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HomeMy WebLinkAbout2015 Retiree Health Ins Trust Agendas & Minutes ELGIN RETIREE HEALTH INSURANCE TRUST NOTICE OF RESCHEDULED MEETING Notice is hereby given that the Retiree Health Insurance Trust has rescheduled its regular second quarter meeting from February 2, 2015, to February 3, 2015, at 9:00 a.m. in the First Floor Conference Room, South Wing, Elgin City Hall, 150 Dexter Court, Elgin, Illinois. The complete agenda for this rescheduled meeting will be provided at a later date. DATED: January 12, 2015 Rick Kozal Acting Chief Financial Officer City of Elgin, Illinois r r .•• City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. February 3, 2015 A. Call to Order B. Roll Call C. Approval of Minutes D. Approval of 2015 Meeting Schedule E. Reports 1. Investments Report with Mike Piotrowski F. Miscellaneous Items 1. Update of open position for Chief Financial Officer G. Executive Session H. Adjournment r • CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES FEBRUARY 2, 2015 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:07 a.m. by Rick Kozal in City Hall Conference Room One. The roll call was answered by Lori Grocke, Rick Kozal, Gail Cohen, Martin Gregory, and Dennis Ahrens. Approval of Minutes Lori Grocke made a motion, seconded by Dennis Ahrens, to approve the minutes of August 12, 2014. The vote was unanimous. Approval of 2015 Meeting Schedule Dennis Ahrens made a motion, seconded by Martin Gregory to approve the 2015 meeting schedule. The Vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the 4th quarter, 2014 executive summary report of the Health Insurance Trust. Included in his report was a review of the asset allocation as well as a performance summary of the Trust and its investment managers. In addition to the executive summary report, Mike provided the Board a market environment summary update. A recommendation was made to reduce the current cash assets to $500,000 and to revisit this at the May meeting to see if further reductions are necessary. The motion to follow this recommendation was made by Dennis Ahrens, seconded by Martin Gregory. The vote was unanimous. Lori Grocke will work with Mike Piotrowski on the details. Miscellaneous Items Gail Cohen gave a brief update on the status of hiring a Chief Financial Officer. There were forty (40) applicants for the position. Their applications and resumes will be reviewed in the coming weeks and interviews will begin soon. Executive Session No Executive Session was called. r r There being no further business, a motion was made by Rick Kozal, seconded by Gail Cohen, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:30 a.m. Respectfully submitted, 91 Rick Kozal ale Acting CFO/Director !.te Approved r r City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. May 4, 2015 A. Call to Order B. Roll Call C. Approval of Minutes D. Introduce Deb Nawrocki as new CFO E. Reports 1. Investments Report with Mike Piotrowski F. Miscellaneous Items G. Executive Session H. Adjournment r CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES MAY 4, 2015 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:05 a.m. by Debra Nawrocki in City Hall Conference Room One. The roll call was answered by Lori Grocke, Debra Nawrocki, Gail Cohen, and Martin Gregory. Dennis Ahrens was absent. Approval of Minutes Gail Cohen made a motion, seconded by Martin Gregory, to approve the minutes of February 2, 2015. The vote was unanimous. Introduction of Debra Nawrocki Debra Nawrocki took a moment to introduce herself Debra was the former Finance Manager for the City of Elgin before being offered the position of Chief Financial Officer. She was warmly received and congratulated on her promotion. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the I" quarter 2015 executive summary report of the Health Insurance Trust. Included in his report was a review of the asset allocation as well as a performance summary of the Trust and its investment managers. In addition to the executive summary report, Mike provided the Board a market environment summary update. He noted that everything is in compliance with the investment policy. Checking account balance depletion per last month's request. Mike discussed how the international fund is performing strongly, the total fund composite being 1.2%above the benchmark, and how the fund's fee schedule is below the industrial average. No changes to the fund were recommended. Lori Grocke mentioned that the last CD the fund holds will mature on December 5, 2015. The money is earmarked to be reinvested into the market. Miscellaneous Items No miscellaneous items were discussed. Executive Session No Executive Session was called. There being no further business, a motion was made by Gail Cohen, seconded by Lori Grocke, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:35 a.m. Respectfully submitted, /z ! i Debra Nawrocki Chief Financial Officer Date Approved City of Elgin Retiree Health Insurance Trust Agenda NOTICE OF CANCELLATION OF MEETING NOTICE IS HEREBY GIVEN that the August 3, 2015, regularly scheduled meeting of the Retiree Health Insurance Trust is cancelled. The next meeting is scheduled for November 2, 2015, at 9:00 A.M. DATED: June 23, 2015 CITY OF ELGIN rk By Debra Nawrocki 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 2, 2015 A. Call to Order B. Roll Call C. Approval of Minutes D. Reports 1. Investments Report with Mike Piotrowski E. Miscellaneous Items 1. Election of Board Members ` 2. Approval of 2016 Meeting Schedule � ^ F. Executive Session G. Adjournment r CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES NOVEMBER 2, 2015 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:10 a.m. by Debra Nawrocki in City Hall Conference Room One. The roll call was answered by Lori Grocke, Debra Nawrocki, Gail Cohen, Martin Gregory, and Dennis Ahrens. Approval of Minutes Dennis Ahrens made a motion, seconded by Martin Gregory, to approve the minutes of May 4, 2015. The vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the 3`d quarter 2015 executive summary report of the Health Insurance Trust. Included in his report was a review of the asset allocation as well as a performance summary of the Trust and its investment managers. In addition to the executive summary report, Mike provided the Board a market environment summary update. He noted that everything is in compliance with the investment policy. Mike discussed how the S &P had a `correction' in August. This correction rebounded in October significantly. He still predicts it to be a volatile market, but the fund is well diversified and should not be affected. He also noted that fees paid by the fund are very reasonable: '/2 of 1%. Deb Nawrocki noted that the revenues were greater than the expenditures this year by about $1 million. A CD is also maturing. The revenues from the CD will be reinvested into the fund. The City will be funding the trust with the same amount in 2016 as 2015; $500,000. Lori Grocke mentioned that the last CD the fund holds will mature on December 5, 2015. The money is earmarked to be reinvested into the market. Miscellaneous Items Debra Nawrocki made a motion, seconded by Lori Grocki, to approve the 2016 Trust Fund meeting schedule. The vote was unanimous. Dennis Ahrens will be leaving the board due to changes in his insurance. The seat currently held by Martin Gregory is up for election. The City will be sending out nomination petitions to fill both seats. One will be a two year seat, replacing Dennis Ahrens, and one will be a 4 year seat. Executive Session No Executive Session was called. There being no further business, a motion was made by Dennis Ahrens, seconded by Lori Grocke, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:26 a.m. Respectfully submitted, L . A- 2/ / /He Debra Nawrocki Chief Financial Officer Date Approved r