City of Woodstock Police Pension Board of Trustees met July 11.
Here are the minutes provided by the board:
The Quarterly Meeting of the Woodstock Police Pension Board was called to order by President Dennis Leard at 6:01 pm on Tuesday July 11, 2023 at the Woodstock Police Department. The call of this Quarterly meeting is to cover the agenda items.
Notice of this hearing was posted forty-eight hours in advance at the Woodstock Police Department and on the City’s website. All board members were notified of this meeting. A roll call was taken.
Board Members Present: Gordon Knapp, Dennis Leard, Jeremy Mortimer, Terri Abrams
Board Members Absent: None
Others Present: Carolyn Clifford, Attorney for the Fund, Ottosen DiNolfo;
Staff Present: Deputy City Manager/ Executive Director of Strategy & Planning Paul Christensen and Administrative Assistant Paola Ramirez, City of Woodstock.
Public Comment: None.
Approval of Remote Attendance and Full Participation by Certain Trustees Attorney Clifford stated that with the meeting moving away from pandemic rules and regulations, Board members are allowed to virtually participate in meetings in the event of illness or being on business-related trips. Attorney Clifford clarified that a vacation would not qualify for participation virtually.
Acceptance of Acclimation of New Active Member
President Leard discussed the current open active member position on the board due to the resignation of J. Fourdyce. He discussed the open election that was conducted by Terri Abrams. From that election, only one nomination was received from Spenser Svehla. Per the Woodstock Police Pension rules, “In the event that there are only as many nominated as there are vacancies on the Board, the Board shall declare those nominated are elected by acclimation and dispense with an election by ballot.”
Motion by J. Mortimer to acknowledge Spenser Svehla elected by acclimation due to being the only nominee and suspension of formal election by tally, seconded by G. Knapp.
Ayes: Gordon Knapp, President Dennis Leard, Jeremy Mortimer, Terri Abrams
Nays: None
Abstentions: None
Absentees: None
Motion carried.
Acceptance of Minutes: J. Mortimer made a motion to approve the minutes from the April 11, 2023 meeting. Seconded by G. Knapp. All in favor; consensus by all those present.
Ayes: Gordon Knapp, President Dennis Leard, Jeremy Mortimer
Nays: None.
Abstentions: T. Abrams
Absentees: S. Svehla
Motion Carried.
Accountant/Treasurer’s Report
Review of Financial Statements – P. Christensen shared that at the end of the 2023 fiscal year, there was $97,829.14 in the bank account. He stated that there was $28,414,234.97 in investments in IPOPIF. P. Christensen shared that there was a revenue loss of $249,987.15 as of May 31, 2023. The Board requested that Mr. Christensen include IPOPIF statements in the quarterly financial reports.
Payment of Bills - Mr. Christensen discussed the warrant list for checks issued from 4/1/23 to 6/30/23. This included two transfers of service to IMRF totaling $87,940.12.
Motion by T. Abrams to approve the disbursement warrant and payment of bills, as well as acceptance of the financial statements, seconded by J. Mortimer. A roll call was taken.
Ayes: Gordon Knapp, President Dennis Leard, Jeremy Mortimer, Terri Abrams
Nays: None
Abstentions: None
Absentees: S. Svehla
Motion carried.
Communications and Reports-None
Application for Membership from Fund: J. Mortimer stated that Edward Harrell-Diaz joined the Woodstock Police Department as of April 10, 2023.
Motion by T. Abrams to accept the membership application for Edward Harrell-Diaz, seconded by G. Knapp. All in favor; consensus by all those present.
Ayes: Gordon Knapp, President Dennis Leard, Jeremy Mortimer, Terri Abrams
Nays: None
Abstentions: None
Absentees: S. Svehla
Motion carried.
Application for Retirement/Disability Benefits-None
Old Business
Status of DOI Annual Statement - P. Christensen stated that the Department of Insurance annual statement has been completed. He advised that it has been sent to the actuary for the actuary report to be completed. Mr. Christensen stated that he is still missing training certificates from some of the Board members. T. Abrams indicated she would forward copies of her training certificates to him. Discussion ensued about where the Board may obtain training. P. Christensen will forward links where the Board may complete their required training.
New Business
Approval of Cash Management Policy - Motion by T. Abrams to adopt Resolution 2023-02 that allows the treasurer the authority to move funds between IPOPIF and the Fund’s local account as needed. Seconded by G. Knapp. A roll call was taken.
Ayes: Gordon Knapp, President Dennis Leard, Jeremy Mortimer, Terri Abrams
Nays: None
Abstentions: None
Absentees: S. Svehla
Motion carried.
Attorney’s Report
Legal insights - Attorney Clifford discussed a legal case involving the City of Peoria v Peoria Police Benevolent Association. She advised that the Police Pension Board should watch for additional litigation regarding this case, which will more than likely be appealed to the Illinois Supreme Court.
NAPPA Presentation - Attorney Clifford shared a presentation on the difficulties municipalities are facing in attracting younger people in joining police and fire workforces. Attorney Clifford shared the presentation, “What is left for local pensions to do,” with the Board that she presented at the Illinois Fire Service Conference.
Trustee Training Update
Training was conducted with discussion on training topics for approximately 30 minutes. Closed Session-None
Adjournment
Motion to adjourn the meeting by J. Mortimer, seconded by G. Knapp. All in favor; consensus by all those present.
Ayes: Gordon Knapp, President Dennis Leard, Jeremy Mortimer, Terri Abrams
Nays: None
Abstentions: None
Absentees: S. Svehla
Motion carried.
Meeting adjourned at 6:46 PM.
https://www.woodstockil.gov/sites/default/files/fileattachments/police_pension_board/meeting/46522/7-11-23_police_pension_minutes.pdf
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