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East Central Reporter

Wednesday, November 6, 2024

City of Olney Police Pension Board met June 23

City of Olney Police Pension Board met June 23.

Here are the minutes provided by the board:

AGENDA #1 CALL TO ORDER: Vice President, Sergeant Josh Schlick, called to order the City of Olney Police Pension Board meeting at 8:35 a.m.

AGENDA #2 ROLL CALL: The following were present: Rob Brown, Sergeant Josh Schlick, and Chuck Sanders. Rick Runyon and Officer James Iglehart were absent. City Treasurer Jane Guinn and City Clerk Kelsie Sterchi were also present.

AGENDA #3 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON FEBRUARY 22, 2022: The Board was provided with the minutes from February 22, 2022. Mr. Brown moved to approve the minutes from February 22, 2022, seconded by Mr. Sanders. A majority affirmative voice vote was received.

AGENDA #4 TREASURER’S REPORT:

4-A “Discussion: Income & Expense May 1, 2021 – April 30, 2022 (Unaudited)” The Board was provided with a copy an unaudited income and expense statement from May 1, 2021, through April 30, 2022.

Mrs. Guinn explained that the auditors would be making additional entries that would alter the final version of the FY 2021/2022 income and expense statement. She expected to see more gains on investments. The current statement showed that for the FY 2021/2022, the Fund received a net income of $436,757.62.

As of April 30, 2022, Mrs. Guinn had reported a cash balance of $793,824.52. She stated that she would likely need to keep 3 months worth of payments on hand at all times, and that would total close to $167,000.00.

At the last meeting of the Police Pension Board, Mrs. Guinn had told the Board that the funds currently held in CDs were non-transferrable to the IPOPIF. Since that time, the IPOPIF said that transfer of such funds was available, but noted that there could be loss of funds for early close out of CDS.

The Board was in consensus to keep funds in existing CDs until their maturity dates.

4-B “Discussion: Income & Expense May 1, 2022 – May 31, 2022” The Board was provided with an investment schedule as of April 30, 2022.

For the first month of the new fiscal year, Mrs. Guinn reported that total income came in at $15,714.23 with total expense coming in at $55,538.50. Cash balance as of May 31, 2022, totaled $755,638.21.

4-C “Discussion: Investment Results Summary” Mrs. Guinn told the Board that each month, the IPOPIF website would show a statement of results from funds within the State. The City of Olney’s results at the end of May 2022 stated that YTD, a net return of (-4.75%) was reported. Mrs. Guinn noted that the market had not been performing well for the past few months.

Mr. Sanders asked about the determined actuarial funded amount. Mrs. Guinn told him that the Board was currently reyling on the reports given from the IDOI each year.

AGENDA #5 RESOLUTION: APPOINTMENT OF AUTHORIZED ACCOUNT REPRESENTATIVE: Mrs. Guinn reminded the Board that at this time, only she and Rick Runyon were listed as Autorized Account Representatives. Mrs. Guinn recommended adding Tina Seessengood as an Account Representative. Mrs. Seessengood worked at City Hall in Mrs. Guinn’s department. Having Mrs. Seessengood authorized would be beneficial to help avoid any conflicts with Mr. Runyon’s schedule and conducting necessary business. A resolution would need to be adopted to authorize this addition.

Mr. Brown moved to approve Resolution PP2022-R-02, seconded by Sergeant Schlick. A majority affirmative voice vote was received.

AGENDA #6 AUTHORIZE TRANSFER OF FUNDS AS NEEDED: Mrs. Guinn sought the Board’s approval to allow her to make fund transfers back and forth between the IPOPIF. This would allow her to keep a balance of 3 months worth of pension payments on hand, transfer out levy money when received, etc.

Mr. Sanders moved to authorize Mrs. Guinn to transfer funds back and forth with IPOPIF, as needed, seconded by Mr. Brown.

Before voting, Mr. Brown wished to make a statement regarding the State-mandated consolidation of downstate pension funds. For the record, Mr. Brown stated that he was against the entire concept and program. He would have preferred that the funds stayed with the local municipalities. Even so, Mr. Brown was aware that the City of Olney had no choice on the matter, but he wanted to be clear that he was not in support. The other voting Board members present agreed with Mr. Brown.

A majority affirmative voice vote was received.

AGENDA #7 DISCUSSION/AUTHORIZATION: TRANSFERRING CDs to IPOPIF: Because the Board did not wish to transfer funds out of CDs until maturity, no action was needed at this time. Mrs. Guinn would automatically transfer those funds to IPOPIF upon each CD’s maturity.

Sergeant Schlick moved to acknowledge transfer of CD funds, upon maturity, to the IPOPIF by Mrs. Guinn, seconded by Mr. Brown. A majority affirmative voice vote was received.

AGENDA #8 ELECT OFFICERS FOR THE 2022/2023 YEAR: Mr. Brown moved to nominate officers as follows: Rick Runyon (President), Sergeant Schlick (Vice President), Mrs. Guinn (Treasurer - Statutory), Rob Brown (Secretary), Chuck Sanders (Assistant Secretary), James Iglehart (Trustee). Sergeant Schlick seconded the motion. A majority affirmative voice vote was received.

AGENDA #9 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present, but Mrs. Guinn had one more item to discuss. Mrs. Guinn told the Board that the IML would now be offering free, online training for the required training hours of the Board. Because the training would be free of cost, she felt it might be wise for Board members to consider that training option instead of the training conducted by Mr. Runyon. While Mr. Runyon did a great job with the training, there were costs incurred through the college. The Board agreed to save money where possible.

AGENDA #10 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board was scheduled for September 22, 2022, at 8:30 a.m.

AGENDA #11 ADJOURN: Sergeant Schlick moved to adjourn, seconded by Mr. Brown. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:48 a.m.

https://cms2files.revize.com/olneynew/pp%20june%2023%202022.pdf

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