Firemen's Pension Fund Board of Trustees Meeting

URBANA FIREMEN’S PENSION BOARD OF TRUSTEES MEETING FRIDAY, APRIL 24, 2020 The Firemen’s Pension Board of Trustees of the City of Urbana, Illinois, met at 9:30am, Friday, April 24, 2020. Due to Emergency Declarations of the governor and mayor, the meeting was held via Zoom. MEMBERS PRESENT: Josh Ingold, Firefighter/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, Fund Treasurer – 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; Aaron Sutton, Kevan Melchiorre, Busey Bank Wealth Management; Kay Meharry, Recording Secretary; Brian Strand, Attorney OTHERS ABSENT: James Dobrovolny, Fund Attorney 1. Call to Order FF/Secretary Josh Ingold called the meeting to order at 9:32am. *Fund President Brian Hoff joined the meeting at 9:45am. 2. Investment Business Aaron Sutton and Kevan Melchiorre of First Busey Trust & Investment Co. were present. They went over the quarterly report and reviewed the pension fund’s investment activity through the quarter ended March 31, 2020. The market value as of the end of the quarter was $27,958,361, showing a loss of $7,881,459 from the previous quarter. Mr. Sutton said this is a good time to average in, investing a little now and over a period of time make two more investments, waiting a month between each. He recommended small and mid- cap funds. After discussion, Fund Treasurer Elizabeth Hannan moved to have Busey invest $600,000, with $200,000 to be invested now, another $200,000 investment in a month, and the last $200,000 investment in two months, with a focus on small and mid-cap funds. Motion seconded by Trustee Richard Schnuer and carried by roll call vote as follows: Aye: Clapp; Hannan; Hoff; Ingold; Schnuer Nay: None A motion to receive and file the Busey financial report was made by President Brian Hoff, seconded by FF/Sec Josh Ingold and carried by roll call vote as follows: Aye: Clapp; Hannan; Hoff; Ingold; Schnuer Nay: None 3. Approval of Minutes from Previous Meeting A motion to approve the minutes from the January 31, 2020 meeting was made by Ms. Hannan, seconded by President Hoff, and carried by voice vote. 4. Approval of Financial Report and Pension Benefit Changes Fund Assistant Treasurer Ronald Eldridge reported there was no unusual fund activity for the quarter ended March 31, 2020. He said the fund is short on cash, and he will need a transfer of Urbana Firemen’s Pension Board of Trustees Minutes: April 24, 2020 Page 2 of 3 $400,000 to carry pension benefit payments at least through the next quarterly meeting in July. Mr. Eldridge reported the only change in benefits last quarter was a four percent pension increase in March for Sean O’Callaghan, who turned 55. be 3% in December, 2020. Trustee Hannan made a motion to accept the financial report, seconded by FF Hoff and carried by roll call vote as follows: Aye: Clapp; Hannan; Hoff; Ingold; Schnuer Nay: None 5. Public Input There was none. 6. Unfinished Business a. Operating procedures for pension fund Still waiting on update from the fund attorney. It will be on the next agenda. b. State pension fund consolidation discussion This is currently in transition. Discuss at the next meeting. 7. NEW BUSINESS a. Potential investment policy modification There was no investment policy modification. b. Annual election of board president and secretary Ms. Hannan made a motion for Brian Hoff as fund president and Josh Ingold as fund secretary. Motion seconded by Mr. Schnuer and carried by unanimous voice vote. c. Intergovernmental agreement between the City of Urbana and the Board of Trustees of the Firefighters’ Pension Fund Regarding Payroll Services - review and adoption Ms. Hannan said the city is ready to begin doing pension payroll in Munis in April. She said since this is an intergovernmental agreement it will have to be approved by City Council. FF/Sec Hoff moved to approve the agreement with the City to have payroll done in the Munis system. Motion seconded by Fund President Hoff and carried by roll call vote as follows: Aye: Clapp; Hannan; Hoff; Ingold; Schnuer No: None d. Employee buyback of time after absence of more than 30 days Ms. Hannan said discussion of this matter was taking place because an employee wanted to buy back time after paternity leave of more than 30 days. She said buyback is available only if it is the employee’s illness, period of disability or accident. Discussion ensued and it was suggested that a note should be put in an employee’s record regarding any breaks in service time and breaks should also be noted in meeting minutes. Ms. Hannan said that information will also be in the payroll system. e. Larry Bundy death date FF/Sec Ingold said there has not yet been a death date determined for Larry Bundy. This will be carried to the next meeting. f. Larry Bundy October 2019 pension payment Urbana Firemen’s Pension Board of Trustees Minutes: April 24, 2020 Page 3 of 3 Carry to next meeting. g. Retirement of Charles Lauss Mr. Eldridge said Fire Chief Charles Lauss has until June 4, 2020 to declare reciprocity and that the extra one percent is being out of the Chief’s Urbana payroll. Ms. Hannan said if Chief Lauss decides not to declare reciprocity, the one percent taken out of his Urbana payroll can be refunded to him. President Hoff said he would talk to Chief Lauss and get a final determination from him concerning reciprocity. His decision will be put into the record at the next meeting. h. Question regarding dates of board meetings Mr. Schnuer wanted to confirm the pension fund meetings are on the last Friday of the month, which they are. January 29, 2021 will be the fifth and last Friday of the month, and the quarterly pension meeting will be held that day. 8. NEXT QUARTERLY MEETING The next quarterly meeting will be held on July 31, 2020. 9. ADJOURNMENT Having no further business to discuss, Ms. Hannan moved to adjourn. Motion seconded by FF/Sec Ingold. President Hoff declared the meeting adjourned at 10:59am. Respectfully Submitted: Date Approved: July 31, 2020 Kay Meharry Recording Secretary