Firemen’s Pension Fund Board of Trustees

April 20, 2022 Peoria, Illinois PROCEEDINGS OF A RESCHEDULED REGULAR MEETING OF THE BOARD OF TRUSTEES OF THE FIREMEN'S PENSION FUND OF PEORIA, ILLINOIS A Rescheduled 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 showed the following Board members present: Higgins (electronically), Smith, Tarr, Tomblin , President Troglio - 5. Others present: City Treasurer Stephen Morris, Finance Director Kyle Cratty, 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 March 28, 2022, and the Minutes of the Special Meeting held on April 7, 2022, as printed. Trustee Tomblin moved to approve the minutes of the Regular Board Meeting held on March 28, 2022 and the Special Meeting Minutes from April 7, 2022; seconded by Trustee Smith. Approved by viva voce vote . REGULAR BUSINESS ITEM NO. 1 Report from Interim Fire Marshal Shawn Sollberger of Pension Fund Contributions, which were made by payroll deductions during the MONTH of MARCH 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 February 20, 2022 - March 5, 2022 March 15, 2022 $63,692.05 March 6, 2022 - March 20, 2022 March 31 , 2022 $63,369.52 TOTAL $127,061 .57 PROCEEDINGS - FIREMEN'S PENSION MEETING APRIL 20, 2022 PAGE2 Before the vote, there was a brief discussion with Finance Director Cratty regarding how the funds were transferred from Payroll. Director Cratty said he would report back to the Board on the specifics at a later date. Trustee Smith moved to concur and place on file the Fire Marshal's Report for March 2022; seconded by Trustee Tomblin. Approved by viva voce vote. ITEM NO. 2 Request to APPROVE the following BILLS: Pensions for April 2022 (dated April 30, 2022) .................................................... $1,493,532.27 Lauterbach & Amen, LLP - Prof Svcs Feb 2022 ............... .. ... ...... .. .. .... ... .. 3,550.00 Reimer, Dobrovolny & LaBardi - Legal Services. .................................. 1,935.49 SUB-TOTAL FOR APRIL. .. ... ..... ... ... ... ... . .. . .... .. .. ... . ............ .. . $1,499,017.76 GRAND TOTAL FOR APRIL ................................................ . $1,499,017.76 Trustee Tarr noted the correct amount for the pensions for the month of April in the amount of $1 ,493,532.27. She said the discrepancy was due to a delay in receiving the exact amount from Lauterbach and Amen . President Troglio moved to approve corrected amount for the bills for April 2022, in the total amount of $1 ,499,017.76; seconded by Trustee Smith. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 3 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of MARCH 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, President Troglio moved to defer this item to the May 2022 Regular Fire Pension Meeting; seconded by Trustee Tarr. Motion to defer to the May 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. 4 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. PROCEEDINGS - FIREMEN'S PENSION MEETING APRIL 20, 2022 PAGE3 Trustee Smith 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 President Troglio. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. UNFINISHED BUSINESS ITEM NO. 5 CONTINUED Review of APPLICATION FOR MEMBERSHIP to the Firemen's Pension Fund for CORTNEY SMITH, with Recommendation to Approve. (Under Tier II Benefits) Trustee Tarr noted Firefighter Cortney Smith's original date of hire would reflect October 7, 2016, with a break in service from when he left on April 30, 2018, until he was rehired on January 7, 2022. Trustee Tarr moved to approve the Application for Membership to the Firemen's Pension Fund for CORTNEY SMITH Hired on October 7, 2016, with a break in service from April 20, 2018, until January 7, 2022, under Tier II benefits; seconded by Trustee Smith. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 6 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. 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 Smith . Approved by roll call vote . Yeas : Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 11 CONTINUED 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. PROCEEDINGS - FIREMEN'S PENSION MEETING APRIL 20, 2022 PAGE4 City Treasurer Morris introduced Finance Director Kyle Cratty to the Board and thanked him for coming. He reported the City Treasury had direct control of the current balance of $16,787,370.60. He said the total included the $1 ,020,187.00 the City of Peoria put in to fund their Department of Insurance obligations thru the end of March 2022. He noted the obligation from the current month would be transferred , but he said approximately 1O months' worth of cash would still be remaining . He explained there was plenty of cash on hand. He said regarding the PPRT, the Fire Pension portion of $2,140,023.00 was fully funded. Discussion was held regarding the rate of return for Morton Community Bank vs. Harris Bank. City Treasurer Morris said he would research the information and report back to the Board. Finance Director Cratty addressed the Board regarding the delayed transfer of the funds . He noted Staff transitions in the Finance Dept. and reported they had concluded that they needed to review the process of how they were making the payments to the Fire Pension Fund. He said there were three different funding sources within the City Budget to cover the difference of required contributions . He then gave a brief overview of the process for the Board . He said in discussions with his staff and the City Treasurer, he said they would like to move forward with making transfers monthly to ensure they were hitting the required contributions . In discussion regarding policies, President Troglio pointed out it was his understanding that once the City had received the funds , they had 30 days to distribute the funds by law. During more comments and discussion, Trustee Tarr reported the FPIF wanted to know approximately how much the Board wanted to withdraw on an annual basis by June 1, 2022. It was decided the topic should be kept for discussion at the May Board meeting. After brief comments, Trustee Tarr moved to defer the discussion regarding the Firefighters' Pension Investment Fund (FPIF) Cash Flow Projection Report to the May Regular Fire Pension Meeting; seconded by President Troglio. Motion to defer to the May 2022 Regular Firemen's Pension Board Meeting was Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. NEW BUSINESS MAY 18TH SPECIAL FIRE PENSION BOARD MEETING WITH FOSTER AND FOSTER Trustee Tarr briefed the Board on the timelines for the series of meetings to be held on Wednesday, May 18th with City Council Members and Jason Franken of Foster and Foster. It was decided that the Special Meeting at 9:00 a.m. on May 18th would be recorded and streamed via ZOOM . EXECUTIVE SESSION It was determined that an Executive Session was not needed at this time PROCEEDINGS - FIREMEN'S PENSION MEETING APRIL 20, 2022 PAGES CITIZENS' OPPORTUNITY TO ADDRESS THE BOARD OF TRUSTEES It was determined that there were no citizens to address the Board of Trustees. ADJOURNMENT Trustee Tomblin moved to adjourn the Rescheduled Regular Firemen's Pension Board Meeting; seconded by President Troglio. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. The Rescheduled Regular Firemen's Pension Board meeting adjourned at 10: 17 AM . MC , CMC , City Clerk ard Secretary, Firemen's Pension Fund of Peoria, Illinois /tb