City of Peoria Firemen’s Pension Fund Board of Trustees met July 31.
Here are the minutes provided by the board:
A Regular Meeting of the Board of Trustees of the Firemen's Pension Fund of Peoria, Illinois, will be held this date at City Hall, Room 404, Peoria, Illinois at 9:30 A.M. with proper notice having been given, for the purpose of conducting regular Firemen's Pension Fund business.
ROLL CALL
Roll Call showed the following Board members present: Higgins (arrived @ 9:33 am), Pinkston, Phillips, Tarr, President Smith - 5;
Others present: City Treasurer Stephen Morris, Deputy City Treasurer Kayla Casey and Chief Deputy City Clerk Trina Bonds.
INVOCATION
A moment of silence was held in remembrance of those Firefighters who have served our community.
MINUTES
Recommendation to Approve the Minutes of the Regular Board Meeting held on June 26, 2023, as printed.
Trustee Pinkston moved to approve the minutes of the Regular Board Meeting held on June 26, 2023; seconded by Trustee Phillips.
Approved by viva voce vote.
REGULAR BUSINESS
ITEM NO. 1 MONTHLY PORTFOLIO PERFORMANCE REVIEW from MARQUETTE ASSOCIATES (FPIF) dated July 2023; and the MONTHLY STATEMENT of RESULTS from NORTHERN TRUST dated June 2023, with Request to Receive and File.
Illinois Firefighters' Pension Investment Fund (IFPIF) Update
The Board did a call-in to Steve Zahn, Chief Operating Officer of FPIF (Firefighters' Pension Investment Fund).
Mr. Zahn provided an update on investments of the Fund for the Board. He reported there was a monthly newsletter and Investment Reports which provided reviews. He said he was happy to report portfolio was at 9.7% on a preliminary basis for Fiscal Year '23 (July 1st thru June 30th). He noted he was happy to say they had reached a milestone last month of $8 billion for the first time since inception. He said they would be preparing the next actuarial statement and he said they had conducted compliance audits.
In discussion with President Smith regarding their mandated meeting times, Mr. Zahn said they have been meeting monthly, but he said the cadence had slowed. He went on to say they should expect their Board to meet between four to six times per year. In response to a question regarding how often they reviewed the Pension Fund's quarterly performance, Mr. Zahn said they were reviewed periodically and certainly on an annual basis.
During discussion, President Smith commented since the consolidation had occurred and the money had been turned over to the Fund, he asked if there was a specific limit to what the Board should keep in cash. In response, Mr. Zahn said the Board could transfer cash to FPIF any business day. He noted he could provide ACH information to transfer funds electronically.
During more discussion, Trustee Higgins clarified the Board wanted to know if there was a specific dollar amount, they should have on hand. Mr. Zahn reported there was not a specific amount, but he said the recommendation was for Pension Boards to keep two months on hand. He further stated the two-month timeframe was not a statutory requirement.
City Treasurer Morris commented about the amount they currently pay out and he said they wanted to get an idea so that they were in compliance. He then asked if there were more than two months of cash on hand if that would be fine. Mr. Zahn replied that it would be.
The call to FPIF was adjourned at 9:45 a.m.
City Treasurer Morris reported there was a reoccurring transfer from the fund of $1.5 million every single month on the 15th. He explained the Board had asked the Treasurer to keep back extra cash due to a concern about how long it would take them to get cash if needed. He reported last month $986,000 in PPRT was received, as well as $490,000 in Real Estate Taxes. He stated they were now fully funded. He said related to the City of Peoria contributions, he commented they now pay as they go, instead of at the end of the year.
During a lengthy discussion regarding the amount of cash the Pension Board should keep on hand, President Smith said he would check with other Pension Boards such as Naperville, Springfield, and Rockford to get a feel about how much funds they have kept on hand.
The Board decided to keep the item on the Agenda for next month for further discussion.
Trustee Phillips moved to receive and file the Discussion on a Policy Regarding the Transfer of Pension Funds, the Monthly Portfolio Performance Review dated July 2023, and the Monthly Statement of Results from Northern Trust for June 2023; seconded by Trustee Pinkston.
