Firemen’s Pension Fund Board of Trustees

March 28, 2022 Peoria, Illinois PROCEEDINGS OF A 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 AM . with proper ~otice ' having been given, for the purpose of conducting regular Firemen's Pension Fund business. ROLL CALL Roll Call showed the following Board members present: Higgins, Smith, Tarr, Tomblin , President Troglio - 5. Others present: City Treasurer Stephen Morris and Chief Deputy City Clerk Trina Bonds. INVOCATION A moment of silence was held in remembrance of those Firefighters who have served our community. MINUTES Recommendation to Approve the Minutes of the Regular Board Meeting held on February 28, 2022, as printed. Trustee Tomblin moved to approve the minutes of the Regular Board Meeting held on February 28, 2022; seconded by Trustee Higgins. Approved by viva voce vote . REGULAR BUSINESS ITEM NO. 1 MONTHLY PORTFOLIO PERFORMANCE REVIEW by PATRICK DONNELLY GRA YSTONE 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, with Request to Receive and File Reports or Take Other Action. Trustee Tarr referred to a Statement of Results handout from FPIF showing the monies that were transferred . Chairman Troglio confirmed all of the money had been transferred and he pointed out the Fund had lost 6.2% year-to-date . City Treasurer Morris clarified the Fund currently had a cash account, in the amount of $13.498 million. He noted part of it was from what the Board had left in reserves, and he said another portion was $3.457 million that had not been transferred from the City. He explained he found during a SIKICH audit that the money should have been transferred by the Finance Dept. by December 31 , 2021 . He said the good thing was the money was still sitting in cash until the end of February, therefore, he said the Fund did not actually loose 6% of the money. He said in a PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGE2 meeting with Finance Director Cratty, the Director mentioned he did not favor paying the money annually and he wanted to change to paying either monthly or quarterly. He said they had discussed putting a plan into place to ensure the same mistake did not happen again. In discussion regarding the PPRT and how it was funded , Chairman Troglio asked for clarification as to if whether direction was needed from the Board on how the money should be distributed. City Treasurer Morris pointed out there was now a plan in place with the Finance Dept. and the Treasurer's Office going forward. During more discussion and comments , City Treasurer Morris said he would invite Director Cratty to the next Fire Pension Board meeting in order to provide clarification on how money was distributed by the Finance Dept. Trustee Smith stated the goal would be to formalize a process between the Finance Dept. , the City Treasurer's Office, and the Fire Pension Board. Trustee Tomblin moved to receive and file the Performance Update Report; seconded by Trustee Higgins. Approved by viva voce vote . After more comments, Trustee Tarr said the FPIF wanted the Board to send a spreadsheet of the ins and outs of the Fund by June. She said the item was further down on the Agenda for discussion. REQUEST TO MOVE AGENDA ITEM Trustee Higgins moved to move Item No.11 forward on the agenda to be discussed at this time ; seconded by President Troglio. Approved by viva voce vote . ITEM NO. 11 DISCUSSION Regarding the FIREFIGHTERS' PENSION INVESTMENT FUND (FPIF) Cash Flow Projection Report, to Determine whether a reoccurring draw is necessary and the amount, and to have the Fund Treasurer to Submit to FPIF by 6-1-2022, with Request to APPROVE or to Take Other Necessary Action. Trustee Tarr reported by June 1, 2022, the Board needed to send an estimated cash flow projection report to the FPIF. She referred to a handout of a report provided by Lauterbach and Amen , which could be used to satisfy the requirements of the Cash Management Policy. She said the Board needed to provide direction as to how often they wanted money to be money transferred . She said the FPIF wanted the report to be provided annually. In discussion, City Treasurer Morris said he would run some projections and bring them back to the Board at the next meeting in order for them to submit to Lauterbach and Amen for their review before the June deadline. PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGE3 