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Home My WebLink About2008 Retiree Health City of Elgin Retiree Health Insurance Trust Agenda City Hall Conference Room 1, South Wing, Main Floor Regular Meeting 9:00 a.m. May 12, 2008 A. Call to Order B. Roll Call C. Review Investment Policy D. Discussion of Trust Asset Custodian E. Funding Update F. Executive Session G. Adjournment t r City of Elgin Retiree Health Insurance Trust Fund Board Meeting May 12, 2008 The Trust Fund Board meeting was called to order by Board Member James Nowicki at 9:00 a.m. in City Hall conference room one. Present: Board Members Martin Gregory, Dennis Ahrens, Colleen Lavery, James Nowicki and Gail Cohen. Approval of the Previous Meeting Minutes Board Member James Nowicki presented the Trust Fund meeting minutes from December 18, 2007, to the Board for approval. Board Member Dennis Aherns moved to approve the minutes. Board Member Martin Gregory seconded the approval. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery,Nowicki, and Cohen. Nays: None. Review Investment Policy Board Member James Nowicki began discussions on ideas concerning the draft trust agreement. The Fire Fighter Pension Fund agreement was used as a template. The Board discussed the following: • Forming an investment committee. • Fixed income vs. equity assets make-up of portfolio. o 55% fixed income o 45% equity investments. • Rebalances to be done on a quarterly basis. • Index Funds to be considered. • Proxy voting, details concerning voting on issues raised by mutual fund companies fixed income manager, etc. • Custodial bank. • Investment consultant and investment manager rolls and requirements. • Possible addendums and changes to the addendums. The Board agreed to review the draft policy further and have ideas or suggestions for changes sent to Board Member James Nowicki no later than Friday, May 23`d. A special meeting may be called in June, 2008, to finalize the Trust agreement. Discussion of Trust Asset Custodian Board Member James Nowicki presented information on two banks that had shown interest in being the Trust asset custodian. • Amcore Bank—Fees: .05% of fund and $2,500 annually. • 5/3 Bank—Fees: $5,000 flat charge. City of Elgin Retiree Heath Insurance Trust Fund Board Meeting May 12, 2008 'Pik Page 2 Board Member James Nowicki recommended the custodianship be awarded to Amcore Bank, and opened the floor for nominations. Martin Gregory moved to approve custodianship to Amcore Bank Dennis Ahrens 2°a the nomination. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery,Nowicki, and Cohen. Nays: None. Funding Update Board member Colleen Lavery presented information on the status of the Trust's funding. The Fund contained $846,000 as of December 2007. A transfer of$1 million from the General Fund to the Trust Fund was made on Monday, May 5th, 2008 to meet this year's obligations. Executive Session No executive session called rAdjournment Board Member Colleen Lavery made a motion to adjourn Board Member Martin Gregory, seconded the motion to adjourn. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery,Nowicki, and Cohen. Nays: None. The meeting adjourned at 10:15 a.m. a ,IAL. i /2 August 11, 2008 s R. Nowicki, Trust Fund President Date Approved r t City of Elgin Retiree Health Insurance Trust Agenda City Hall Conference Room 1, South Wing, Main Floor Regular Meeting 9:00 a.m. August 11, 2008 A. Call to Order B. Roll Call C. Approval of Minutes D. Review Investment Policy E. Discussion of Trust Asset Custodian F. Funding Update G. Miscellaneous Items H. Executive Session I. Adjournment City of Elgin Retiree Health Insurance Trust Fund Board Meeting August 11, 2008 The Trust Fund Board meeting was called to order by Board Member James Nowicki at 9:05 a.m. in City Hall conference room one. Present: Board Members Martin Gregory, Dennis Ahrens, Colleen Lavery, James Nowicki and Gail Cohen. Approval of the Previous Meeting Minutes Board Member James Nowicki presented the Trust Fund meeting minutes from December 18, 2007, to the Board for approval. Board Member Martin Gregory moved to approve the minutes. Board Member Dennis Ahrens seconded the approval. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery,Nowicki, and Cohen. Nays: None. Review Investment Policy Board Member James Nowicki began discussions on ideas concerning the draft trust agreement. The Board discussed the following: • Changing the table on page 3 in the Investment Policy section to mirror the current asset allocation vs. policy in the Fire Fighter's Pension funds as indicated below: Asset Class Policy Target Target Range Fixed Income 55.0% 50% - 60% Domestic Equity 30.0% 25% - 35% International Equity 15.0% 10% - 20% Cash/Other 0.0% 0% - 5% Total 100% Board Member James Nowicki opened the floor for a vote on the changes. Dennis Ahrens moved to approve the changes. Gail Cohen 2"d the nomination. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery, Nowicki, and Cohen. Nays: None. City of Elgin Retiree Heath Insurance Trust Fund Board Meeting August 11, 2008 Page 2 Board Member Colleen Lavery stated she will do a cash flow analysis to determine the amount of money the Board has to invest, minus any fees outstanding. The Board agreed that Board Member James Nowicki will contact Marquette &Associates and get the company's input on investing the funds. The Board agreed that it will, if Marquette & Associates concurs, invest up to $300,000 in each of the following: Vanguard S & P 500 Index Fund for large-cap funds; Vanguard Mid-Cap Index or Hartford Capital Appreciation Fund for mid-cap funds; and EuroPacific Growth Fund for international equity. Small-cap funds will be decided on at a later date. Board Member James Nowicki opened the floor for a vote on the investment strategy. Colleen Lavery moved to approve the changes. Martin Gregory 2nd the nomination. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery,Nowicki, and Cohen. Nays: None. Funding Update r Board member Colleen Lavery presented information on the status of the Trust's funding. The Fund contained $2,000,000 as of May 5th, 2008. The funds were transferred to Amcore Bank on July 2°d, 2008. Miscellaneous Items No miscellaneous items were discussed. Executive Session No executive session called City of Elgin Retiree Heath Insurance Trust Fund Board Meeting August 11, 2008 Page 3 r Adjournment Board Member Dennis Ahrens made a motion to adjourn Board Member Colleen Lavery seconded the motion to adjourn. Upon a roll call vote: Yeas: Board members Gregory, Ahrens, Lavery, Nowicki, and Cohen. Nays: None. The meeting adjourned at 10:15 a.m. t 12-(07 Ja 6,,,,,,,c,,_p_. Nowicki, Trust Fund President Date Approved r E • City of Elgin Retiree Health Insurance Trust Agenda NOTICE OF CANCELLATION OF MEETING NOTICE IS HEREBY GIVEN that the November 10, 2008, regularly scheduled meeting of the Retiree Health Insurance Trust is cancelled. The next meeting is scheduled for February 9, 2009 at 9:00 A.M. DATED: November 03, 2008 CITY OF ELGIN By James R. Nowicki Retiree Health Insurance Trust President City of Elgin Retiree Health Insurance Trust Agenda NOTICE OF RESCHEDULED MEETING Notice is hereby given that the Retiree Health Insurance Trust Meeting has rescheduled its regular November meeting from November 10, 2008, to January 12, 2009, at 10:30 a.m. in the First Floor Conference Room, South Wing, Elgin City Hall, 150 Dexter Court, Elgin, Illinois. DATED: January 5, 2009 James R. Nowicki 1 V� Fiscal Services Director O r r r .► City of Elgin Retiree Health Insurance Trust Agenda City Hall Conference Room 1, South Wing, Main Floor Rescheduled Meeting 10:30 a.m. January 12, 2009 A. Call to Order B. Roll Call C. Approval of Minutes D. Discussing Equity Investments E. Miscellaneous Items F. Executive Session G. Adjournment