HomeMy WebLinkAbout11-04-2013M Retiree Health CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND
MINUTES
NOVEMBER 4, 2013
The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:03
a.m. by Colleen Lavery in City Hall Conference Room One.
The roll call was answered by Lori Grocke, Colleen Lavery and Dennis Ahrens, Gail Cohen, and
Martin Gregory.
Approval of Minutes
Dennis Ahrens made a motion, seconded by Lori Grocke, to approve the minutes of May 6,
2013. The vote was unanimous.
Reports
Financial Reports
Colleen Lavery discussed the investment reports dated September 30, 2013. The stock market is
doing fairly well. This is reflected in the report from BMO Harris. Marquette and Associates is
predicting a"correction" in the domestic stock market in the first quarter of 2014. This means
the fund's investments could take a hit. Colleen noted that, if needed, the investment policy can
be altered to move some of the investments from the domestic to another asset class, like
international. Dennis asked about moving a higher percentage of funds into the international
equity fund, since it seems to be doing well. Colleen will check with Marquette for their opinion
on the subject. Marty asked how long the board has into the first quarter before the funds will
need redistribution? Colleen estimates before the February 2014 meeting.
Colleen put a question of changing the investment policy or leaving it the same to the Board.
Martin Gregory made a motion to leave the investment policy as it currently stands, and wait
until next year to review it; seconded by Lori Grocke. The vote was unanimous.
Premium Increase
Colleen reported that health insurance premiums, citywide, are projected to increase 21-29% in
2014. This increase includes the 3.25% direct rate increase within the Affordable Care Act.
Proposed Funding for 2014
The City's 2014 budget will propose increasing funding for the insurance fund from the general
fund to $1 million. The other funds will contribute $1.2 million. The monies will be moved to
the insurance fund in April or May 2014.
Miscellaneous Items
Approval of the 2014 Meeting Schedule
The 2014 meeting schedule was proposed as follows:
February 3, 2014
May 5, 2014
August 4, 2014
November 3, 2014
A motion was made by Dennis Ahrens, seconded by Colleen Lavery, to approve the 2014
meeting schedule. The vote was unanimous.
2014 Election
The board seat currently held by Dennis Ahrens will be up for election in 2014. Mary Maskel-
Szymonik, Finance Department Secretary, will be mailing out nomination forms by November 8,
2014. Anyone wishing to run for the seat must have their nomination form in to Colleen Lavery
by December 15, 2013. Ballots will then be mailed. All ballots must be to Colleen Lavery by
January 15, 2014. The winner will be announced after all votes have been received and tallied.
No Executive Session was called.
There being no further business, a motion was made by Dennis Ahrens, seconded by Gail Cohen,
to adjourn the meeting. The vote was unanimous.
The meeting was adjourned at 9:21 a.m.
Respectfully submitted,
. .:;; • / a - /
Colleen Lavery
Chief Financial Officer Date Approved