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HomeMy WebLinkAbout2016 Retiree Health Ins Trust Agendas & Minutes City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. February 1, 2016 A. Call to Order B. Roll Call C. Approval of Minutes D. Reports 1. Investments Report with Mike Piotrowski 2. Investment Policy Update E. Miscellaneous Items 1. Results of Board Member Elections F. Executive Session G. Adjournment C CITY OF ELGIN RETIREE HEALTH INSURANCE-' TRUST FUND MINUTES FEBRUARY 1, 2016 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:04 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 William Potts. Approval of Minutes Gail Cohen made a motion, seconded by Lori Grocki,to approve the minutes of November 2, 2015. The vote was unanimous with William Potts abstaining. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike gave a brief overview of the trust for the benefit of the newest member. Mike reviewed the 4th 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. He noted the total fund composite was $7.3 million as of December 31, 2015. A certificate of deposit was liquidated in the 4th quarter and will be reinvested. Mike discussed concerns about the U.S. economy and how it is leading the markets and a weak recovery and potentially difficult year. He believes the fund to be well diversified which should assist the fund in the coming months. Mike discussed the municipal bonds and indicated that future reporting will track performance of the bonds. Deb Nawrocki noted that the City will be transferring in $1 million in the next few months, and asked Marquette for recommendations on how to invest these funds. Martin Gregory discussed the cash in the money market fund. Mike suggested investing the proceeds of the matured ed (250,000), as well as the$1 million that will be transferred by the city to the trust in February. Investment Policy Update The investment policy update was tabled until the May meeting. Miscellaneous Items Summary of Election Results Forty Five votes were cast for the two-year and four-year board seats. Martin Gregory was re-elected to his 4 year seat with a total of 35 votes. William Potts received 6 write-in votes. Four people did not vote for any candidate. We welcome William Potts to the board. He won the 2 year seat with a total of 4 write-in votes. Mark Donnelly and Loni Mecum tied with I write-in vote each. Thirty-nine people did not vote for any candidate. 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 9:23 a.m. Respectfully submitted, ... ,L./Lb/7_ Debra Nawrocki Chief Financial Officer Date Approved 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 May 2, 2016,to May 9, 2016, 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: March 7, 2016 Debra Nawrocki Chief Financial Officer City of Elgin, Illinois r City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room,South Wing Scheduled Meeting 9:00 a.m. May 9, 2016 A. Call to Order B. Roll Call C. Approval of Minutes D. Reports 1. Investments Report with Mike Piotrowski 2. Investment Policy Update E. Miscellaneous Items F. Executive Session G. Adjournment r •.. f fir•. CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND F MINUTES MAY 9, 2016 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:02 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 William Potts. Approval of Minutes Martin Gregory made a motion, seconded by Lori Grocki, to approve the minutes of February 1, 2016. The vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the Pt Quarter 2016 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. He noted the total fund composite was $8.2 million as of March 31, 2016. Mike discussed concerns about the 1St quarter returns. The market was volatile because of market upheavals, but overall the fund is in line with the policy benchmark. Mike noted that Marquette doesn't see interest rates rising this year. Also noted was the fact that the international funds are down due to double digit losses at the beginning of the quarter. Performance improved during the quarter. Investment Policy Update The investment policy has been updated with the approval of the City's Corporate Council. Lori Grocke made a motion, seconded by Gail Cohen to approve the updated investment policy. The vote was unanimous. Miscellaneous Items No miscellaneous items were discussed. r V Executive Session No Executive Session was called. There being no further business, a motion was made by Gail Cohen, seconded by Debra Nawrocki, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:15 a.m. Respectfully submitted, ii/i Debra Nawrocki Chief Financial Officer Date Approved r r r . rCity of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room,South Wing Scheduled Meeting 9:00 a.m. November 7, 2016 A. Call to Order B. Roll Call C. Approval of Minutes D. Reports 1. Investments Report with Mike Piotrowski E. Miscellaneous Items F. Executive Session G. Adjournment r CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES NOVEMBER 7, 2016 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. William Potts was not in attendance. Approval of Minutes Martin Gregory made a motion, seconded by Gail Cohen, to approve the minutes of May 9, 2016. The vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the 3rd Quarter 2016 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. He noted the total fund composite was $8.9 million as of September 30, 2016. Stock and bond performance has been good overall. He noted there is a potential for volatility with the upcoming November Presidential elections, and in addition The Federal Reserve may raise rates in December. The fund's returns are performing about the benchmarks and the international fund has rebounded since the Brexit vote. Mike also addressed the impending law suits and Federal action against Wells Fargo for setting up false customer accounts. The trust is served by the institutional arm of Wells farg and was not affected by these actions. Marquette does not recommend changes to the Wells Fargo account at this time. Miscellaneous Items 2017 Meeting Schedule Gail Cohen made a motion, seconded by Debra Nawrocki, to approve the 2017 meeting schedule. The vote was unanimous. . 1 Executive Session No Executive Session was called. There being no further business, a motion was made by Debra Nawrocki, seconded by Lori Grocke, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:20 a.m. Respectfully submitted, c A-€X-k--CJ 7/17 Debra Nawrocki Chief Financial Officer Date Approved r r