City of Olney Police Pension Board met Oct. 6.
Here are the minutes provided by the board:
AGENDA #1 CALL TO ORDER: President, Rick Runyon, called to order the City of Olney Police Pension Board meeting for October 6, 2022, at 8:30 a.m.
AGENDA #2 ROLL CALL: The following were present: Rob Brown, Sergeant Josh Schlick, and Rick Runyon. Officer James Iglehart and Chuck Sanders were absent. City Treasurer Jane Guinn and City Clerk Kelsie Sterchi were also present.
AGENDA #3 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON JUNE 23, 2022: The Board was provided with the minutes from June 23, 2022. Mr. Brown moved to approve the minutes from June 23, 2022, seconded by Sergeant Schlick. A majority affirmative voice vote was received.
AGENDA #4 TREASURER’S REPORT:
4-A “Discussion: Income & Expense May 1, 2021 – April 30, 2022 (Final)” The Board was provided with a copy an audited income and expense statement from May 1, 2021, through April 30, 2022.
Mrs. Guinn told the Board that Kemper CPA had completed their audit of the Police Pension Fund for FY 2021/2022. The FY ended with a total income of $521,293.05 and a total expense of $666,185.27. The Fund saw a net loss of ($144,892.22). Mrs. Guinn expected that the loss was due to the markets going back down and how the auditors had to record some of the investments at the time of State transfer.
4-B “Discussion: Income & Expense May 1, 2022 – September 30, 2022” The Board was provided with an investment schedule as of September 30, 2022.
Mrs. Guinn explained that as of September 30, 2022, the Fund had seen $431,116.40 in income. This number included the first receipt of the tax levy funds. Expenses totaled $279,016.85.
Also as of August 31, 2022, a total of $439,791.88 was held in cash at the bank, the IPOPIF investment pool held $5,555,448.57, and $450,672.55 in CDs.
Mr. Brown wondered if Mrs. Guinn would be able to keep track of numbers in this manner based on the State transfer. Mrs. Guinn believed so. Some of the information on these reports had been given to her by the State.
Mr. Runyon asked how Mrs. Guinn would write pension checks if money needed to be transferred to the State. Mrs. Guinn replied that the State wanted her to keep three months worth of payments in a local account. She would transfer money back and forth for this reason.
4-C “Discussion: Investment Results Summary – August 31, 2022” Mrs. Guinn reviewed the IPOPIF pool summary. MTD, the City’s portion saw a loss of (2.64%). QTD, the City’s portion saw 1.84%. From inception, the City’s portion saw a loss of (4.83%).
Mr. Runyon asked Mrs. Guinn if she knew how the State had the City’s funds invested. Mrs. Guinn stated that she could likely find a report showing that information.
AGENDA #5 REVIEW/ACCEPT FILING OF ANNUAL REPORT: Mrs. Guinn had submitted the Annual Report to the State so that she could start working on the tax levy process. Kemper CPA Group completed the financial portion of the report, and Mrs. Guinn completed the employee portion and other statements.
Mr. Brown moved to accept the filing of the annual report, seconded by Sergeant Schlick. A majority affirmative voice vote was received.
AGENDA #6 AUTHORIZE PAYMENT/REIMBURSEMENT OF INVOICES: Mrs. Guinn had an invoice to be paid to the State for the annual compliance fee. The amount of the invoice was $1,324.35, and the City had already paid this invoice. Mrs. Guinn requested authorization to reimburse the City for the expense.
Sergeant Schlick moved to reimburse the City in the amount of $1,324.25 for the annual compliance fee, seconded by Mr. Brown. A majority affirmative voice vote was received.
Mrs. Guinn told the Board that she did not expect to receive a bill for the compliance fee next year. It was her understanding that the State would deduct that amount from the City’s portion of the pension fund.
AGENDA #7 ACKNOWLEDGE RESIGNATION OF OFFICER JAMES IGLEHART: Mrs. Guinn told the Board that Officer James Iglehart has submitted his resignation. His last day with the Department would be October 10, 2022.
Mrs. Guinn informed Sergeant Schlick that the Department would need to hold an election to fill Officer Iglehart’s position on the Board.
AGENDA #8 AUTHORIZE REFUND OF JAMES IGLEHART’S PENSION CONTRIBUTIONS: Mr. Brown moved to authorize the refund of James Iglehart’s pension contributions, seconded by Sergeant Schlick. A majority affirmative voice vote was received.
Mr. Brown asked if Officer Iglehart would receive both his and the City’s pension contributions. Mrs. Guinn replied that Officer Iglehart would only be reimbursed for his contributions.
AGENDA #9 DISCUSSION/POSSIBLE ACTION: OPTIONS FOR TRAINING: Mrs. Guinn told the Council that the IML now provided free, online training that would help the Board members meet their annual training hours. She wondered if the Board would like to use this option instead of paying the college to have Mr. Runyon conduct the training. The Board indicated that they would like to utilize the free, online training provided by IML.
Mrs. Guinn advised the Board members that upon completion of the online trainings, they should give the completion certificates to Mrs. Sterchi.
AGENDA #10 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present.
AGENDA #11 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board was scheduled for November 15, 2022, at 8:30 a.m.
Before adjourning, Mrs. Guinn advised the Board that an individual from Flora was hoping to be elected to the IPOPIF Board. If the Board was interested in downstate representation, she recommended voting for Jeremy Henderson.
AGENDA #12 ADJOURN: Mr. Brown moved to adjourn, seconded by Sergeant Schlick. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:45 a.m.
https://www.nobleillinois.com/files/board/2022/minutes/noble-village-board-minutes-2022-10-11.pdf
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