PB 05/11/2021 Minutes - Laserfiche WebLink

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1. Ferrell Jenne reviewed the upcoming FPPTA educational opportunities and confirmed the annual conference would be held in- person. d. Fiduciary liability policy 1. Ferrell Jenne commented the current policy was set to expire later in the month. Ferrell reminded the Board the City obtains a policy through Travelers. The annual premium went up $274 due to the growth in assets. The Board asked if the policy could be shopped and Ferrell confirmed she could do that next year. Scott Christiansen commented Travelers normally came in less on their premiums. The Board approved binding the 2021-2022 fiduciary liability policy as presented, upon motion by Donald Harkins and second by Matthew Hettler; motion carried 4-0. Ix. Attornev Report a. Christiansen & Dehner, Scott Christiansen, Board Attorney 1. Scott Christiansen reminded the Board to file their financial disclosure forms prior to July 1st to avoid fines. Ferrell Jenne confirmed she had copies if a trustee needed one. 2. Scott Christiansen reminded the Board the proposed 2021-2022 budget would need to be done at the next meeting. 3. Scott Christiansen commented no legislative bills passed that would impact the pension plan. 4. Scott Christiansen commented he needed to update the Ordinance to incorporate Internal Revenue Service (IRS) changes on the Required Minimum Distribution (RMD) age. Scott commented the RMD age increased from age 70'/2 to age 72. The Board authorized Scott Christiansen to update the Ordinance to align with the RMD changes, upon motion by Donald Harkins and second by Thomas Graffy; motion carried 4-0. Adjournment — The meeting was adjourned at 11:35AM Next Meetinq — The next quarterly meeting will be August 10, 2021, at 10:OOAM Respectfully Submitted by: Ferrell Jenne, Plan Administrator Approved by: Matthew Hettler, Chairman Date Approved by the Pension Board: August 10, 2021