Carbondale Reporter

City of Carbondale FireFighters Pension Board met Oct. 17.

Here is the minutes provided by the Board:

Ted Lomax called the meeting to order at 9:05 a.m. with the following members of the Board present/absent:

Present: Ted Lomax, President; Mike Hertz, Secretary; Harry Threlkeld, Fire Fighter Retiree

Representative; Becky Applegate; Jeff Davis

Absent: None

Guests: Patrick Donnelly, Graystone Consulting

Also present was Fire Department Administrative Secretary/Recorder Kathy Haldeman

Patrick Donnelly of Graystone Consulting presented the Investment Review for period ending September 30, 2017. Jeff Davis stated that the first installment of real estate taxes of approximately $155,000 as well as approximately $324,000 in City contributions were received in October and will appear on the next quarter’s reports. Jeff Davis stated that he expects the one cent food and beverage tax to generate approximately $240,000 per year into the Pension Fund.

Patrick Donnelly exited the meeting at 9:50 a.m.

Minutes of Previous Meeting

Motion made by Mike Hertz to approve minutes of the July 18, 2017 meeting. Motion seconded by Harry Threlkeld. Voice Vote: Ayes: Ted Lomax, Mike Hertz, Harry Threlkeld, Becky Applegate, and Jeff Davis. NAYS: None. Motion declared carried.

Treasurer's Report

Becky Applegate presented the Treasurer’s Report and Market Value Comparison for the period ending September 30, 2017. Jeff Davis stated that the Pension Fund was currently positive even before receiving real estate taxes and City contributions. Investments showed an increase of $31,786 since June’s statement. Motion made by Mike Hertz to accept the Treasurer’s Report as presented and approve expenses totaling $422,248.62, of which $405,467.58 was payroll. Motion seconded by Harry Threlkeld. Voice Vote: Ayes: Ted Lomax, Mike Hertz, Harry Threlkeld, Becky Applegate, and Jeff Davis. NAYS: None. Motion declared carried. See attached Expense Report for details.

Unfinished Business

None

New Business

Board members reviewed the Investment Policy Statement. Mr. Donnelly had previously stated he had no recommended changes to the Policy. Motion made by Harry Threlkeld to approve the Firefighters’ Pension Fund Investment Policy Statement with no changes. Motion seconded by Ted Lomax. Roll Call Vote: Ted Lomax – Aye, Mike Hertz – Aye, Harry Threlkeld – Aye, Becky Applegate – Aye, Jeff Davis - Aye. Ayes: Five; Nays: None. Motion declared carried. Kathy Haldeman will obtain signatures for the Policy and forward to Mr. Donnelly as well as Ms. Applegate for submission and records.

Jeff Davis presented the Required Reporting to Municipality by Pension Board Funding Valuation Report for period ending April 30, 2017. Motion made by Mike Hertz to accept the Required Reporting to Municipality by Pension Board Funding Valuation Report as presented. Motion seconded by Harry Threlkeld. Voice Vote: Ayes: Ted Lomax, Mike Hertz, Harry Threlkeld, Becky Applegate, and Jeff Davis. Nays: None. Motion declared carried.

Jeff Davis presented the Actuarial Valuation as of May 1, 2017 as prepared by Tepfer Consulting Group, Ltd. The statutory minimum contribution for the City for 2018 is $1,078,016 or 58.62% to remain at the 90% statutorily required funding target. Mr. Davis stated that the one cent food and beverage tax would also supplement the City contribution. Motion made by Mike Hertz to accept the Actuarial Valuation as presented. Motion seconded by Harry Threlkeld. Voice Vote: Ayes: Ted Lomax, Mike Hertz, Harry Threlkeld, Becky Applegate, and Jeff Davis. Nays: None. Motion declared carried.

Kathy Haldeman presented the 2018 Meeting Schedule. Motion made by Jeff Davis to accept the 2018 Meeting Schedule as presented. Motion seconded by Ted Lomax. Voice Vote: Ayes: Ted Lomax, Mike Hertz, Harry Threlkeld, Becky Applegate, and Jeff Davis. Nays: None. Motion declared carried.

Mike Hertz presented an invoice from Arthur J. Gallagher & Co. in the amount of $3,049 for the annual board member fiduciary liability insurance coverage. Motion made by Mike Hertz to pay Arthur J. Gallagher & Co. in the amount of $3,049. Motion seconded by Harry Threlkeld. Roll Call Vote: Ted Lomax – Aye, Mike Hertz – Aye, Harry Threlkeld – Aye, Becky Applegate – Aye, Jeff Davis - Aye. Ayes: Five; Nays: None. Motion declared carried.

Mike Hertz presented an invoice from Tepfer Consulting Group, Ltd. in the amount of $2,900 for the Actuarial Valuation as of May 1, 2017. Motion made by Mike Hertz to pay Tepfer Consulting Group, Ltd. in the amount of $2,900. Motion seconded by Jeff Davis. Roll Call Vote: Ted Lomax – Aye, Mike Hertz – Aye, Harry Threlkeld – Aye, Becky Applegate – Aye, Jeff Davis - Aye. Ayes: Five; Nays: None. Motion declared carried.

All board members attended the annual AFFI Pension Seminar on October 9-10, 2017 in Bloomington, IL and received their required annual sixteen hours training. House Bill 618 was discussed. HB618 authorizes an active member of a downstate firefighters’ pension fund to transfer up to 6 years of creditable service to that fund from the downstate police pension fund that is administered by the same unit of local government.

There are no closed meeting minutes to review.

Announcements and Adjournment

Motion made by Mike Hertz to adjourn at 10:10 a.m. Motion seconded by Becky Applegate.

Voice Vote: Ayes: Ted Lomax, Mike Hertz, Harry Threlkeld, Becky Applegate, and Jeff Davis.

Nays: None. Motion declared carried.

The next meeting is scheduled for January 16, 2018 at 9:00 a.m

http://explorecarbondale.com/sites/default/files/pdf/agenda/2018-agendas/2018-02-13%20Boards%20and%20Commissions%20Minutes.pdf