Firemen’s Pension Fund Board of Trustees

November 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 9:46 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 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 October 24, 2022, and the Minutes of the November 18, 2022, Special Meeting as printed. Trustee Tomblin moved to approve the minutes of the Regular Board Meeting held on October 24, 2022, and the Minutes of the November 18, 2022, Special Meeting; seconded by Trustee Smith. Approved by viva voce vote. REGULAR BUSINESS ITEM NO. 1 MONTHLY PORTFOLIO PERFORMANCE REVIEW from MARQUETTE ASSOCIATES (FPIF) dated September 30, 2022, and the STATEMENT of RESULTS from NORTHERN TRUST dated October 2022, with Request to Receive and File. Trustee Tarr reported the opening balance on the Statement of Results from Northern Trust as of October 2022 showed an opening balance of $132,410,456.96 and an ending balance of $135,356,527.00, with a net rate of return on Invested Capital of 3.38% for October and -18.53% year-to-date. She noted year-to-date contributions started out at $169,202,203, but she said they were now at $135,356,527. In discussion, President Troglio said he could reach out to someone at Marquette Associates or Northern Trust to have a phone-in to allow for them to provide a year-end summary at the January meeting. PROCEEDINGS - FIREMEN'S PENSION MEETING NOVEMBER 28, 2022 PAGE2 After brief comments, Trustee Smith moved to receive and file the Monthly Portfolio Performance Review from Marquette Associates and Northern Trust; seconded by President Troglio. Approved by viva voce vote. ITEM NO. 2 Report from Fire Marshal Shawn Sollberger of Pension Fund Contributions, which were made by payroll deductions during the MONTH of OCTOBER 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 September 21 , 2022 - October 5, 2022 October 14, 2022 $61,754.77 October 6, 2022 - October 20, 2022 October 31 , 2022 $64,203.47 TOTAL $125,958.24 Trustee Tomblin moved to concur and place on file the Fire Marshal's Report for September 2022; seconded by Trustee Smith. Approved by viva voce vote. ITEM NO. 3 Request to APPROVE the following BILLS: Pensions for November 2022 (dated November 30, 2022) ..................... $1,527,766.78 Mesi row Ins Svcs - Ullico Renewal 11 /15/22-11 /15/23.. .. .... ..... ........ ..... ..... 10,643.00 Lauterbach & Amen PC - August 2022 . . . . . . . . . . . . . . . . . . . . . .. . ...... ........... .. ...... 3,550.00 Reimer Dobrovolny & Labardi PC - Legal Svcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 825.00 Associated Fire Fighters of IL - Pension Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 350.00 Office Depot- FP File Folders (Blue and Red $31 .69 ea) . . . . . . . . . . . . . . . . . . . . . .. 63.38 SUB-TOTAL FOR NOVEMBER. ....................................... .......... .... .. $1,543,198.16 APPROVE GRAND TOTAL FOR NOVEMBER......................................... $1,543,198.16 Trustee Tomblin moved to approve the bills for November 2022, in the amount of $1,543,198.16; seconded by Trustee Smith. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING NOVEMBER 28, 2022 PAGE3 ITEM NO. 4 Request to APPROVE an UNDERPAYMENT of Regular Retirement Benefits, in the Amount of $346.41 for FIRE CAPTAIN SCOTT L. VENZON. After brief comments, Trustee Tomblin moved to approve the Underpayment of Regular Retirement Benefits for Fire Captain Scott L. Venzon , in the amount of $346.41; seconded by Trustee Smith. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 5 Review of APPLICATION FOR MEMBERSHIP hired on August 26, 2022, to the Firemen's Pension Fund for JOHN T. PRENTISS, with Recommendation to Approve. (Under Tier II Benefits) After a brief discussion , Trustee Smith moved to approve the Application for Membership to the Firemen's Pension Fund for JOHN T. PRENTISS Hired on August 26, 2022, under Tier II benefits; seconded by Trustee Tomblin. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 6 Review of APPLICATION FOR MEMBERSHIP hired on August 26, 2022, to the Firemen's Pension Fund for SAVANNAH E. BUSHMAN, with Recommendation to Approve. (Under Tier II Benefits) After a brief discussion, Trustee Smith moved to approve the Application for Membership to the Firemen's Pension Fund for SAVANNAH E. BUSHMAN Hired on August 26, 2022, under Tier II benefits; seconded by Trustee Tomblin. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 7 Review of APPLICATION FOR MEMBERSHIP hired on August 26, 2022, to the Firemen's Pension Fund for RYAN D. HAMILTON, with Recommendation to Approve. (Under Tier II Benefits) After a brief discussion, Trustee Smith moved to approve the Application for Membership to the Firemen's Pension Fund for RYAN D. HAMILTON Hired on August 26, 2022, under Tier II benefits; seconded by Trustee Tomblin . Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING NOVEMBER 28, 2022 PAGE4 ITEM NO. 8 Review of APPLICATION FOR MEMBERSHIP hired on August 26, 2022, to the Firemen's Pension Fund for SHANE M. SMITH, with Recommendation to Approve. (Under Tier II Benefits) After a brief discussion , Trustee Smith moved to approve the Application for Membership to the Firemen's Pension Fund for SHANE M. SMITH Hired on August 26, 2022, under Tier II benefits; seconded by Trustee Tomblin. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 9 Review of APPLICATION FOR MEMBERSHIP hired on August 26, 2022, to the Firemen's Pension Fund for CADEN S. DAVIS, with Recommendation to Approve. (Under Tier II Benefits) After a brief discussion , Trustee Smith moved to approve the Application for Membership to the Firemen's Pension Fund for CADEN S. DAVIS Hired on August 26, 2022, under Tier II benefits; seconded by Trustee Tomblin . Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 10 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of SEPTEMBER 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 September 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 President Troglio. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING NOVEMBER 28, 2022 PAGES ITEM NO. 11 DISCUSSION Regarding MORTON COMMUNITY BANK WIRE TRANSFER AGREEMENT Related to CALLBACK VERIFICATION, and the Authorization of City Treasurer Stephen Morris to Sign, with a Request to RECEIVE and FILE or Take Other Action Necessary. City Treasurer Morris gave a brief overview for the Board . He said the Wire Transfer Agreement would waive the requirement for a call back when money was transferred. He said he was not in favor of the waiver, but he said he would do whatever the Board wanted him to do. After a brief discussion, the Board decided they wanted to receive a call back and no action was needed. Trustee Tarr moved to receive and file the Discussion regarding Morton Community Bank Wire Transfer Agreement Related to Callback Verification, and the Authorization of City Treasurer Stephen Morris to Sign; seconded by Trustee Smith. Approved by viva voce vote. ITEM NO. 12 Request to APPROVE a RECURRING WITHDRAWAL from IFPIF to Morton Community Bank beginning January 1, 2023, through December 31, 2023, in the amount of $1,500,000.00, or other amount deemed appropriate by the Board. After brief comments, President Troglio moved to APPROVE the Recurring Withdrawal from IFPIF to Morton Community Bank beginning January 1, 2023, through December 31, 2023, in the amount of $1,500,000.00; seconded by Trustee Smith. Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin, President Troglio - 5; Nays: None. ITEM NO. 13 REQUEST for APPROVAL of the AUDIT ENGAGEMENT LETTER with SIKICH, LLP for the Year Ended DECEMBER 31, 2022, Audit. After brief comments, Trustee Tomblin moved to APPROVE the Audit Engagement Letter with SIKICH LLP for the Year Ended December 31 , 2022, Audit; 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 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 NOVEMBER 28, 2022 PAGE6 After brief comments, 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 Trustee Tomblin . Approved by roll call vote. Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 15 DISCUSSION Regarding Setting a Date or Cancellation for the DECEMBER REGULAR BOARD MEETING Due to the Holidays. Recommendation: Take Action Deemed Appropriate. After a brief discussion , Trustee Tomblin moved to cancel the December Regular Board Meeting; seconded by President Troglio . Approved by viva voce vote. UNFINISHED BUSINESS ITEM N0.16 CONTINUED DISCUSSION ON THE REQUEST to RECEIVE and FILE the MUNICIPAL COMPLIANCE REPORT for the FIREMEN'S PENSION FUND OF PEORIA for the Year Ended DECEMBER 31 , 2021, Prepared by LAUTERBACH & AMEN, LLP. After brief comments, Trustee Smith moved to receive and file the Municipal Compliance Report for the Firemen's Pension Fund of Peoria for the Year Ended December 31 , 2021 , Prepared by Lauterbach & Amen, LLP; seconded by President Troglio. Approved by roll call vote. Yeas: Higgins, Smith , Tarr, Tomblin , President Troglio - 5; Nays: None. ITEM NO. 17 CONTINUED DISCUSSION ON THE MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of AUGUST 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 August 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 President Troglio. Approved by roll call vote . Yeas: Higgins, Smith, Tarr, Tomblin , President Troglio - 5; Nays: None. PROCEEDINGS - FIREMEN'S PENSION MEETING NOVEMBER 28, 2022 PAGE7 NEW BUSINESS It was determined there was no new business to come before the Board of Trustees. 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 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 10:25 AM . Stefanie r, RMC, CMC, City Clerk Trustee and Board Secretary, Firemen's Pension Fund of Peoria, Illinois /tb