After brief comments, President Troglio moved to defer the discussion regarding the Firefighters' Pension Investment Fund (FPIF) Cash Flow Projection Report to the April Regular Rescheduled Fire Pension Meeting; seconded by Trustee Tomblin. Approved by viva voce vote . ITEM NO. 2 Report from Fire Marshal James Bachman of Pension Fund Contributions, which were made by payroll deductions during the MONTH of FEBRUARY 2022, 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 January 21 , 2022 - February 5, 2022 February 15, 2022 $63,857.65 February 6, 2022 - February 20, 2022 February 28, 2022 $63,710.27 TOTAL $127 ,567.92 Trustee Smith moved to concur and place on file the Fire Marshal's Report for February 2022; seconded by Trustee Higgins. Approved by viva voce vote. ITEM NO. 3 Request to APPROVE the following BILLS: Pensions for March 2022 (dated March 31, 2022) .................................. $1,486,811.53 Lauterbach & Amen, LLP - Prof Svcs Jan 2022 ........... ....... .... .... ........ .. .... 3,550.00 IPPFA Illinois Pension Conf. 4/27-4/29/22 (Smith, Tarr, Tomblin , Troglio) .. 1,860.00 Trina D. Bonds - 151 Quarter Admin Svcs (Jan - Mar). ....................... .. ... ... 1,350.00 Reimer, Dobrovolny & LaBardi - Legal Services................................... 383.74 SUB-TOTAL FOR MARCH ..... ... .... .... ......... .. .... ... ....... .. ....... ... . $1 ,493 ,955.27 GRAND TOTAL FOR MARCH ............................................... .. $1,493,955.27 Trustee Tomblin moved to approve the bills for March 2022 , in the amount of $1 ,493,955.27; seconded by Trustee Higgins. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGE4 ITEM NO. 4 Review of APPLICATION FOR MEMBERSHIP to the Firemen's Pension Fund for LEWIS BROOKS, with Recommendation to Approve. (Under Tier II Benefits) President Troglio moved to approve the Application for Membership to the Firemen's Pension Fund for LEWIS BROOKS Hired on January 6, 2022, under Tier II benefits; seconded by Trustee Tarr. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. ITEM NO. 5 Review of APPLICATION FOR MEMBERSHIP to the Firemen's Pension Fund for MASON COGGINS, with Recommendation to Approve. (Under Tier II Benefits) President Troglio moved to approve the Application for Membership to the Firemen's Pension Fund for MASON COGGINS Hired on January 6, 2022, under Tier II benefits; seconded by Trustee Tarr. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. ITEM NO. 6 Review of APPLICATION FOR MEMBERSHIP to the Firemen's Pension Fund for CORTNEY SMITH, with Recommendation to Approve. (Under Tier II Benefits) After a brief discussion regarding a break in service, it was decided the Board should defer the application for membership for Cortney Smith in order to obtain further information from Lauterbach and Amen. Trustee Tomblin moved to defer the Application for Membership to the Firemen's Pension Fund for CORTNEY SMITH to the April Fire Pension Meeting; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 7 APPLICATION for REGULAR RETIREMENT PENSION for FIRE CHIEF JAMES BACHMAN to become effective March 19, 2022 (last day paid by the City, March 18, 2022) based on 69.5833% of his Annual Salary of $173,477.10 with pension to be paid for the remaining 13 days of March, in the amount of $4,218.37 and $10,059.26 for every month thereafter, with recommendation for the Board to APPROVE. PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGES Trustee Higgins moved to approve the Application for Regular Retirement Pension for Fire Chief James Bachman to become effective March 19, 2022, (last day paid by the City March 18, 2022) based on 69.5833% of his annual salary of $173,477.10 with pension to be paid for the remaining 13 days of March, in the amount of $4,218.37 and $10,059.26 for every month thereafter; seconded by Trustee Smith. Approved by roll call vote. Yeas : Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 8 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of PHYLLIS A. SMITH Due to Her Death on FEBRUARY 28, 2022, and to Make Payments to the Phyllis A. Smith Estate, in the Amount of $0. Recommendation: To RECEIVE and FILE the Death Certificate and to APPROVE the Payment of $0. Trustee Tomblin moved to approve the removal from the pension rolls of Phyllis A. Smith due to her death on February 28, 2022, and to make payment to the Phyllis A. Smith Estate, in the amount of $0, and to receive and file the Death Certificate; seconded by Trustee Smith. