Firemen’s Pension Fund Board of Trustees

September 26, 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 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, Smith (electronic attendance), Tarr, Tomblin , President Troglio - 5. others present: Deputy City Treasurer Kayla Casey 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 Rescheduled Board Meeting held on August 29, 2022, as printed. Trustee Tomblin moved to approve the minutes of the Regular Board Meeting held on August 29, 2022; seconded by Trustee Higgins. Approved by viva voce vote. REGULAR BUSINESS ITEM NO. 1 MONTHLY PORTFOLIO PERFORMANCE REVIEW from MARQUETTE ASSOCIATES (FPIF) dated JULY 31, 2022, and the STATEMENT of RES ULTS from NORTHERN TRUST dated JULY 2022 and AUGUST 2022, with Request to Receive and File. Trustee Tarr reported the Statement of Results from Northern Trust as of July 2022 showed an ending balance of $150,893,304.80, with a net return of 5.19%. She said the year-to-date return was -12.04%. After brief comments, President Troglio moved to receive and file the Monthly Portfolio Performance Review from Marquette Associates and Northern Trust; seconded by Trustee Tomblin . Approved by viva voce vote . PROCEEDINGS - FIREMEN'S PENSION MEETING SEPTEMBER 26, 2022 PAGE2 ITEM NO. 2 REQUEST to Receive and File the PRESENTATION by FOSTER & FOSTER Regarding the January 1, 2022, ACTUARIAL VALUATION, Presented to the Board on August 29, 2022. CLERK'S NOTE: See Discussions held on page 2 of the August 29 , 2022 , Regular Rescheduled Fire Pension Board Meeting Minutes. After a brief discussion, Trustee Tomblin moved to receive and file the presentation by Foster & Foster regarding the January 1, 2022 , Actuarial Valuation ; seconded by President Troglio . Approved by viva voce vote . ITEM NO. 3 DIRECT REIMER & DOBROVOLNY to Send Correspondence to the City Regarding the Board's Recommended Funding Level, in the Amount of $15,592,186.00, with Request to APPROVE. After a brief discussion, President Troglio moved to Direct Reimer & Dobrovolny to send correspondence to the City regarding the Board's Recommended Funding Level , in the Amount of $15,592 ,186.00; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None ITEM NO. 4 Report from Fire Marshal Shawn Sollberger of Pension Fund Contributions, which were made by payroll deductions during the MONTH of AUGUST 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 July 21 , 2022 - August 6, 2022 August 15, 2022 $63,014.69 August 7 2022 - August 20, 2022 August 31 , 2022 $ 84,397.38*** TOTAL $147,412 .07 ***This includes back pay from the new contract*** Trustee Tomblin moved to concur and place on file the Fire Marshal's Report for August 2022; seconded by Trustee Higgins. Approved by viva voce vote. ITEM NO. 5 Request to APPROVE the following BILLS: Pensions for September 2022 ( dated September 30, 2022) .............................. $1,515,026.37 Lauterbach & Amen PC - Prof Svcs June 2022 .. . ... ... ... ... ... ... .. . . .. ... .. . .. 3 ,550.00 Trina D. Bonds -- 3rd qtr Ad min Svcs (July -Sept) . . . . . . . . . . ...... ...... ....... ....... 1,350.00 IPPFA- Membership dues 1/1/23-12/31/23... ... . ...... ... .......... ... ........... .. ... . 795 .00 PROCEEDINGS - FIREMEN'S PENSION MEETING SEPTEMBER 26, 2022 PAGE3 SUB-TOTAL FOR SEPTEMBER. ... ... .. ... ..... .. ...... ....... . ..... . ... ... ... .... .. $1 ,520 ,721 .37 APPROVE GRAND TOTAL FOR SEPTEMBER. ........................................ $1,520,721.37 Trustee Higgins moved to approve the bills for September 2022, in the amount of $1 ,520,721 .37 ; seconded by Trustee Tomblin . Approved by roll call vote . Yeas: Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 6 REQUEST to AUTHORIZE the office of REIMER DOBROVOLNY & LABARDI to contact MEMBER JAMES MCCOY and ALTERNA TE PAYEE to ADJUDICATE OVERPAYMENT to the MEMBER. If the MEMBER does not make payment in the amount of $8,537.83 to the AL TERNA TE PAYEE within 30 days of the correspondence and provide the PENSION FUND with proof of the same, 10% <;>f the monthly benefit amount shall be withheld from the MEMBER and paid to the AL TERNA TE PAYEE until such time as the OVERPAID amount is satisfied. Trustee Tarr reported the Member retired in September of 2020. She said about a year ago, the request to Adjudicate Overpayment was brought to the Board. She said the attorneys were now requesting a specific dollar amount to notify both parties on how much was outstand ing. She remarked if the payment was not paid within 30 days, an additional 10% of the monthly benefit amount shall be withheld from the Member and paid to the Alternate Payee. After a brief discussion , Trustee Higgins moved to authorize the office of Reimer Dobrovolny & Labardi to contact Member James McCoy and Alternate Payee to Adjudicate Overpayment to the Member; seconded by President Troglio. Approved by roll call vote. Yeas : Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 7 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of ROBERT P. KISLER Due to His Death on AUGUST 30, 2022, and to Make Payments to the Robert P. Kisler Estate, in the Amount of $6,281.88, for 30 days of August 2022. Recommendation: To RECEIVE and FILE the Death Certificate, and to APPROVE the Payment of $6,281.88 for the 30 days of August. Trustee Tomblin moved to approve the removal from the pension rolls of Robert P. Kisler due to his death on August 30, 2022, and to make payment to the Robert P. Kisler Estate, in the amount of $6,281.88 for the 30 days of August and to receive and file the Death Certificate; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING SEPTEMBER 26, 2022 PAGE4 ITEM NO. 8 REQUEST to ACCEPT the APPLICATION for a WIDOW'S PENSION BENEFIT for BETTY L. KISLER, She being the Widow of ROBERT P. KISLER, with Benefits Commencing August 31, 2022, with her Benefit Based on 100% of his monthly benefit of $6,491.28 per month; therefore Benefits for 1 day of August to be Paid, in the amount of $209.396 and $6,491.28 for each month thereafter. Recommendation: APPROVE the Payment $209.396 for 1 day of August and $6,491.28 for each month thereafter. Trustee Tomblin moved to accept the Application for a Widow's Pension Benefit for Betty L. Kisler, she being the widow of Robert P. Kisler, with benefits commencing August 31 , 2022, with her benefit to be based on 100% of his monthly pension benefit of $6,491.28 per month; therefore benefits for 1 day of August to be paid, in the amount of $209.396 and $6,491 .28 for each month thereafter; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Smith , Tarr, Tomblin , President Troglio - 5; · Nays: None. ITEM NO. 9 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of RONALD R. VOSS Due to His Death on SEPTEMBER 16, 2022, and to Make Payments to the Ronald R. Voss Estate, in the Amount of $3,842.82, for 16 days of September 2022. Recommendation: To RECEIVE and FILE the Death Certificate Upon Receipt, and to APPROVE the Payment of $3,842.82 for the 16 days of September. Trustee Higgins moved to approve the removal from the pension rolls of Ronald R. Voss due to his death on September 16, 2022, and to make payment to the Ronald R. Voss Estate, in the amount of $3,842.82 for 16 days of September and to receive and file the Death Certificate Upon Receipt; seconded by Trustee Tomblin. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 10 APPLICATION for REGULAR RETIREMENT PENSION for FIRE CAPTAIN SCOTT L. VENZON to become effective August 23, 2022, {last day paid by the City August 22, 2022) based on 55.625% of his Annual Salary of $123,603.53 {which includes longevity). Pension to be paid for the remaining 9 days of August, in the Amount of $1,663.41 and $5,729.54 for every month thereafter with recommendation for the Board to APPROVE. {CLERK'S NOTE: These amounts reflect the 2% increase as provided by the Local 50 Contract approved by Council on August 20, 2022) PROCEEDINGS - FIREMEN'S PENSION MEETING SEPTEMBER 26, 2022 PAGE5 Trustee Higgins moved to approve the Application for Regular Retirement