Approved by viva voce vote.
ITEM NO. 2 Report from Fire Marshal Shawn Sollberger of Pension Fund Contributions,
which were made by payroll deductions during the MONTH of JUNE & JULY, 2023, from the active members of the Peoria Fire Department and which checks were turned in to the City Treasurer's Office by Director of Finance/Comptroller, with Recommendation to Concur and Receive and File.
Trustee Phillips moved to concur and place on file the Fire Marshal's Report for June & July 2023; seconded by President Smith.
Approved by viva voce vote.
ITEM NO. 3 Request to APPROVE the following BILLS:
Pensions for July 2023 (dated July 31, 2023)..... $1,577,222.95
Lauterbach & Amen PC - Prof Svcs - IDOI Report Prep.... 4,755.00
Lauterbach & Amen PC - Prof Svcs - May '23..... 3,620.00
Reimer, Dobrovolny & Labardi - Legal Svcs .... 1,056.55
Reimer, Dobrovolny & Labardi - Legal Svcs .... 133.95*
SUB-TOTAL FOR JULY.... $1,586,654.50
APPROVE GRAND TOTAL FOR JULY.... $1,586,654.50
*Bill was paid in July, but it will be ratified on the August Agenda.
Trustee Phillips moved to approve the bills for July 2023, in the amount of $1,581,885.48; seconded by Trustee Higgins.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 4 REQUEST to APPROVE the REMOVAL from the PENSION ROLLS of ANN E. LEVINE Due to Her Death on JULY 5, 2023, and to Make Payments to the Ann E. Levine Estate, in the Amount of $471.80, for 5 days of July 2023. Recommendation: To RECEIVE and FILE the Death Certificate, and to APPROVE the Payment of $471.80 for 5 days of July.
Trustee Phillips moved to approve the removal from the pension rolls of Ann E. Levine due to her death on July 5, 2023, and to make payment to the Ann E. Levine Estate, in the amount of $471.80 for the 5 days of July and to receive and file the Death Certificate; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 5 MOTION to ADOPT and PUBLISH the DECISION and ORDER for FIRE ENGINEER GREGORY L. PARKER - LINE OF DUTY DISABILITY, with Recommendation to APPROVE.
Trustee Tarr reported the Decision and Order for Fire Engineer Gregory L. Parker was outstanding and she noted the copy was a draft. She said the Board would have to sign off on the official copy once received.
After a brief discussion, Trustee Tarr moved to defer discussion on the Decision and Order for Fire Engineer Gregory L. Parker until the August 28, 2023 Fire Pension Board Meeting; seconded by President Smith.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 6 DISCUSSION Regarding the Increase of Hourly Rates for Legal Services from REIMER DOBROVOLNY & LABARDI PC Effective JULY 1, 2023, with Request to Receive and File or to Take Other Action Deemed Necessary.
After a brief discussion, Trustee Phillips moved to receive and file the Increase of Hourly Rates for Legal Services from Reimer Dobrovolny & LaBardi PC effective July 1, 2023; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 7 Review of APPLICATION FOR MEMBERSHIP hired on April 6, 2023, to the Firemen's Pension Fund for JOSHUA CREGGER, with Recommendation to Approve. (Under Tier II Benefits)
After a brief discussion, Trustee Phillips moved to approve the Application for Membership to the Firemen's Pension Fund for JOSHUA CREGGER Hired on April 6, 2023, under Tier II benefits; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 8 Review of APPLICATION FOR MEMBERSHIP hired on April 6, 2023, to the Firemen's Pension Fund for MATTHEW FOSTER, with Recommendation to Approve. (Under Tier II Benefits)
After a brief discussion, Trustee Philips moved to approve the Application for Membership to the Firemen's Pension Fund for MATTHEW FOSTER Hired on April 6, 2023, under Tier II benefits; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 9 Review of APPLICATION FOR MEMBERSHIP hired on April 6, 2023, to the Firemen's Pension Fund for OWEN KELLEM, with Recommendation to Approve. (Under Tier II Benefits)