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 9 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of FEBRUARY 2022, 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. After brief comments, Trustee Higgins moved to defer this item to the April 2022 Regular Fire Pension Meeting; seconded by Trustee Tarr. Motion to defer to the April 2022 Regular Firemen's Pension Board Meeting was approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. ITEM NO. 10 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. Trustee Tomblin moved to approve 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; seconded by Trustee Smith. PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGES Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 11 DISCUSSION Regarding the FIREFIGHTERS' PENSION INVESTMENT FUND (FPIF) Cash Flow Projection Report, to Determine whether a reoccurring draw is necessary and the amount, and to have the Fund Treasurer to Submit to FPIF by 6-1-2022, with Request to APPROVE or to Take Other Necessary Action. CLERK'S NOTE: See Discussions held on page 2. ITEM NO. 12 DISCUSSION Regarding the APPROVAL of a RESOLUTION Appointing Authorized Agents, with Request to APPROVE. Trustee Tarr reported the resolution would provide the Board access to allocation statements. She pointed out an additional authorized representative needed to be appointed by Board resolution. After a brief discussion, it was decided Deputy City Treasurer Kayla Casey should be appointed as an additional authorized agent. Trustee Tarr moved to approve the Resolution appointing Deputy City Treasurer Kayla Casey as an Authorized Agent; seconded by Trustee Smith. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 13 DISCUSSION Regarding the OVERPAYMENT to the Denise Roxanne Kneer Estate, in the Amount of $2,312.19 for 12 days of January 2022 with a Request to RECEIVE and FILE or Take Other Action Necessary. After a brief discussion , President Troglio moved to direct the Fire Pension Board Attorney Rick Reimer of Reimer, Dobrovolny & LaBardi to send a letter to the estate of Denise Roxanne Kneer regarding the overpayment of $2,312.19; seconded by Trustee Smith. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 14 REQUEST for APPROVAL of a RESOLUTION Regarding the RELEASE of EXECUTIVE SESSION MINUTES. After brief comments, Trustee Tomblin moved to approve the Resolution regarding the Release of the Executive Session Minutes; seconded by Trustee Tarr. Approved by viva voce vote. PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGE7 UNFINISHED BUSINESS ITEM NO. 15 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of JANUARY 2022, 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. Trustee Tarr moved to approve the monthly financial reports from Lauterbach & Amen , LLP for the month of January 2022, 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; seconded by Trustee Tomblin . Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. NEW BUSINESS ANNUAL APRIL SPECIAL BOARD MEETING Discussion took place regarding the Annual Rescheduled and Special Fire Pension Board Meetings held each year in April. It was decided the April Fire Pension Board Meeting should be rescheduled to April 20, 2022, at 9:00 AM . and the Annual Board Meeting would be held at 5:00 P.M. on April 20, 2022 at Jim's Steakhouse. MAY 18 & 19 FIRE PENSION FUNDING MEETINGS WITH FOSTER AND FOSTER A brief discussion was held regarding upcoming meetings with City Council Members regard ing alternate Fire Pension Funding . Trustee Tarr reported she had received responses from three Council Members regarding attendance. EXECUTIVE SESSION It was determined that an Executive Session was not needed at this time CITIZENS' OPPORTUNITY TO ADDRESS THE BOARD OF TRUSTEES It was determined that there were no citizens to address the Board of Trustees. PROCEEDINGS - FIREMEN'S PENSION MEETING MARCH 28, 2022 PAGES ADJOURNMENT Trustee Tomblin moved to adjourn the Regular Firemen's Pension Board Meeting; seconded by Trustee Smith. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. The Regular Firemen's Pension Board meeting adjourned at 10:36 AM. Stefani arr, RMC, CMC, City Clerk Trustee and Board Secretary, Firemen's Pension Fund of Peoria, Illinois /tb