Pension for Fire Captain Scott L. Venzon to become effective August 23, 2022, (last day paid by the City August 22, 2022) based on 55.625% of his annual salary of $123,603.53 with pension to be paid for the remaining 9 days of August, in the amount of $1 ,663.41 and $5,729.54 for every month thereafter; seconded by Trustee Tomblin . Approved by roll call vote. Yeas : Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 11 APPLICATION for REGULAR RETIREMENT PENSION for BATTALION CHIEF CLINT KUHLMAN to become effective August 25, 2022, (last day paid by the City August 24, 2022) based on 65.6250% of his Annual Salary of $140,971.72 (which includes longevity). Pension to be paid for the remaining 7 days of August, in the Amount of $1,740.83 and $7,709.39 for every month thereafter with recommendation for the Board to APPROVE. (CLERK'S NOTE: These amounts reflect the 2% increase as provided by the Local 50 Contract approved by Council on August 20, 2022) Trustee Tomblin moved to approve the Application for Regular Retirement Pension for Battalion Chief Clint Kuhlman to become effective August 25, 2022, (last day paid by the City August 24, 2022) based on 65.6250% of his annual salary of $140,971 .72 with pension to be paid for the remaining 7 days of August, in the amount of $1 ,740.83 and $7,709.39 for every month thereafter; seconded by Trustee Higgins. Approved by roll call vote . Yeas : Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 12 APPLICATION for REGULAR RETIREMENT PENSION for FIRE CAPTAIN MARK HUEBNER to become effective September 7, 2022, (last day paid by the City September 6, 2022) based on 67.7083% of his Annual Salary of $111,501.45 (which includes longevity). Pension to be paid for the remaining 24 days of September, in the Amount of $4,870.80 and $6,291.31 for every month thereafter with recommendation for the Board to APPROVE. (CLERK'S NOTE: These amounts reflect the 2% increase as provided by the Local 50 Contract approved by Council on August 20, 2022) President Troglio moved to approve the Application for Regular Retirement Pension for Fire Captain Mark Huebner to become effective September 7, 2022, (last day paid by the City September 6, 2022) based on 67.7083% of his annual salary of $111 ,501.45 with pension to be paid for the remaining 24 days of September, in the amount of $4,870.80 and $6,291 .31 for every month thereafter; seconded by Trustee Higgins. Approved by roll call vote. Yeas: Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING SEPTEMBER 26, 2022 PAGES ITEM N0.13 REQUEST to APPROVE the ILLINOIS FIDUCIARY INSURANCE POLICY with ULLICO for the Policy Period November 15, 2022, to November 15, 2023. After brief comments, Trustee Tomblin moved to APPROVE the Illinois Fiduciary Insurance Policy with ULLICO for the Policy Period November 15, 2022, to November 15, 2023; seconded by Trustee Higgins. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 14 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of JULY 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 July 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, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. ITEM NO. 15 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 Higgins 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 Tomblin. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. After the vote , Deputy City Treasurer Casey reported the balance at Morton Community Bank was $9,204,994.52. UNFINISHED BUSINESS There was no Unfinished Business presented for discussion. PROCEEDINGS - FIREMEN'S PENSION MEETING SEPTEMBER 26, 2022 PAGE7 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 Higgins moved to adjourn the Regular Rescheduled Firemen's Pension Board Meeting; seconded by Trustee Tomblin. Approved by roll call vote. Yeas : Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. The Regular Firemen's Pension Board meeting adjourned at 9:55 A.M . Stefanie r, RMC , CMC, City Clerk Trustee and Board Secretary, Firemen's Pension Fund of Peoria, Illinois /tb