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HomeMy WebLinkAbout2017 Retiree Health Ins Trust Agendas & Minutes r RETIREE HEALTH INSURANCE TRUST BOARD NOTICE OF RESCHEDULED MEETING Notice is hereby given that the Retiree Health Insurance Trust Board has rescheduled its regular First Quarter meeting from February 6 to February 7, 2017 at 9:00 a.m. in the First Floor Conference Room 208, South Wing,Elgin City Hall, 150 Dexter Court,Elgin, Illinois. DATED: January 9, 2017 Debra Nawrocki Chief Financial Officer r r ,.,, City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. February 7, 2017 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 FEBRUARY 7, 2017 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, and Martin Gregory. William Potts was not in attendance. Approval of Minutes Debra Nawrocki made a motion, seconded by Martin Gregory, to approve the minutes of November 7, 2016. The vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the 4th 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 the total fund composite was $8.9 million as of December 31, 2016, which is up $1.6 million for the year. He noted that everything is in compliance with the investment policy, but recommended a rebalance of asset allocations. Gail Cohen made a motion, seconded by Debra Nawrocki, to approve the rebalance of the asset allocation. The vote was unanimous. Stock and bond performance has been good overall. He noted there is still a lot of"euphoria" in financial services after the US Presidential election. He also noted that there are upcoming major elections all over the globe that could affect the markets in the future. Mike also addressed the issue of the expired fee agreement with Marquette. The agreed upon fee schedule expired in May 2016. At that time the fee, as a percentage of assets, was 0.33% (33 basis points). An increase of$2,500.00 per year, guaranteed for three years, was requested. This fee, as a percentage of assets, is 0.20% (20 basis points) based on total assets as of January 2017. Mike then left the meeting. Deb Nawrocki asked for further discussion on the fee increase. Gail Cohen made a motion, seconded by Lori Grocke, to approve the three year fee agreement with Marquette. The vote was unanimous. C Miscellaneous Items No miscellaneous items were discussed. Executive Session No Executive Session was called. There being no further business, a motion was made by Lori Grocke, seconded by Debra Nawrocki, to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:27 a.m. Respectfully submitted, L-i )i..t3 :, 11! 1 /7 Debra Nawrocki 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 8, 2017 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 CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES MAY 8, 2017 The City of Elgin Retiree Health Insurance Trust Fund board meeting was called to order at 9:00 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 in attendance via conference call. Approval of Minutes Debra Nawrocki made a motion, seconded by Gail Cohen, to approve the minutes of February 7, 2017. The vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was a guest at the meeting. Mike reviewed the 1 st Quarter 2017 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 the total fund composite was $10+ million as of March 31, 2017, which included the rebalancing last quarter. He noted that underlying investments are doing well relative the bench marks set. They are cautiously optimistic as to where the market will go from here. Deb Nawrocki stated that the City of Elgin will be transferring $600,000 from the General Fund to the Retiree Health account this week. Miscellaneous Items No miscellaneous items were discussed. Executive Session No Executive Session was called. r 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 9:14 a.m. Respectfully submitted, /1/& 1/7 Debra Nawrocki Chief Financial Officer Date Approved r r r City of Elgin Retiree Health Insurance Trust Agenda NOTICE OF CANCELLATION OF MEETING NOTICE IS HEREBY GIVEN that the August 7, 2017, regularly scheduled meeting of the Retiree Health Insurance Trust is cancelled. The next meeting is scheduled for November 6, 2017, at 9:00 A.M. DATED: July 21, 2017 CITY OF ELGIN By Debra Nawrocki Retiree Health Insurance Trust President City of Elgin Retiree Health Insurance Trust Agenda First Floor Conference Room, South Wing Scheduled Meeting 9:00 a.m. November 6, 2017 A. Call to Order B. Roll Call C. Approval of Minutes D. Reports 1. Investments Report with Mike Piotrowski E. Miscellaneous Items elk 1. Upcoming election for William Potts' seat on the Board. F. Executive Session G. Adjournment CITY OF ELGIN RETIREE HEALTH INSURANCE TRUST FUND MINUTES NOVEMBER 6, 2017 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, and Martin Gregory. William Potts was in attendance via conference call. Approval of Minutes Gail Cohen made a motion, seconded by Debra Nawrocki,to approve the minutes of May 8, 2017. The vote was unanimous. Reports Investment Reports Mike Piotrowski from Marquette Associates was in attendance via conference call. Mike reviewed the 3"► Quarter 2017 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 the total fund composite was$10.9 million as of September 30, 2017. All fund are balanced and in compliance with the Trust Agreement guidelines. He noted that Marquette is cautiously optimistic as to where the markets are heading because of the positive economic momentum in the US. William inquired about the outlook for 2018 in general. Mike noted that while it is difficult to predict that far into the future, Marquette believes there will he modest ongoing growth. Deb Nawrocki noted that the City of Elgin's proposed 2018 budget includes a transfer of$1.5 million to the Retiree Health Insurance Fund. Miscellaneous Items 2018 Meeting Schedule The 2018 meeting schedule was proposed. Gail Cohen made a motion, seconded by Martin Gregory,to accept the 2018 meeting schedule. The vote was unanimous. r Upcoming Board Seat Election The seat currently held by William Potts is up for election in 2018. Nomination forms will be mailed on November 9. Voting forms will be mailed after December 15. The announcement for the new board member will be in January. Executive Session No Executive Session was called. There being no further business, a motion was made by Martin Gregory, seconded by Lori Grocke,to adjourn the meeting. The vote was unanimous. The meeting was adjourned at 9:23 a.m. Respectfully submitted, 151/! Debra Nawrocki Chief Financial Officer Date Approved r