Huntley Police Pension Fund board approves insurance renewal, COLAs and monthly financial report

The Huntley Police Pension Fund Board of Trustees met Jan. 23, 2025, at Huntley Village Hall and approved routine financial and administrative actions, including the fund’s monthly report, a fiduciary liability insurance renewal and cost-of-living adjustments for pensioners.

Trustee Joseph Lanute called the meeting to order at 4:03 p.m. and trustees recorded attendance. Lauterbach & Amen presented the monthly financial report for the 10-month period ending Oct. 31, 2024, showing a net position held in trust for pension benefits of $21,230,822.15 and a change in position of $2,899,279.68. The board reviewed related cash analysis, revenue and expense reports and approved disbursements totaling $13,573.48. Trustee Cathy Haley made the motion to accept the report and approve the disbursements; Trustee Michael Hewitt seconded. The motion carried by roll call vote with Trustees Hewitt, Lanute, Haley and Mraz voting aye; Trustee Timothy Heagney was absent.

The board reviewed the Cash Management Policy and made no changes. Members also reviewed investment performance materials prepared by Verus Advisory, Inc. for the Illinois Police Officers' Pension Investment Fund (IPOPIF) and State Street statements; the Verus report noted a one-month total net return of 2.4% for the period ending Nov. 30, 2024.

Under new business, the board reviewed a fiduciary liability insurance renewal proposal from Markel American Insurance Company, placed through Alliant Insurance Services. Trustee Joseph Lanute moved and Trustee Laura Mraz seconded approval of the renewal for the policy period Jan. 1, 2025–Jan. 1, 2026 in the amount of $3,494. The motion carried by roll call vote with Trustees Hewitt, Lanute, Haley and Mraz voting aye; Trustee Heagney was absent.

The board also reviewed cost-of-living adjustments for 2025 calculated by Lauterbach & Amen as required by statute and voted to approve them. Trustee Lanute moved and Trustee Haley seconded; Trustees Lanute, Haley and Mraz voted aye. Trustee Michael Hewitt abstained; Trustee Heagney was absent.

Attorney Amanda Clark updated the board on the status of a disability application for Daniel Rowe and provided legislative updates pertaining to Article 3 pension funds; the board scheduled further discussion on the disability application at its next regular meeting. The board noted that all 2024 Affidavits of Continued Eligibility have been received by Lauterbach & Amen and reminded filers of upcoming Statement of Economic Interest deadlines (List of Filers due to the county by Feb. 1, 2025; filers' responses due May 1, 2025).

Trustees discussed upcoming trustee term expirations for two active-member seats and one retired-member seat in April/May 2025; Lauterbach & Amen will conduct the election on behalf of the pension fund. Trustees reviewed training opportunities and were reminded to submit certificates of completion for recordkeeping.

A motion to adjourn by Trustee Lanute, seconded by Trustee Mraz, carried unanimously at 4:24 p.m. The next regular meeting is scheduled for April 24, 2025, at 4:00 p.m.