Firemen's Pension Fund Board of Trustees Meeting

URBANA FIRE PENSION BOARD OF TRUSTEES MEETING FRIDAY, APRIL 26, 2019 The Fire Pension board of Trustees of the City of Urbana, Illinois met at 9:30am, Friday, April 26, 2019, in the second floor Executive Conference Room of the Urbana City Building. MEMBERS PRESENT: Andrew Rickords, President - end of term 4/30/2021 Josh Ingold, Firefighter/Secretary- end of term 7/28/2020 Brian Hoff, Firefighter - end of term 7/28/2020 (arrived 9:55 am) Richard Schnuer, City Appointment- end of term 6/30/2019 Elizabeth Hannan, Finaq.ce Director- end of term 6/30/2020 OTHERS PRESENT: Richard Reimer, partner of James Dobrovolny, Fund Attorney; Ronald Eldridge, Fund Assistant Treasurer; Kevan Melchiorre, Busey Bank Wealth Management; Patrick Donnelly, Account Broker with Morgan Stanley OTHERS ABSENT: Carla Tucker, Fund Accountant; Kay Meharry, Recording Secretary 1. Call to Order President Andrew Rickords called the meeting to order at 9:35am. 2. Investment Business Kevan Melchiorre of First Busey Trust & Investment Co. was present. He distributed the quarterly report and reviewed the pension fund's investment activity through the quarter · ended March 31, 2019. The return on equity investments for the quarter was 12.6%, 4.8% for the last 12 months. Any future recommendations for equity investing will probably be to the international funds. A discussion ensued concerning whether the investment policy needed to be updated or whether it has been updated at the last meeting with the approved motions. Ron Eldridge agreed to send the current investment policy to Elizabeth Hannan. FF Hoff motioned to accept and receive the Busey report. Motion seconded by FF /Sec Ingold and carried by voice vote. 3. Approval of Minutes from Previous Meeting A motion to approve the minutes from the January 25, 2019 meeting with the correction of the Busey fee % to .002, was made by Elizabeth Hannan, seconded by FF Hoff, and carried by voice vote. 4. Approval of Financial Report Fund Assistant Treasurer Ronald Eldridge discussed the financial report for the quarter and 9 months of the fiscal year, ending March 31, 2019. Changes in benefits during the quarter were the cost of living 3% adjustments in January, and the death of service pensioner Leonard Olson in February with his pension being switched to a dependent pension. There are no scheduled benefit increases in the next quarter. Elizabeth Hannan motioned to accept and receive the financial report. Motion seconded by FF Hoff and carried by voice vote. 5. Public Input There was none. 6. Unfinished Business A. Pension Physicals A general discussion ensued concerning the process and need for physicals and the fact that the fund is paying 50% or $1,000 to City for physicals. FF /Sec Ingold agreed to Urbana Firemen's Pension Board of Trustees Minutes: April 26, 2019 Page 2 of2 send the physical form to Attorney Dobrovolny. There was no change in the current process recommended. B. RFP for consulting services After discussion, a motion to direct Financial Director Elizabeth Hannan to send out the RFP and convene the small group of herself, Shaennon Clark, and FF Brian Hoff to review the FFP responses and narrow down the number to be reviewed and report back to the Board. Motion made by Andrew Rickards and seconded by FF Hoff. Motion carried by voice vote. C. Addition of Fire Chief Charles Lauss to pension fund FF Hoff made a motion to accept Chief Charles Lauss into the pension fund effective September 4, 2018 as a Tier 1. ChiefLauss may be requesting reciprocity with Urbana and his previous funds. Motion seconded by FF /Sec Ingold and carried by voice vote. 7. NEW BUSINESS V A. FF /~ec Ingold made motion to accept new FF Stephen Birt into pension fund as Tier 2 with effective date of February 25, 2019. Motion seconded by FF Hoff and carried by voice vote B. Operating Procedures for the Pension Fund Still being reviewed, this item will be added to agenda for next meeting. 8. NEXT QUARTERLY MEETING The date for the next quarterly meeting of the Fire Pension Board of Trustees is set for Friday,July 26, 2019, at 9:30am. 9. ADJOURNMENT Having no further business to discuss, the meeting adjourned at 11 :OOam. Submitted: Date Approved: July 26, 2019 Kay Meharry Recording Secretary Jlngol Firefighter/ Fund Secretary