Firemen's Pension Fund Board of Trustees Meeting

URBANA FIREMEN’S PENSION BOARD OF TRUSTEES MEETING FRIDAY, JANUARY 31, 2020 The Firemen’s Pension Board of Trustees of the City of Urbana, Illinois, met at 9:30am, Friday, January 31, 2020, in the second floor Executive Conference Room of the Urbana City Building. MEMBERS PRESENT: Josh Ingold, FF/Fund Secretary – end of term 7/28/2020 Brian Hoff, Firefighter/Fund President – end of term 7/28/2020 Mark Clapp, Retired Firefighter – end of term 4/30/2021 Elizabeth Hannan, Finance Director – end of term 6/30/2021 Richard Schnuer, City Appointment – end of term 6/30/2021 MEMBERS ABSENT: OTHERS PRESENT: Ronald Eldridge, Fund Assistant Treasurer; Carla Tucker, Fund Accountant; Aaron Sutton, Thaddeus Yasunaga, Busey Bank Wealth Management; Kay Meharry, Recording Secretary OTHERS ABSENT: James Dobrovolny, Fund Attorney 1. Call to Order FF/Secretary Josh Ingold called the meeting to order at 9:31am. 2. Investment Business Aaron Sutton and Thaddeus Yasunaga 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 December 31, 2019. The market value as of the end of the quarter was $36,357,938, showing a gain of $3,092,498 from the previous quarter. Pension fund consolidation by the state was discussed. It will be on the agenda for discussion at the next meeting. A motion to receive and file the Busey Financial report was made by FF Hoff, seconded by Richard Schnuer and carried by voice vote. 3. Approval of Minutes from Previous Meeting A motion to approve the minutes from the November 1, 2019 meeting was made by Elizabeth Hannan, seconded by FF Hoff, and carried by voice vote. 4. Approval of Financial Report and Pension Benefit Changes Fund Assistant Treasurer Ronald Eldridge reported the fund is short on cash, and he will need $1,000,000 to carry pension benefit payments through June 2020. He said $225,000 is paid monthly in pension benefits. Changes in pension benefits in the last quarter included the death of Larry Bundy, who had no dependents. Death certificate has not been received. Mr. Eldridge said a decision will have to be made as to whether or not the fund should try to recover his October pension payment and it should be documented in meeting minutes. William Morfey retired November 22, 2019 with 26 years and five months of service. He received a partial payment in November and full payment in December. His monthly pension benefit payment is $4,710.20 a month, based on his final salary of $85,586.08. His first raise will be 3% in December, 2020. Changes for the upcoming quarter include annual 3% raises in January. Sean O’Callaghan will turn 55 in February 2020 and will receive a 4% raise in March. Urbana Firemen’s Pension Board of Trustees Minutes: January 31, 2020 Page 2 of 3 Ms. Hannan made a motion to accept the financial report, seconded by FF Hoff and carried by voice vote. 5. Public Input There was none. 6. Unfinished Business a. Operating procedures for pension fund FF/Sec. Ingold said fund attorney Jim Dobrovolny would have had the updated version for this meeting, but he was not present. This item will be on the next agenda. b. Investment RFP update This item will be removed from the agenda permanently because the state will be investing the funds. c. Payroll services update Ms. Hannan said fund accountant Carla Tucker was able to set up police pension payroll services in the Munis system. She said the target date to have fire pension payroll in Munis is April. There was no agreement to discuss or approve at this meeting. This will be on the next meeting agenda. d. Status of Leshawn James physical FF/Sec Ingold said Leshawn James passed his physical and was declared fit for work. FF Hoff made a motion to receive and accept the physical results for Leshawn James. Motion seconded by Ms. Hannan and carried by voice vote. FF James was voted into the pension fund at the November, 2019 meeting. 7. NEW BUSINESS a. Potential investment policy modification There no investment policy modification. b. Results of retiree election FF/Sec. Ingold said the retiree election was held December 18, 2019. He said there were no write-ins and retired firefighter Mark Clapp had 20 ballots. He will replace Andrew Rickords as a fire pension board trustee. His term will end April 30, 2021. Required training for trustees was discussed. FF Hoff moved to accept the results of the retiree election. Motion seconded by Ms. Hannan and carried by voice vote. c. Election of Officers FF/Sec. Ingold made a motion to elect FF Brian Hoff as fund president. Motion seconded by Ms. Hannan and carried by voice vote. d. Fiduciary liability renewal from 2/1/2020 to 2/1/2021 - $3,682 Ms. Hannan said there was a small increase in the fiduciary liability policy. Discussion ensued and it was decided this item will be on the agenda for the October to discuss and decide on renewal for 2021-2022. Ms. Hannan moved to approve the renewal of the fiduciary liability policy for the period February 1, 2020 to February 1, 2021 in the amount of $3,682. Motion seconded by Mr. Schnuer and carried by roll call vote as follows: