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HomeMy WebLinkAbout2010 Retiree Health r•►. City of Elgin Retiree Health Insurance Trust Agenda City Hall Conference Room 1, South Wing, Main Floor Scheduled Meeting 9:00 a.m. February 8, 2010 A. Call to Order B. Roll Call C. Approval of Minutes D. Discuss Investments 1. Review of Asset Allocation E. Ratify Board Election Results F. Miscellaneous Items G. Executive Session H. Adjournment r e.• City of Elgin Retiree Health Insurance Trust Agenda Mayor's Conference Room, South Wing, Main Floor Scheduled Meeting 9:00 a.m. May 10, 2010 A. Call to Order B. Roll Call C. Approval of Minutes D. Financial Reports E. Miscellaneous Items F. Executive Session G. Adjournment r �.., City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. August 9, 2010 A. Call to Order B. Roll Call C. Approval of Minutes D. Financial Reports - June 30, 2010 Statements - Harris (Amcore) WB Capital Liquid Assets Fund transferred to Federated Prime Obligation Fund. E. Miscellaneous Items - New trustee position discussion - Consideration of new trustee with change from Amcore to Harris - Consideration of Fiduciary Insurance F. Executive Session G. Adjournment r r E CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES AUGUST 9,2010 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:08 a.m.by Colleen Lavery in City Hall Conference Room One. The roll call was answered by Dennis Ahrens,Gail Cohen, Martin Gregory, and Colleen Lavery. Approval of Minutes Dennis Ahrens made a motion, seconded by Gail Cohen,to approve the minutes of May 10, 2010. The vote was unanimous. Financial Reports Colleen Lavery reviewed the June financial reports noting that equities were down. She did say that they had recovered during July. Harris/Amcore: Ms. Lavery reported that funds have been reallocated as previously discussed. She said that CD's are only earning one-half percent. Information has been requested from Wells Fargo regarding their fees for custodianship. Currently,the fee from Amcore is five percent. When this information is received,Ms. Lavery will forward it to the other Board members. Gail Cohen made a motion, seconded by Martin Gregory,to move the funds to Wells Fargo if the custodial fees are equal to or less than those of Amcore. The vote was unanimous. Miscellaneous Items New Trustee Position: Ms. Lavry stated that it would be appropriate if the vacant position would be filled by the staff person who is handling the city's investments. She also noted that she would be submitting the title changes for the Trust. No action was taken at this time. Consideration of New Custodian with Change from Amcore to Harris: See Harris/Amcore above. Consideration of Fiduciary Insurance: Ms. Lavery reported that currently there is no fiduciary insurance for the Board or members of the Fire and Police Pension Boards. The Fire Pension Board received a quote for$4,700, and Ms. Lavery expected a quote for this Board would be less. It was the consensus of the Board that Ms. Lavery should get insurance quotes, including one from Lundstrom Insurance. Miscellaneous: Ms. Lavery gave a brief review of the current management benefits. C There being no further business,a motion was made by Mr. Ahrens,seconded by Ms. Cohen,to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:30 a.m. Respectfully submitted, // / /0 Colleen Lavery Chief Financial Officer Date Approved r .. City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. November 8, 2010 A. Call to Order B. Roll Call C. Approval of Minutes D. Financial Reports - September 30, 2010 Statements E. Miscellaneous Items - Update trust agreement changes - Review Wells Fargo proposal - Update of Fiduciary Insurance - Approval of next year's meeting dates F. Executive Session G. Adjournment CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES NOVEMBER 8, 2010 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:01 a.m. by Colleen Lavery in City Hall Conference Room One. The roll call was answered by Dennis Ahrens, Gail Cohen, Martin Gregory, and Colleen Lavery. Approval of Minutes Martin Gregory made a motion, seconded by Dennis Ahrens, to approve the minutes of August 9, 2010. The vote was unanimous. Financial Reports Colleen Lavery reviewed the third quarter financial reports noting that CD returns were still at an all-time low. She offered that the Board could research further for CDs with a higher return if the Board would like to invest idle cash into CDs. The Board concurred it would be a good decision. Colleen Lavery stated she would do the research and email the Board with the total amount to be invested into CDs. Gail Cohen made a motion, seconded by Dennis Ahrens, to invest idle cash into CDs. The vote was unanimous. Colleen Lavery noted that the budget for the Retiree Health Insurance Trust has been completed by City Hall. The City will be putting $250,000 into the Health Insurance Trust in 2011. Miscellaneous Items Gail Cohen broached the subject regarding the Trust Agreement changes that need to be made. Colleen Lavery noted she will contact Corporate Council Bill Cogley to get an update on the status of the changes. Ms. Lavery reported on the Wells Fargo custodial fees proposal. The fees for Wells Fargo would be $5,000 compared to $3,900 currently paid to Amcore/Harris Investments annually. Colleen recommended that the Board continue to use Amcore/Harris and look for another trust custodian. Colleen will follow up with Marquette Associates for recommendation. Colleen Lavery noted that all the forms for the Board's fiduciary insurance have been filled out and the Board should have a quote for the costs in a week or so. The City will be paying for the fiduciary insurance for the Board. Miscellaneous: The Board was presented with the 2011 meeting schedule for approval. Dennis Ahrens made a motion, seconded by Martin Gregory, to approve the 2011 meeting schedule. The vote was unanimous. r 1 - ' . rub- There being no further business, a motion was made by Gail Cohen, seconded by Martin Gregory, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:20 a.m. Respectfully submitted, ,/ / A / '���-o/ Colleen Lavery Chief Financial Officer Date Approved r r