Firemen's Pension Fund Board of Trustees Meeting

URBANA FIREMEN'S PENSION BOARD OF TRUSTEES MEETING FRIDAY, OCTOBER 30, 2020 The Firemen's Pension Board of Trustees of the City of Urbana, Illinois, met at 9:30am, Friday, October 30, 2020. Due to Emergency Declarations of the governor and mayor, the meeting was held via Zoom. MEMBERS PRESENT: *Josh Ingold, FF /Fund Secretary- end of term 7/28/2022 Elizabeth Hannan, Fund Treasurer - end of term 6/30/2021 Richard Schnuer, City Appointment- end of term 6/30/2021 MEMBERS ABSENT: Mark Clapp, Retired Firefighter - end of term 4/30/2021 Brian Hoff, Firefighter/Fund President - end of term 7/28/2022 OTHERS PRESENT: Ronald Eldridge, Fund Assistant Treasurer; Aaron Sutton, Kevan Melchiorre, Busey Bank Wealth Management; April Smysor, Recording Secretary;James Dobrovolny, Fund Attorney OTHERS ABSENT: 1. Call to Order Fund Treasurer Elizabeth Hannan called the meeting to order at 9:41am. 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 September 30, 2020. The market value as of the end of the quarter was $36,871,158 showing a gain of $2,771,739 from the previous quarter. The portfolio had a gain of 8.1 % for the quarter ended September 30, 2020, which is ahead of the benchmark. YTD the portfolio is a little behind at 2.9% with a benchmark of 4.3%. Overall, the market has done fairly well through the pandemic but a stimulus bill will be needed to keep the gains in the current market. Motion to receive and file the Busey report was made by Fund Treasurer Hannan, seconded by FF /Fund Secretary Ingold and carried by roll call vote as follows: Yes: Ingold, Hannan, Schnuer No: None 3. Approval of Minutes from Previous Meeting A motion to approve the minutes from the July 31, 2020 meeting was made by FF /Fund Secretary Ingold, seconded by Trustee Schnuer, and carried by roll call vote as follows: Yes: Ingold, Hannan, Schnuer No: None 4. Approval of Financial Report and Pension Benefit Changes Fund Assistant Treasurer Ronald Eldridge said there had been no unusual financial activity in Urbana Firemen's Pension Board of Trustees Minutes: October 30, 2020 Page 2 of 3 quarter ended September 30, 2020. In investment activity, there were no CD's and no US government activities. 7 corporate bonds were sold and 3 were purchased for a net increase in bonds of $165,000. Equity investments are at 69% and the return was 8.1 %. Total amount of cash at the Busey accounts decreased by $200,000 and Ron reported a transfer of about $800,000 will be needed to fund through January 2021. Changes in benefits paid during quarter: • Bill Marshall passed away in August with a dependent spouse, pension transferred to her. • Chad Hensch retired and drew his first payment in July of $5,843.83. • David Wisher retired and drew his first partial payment in July of $1,732.70. Wisher will receive his first full payment in August of $5,370.13. • Phil Edwards retired and drew his first payment on September of $4,245.33. • Doyle Skinner passed away in October with a dependent spouse, pension transferred to her. Coming changes for next quarter: • Bill Morfey turns 50 and has 1 year of retirement in December of 2020, he will receive his 3% increase. *FF / Fund Secretary Josh Ingold left the meeting at 10:13am. Due to lack of a quorum, a motion to approve the financial report was not presented. 5. Public Input There was none. 6. Unfinished Business a. Approval of operating procedures for the pension fund Due to a lack of a quorum, a motion to approve the operating procedures for the pension fund was not presented. b . Larry Bundy date of death and October 2019 pension payment Death certificate is still needed to determine date of death, Fund Treasurer Hannan will e- mail FF /Fund Secretary Ingold. 7. NEW BUSINESS a. Fiduciary liability renewal from 2/ 1/ 2021 to 2/1 / 2022 Fund Treasurer Hannan reported she didn't have the proposal yet so no discussion at this time. b. Approval of annual funding request to City Fund Assistant Treasurer Ronald Eldridge reported that the actuary report showed an estimated funding amount needed to be $1,723,669. The amount calculated by the methods that the city has endorsed is $1,403,000 which is 81 % of the recommended amount. This is up 11 % compared to one year ago with the city. Due to a lack of a quorum, a motion to approve the annual funding request was not presented. Fund Attorney Dobrovolny raised concern that this needed to be approved in a Urbana Firemen's Pension Board of Trustees Minutes: October 30, 2020 Page 3 of3 special meeting. Fund Treasurer Hannan will reach out to FF / Fund Secretary Ingold about setting up a special meeting. c. Approval of annual actuarial report Due to a lack of a quorum, a motion to approve the actuarial report was not presented. No further discussion. d. Approval of new Recording Secretary Due to a lack of a quorum, a motion to approve the new recording secretary was not presented. No further discussion. e. Retirement of Tommy Long 10/ 16/ 2020 No discussion. f. Retirement of Phil Edwards 9/ 4/ 2020 No discussion. g. New hire Greg Ray - Tier 2 9/ 14/ 2020 No discussion. h. Resignation of Daniel Meyer 9/ 9/ 2020 No discussion. 1. Death of pensioner William Marshall No discussion. J· Death of pensioner Doyle Skinner No discussion. k. Board election of active firefighter spots: Brian Hoff and Josh Ingold No discussion. 1. Deputy Chief Position Fund Attorney Dobrovolny stated the Deputy will be a part of the fund and will have to make contributions based on the salary. m. Meeting dates for 2021 - January 29, April 30,July 30, October 29 Discussion on when the next quarterly meeting should be held and agenda items for the special meeting to be scheduled. 8. N EXT QUARTERLY MEETING The next quarterly meeting will be held January 29, 2021. 9. ADJOURNMENT Having no further business to discuss, the meeting was adjourned at 10:29am. Respectfully Submitted: Date Approved: jI~ o// d\ l April Smysor Recording Secretary ~ - Firefighter/ Fund Secretary