Minutes - 11/19/2009 - Firefighter's Pension Fund BoardMINUTES OF THE NOVEMBER 19, 2009 MEETING OF
THE BOARD OF TRUSTEES OF THE OAK BROOK
FIREFIGHTERS PENSION FUND APPROVED AS
AMENDED ON JANUARY 19, 2010
1. CALL TO ORDER
The Meeting of the Board of Trustees of the Oak Brook Firefighters Pension
Fund was called to order by President Erickson at 9:02 a.m. in the Upper Level
Conference Room of the Butler Government Center, 1200 Oak Brook Road,
Oak Brook, Illinois.
2. ROLL CALL
Pension Clerk Gonnelia called the roll with the following persons
PRESENT: President Michael Erickson, Secretary John Fagan, Trustees Sharon
Dangles, Mark Fleishman and Timothy Schlindwein.
ABSENT: None.
IN ATTENDANCE: Fire Chief Tom McEllin.
3. APPROVAL OF MINUTES
a. Approval of Board of Trustees Meeting Minutes of October 21, 2009
Trustee Schlindwein requested a correction on page 8, Agenda Item 6. a.,
second to the last paragraph, line six to read "Trustee Schlindwein agreed that
there is a risk in volatility on the asset side of The Fund."
Motion by Secretary Fagan, seconded by Trustee Schlindwein, to approve the
Board of Trustees Meeting Minutes of October 21, 2009 as amended. VOICE
VOTE: Motion carried.
4. CONSENT AGENDA
All items on the Consent Agenda are considered to be routine in nature and will
be enacted in one motion. There will be no discussion of these items unless a
Board member so requests, in which event, the item will be removed from the
Consent Agenda and considered as the first item after approval of the Consent
Agenda.
a. Approval of Pension Clerk's hours from September through October, 2009
in the total amount of $603.72
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b. Approval of IPPFA Trustee Training Program Registration Fees in the total
amount of $975.00
c. Ratification of $400 contribution to the Coalition for Planned Status
Trustee Dangles indicated that the posted agenda stated the IPPFA registration
fees were $300.00 on the Consent Agenda. Since the posting of the agenda,
more members have registered to attend the training programs and the correct
amount is $975.00.
Motion by Secretary Fagan, seconded by Trustee Schlindwein, to approve the
Consent Agenda as presented. ROLL CALL VOTE:
Ayes: 5 = President Erickson, Secretary Fagan, Trustees Dangles, Fleishman
and Schlindwein.
Nays: 0 — None.
Absent: 0 — None. Motion carried.
5. ITEMS REMOVED FROM THE CONSENT AGENDA — None presented.
President Erickson explained that Fire Chief McEllin was in attendance of the
Board meeting to discuss his request for credible military service to the Oak
Brook Firefighters Pension Fund. Chief McEllin was not able to obtain the
information before the agenda was posted so that no action could be taken but
discussion occurred. He indicated that he hasn't determined whether it will be
a 22 or 24 month payment time frame. Lauterbach & Amen will determine the
calculation of the amount. The Board will approve this request at their next
Board meeting.
President Erickson suggested that the Board would change the order of the
Agenda Items at this time and the Board concurred with his recommendation.
6. NEW BUSINESS
a. Discussion of Public Officials Liability Insurance
The Board discussed the options of IRMA, Traveler Insurance and Mesirow for
request for proposals on this type of insurance. Trustee Dangles will obtain
three quotes for public official liability insurance.
7. a. Discussion of Investment Management Policy
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The Board discussed Trustee Schlindwein's investment strategy exercise that
the Board had previously completed. He suggested that the strategy exercise
could be repeated again in January to assist the Board in forecasting their
investment strategy.
b. Discussion of Investment Management Consultants
The Board discussed hiring a consultant/asset manager and the risk of ensuring
that they have true expertise in both of these areas.
The Board recessed the meeting at 10:40 a.m. and reconvened at 10:47 a.m.
Trustee Fagan recommended that the Board have some consensus before they
meet with an investment consultant. The Board discussed the Police Pension's
RFP (Request for Proposal) and if they could review a copy of their proposal.
President Erickson will contact President Birdsall of the Oak Brook Police
Pension Board of Trustees to discuss this further and check on RFP
requirements. Other consultant firms were also discussed. It was a consensus
of the Board to go out for an RFP for an investment management consultant
and to determine what is required by Illinois State Statutes regarding request for
proposals.
c. Discussion and Decision of Pension Clerk Position
President Erickson explained that the Village has requested that the new
pension clerk work outside of the office area because the new Clerk is not a
Village employee. The Board discussed the hiring of Lauterbach & Amen who
provides full pension clerk services. The Board questioned whether they were
required to post the position in the Village Hall.
Motion by Secretary Fagan, seconded by Trustee Fleishman, to retain the firm
of Lauterbach & Amen for pension clerk services for one year in the amount of
$4,800.00 pending Attorney Reimer's opinion. ROLL CALL VOTE:
Ayes: 4 — Secretary Fagan, Trustees Dangles, Schlindwein and Fleishman
Nays: 1 — President Erickson.
Absent: 0 — None. Motion carried.
8. a. Discussion and Approval of 2010 Annual Meeting Notice
Motion by Trustee Schlindwein, seconded by Trustee Dangles, that the
Firefighters Pension Fund Board's 2010 Annual Notice of Meetings state that
they meet quarterly and on call as noticed in the Upper Level Conference Room
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of the Butler Government Center, 1200 Oak Brook Road. VOICE VOTE:
Motion carried.
b. Discussion and Approval of Freedom of Information Request (FOIA)
Procedures
Motion by Secretary Fagan, seconded by Trustee Schlindwein, to accept the
Freedom of Information (FOIA) Request Form as presented. VOICE VOTE
Motion carried.
President Erickson noted for the record that the annual Status Reports have
been sent and the annual medical examinations of Paul Jacobs, Garry Watkins
and Sean Smyth are being processed.
The Board set the next quarterly meeting date tentatively for Tuesday, January
19, 2010 at 9:00 a.m.
9. ADJOURNMENT
Motion by Trustee Schlindwein, seconded by Trustee Dangles, to adjourn the
regular meeting at 12:15 p.m. VOICE VOTE: Motion carried.
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