Urbana Fire Department's pension portfolio exceeds $26 million
The Urbana Fire Department Pension Board of Trustees reviewed several reports on the state of the pension fund at a meeting held July 31 in the Executive Conference Room of the Urbana City Building.
Aaron Sutton, from First Busey Trust & Investment Co., presented the board with a quarterly investment report for the period ending June 30 that showed a $257,031 gain from the quarter prior, amounting to a portfolio value of $26,083,222. The report, which costs the board $0.0005 for each dollar the board invests, was accepted and filed by voice vote.
Consultant Ronald Eldridge presented the board with a quarterly financial report from the same quarter. Eldrige described the board's finances as relatively static, except for back payments made to Bob Mullins and Jim Dodson, who were given raises this year.
Eldridge also filed a financial report for June that showed a $1.4 million increase to the fund balance.
Attorney James Dobrovolny shared a report compiled by the Department of Insurance of all pension funds across the state. Dobrovolny said the report could be a useful tool for comparing Urbana's fund to other funds, and tracking changes that have occurred in recent years.
In dealing with old business, Secretary Mark Ashby made recommendations for consolidating the physical requirements placed on new employees by the pension board and the city. Currently, new employees have to complete pre-employment physicals for the city and the pension board, which each have their own rules. Ashby said he and Urbana Human Resources Manager Todd Rent will work on drafting a plan to address the discrepancy.
The board also voted 4-0 to employ the opinion of a physician to offer the third independent medical opinion needed to move forward with hearing Russell Chism's request for a disability pension.
Ashby told the board he would send an e-mail to seek nominations for his position, which has been technically open since April 2015. Ashby said he would like to continue in his current capacity, and the board agreed to appoint him without an election if no other interested candidates come forward.
The board also made preparations to assist in the Department of Insurance's audit of the pension fund from July 1, 2012 to June 30, 2014. The board discussed arranging a meeting with DOI officials to facilitate an exchange of materials and overall cooperation.
Before adjourning, the board heard a brief recap from Dobrovolny on the training he attended at the National Association of Public Pension Attorneys in Austin, Texas. Dobrovolny said municipal bankruptcy was a hot topic, which coincides with a municipal bankruptcy bill circulating in the Illinois House of Representatives.
There was no public comment, and trustee Mike Dilley was absent.