Firemen’s Pension Fund Board of Trustees

June 27, 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 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, Tarr, Tomblin , President Troglio - 4. Absent: Smith - 1. 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 April 20, 2022, and the Minutes of the Special Meeting held on May 18, 2022, as printed. Trustee Tomblin moved to approve the minutes of the Regular Board Meeting held on April 20, 2022 and the Special Meeting Minutes from May 18, 2022; seconded by Trustee Higgins. Approved by viva voce vote . REGULAR BUSINESS ITEM NO. 1 MONTHLY PORTFOLIO PERFORMANCE REVIEW from MARQUETTE ASSOCIATES and NORTHERN TRUST dated MARCH 31, 2022, and from NORTHERN TRUST dated April 30, 2022, with Request to Receive and File. After brief comments, Trustee Tomblin moved to receive and file the Monthly Portfolio Performance Review from Marquette Associates and Northern Trust; seconded by Trustee Higgins. Approved by viva voce vote . PROCEEDINGS - FIREMEN'S PENSION MEETING JUNE 27, 2022 PAGE2 ITEM NO. 2 Report from Interim Fire Marshal Shawn Sollberger of Pension Fund Contributions, which were made by payroll deductions during the MONTH of APRIL 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 March 20, 2022 - April 5, 2022 April 14, 2022 $62,746.17 April 6, 2022 - April 20, 2022 April 29, 2022 $62,747.60 TOTAL $125,493.77 Trustee Tomblin moved to concur and place on file the Fire Marshal's Report for April 2022; seconded by Trustee Higgins. Approved by viva voce vote. ITEM NO. 3 Report from Interim Fire Marshal Shawn Sollberger of Pension Fund Contributions, which were made by payroll deductions during the MONTH of MAY 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 April 21 , 2022 - May 5, 2022 May 16, 2022 $62,949.21 May 6, 2022 - May 20, 2022 May 31 , 2022 $63,043.38 TOTAL $125,992.59 Trustee Tarr moved to concur and place on file the Fire Marshal's Report for May 2022; seconded by Trustee Higgins. Approved by viva voce vote. ITEM NO. 4 Request to APPROVE & RATIFY the following BILLS: Pensions for May 2022 (dated May 31, 2022) ....................................................... $1,485,885.00 Mesirow Insurance Svcs, Inc., Fiduciary Liability 11/15/21 to 1//15/22. ...... 9,796.00 Lauterbach & Amen , LLP - Prof Svcs Mar 2022 ......... ... ... ...... ...... .... ...... .. 3,550.00 Lauterbach & Amen , LLP - Prof Svcs Year End Audit FY 12/31/21 ..... ..... 3,445.00 Stefanie Tarr, Refreshment Reimb. -Pension Funding Mtgs .. ....... .. .. ... .. ... 61 .68 SUB-TOTAL FOR MAY ...... ... .... .. ....... ..... ...... .... .... ......... . ... ..... .. ...... $1 ,502 ,737.68 RATIFY GRAND TOTAL FOR MAY .... ....... ........ .. .... ............... ................... $1 ,502,737.68 PROCEEDINGS - FIREMEN'S PENSION MEETING JUNE 27, 2022 PAGE3 Trustee Higgins moved to ratify the bills for May 2022, in the amount of $1 ,502 ,737.68; seconded by Trustee Tomblin . Approved by roll call vote. Yeas: Higgins, Tarr, Tomblin , President Troglio - 4 ; Nays: None. Pensions for June 2022 (dated June 30, 2022) ...................................................... $1,488,428.77 Foster & Foster- 2021 Pension Modeler........ ......... . .................... ... ... 7,000.00 INSPE Associates - Dr. David Fletcher - Gregory Parker . . . . . . . . . . . . . . . . . . . . . . 5,261.40 Lauterbach & Amen - Prof Svcs -Apr 2022.. . .. . ... ... ... ... ... ... . .. .. . ... ... .... 3,550.00 Trina D. Bonds - 2rd Qtr (Apr - June) Adm in Svcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350.00 Reimer Dobrobolny & Labardi PC - Legal Svcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,103.03 Lauterbach & Amen - Payroll Tax Returns 12/31/21 ... ... ... ... .. . ... ... ... ..... 970.00 SUB-TOTAL FOR JUNE ..... ... ..... . .... ... ... .. .... ..... ... ... ... .. ... . .... .. ..... . .... $1 ,507 ,663.20 APPROVE GRAND TOTAL FOR JUNE ......................................................