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East Central Reporter

Wednesday, November 6, 2024

City of Olney Police Pension Board met Feb. 28

City of Olney Police Pension Board met Feb. 28.

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 February 28, 2023, at 8:30 a.m.

AGENDA #2 ROLL CALL: The following were present: Sergeant Josh Schlick, Sergeant Holly Hamilton, Chuck Sanders, and Rick Runyon. Rob Brown was absent. City Treasurer Jane Guinn was also present.

AGENDA #3 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON NOVEMBER 15, 2022: The Board was provided with the minutes from November 15, 2022. Sergeant Schlick moved to approve the minutes from November 15, 2022, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #4 TREASURER’S REPORT:

4-A “Discussion: Income & Expense May 1, 2022 – January 31, 2023” The Board was provided with a copy an income and expense statement from May 1, 2022, through January 31, 2023.

Mrs. Guinn told the Board that most of the fiscal year’s income had been received. Current income totaled $772,952.38. Expenses were currently at $533,672.04. This gave the Fund a current net income of $239,280.34.

The money market account at First National Bank held $228,068.10. The TrustBank checking account held $36.76. The IPOPIF investment pool held $6,386,169.44. CDs held a total of $198,914.61.

Mrs. Guinn reminded the Board that 3 months worth of pension payments needed to be available on hand. This would total $170,980.38.

Mr. Runyon asked what would happen if the City did not have enough funds on hand to make pension payments. Mrs. Guinn replied that she transferred money back and forth in order to keep enough money on hand for payments.

4-B “Discussion: Investment Results Summary – January 31, 2023” Mrs. Guinn reviewed the IPOPIF pool summary. MTD, the City’s portion saw a return of 5.21%. From inception, the City’s portion saw a loss of (3.89%).

Sergeant Schlick moved to approve the Treasurer’s Report, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #5 DISCUSSION/APPROVAL: 2023-2024 PROPOSED POLICE PENSION BUDGET: Mrs. Guinn expected that the revenues for the next fiscal year should total $793,019.00. She expected expenses to total $709,866.00.

Mr. Runyon asked if fiduciary liability insurance would always be needed. Mrs. Guinn believed so. She had asked the IDOI and IPOPIF the same question, and she was told that the Board still had some fiduciary responsibility.

Even though investments were being handled by the IPOPIF, Sergeant Schlick believed that fiduciary liability insurance would still be needed, especially if the Board would be determining disability payouts. Mrs. Guinn agreed and noted that she also managed funds in order to pay monthly pension payments.

Mr. Runyon asked if the premium for fiduciary liability insurance could be lowered. Mrs. Guinn had asked about that, and the premium was able to be lowered a small amount.

Mr. Runyon suggested that other quotes on fiduciary liability insurance could be sought next year.

Mr. Sanders asked for the policy limits on the fiduciary liability insurance. He would specifically like to know the limits individually, in aggregate, and what amount of attorney fees were included.

Mr. Runyon asked if the policy was still through Chubb. Mrs. Guinn said that the policy was now through EPIC.

Mr. Runyon believed that attorney fees would be included in the policy.

Mrs. Guinn would research and provide the requested information.

Mr. Sanders asked if the Fire Pension fiduciary liability insurance costs were the same. Mrs. Guinn believed that the costs were a bit lower because the Fire Pension Fund held fewer funds.

Mr. Sanders moved to approve the 2023-2024 proposed budget, as presented, seconded by Sergeant Schlick. A majority affirmative voice vote was received.

AGENDA #6 AUTHORIZE PAYMENT/REIMBURSEMENT OF INVOICES: Mrs. Guinn requested approval of payment to EPIC for the fiduciary liability insurance.

Sergeant Schlick moved to approve payment to EPIC for the fiduciary liability insurance, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #7 DISCUSSION/POSSIBLE ACTION – TRAINING HOURS DUE BY APRIL 30, 2023: Mrs. Guinn reminded the Board that they had discussed the free, online training courses provided by IML. She had received a few training certificates, but she still needed the remaining hours completed, with certificates, by the end of April so that the Board would be in compliance for the annual report.

AGENDA #8 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present.

AGENDA #9 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board was scheduled for May 23, 2023, at 8:30 a.m.

AGENDA #10 ADJOURN: Mr. Runyon moved to adjourn, seconded by Sergeant Schlick. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:46 a.m.

https://cms2.revize.com/revize/olneynew/pp%20feb%2028%202023.pdf