After a brief discussion, Trustee Philips moved to approve the Application for Membership to the Firemen's Pension Fund for OWEN KELLEM Hired on April 6, 2023, under Tier II benefits; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 10 Review of APPLICATION FOR MEMBERSHIP hired on April 6, 2023, to the Firemen's Pension Fund for JILLIAN NAVARRO, with Recommendation to Approve. (Under Tier II Benefits)
After a brief discussion, Trustee Philips moved to approve the Application for Membership to the Firemen's Pension Fund for JILLIAN NAVARRO Hired on April 6, 2023, under Tier II benefits; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 11 Review of APPLICATION FOR MEMBERSHIP hired on April 6, 2023, to the Firemen's Pension Fund for JAKE STARKEY, with Recommendation to Approve. (Under Tier II Benefits)
After a brief discussion, Trustee Philips moved to approve the Application for Membership to the Firemen's Pension Fund for ZAKE STARKEY Hired on April 6, 2023, under Tier II benefits; seconded by Trustee Pinkston.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 12 MONTHLY FINANCIAL REPORT from LAUTERBACH & AMEN, LLP for the Month of MAY 2023, which Includes the STATEMENT OF PLAN NET ASSETS, STATEMENT OF CHANGES IN PLAN NET ASSETS, SUMMARY of CASH AND INVESTMENTS, BALANCE SHEET, REVENUES and REVENUE REPORT, EXPENSES and EXPENSE REPORT, PAYROLL JOURNAL, and VENDOR CHECKS REPORT, with Recommendation to APPROVE.
Trustee Higgins moved to approve the monthly financial reports from Lauterbach & Amen, LLP for the month of May 2023, which includes the Statement of Plan Net Assets, Statement of Changes in Plan Net Assets, Summary of Cash and Investments, Balance Sheet, Revenues and Revenue Report, Expenses and Expense Report, Payroll Journal, and Vendor Checks Report; seconded by President Smith.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
ITEM NO. 13 REQUEST for APPROVAL of a RESOLUTION Authorizing City Treasurer Stephen Morris the POWER TO INVEST, and Authorize City Treasurer Morris to Maintain a Minimum of $10,000.00 in the HARRIS BANK ACCOUNT.
Trustee Phillips moved to approve a Resolution authorizing City Treasurer Stephen Morris the power to invest and authorize City Treasurer Morris to maintain a minimum of $10,000.00 in the Harris Bank Account; seconded by President Smith.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
UNFINISHED BUSINESS
ITEM NO. 14 CONTINUED DISCUSSION Regarding the SUMMARY OF SIGNIFICANT RISK LETTER dated MAY 18, 2023, with Request to Receive and File or to Take Other Action Deemed Necessary.
Trustee Tarr reported the final audit still had not been received from SIKICH. She noted she had them scheduled to attend the August Pension Board meeting.
After a brief discussion, President Smith moved to defer the Summary of Significant Risk Letter dated May 18, 2023, until the August Regularly Scheduled Fire Pension Board Meeting; seconded by Trustee Phillips.
Approved by viva voce vote.
NEW BUSINESS
FIREFIGHTER ACTIVE MEMBER STATEMENTS
Trustee Pinkston mentioned there were some active Firefighters who reviewed their member statements and were asking about the breaks in service noted on their statements (March 18- 20, 2020) that they did not know what they were from. He also reported one member's birthdate was listed wrong on his statement.
Trustee Tarr said she would follow-up with Lauterbach & Amen regarding the breaks in service and the wrong birthdate.
EXECUTIVE SESSION
It was determined that an Executive Session was not needed at this time.
CITIZENS' OPPORTUNITY TO ADDRESS THE BOARD OF TRUSTEES
It was determined that there were no citizens to address the Board of Trustees.
ADJOURNMENT
President Smith moved to adjourn the Regularly Scheduled Firemen's Pension Board Meeting; seconded by Trustee Phillips.
Approved by roll call vote.
Yeas: Higgins, Phillips, Pinkston, Tarr, President Smith - 5;
Nays: None.
The Regular Firemen's Pension Board meeting adjourned at 10:33 A.M.
https://il-peoria.civicplus.com/AgendaCenter/ViewFile/Minutes/_07312023-444
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