The URL can be used to link to this page

Home My WebLink About2011 Retiree Health ,,, City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. February 7, 2011 A. Call to Order B. Roll Call C. Approval of Minutes D. Financial Reports - December 31, 2010—Unaudited Statements E. Miscellaneous Items - Update trust agreement changes (Gail Cohen) - Update of Fiduciary Insurance (Colleen Lavery) F. Executive Session G. Adjournment r r • CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES FEBRUARY 7, 2011 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:11 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 Martin Gregory, to approve the minutes of November 8, 2010. The vote was unanimous. Financial Reports Colleen Lavery reviewed the fourth quarter financial reports, divided into Amcore Bank and Harris Bank statements. The new Harris statements do not show Other Assets—the bonds for the tax levy. The Fund received $64,380 in 2010. The City has levied $18,000 of principal and $39,900 of interest, in 2011. Colleen also mentioned that CDs were still at an all-time low. Colleen Lavery continues to work with Harris Bank to identify more investment options. The bank representative should have ideas for the Board in about two weeks. r Gail Cohen made a motion, seconded by Martin Gregory, to accept the fourth quarter, 2010, bank statements. The vote was unanimous. The City of Elgin's budget includes a transfer of$250,000 from the General Fund to the Health Insurance Fund. Colleen Lavery noted that the City's Water, Sewer and Golf funds have paid their liability to the Health Insurance Fund. Martin Gregory asked what the Fund's actuary recommended for the City's portion of the liability. Colleen Lavery responded that the actuary recommends $1.5 to $2 million. The City had to reduce its payments to the fund due to the current economic situation. Colleen will ask the actuary to calculate the payment arch as a "closed benefit", at the direction of the auditors. Colleen Lavery noted that, due to the State of Illinois investment policy changes, the Police and Fire Pensions are now allowed to invest 50% in equity and 50% in fixed income. Colleen asked if the Board recommends amending the Health Insurance Trust Fund Investment Policy to reflect these new policy changes. Colleen will contact the Legal Department for their advice, too. Dennis Ahrens made a motion, seconded by Gail Cohen, to amending the Health Insurance Trust Fund Investment Policy to reflect these new policy changes. The vote was unanimous. • r Miscellaneous Items Gail Cohen sent a legal opinion request on January 10, to the Legal Department, in regards to Fund Trust Agreement changes. Gail is waiting for their response. Colleen Lavery discussed the memo from Kelly Wasilewski, Risk Management Assistant, in regards to the fiduciary liability insurance policy for the Board. Martin Gregory asked about the $10,000 retention for each claim. Gail Cohen explained that it is considered a yearly "deductable", and will be paid by the City as needed. The cost of the insurance is $3,200 per year. Martin Gregory made a motion, seconded by Gail Cohen, to accept the fiduciary liability insurance policy and pay the invoice. The vote was unanimous. There being no further business, a motion was made by Dennis Ahrens, seconded by Colleen Lavery, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:28 a.m. Respectfully submitted, 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. May 9, 2011 A. Call to Order B. Roll Call C. Approval of Minutes D. Financial Reports E. Miscellaneous Items - Update trust agreement changes (Gail Cohen) - Fixed income investments proposals summary (Colleen Lavery) F. Executive Session G. Adjournment r CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES MAY 9, 2011 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 Gail Cohen, Martin Gregory, and Colleen Lavery. Dennis Ahrens was absent. Approval of Minutes Gail Cohen made a motion, seconded by Martin Gregory, to approve the minutes of February 7, 2011. The vote was unanimous. Financial Reports Colleen Lavery reviewed the first quarter, 2011, financial reports from Harris Bank. The Fund grew $532,000 since last quarter. Approximately$280,000 was in investment income. Gail Cohen made a motion, seconded by Martin Gregory, to accept the first quarter, 2011,bank statements. The vote was unanimous. Colleen Lavery discussed the unaudited statement of changes in plan assets for the year ending December 31, 2010. She noted that there was a decrease in liability in 2009 due to the reduction in force; and an increase in 2010 due to the early retirements. The statement for 2011 will be calculated by the actuary to separate employees hired after the plan changes went into effect, March 1, 2010. Miscellaneous Items Colleen Lavery discussed fixed income investment options with Harris Bank and PMA. Harris Bank representative didn't recommend CDs. PMA recommended CDs. Upon review, PMA's fees are lower than Harris Bank's and their rates are higher. Gail Cohen made a motion, seconded by Martin Gregory, to pursue a proposal with PMA. The vote was unanimous. Gail Cohen discussed the resolution, passed by City Council, authorizing execution of the first amended City of Elgin Health Insurance Trust agreement. The amendment changes job titles of the City appointed board members to reflect current their job titles within the City. It was also noted that the trust agreement can now be altered, with exceptions,by unanimous consent of the Trustees without having City Council approval. There being no further business, a motion was made by Gail Cohen, seconded by Colleen "'' Lavery, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:35 a.m. Respectfully submitted, P //-7/7 Colleen Lavery l Chief Financial Officer Date Approved I r City of Elgin Retiree Health Insurance Trust Agenda NOTICE OF CANCELLATION OF MEETING NOTICE IS HEREBY GIVEN that the August 8, 2011, regularly scheduled meeting of the Retiree Health Insurance Trust is cancelled. The next meeting is scheduled for November 7, 2011, at 9:00 A.M. DATED: August 3, 2011 CITY OF ELGIN By Colleen Lavery Retiree Health Insurance Trust President r City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. November 7, 2011 A. Call to Order B. Roll Call C. Approval of Minutes D. Bank Reports E. Miscellaneous Items - Welcome Lori Grocke to the Board. - Discuss upcoming election. F. Executive Session G. Adjournment CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES NOVEMBER 7. 2011 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 Gail Cohen, Martin Gregory, Lori Grocke, Dennis Ahrens, and Colleen Lavery. Approval of Minutes Colleen Lavery made a motion, seconded by Gail Cohen, to approve the minutes of May 9, 2011. The vote was unanimous. Financial Reports Colleen Lavery reviewed the bank statements from Harris Bank for the period of July 1, 2011 through September 3, 2011. The Fund shows unrealized gains of$90.000 in the mutual funds. The fund should see a deposit of$38,000 in December from the special area bonds. Lori Grocke made a motion, seconded by Dennis Ahrens, to accept the third quarter, 2011, bank statements. The vote was unanimous. Colleen Lavery discussed the City's upcoming budget discussions and its effect on the Fund. The Fund will require an additional $100,000 in 2012 from the Health Insurance Fund over the monies normally budgeted for the Retiree Health Insurance Fund (250,000 each year for the last three years). The Fund will also receive an extra deposit of$50,000 this year. Gail Cohen discussed the number of beneficiaries in the fund and the fact that, since the program is no longer offered to new hires, the Fund will see a reduction in costs in the future. Miscellaneous Items Colleen Lavery welcomed the newest member, accountant Lori Grocke, to the Board. Colleen Lavery discussed the upcoming Board election for the seat currently held by Martin Gregory. Mary Maskel-Szymonik has asked Human Resources for a list of retirees and their dependents. Nomination letters will be mailed the week of November 14. All nominations must be post marked by December 12, 2011. Ballots will go out immediately afterwards. All votes must be received by January 17, 2012. The 2012 meeting schedule was presented to the Board for approval. Martin Gregory made a motion, seconded by Dennis Ahrens, to approve the 2012 meeting schedule. The vote was unanimous. r [ 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 9:33 a.m. Respectfully submitted, &6‘111-4/0. l /lam, Colleen Lavery d Chief Financial Officer Date Approved r r