$1,507,663.20 Trustee Higgins moved to approve the bills for June 2022, in the amount of $1 ,507 ,663.20; seconded by Trustee Tomblin . Approved by roll call vote . Yeas : Higgins, Tarr, Tomblin , President Troglio - 4 ; Nays: None. ITEM NO. 5 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of CHARLES L. TAYLOR Due to His Death on APRIL 19, 2022, and to Make Payments to the Charles L. Taylor Estate, in the Amount of $3,543.88, for 19 days of April 2022. Recommendation: To RECEIVE and FILE the Death Certificate and to APPROVE the Payment of $3,543.88 for 19 days of April. Trustee Tomblin moved to approve the removal from the pension rolls of Charles L. Taylor due to his death on April 19, 2022 , and to make payment to the Charles L. Taylor Estate, in the amount of $3,543.88 for 19 days of April and to receive and file the Death Certificate; seconded by Trustee Higgins. Approved by roll call vote . Yeas : Higgins, Tarr, Tomblin, President Troglio - 4 ; Nays: None. ITEM NO. 6 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of HERMAN E. BROOKS Due to His Death on MAY 13, 2022, and to Make Payments to the Herman E. Brooks Estate, in the Amount of $3,364.99, for 13 days of May 2022. Recommendation: To RECEIVE and FILE the Death Certificate, and to APPROVE the Payment of $3,364.99 for 13 days of May. PROCEEDINGS - FIREMEN'S PENSION MEETING JUNE 27, 2022 PAGE4 Trustee Tomblin moved to approve the removal from the pension rolls of Herman E. Brooks due to his death on May 13, 2022 , and to make payment to the Herman E. Brooks Estate, in the amount of $3,364.99 for 13 days of May and to receive and file the Death Certificate; seconded by Trustee Higgins. Approved by roll call vote. Yeas: Higgins, Tarr, Tomblin , President Troglio - 4 ; Nays: None. ITEM NO. 7 REQUEST to ACCEPT the APPLICATION for. a WIDOW'S PENSION BENEFIT for SHIRLEY ANN BROOKS, She being the Widow of HERMAN E. BROOKS, with Benefits Commencing May 14, 2022, with her Benefit Based on 100% of his monthly benefit of $8,024.20 per month; therefore Benefits for 18 days of May to be Paid, in the amount of $4,659.21 and $8,024.20 for each month thereafter. Recommendation: APPROVE the Payment $4,659.21 for 18 Days of May and $8,024.20 for each month thereafter. Trustee Tomblin moved to accept the Application for a Widow's Pension Benefit for Shirley Ann Brooks, she being the widow of Herman E. Brooks, with benefits commencing May 14, 2022 , with her benefit to be based on 100% of his monthly pension benefit of $8,024.20 per month; therefore benefits for 18 days of May to be paid , in the amount of $4 ,659.21 and $8,024.20 for each month thereafter; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Tarr, Tomblin , President Troglio - 4 ; Nays: None. ITEM NO. 8 MOTION to ADOPT and PUBLISH the DECISION and ORDER for FIRE CAPTAIN JOHN A. SCHNIBBEN - LINE OF DUTY DISABILITY, with Recommendation to APPROVE. Trustee Higgins moved to approve , adopt and publish the Decision and Order regarding the Disability Application of Captain John A. Schnibben ; seconded by President Troglio. Approved by roll call vote . Yeas: Higgins, Tarr, Tomblin , President Troglio - 4 ; Nays: None. ITEM NO. 9 DISCUSSION Regarding the Award of TEMPORARY PENSION BENEFITS to FIRE ENGINEER GREGORY L. PARKER, with Request to APPROVE. A brief discussion was held regarding the injury of Engineer Gregory Parker. President Troglio noted the request was for Line of Duty Disability which would be 65% of his salary. He explained the disability would only be on a temporary basis until the Board approved or denied the disability. President Troglio moved to award Temporary Pension Benefits at 65% , plus years of service to Fire Engineer Gregory L. Parker, to be effective June 11 , 2022 ; seconded by Trustee Tomblin. PROCEEDINGS - FIREMEN'S PENSION MEETING JUNE 27, 2022 PAGE5 Approved by roll call vote . Yeas: Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. ITEM NO. 10 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of APRIL 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 Tomblin moved to approve the monthly financial reports from Lauterbach & Amen, LLP for the month of April 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 Higgins. Approved by roll call vote . Yeas : Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. ITEM NO. 11 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 Tarr 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 Higgins. Approved by roll call vote . Yeas: Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. ITEM NO. 12 DISCUSSION Regarding the 2022 IPPFA MIDAMERICAN PENSION CONFERENCE, to be Held October 5 - 7, 2022, in Oak Brook, Illinois. RECOMMENDATION: To Allow Board Members to Attend Personally or Virtually, if they wish , and to Receive a Per Diem, and Reimbursement for Hotel and Travel Expenses OR to Receive and File. Discussion was held regarding the number of required education hours for the Board. Trustee Tarr asked if anyone was interested in attending and she said she would follow-up with Attorney Reimer for clarification on the required training hours for continued education. Trustee Tomblin moved to receive and file the discussion on the 2022 MidAmerican Pension Conference; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None PROCEEDINGS - FIREMEN'S PENSION MEETING JUNE 27, 2022 PAGES UNFINISHED BUSINESS ITEM NO. 13 CONTINUED 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. Discussion was held regarding the overpayment of funds. The Board explored further options and discussed the cost to recoup the funds from the estate by possibly utilizing a collections attorney. President Troglio asked Trustee Tarr to confirm next steps with Attorney Reimer to discuss at the next meeting. President Troglio moved to defer the continued discussion regarding the overpayment of $2,312.19 to the estate of Denise Roxanne Kneer, until the regular scheduled July meeting; seconded by Trustee Tarr. Approved by viva voce vote ITEM NO. 14 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. Trustee Higgins moved to approve the monthly financial reports 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; seconded by Trustee Tarr. Approved by roll call vote . Yeas: Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. ITEM NO. 15 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. Trustee Tarr explained this was very similar to the Lauterbach and Amen report, with the exception of FPIF needing a line item showing the amount the Board wanted to be withdrawn . She asked the Board if they wanted to withdraw a certain amount on a regular basis. City Treasurer Morris provided a quick update for the Board. He reported the PPRT was fully funded , and he said the Fund had recently received the first real estate tax payment. He confirmed there was currently $16,506,000 in the account. He noted the cash burn was approximately $1.49 million per month. He said it was a good time to transfer some of that money to the Fund . PROCEEDINGS - FIREMEN'S PENSION MEETING JUNE 27, 2022 PAGE7 In discussion, it was decided they needed to keep a 4-month cushion, which would be $6.5 million on hand . The Board then discussed transferring $10 million to FPIF. It was decided the Board would request $1 .5 million monthly and draft a policy to review at the next meeting. After more comments , President Troglio moved to direct City Treasurer Morris to transfer $10 million to the Firefighters' Pension Investment Fund (FPIF) and to keep $6.5 million in cash ; seconded by Trustee Tomblin. Approved by roll call vote . Yeas : Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. Trustee Higgins made a motion to add to the FPIF Annual Report $1 .5 million to be withdrawn monthly and to file the report with FPIF; seconded by President Troglio. Approved by roll call vote. Yeas: Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. NEW BUSINESS There was no new business to discuss. 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. ADJOURNMENT Trustee Tomblin moved to adjourn the Regular Firemen's Pension Board Meeting ; seconded by Trustee Higgins. Approved by roll call vote. Yeas : Higgins, Tarr, Tomblin , President Troglio - 4; Nays: None. The Regular Firemen's Pension Board meeting adjourned at 10:19 A.M . Stefanie T rr RMC , CMC, City Clerk Trustee an Board Secretary, Firemen's Pension Fund of Peoria, Illinois /tb