI Report FY 12/31/20 ....... 4,545.00 Lauterbach & Amen - Professional Services July 2021 ............................... 3,445.00 INSPE Associates, LLC – Schnibben Disability – Dr. Sostak ...................... 2,235.00 INSPE Associates, LLC – Schnibben Disability – Dr. Newcomer ................ 1,590.00 IPPFA MidAmerican Pension Conf @ $385 ea. – Smith, Tarr, Tomblin, Troglio ... 1,540.00 INSPE Associates, LLC – Schnibben Disability – Dr. Brown....................... 1,500.00 IPPFA Online Trustee Program Registration @ $550 ea. – Higgins & Tarr ........... 1,100.00 Leonard A. Unes Printing Co. – Fire Pension Envelopes. ........................... 150.00 SUB-TOTAL FOR AUGUST…………………………………………………… $1,462,492.08 *Graystone Consulting (Advisory Fee for Third Quarter 2021)…………….. $34,071.35 GRAND TOTAL FOR JULY………….…….…………………………………..$1,496,563.43 *No check should be processed for this amount. This amount is to be automatically deducted from the account ITEM NO. 11 REQUEST to AUTHORIZE the office of REIMER DOBROVOLNY & LABARDI to contact JAMES MCCOY and Alternate Payee to Adjudicate Overpayment to the Member.  PAGE 3 ITEM NO. 12 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of CARL E. MOON. Due to His Death on JULY 30, 2021, and to Make Payments to the Carl E. Moon Estate, in the Amount of $5,732.10, for 30 Days of July 2021. Recommendation: To RECEIVE and FILE the Death Certificate and to APPROVE the Payment of $5,732.10 for 30 days of July. ITEM NO. 13 REQUEST to ACCEPT the APPLICATION for a WIDOW’S PENSION BENEFIT for MARY J. MOON, She being the Widow of CARL E. MOON., with Benefits Commencing July 31, 2021, with her Benefit Based on 100% of his monthly benefit of $5,923.10 per month; therefore Benefits for 1 day of July to be Paid, in the amount of $191.07 and $5,923.10 for each month thereafter. Recommendation: APPROVE the Payment $191.07 for 1 Day of July and $5,923.10 for each month thereafter. ITEM NO. 14 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of CATHY L. PHELAN Due to Her Death on AUGUST 9, 2021, and to Make Payments to the Cathy L. Phelan Estate, in the Amount of $2,354.22, for 9 Days of August 2021. Recommendation: To RECEIVE and FILE the Death Certificate and to APPROVE the Payment of $2,354.22 for 9 days of August. ITEM NO. 15 MOTION to ADOPT and PUBLISH the DECISION and ORDER for FIREFIGHTER BENJAMIN WALLICK – DISABILITY, with Recommendation to APPROVE. ITEM NO. 16 REQUEST for APPROVAL of a RESOLUTION Authorizing City Treasurer Stephen Morris the POWER TO INVEST, and Authorize City Treasurer Morris to Maintain a Minimum of $10,000.00 in the HARRIS BANK ACCOUNT. ITEM NO. 17 DISCUSSION Regarding Firefighters Missing 3-5 days on the ANNUAL STATEMENT and whether those were COVID Related. UNFINISHED BUSINESS ITEM NO. 18 CONTINUED DISCUSSION Regarding a Letters from the FIREFIGHTERS’ PENSION INVESTMENT FUND (FPIF) Regarding Authorization for Current Service Providers to Provide Requested Data Directly to FPIF and its Professionals, Update on Preparation for Transfer of Assets, and Notice of Assumption of Fiduciary Control of Pension Assets by the Firefighters’ Pension Investment Fund on January 4, 2022, with Request to RECEIVE and FILE or to Take Appropriate Action. ITEM NO. 19 CONTINUED DISCUSSION Regarding the CERTIFIED TRUSTEE PROGRAM for New Trustees Provided Virtually, offered by the NIU Outreach. RECOMMENDATION: To Allow New Trustees to Attend.  PAGE 4 NEW BUSINESS CITIZENS’ OPPORTUNITY TO ADDRESS THE BOARD OF TRUSTEES EXECUTIVE SESSION ADJOURNMENT