435 Hamilton Street  
Allentown, Pa. 18101  
Allentown  
Minutes - Final  
Allentown Aggregate Pension Board  
Tuesday, November 21, 2023  
9:00 AM  
City Council Chambers  
ROLL CALL  
The quarterly meeting of the Board of Trustees for the Aggregated Pension  
Trust Fund was called to order by President Patel on the above date at  
9:26 a.m., attendance was taken, and a quorum was present.  
Board Members present:  
Jeff Glazier, Secretary  
Ibolya Balog, Aggregate and Police Board  
Tim Bruce, Fire and Aggregate Board  
Daryl Hendricks, Police & Aggregate Board  
John Stribula, Fire and Aggregate Board  
James Gress, Police and Aggregate  
Eric Stauffer, Police and Aggregate  
Bina Patel, President  
Andrew Weiss, Aggregate Board  
Board Members absent:  
None  
Others present:  
Sam Frymier, Marquette  
Sean Murray, Cheiron  
Jenn Palenchar, Finance  
Reem Elsayed, Finance  
Alexis Anatalio, Finance  
Karen Zangara, Cheiron  
APPROVAL OF MINUTES  
A motion to approve the minutes of the August 15, 2023 meeting was  
made by Mr. Weiss and was seconded by Ms. Balog. All present voted in  
the affirmative and the motion passed.  
15-6452  
Attachments: 8-15-23 Allentown Aggregate Pension Board Meeting Minutes.pdf  
PROXIES APPROVED BY WRITTEN VOTE  
None  
MARQUETTE ASSOCIATES  
Sam Frymier reviewed the performance report and gave an update through  
October 31, 2023. Next, Mr. Frymier  
commented on real estate partial redemptions and presented the Funds’  
cash flow projections.  
Mr. Weiss moved to amend the funds’ Investment Policy Statement by  
increasing the amount of cash that can be held. Police and Fire cash  
minimum and maximum range would be set to 0% to 10%. O&E cash  
minimum and maximum range would be set to 0% to 20%. Additionally,  
increased short term bonds minimum and maximum ranges from +/-5% of  
target to +/-20% of target for O&E. Ms. Balog seconded the motion. All  
present voted in the affirmative and the motion passed.  
15-6453  
Attachments: 2023.10-CityofAllentown_PerformanceUpdate.pdf  
2023.Q3-CityofAllentown_PerformanceReport.pdf  
2023_11_Allentown_Discussion Materials.pdf  
CHEIRON  
Mr. Murray presented the final 2023 pension valuation results.  
15-6454  
Attachments: Allentown - 2023 Fire Pension AVR - 2023.09.27s.pdf  
Allentown - 2023 O&E Pension AVR - 2023.09.27s.pdf  
Allentown - 2023 Police Pension AVR - 2023.09.27s.pdf  
2023-AllentownFire_Police_O&E-IPSAddendum.pdf  
IPS 2014.05.20-Allentown-SignedIPS as amended.pdf  
OLD BUSINESS  
Ms. Balog suggested Howard Cohen as a neutral board member. Mr.  
Stribula suggested Ray O’Connell as a  
neutral board member. Resumes should be submitted prior to the February  
2024 meeting. The Board will make its selection at that meeting.  
NEW BUSINESS  
2024 Meeting Dates  
February 20, 2024  
May 21, 2024  
August 20, 2024  
November 19, 2024  
Council Chambers for all meetings.  
ADJOURNED: 10:33 AM  
President Patel adjourned the meeting at 10:33 a.m.  
Submitted by:  
Jeff Glazier,  
Secretary