City of Pontiac Fire Pension Board met Oct. 22.
Here is the minutes provided by the board:
The meeting was called to order at 2:05 p.m. by President Runyon. Members present were Scott Runyon, Dennis McDugle, Carole Peterson and newly appointed member Mike Barr. Guests present were Paul Marchese of Marquette Associates.
The minutes from the July 16, 2018 meeting were read and approved.
Paul Marchese gave us a report on the markets and current economy and the trouble of reaching our benchmark at the current time. He stated that we were a little heavy on the cash part of the portfolio. Peterson brought up the fact that we received both tax installments and that we needed to move some of this cash to the money market held by US Bank. It was determined that we need to move $250,000 to the money market and that will leave us enough to pay pensions for the next few months. A motion was made by McDugle, second by Barr to move the money to US Bank. Motion approved.
Sikich and Eagle fees were paid and awaiting the Marquette fee.
Old Business: The annual statement has been submitted by Sikich along with a few clarifications requested by the Department of Insurance.
Applications for benefits or membership: None.
New Business: 2019 calendar was presented that mirrored the police meeting dates. Motion by Peterson, second by McDugle, motion approved to accept the calendar.
A brief discussion was brought up by Runyon to consider joining the IPPFA. The police fund is already a member and the benefits that we would receive as a member compared to a non-member for training would pay for the membership for a year. Peterson made a motion to join IPPFA, Barr seconded it, motion approved.
With no further business, motion to adjourn was made by McDugle, second by Peterson at 3:12 p.m.
https://www.pontiac.org/agendacenter
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