435 Hamilton Street  
Allentown, Pa. 18101  
Allentown  
Minutes - Final  
Allentown Aggregate Pension Board  
Tuesday, May 16, 2023  
9:00 AM  
5th Floor Conference Room  
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 9:21am,  
attendance was taken, and a quorum was present.  
Board Members present:  
Jeff Glazier, Secretary  
John Stribula, Fire & Aggregate Board  
Ibolya Balog, Aggregate & Police Board  
Tim Bruce, Fire & Aggregate Board  
Daryl Hendricks, Police & Aggregate Board  
Bina Patel, President  
Andrew Weiss, Aggregate Board  
James Gress, Police & Aggregate  
Eric Stauffer, Police & Aggregate  
Board Members absent:  
None  
Others present:  
Pat Wing, Marquette  
Jenn Palenchar, Treasury  
Jeremy Warmkessel, IAFF  
Sean Murray, Cheiron  
Mike Hanlon, Council Clerk  
APPROVAL OF MINUTES  
A motion to approve the minutes of the February 21, 2023 meeting was made by  
Mr. Weiss and was seconded by Ms. Balog. The motion passed on a voice vote with  
1 Nay.  
15-5908  
Attachments: 2-21-23 Aggregate Minutes.pdf  
PROXIES APPROVED BY WRITTEN VOTE  
None  
MARQUETTE ASSOCIATES  
Pat Wing reviewed the performance report and gave an update through April 30,  
2023.  
Next, Mr. Wing commented on real estate partial redemptions, presented the  
Funds’ cash flow projections and, suggested rebalancing options.  
Ms. Balog moved to rebalance the Police Fund. Specifically, that the Fund:  
1. SELL $550,000 (five hundred fifty thousand dollars) of American Funds  
International Growth and Income (RIGGX; 45956T816).  
2. SELL $950,000 (nine hundred fifty thousand dollars) of MFS Int’l Intrinsic  
Value Equity Fund (MINJX; 552746349).  
3. BUY $1,500,000 (one million five hundred thousand dollars) of the  
Vanguard Total Bond Market Index Inst (VITSX; 921937504).  
AC Gress seconded the motion. All present voted in the affirmative and the motion  
passed.  
Mr. Stribula moved to rebalance the Fire Fund. Specifically, that the Fund:  
1. SELL $700,000 (seven hundred thousand dollars) of American Funds  
International Growth and Income (RIGGX; 45956T816).  
2. SELL $900,000 (nine hundred thousand dollars) of MFS Int’l Intrinsic Value  
Equity Fund (MINJX; 552746349).  
3. BUY $1,600,000 (one million six hundred thousand dollars) of the Vanguard  
Total Bond Market Index Inst (VITSX; 921937504).  
Ms. Patel seconded the motion. All present voted in the affirmative and the  
motion passed.  
Ms. Patel moved to rebalance the O&E Fund. Specifically, that the Fund:  
1. SELL $5,000 (five thousand dollars) of the Vanguard Equity Income Fund  
Admiral (VEIRX; 921921300).  
2. SELL $5,000 (five thousand dollars) of the Vanguard Midcap Index Fund  
Institutional (VMCIX;cusip: 922908835)  
3. SELL $40,000 (forty thousand dollars) of Vanguard Total Stock Market Index  
(VITSX; 922908801).  
4. SELL $15,000 (fifteen thousand dollars) of the American Funds  
International Growth and Income (RIGGX; 45956T816).  
5. SELL $20,000 (twenty thousand dollars) of the MFS Int’l Intrinsic Value  
Equity Fund (MINJX; 552746349).  
Mr. Hendricks seconded the motion. All present voted in the affirmative and the  
motion passed.  
15-5909  
Attachments: City of Allentown Performance Update as of 04.30.2023.pdf  
City of Allentown Quarterly Performance Report as of 03.31.2023.pdf  
Discussion Materials Core Real Estate & Cash Flow 05.16.2023.pdf  
CHEIRON  
Mr. Murray presented preliminary plan demographics data statistics and recent  
updates on ASOP #4.  
15-5913  
Attachments: 2023 Preliminary Census Review & Considerations.pdf  
OLD BUSINESS  
NEW BUSINESS  
ADJOURNMENT  
None  
None  
Mr. Stribula moved to adjourn. The motion was seconded by AC Gress and  
approved unanimously.  
Submitted by:  
Jeff Glazier,  
Secretary