Will County OPEB Committee met Jan. 7.
Here is the agenda provided by the committee:
I. CALL TO ORDER
President Mike Fricilone called the meeting to order at 8:45 AM
| Attendee Name | Title | Status | Arrived |
| Kenneth E. Harris | President | Present | |
| Mike Fricilone | President | Present | |
| Denise E. Winfrey | Speaker, District 8 (D - Joliet) | Present | |
| Larry Walsh | County Executive | Absent | |
| Karen Hennessy | Secretary | Present | |
| Mary Ann Gearhart-Deutsche | Absent | ||
| Tom O'Brien | Absent |
Also Present: T. Brophy, D. Thornton, M. Johannsen
II. PLEDGE OF ALLEGIANCE TO THE FLAG
III. APPROVAL OF MINUTES
1. OPEB - Regular Meeting - Oct 1, 2019 8:45 AM
RESULT: APPROVED [UNANIMOUS]
MOVER: Kenneth E. Harris, President
SECONDER: Denise E. Winfrey, Speaker, District 8 (D - Joliet)
AYES: Harris, Fricilone, Winfrey, Hennessy
ABSENT: Walsh, Gearhart-Deutsche, O'Brien
IV. OLD BUSINESS
V. NEW BUSINESS
1. Investment Report for 4th Quarter of 2019
(Patrick Adams & Warner Moore)
Mr. Warner Moore and Mr. Patrick Adams of K Street Investments provided a market update and portfolio performance review as of December 31, 2019.
2. Authorizing Investment Manager to Make Investment Purchase (Karen Hennessy)
Ms. Hennessy discussed the OPEB investment in the FY2020 budget and recommended making an investment of $250,000 this quarter.
RESULT: APPROVED [UNANIMOUS]
MOVER: Kenneth E. Harris, President
SECONDER: Denise E. Winfrey, Speaker, District 8 (D - Joliet)
AYES: Harris, Fricilone, Winfrey, Hennessy
ABSENT: Walsh, Gearhart-Deutsche, O'Brien
3. Allowing Coin Toss to Determine Winner in Case of Tie in the 2020 Retiree Election (Dan McGrath)
Mr. McGrath discussed the need to have a method to determine the winner in the retiree election in the event of a tie. His recommendation was a coin toss.
RESULT: APPROVED [UNANIMOUS]
MOVER: Denise E. Winfrey, Speaker, District 8 (D - Joliet)
SECONDER: Kenneth E. Harris, President
AYES: Harris, Fricilone, Winfrey, Hennessy
ABSENT: Walsh, Gearhart-Deutsche, O'Brien
4. Amendments to OPEB Retiree Election Rules & Procedures (Dan McGrath)
Mr. McGrath discussed the need to update some language in the retiree election rules to clarify terms and dates.
RESULT: APPROVED [UNANIMOUS]
MOVER: Kenneth E. Harris, President
SECONDER: Denise E. Winfrey, Speaker, District 8 (D - Joliet)
AYES: Harris, Fricilone, Winfrey, Hennessy
ABSENT: Walsh, Gearhart-Deutsche, O'Brien
5. OPEB Election Update
(Dave Thornton)
This item was discussed with Item #4.
6. Setting 2020 OPEB Committee Dates (Dan McGrath)
Mr. McGrath discussed the need to select dates for the quarterly committee meetings in 2020 for publication. The dates discussed and selected are:
Tuesday, February 4, 2020 at 8:45 a.m. - Election Results and Swearing in of newly Elected Retiree Member (date was previously approved on 10/1/19)
Monday, April 6, 2020 at 10:00 a.m. - To include discussion of current investment policy, evaluate options for long-term investment and discuss potential changes to the investment policy.
Tuesday, July 7, 2020 at 8:45 a.m. - to approve changes to the investment policy.
Tuesday, October 6, 2020 at 8:45 a.m.
Tuesday, January 5, 2021 at 8:45 a.m.
RESULT: APPROVED [UNANIMOUS]
MOVER: Kenneth E. Harris, President
SECONDER: Denise E. Winfrey, Speaker, District 8 (D - Joliet)
AYES: Harris, Fricilone, Winfrey, Hennessy
ABSENT: Walsh, Gearhart-Deutsche, O'Brien
VI. OTHER NEW BUSINESS
VII. PUBLIC COMMENT
VIII. CHAIRMAN'S REPORT / ANNOUNCEMENTS
IX. EXECUTIVE SESSION
X. ADJOURNMENT
Mr. Fricilone adjourned the meeting at 9:45 a.m.
https://willcountyil.iqm2.com/Citizens/FileOpen.aspx?Type=15&ID=3712&Inline=True
Alerts Sign-up