Firemen's Pension Fund Board of Trustees Meeting

URBANA FIREMEN'S PENSION BOARD OF TRUSTEES MEETING FRIDAY, NOVEMBER 1, 2019 The· Firemen's Pension Board of Trustees of the City of Urbana, Illinois, met at 9:30am, Friday, November 1, 2019, in the second floor Executive Conference Room of the Urbana City Building. MEMBERS PRESENT: Andrew Rickards, 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 at 9:46am) Elizabeth Hannan, Finance Director - end of term 6/30/2021 MEMBERS ABSENT: Richard Schnuer, City Appointment - end of term 6/30/21 OTHERS PRESENT: James Dobrovolny, Fund Attorney; Ronald Eldridge, Fund Assistant Treasurer; Carla Tucker, Fund Accountant; Aaron Sutton, Kevan Melchiorre and Darren Wright, Busey Bank Wealth Management; Kay Meharry, Recording Secretary OTHERS ABSENT: 1. Call to Order · President Andrew Rickards called the meeting to order at 9:33am. 2. Investment Business Aaron Sutton, Zach Hillard, Darren Wright of First Busey Trust & Investment Co. were present. They distributed the quarterly report and reviewed the pension fund's investment activity through the quarter ended September 30, 2019. The market value as of the end of the · quarter was $33,382,415, showing a loss of $48,237 from the previous quarter. The amount of gain for the past year is over $5,000,000, a gain of about 17%. A motion to receive and file the Busey Financial report was made by FF /Sec Josh Ingold, seconded by Finance Director Elizabeth Hannan and carried by voice vote. 3. Approval of Minutes from Previous Meeting · A motion to approve the minutes from the July 26, 2019 meeting was made by Ms. Hannan, seconded by FF Brian Hoff, and carried by voice vote. 4. Approval of Financial Report and Pension Benefit Changes Ron Eldridge, Fund Assistant Treasurer, reported that there was no unusual activity in the last quarter. -Mark Clapp retired in July and received a partial pension payment of $2,697.36 that · month. His pension payment in August was $5226.14. Mr. Eldridge reported there will be the annual three percent increase in January· for retired firefighters who have reached age 55. Firefighters on disability pension who have reached age 60 will also get a three percent increase in January. Ms. Hannan made a motion to accept the financial report, and approve the three percent · pension increases in January 2020, seconded by FF /Sec Ingold and carried by roll call vote as follows: Hannan-aye; Ingold-aye; Hoff-aye; Rickards-aye 5. Public Input There was none. 6. Unfinished Business a. Operating procedures for pension fund Urbana Firemen's Pension Board of Trustees Minutes: November 1, 2019 Page 2 of 3 FF /Sec Ingold said he sent the changes to Mr. Dobrovolny. late. Mr. Dobrovolny said he would have the document ready for the next meeting for approval. It will be on the agenda for the January meeting. b. Investment RFP update Becau~e pension fund consolidation was still pending, Ms. Hannan made a motion to defer this topic until the next meeting. FF Hoff seconded the.motion, which was carried by voice vote. This topic will be on the agenda for each upcoming meeting for possible update. 7. NEW BUSINESS a. Potential modification of investment policy There was no change in investment policy . . b. Reappointment of Richard Schnuer to pension fund FF Hoff made a motion to receive and file the appointment letter of Richard Schnuer as a trustee on the Firemen's pension board of trustees and to acknowledge him as a trustee on the pension board. Motion seconded by Ms. Hannan and carried by voice vote. c. Adoption of recommended tax levy Mr. Eldridge reported he received the actuarial study for the pension fund and the amount that should be contributed to the fund next year is $1,597,064, based on the newer assumptions. Mr. Eldridge said the City, according to their transition plan, will pay $1,261,000 to the pension fund. FF Hoff made a motion to recommend the actuarial amount of $1,597,064 be funded by the City to the Firemen's Pension Fund and to forward the actuarial report to the City. Motion seconded by FF /Sec Ingold and carried by roll call vote as follows: Rickords-aye; Hannan-aye; Ingold-aye; Hoff-aye. d. Plan to move payroll off AS400 Ms. Hannan said currently payroll for the fire pension board and police pension board is on the AS400 system. As of September 2020, the AS400 system will no longer be supported and the plan is to move the pension board payrolls off of AS400 and onto the Munis system. The police pension payroll is now in the process of being moved to Munis and the goal is to have it transitioned to Munis for the January payroll. Fund Account Carla Tucker has retired from the City, but will be offered a quarter-time position in finance so she can continue to handle fire pension and police pension payroll on Munis. In exchange for the cost of employing Ms. Tucker to do pension payroll, Ms. Hannan plans to push payment for the pension actuarial reports and audits currently being paid by the City, back to the pension funds. The change in payroll processing will require an intergovernmental agreement between the City and each pension fund. The plan is to see how the transition for police pension payroll goes, and follow with the transition for fire pension payroll. This discussion will continue at the January meeting. e. New hire LeshawnJames.,;,. start date 9/3/2019 FF/ Sec Ingold said he does not have the results for Leshawn James' physical, but has the City's workability profile clearing him to work. With final pension physical results pending, "' FF /Sec Ingold made a motion to Leshawn James, start date of September 3, 2019, as a Tier 2 employee, into the pension fund. Motion seconded by FF Hoff and carried by roll call vote as follows: Rickords-aye; Hannan-aye; Ingold-aye; Hoff-aye. Urbana Firemen's Pension Board of Trustees Minut~s: November 1, 2019 Page 3 of 3 f. Reimbursement to Richard Schnuer for GFOA Conference in 2020 / set conference cost limit of $1,400 Motion to reimburse Richard Schnuer for the GFOA Conference in 2020 with-a set limit of 1 $1,400 was made by FF /Sec Ingold, seconded by Ms. Hannan and carried by roll call vote as follows: Rickards-aye; Hannan-aye; Ingold-aye; Hoff-aye. · g. Schedule of meeting dates for 2020 The quarterly meeting dates for 2020 are January 31, April 24, July 31 and October 30. Ms. Hann~n made a motion to accept the quarterly meeting dates for 2020. Motion seconded by FF Hoff and carried by voice vote. Andrew Rickards said he will be resigning from the pension board. FF Ingold is holding a retiree election, and there should be a new trustee on the_ board in January. 8. NEXT QUARTERLY MEETING The next quarterly meeting will be held on January 31, 2020. 9. ADJOURNMENT \ . Having no further business to discuss, President Rickards declared the meeting adjourned at 11:08am. Submitted: I /31 J~a~o .r I Kay Meharry Recording Secretary ...)