City of Geneva Firefighters Pension Board Fund met Nov. 4.
Here are the minutes provided by the board:
| Name | Position | Reason on Board | Term Expires |
| Michael Antenore | President | Elective Active | 5/02/2022 |
| Rita Kruse | Secretary | Appointed by Officials | 4/30/2022 |
| Phil Affrunti | Elected Active | 5/02/2022 | |
| Steve Olson | Elected Retiree | 5/06/2024 | |
| Jennifer Milewski | Treasurer | Appoint by Officials/ExOffico Treasurer | 4/30/2025 |
Guests: Shawn Flahery, Ottsen, DiNolfo, Hasenbalg, and Castaldo, LTD Craig Larson, Mission Wealth
The meeting was called to order by Michael Antenore at 9:08 am at Fire Station 1, 200 E Side Drive, Geneva, Illinois:.
1. Review and approve minutes from previous meetings – July 22 and August 31, 2021. A motion was made to approve the July 22 and August 31, 2021 meeting minutes.
Motion to approve the resolution as amended by Affrunti, seconded by Olson.
Ayes 4 Nays 0 Abstain 0 Absent 1
2. Presentation of the Geneva Firefighter’s Actuarial Valuation by Jason Franken from Fosters and Foster.
Jason Franken highlighted the actuarial study. The following assumptions for this year changed, the rate of return went down from 7.0% from 7.25% and the payroll growth assumption from 4.5% to 4.0%. Actuarial rate of return this year was 33% compared to (7.0)% last year. The estimated City levy per the report is $885,139.
Motion to accept the report and request the levy to the City in the amount of $885,139 by Olson, seconded by Affrunti.
Ayes 4 Nays 0 Abstain 0 Absent 1
3. Review of performance of pension fund and investment and recent transactions.
The portfolio has a five year return of 7.39%. The portfolio is not balanced per our investment policy. The portfolio is six percent below in bonds and four percent above in stocks. We are so close to consolidation, there is no need to make any change. The board agrees to keep the portfolio as is until consolation in February 2022. With regards, to the cash balance, we have seven months of cash at this time.
4. Possible action on Hayes Disability Pension Application.
Item was tabled until an application is received by the Pension Board.
5. Possible action on Hayes Survivor Pension Application.
Item was tabled until an application is received by the Pension Board.
6. Approval of FPIF Resolution for transfer of assets
Motion to approve the resolution as amended by Olson, seconded by Kruse.
Ayes 4 Nays 0 Abstain 0 Absent 1
7. Approval of Letter of Direction – Fidelity
8. Approval of Letter of Direction – Schwab
Motion to approve the both of the letter of directions with correct accounts and title names, by Olson, seconded by Affrunti.
Ayes 4 Nays 0 Abstain 0 Absent 1
9. Global Cash Movement New Setup Authorization Form – Fidelity 10. Global Cash Movement New Setup Authorization Form - Schwab 11. Approval of Global Cash Movement Portal
Motion to approve the both of the letter of directions with correct accounts and title names, by Olson, seconded by Affrunti.
Ayes 4 Nays 0 Abstain 0 Absent 1
12. Consider bills for payment (June 2021- August 2021)
Motion to approve the bills as presented, by Affrunti, seconded by Antenore. Roll Call - Ayes Antenore, Affrunti, Olson, Kruse; Absent Milewski 13. Entertain comments from trustees.
2022 Pension Dates; 9:00 am at Fire Station 1, Training Room
January 6, 2022
April 21, 2022
July 21, 2022
October 20, 2022
14. Entertain comments from public attendees.
None
15. Executive session on potential litigation.
No executive session was needed.
Adjournment at 10:17 am, motion by Kruse, Second Affrunti.
https://www.geneva.il.us/AgendaCenter/ViewFile/Minutes/_11042021-1862
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