Minutes - 03/03/2015 - Firefighter's Pension Fund BoardMINUTES OF A SPECIAL MEETING OF THE BOARD OF TRUSTEES
OAK BROOK FIREFIGHTERS’ PENSION FUND
March 3, 2015
A special meeting of the Board of Trustees of the Oak Brook Firefighters’ Pension Fund was held on Tuesday,
March 3, 2015 at 9:00 a.m., at the Butler Government Center, Upper Level Conference Room located at 1200
Oak Brook Road, Oak Brook, IL 60523, pursuant to notice, to conduct special business.
CALL TO ORDER BY PRESIDING OFFICER
President Michael Erickson called the meeting to order at 9:10 a.m.
ROLL CALL
Upon roll call the following answered:
Present: President Michael Erickson, Secretary John Fagan, Trustee Mark Fleishman, and Trustee
Timothy Schlindwein
Absent: Trustee George Kouba
Also Present: Becky Davis of Lauterbach & Amen, LLP (L&A); Heidi Andorfer of Foster & Foster (via
conference call)
PUBLIC COMMENT – There was no public comment.
12/31/2014 ACTUARIAL REPORT
The Board reviewed and discussed the 12/31/2014 actuarial report. The Board agreed to contact Foster & Foster
for an explanation regarding the assumed percentage increase on duty disablements.
The Board contacted Ms. Andorfer via conference call at 9:36 a.m.
Ms. Andorfer answered the Board’s questions and emailed a study that was done to analyze the assumptions
used by police and fire pension funds in the State of Illinois. This explained the change to increase the duty
disablement assumption.
The Board ended the call to Ms. Andorfer at 9.47 a.m.
A motion was made by Trustee Schlindwein and seconded by Trustee Fleishman to accept the 12/31/2014
Foster & Foster Actuarial Valuation and to make the Village recommended contribution in the amount of
$1,716,256.
AYES: Trustees Erickson, Fagan, Schlindwein, and Fleishman
NAYS: None
ABSENT: Trustee Kouba
The Board discussed the William Garrigan overpayment. His daughter’s birth date was recorded incorrectly as
1999 and should have been 1993. The Board is in the process of discussing any options the Fund should follow
with the Pension Board Attorney. A letter has been prepared by L&A and is waiting for advice from Counsel
before proceeding. An update will be discussed and any action taken at the next meeting.
The next regular meeting is scheduled for April 29, 2015 at 9:00 a.m.
CLOSED SESSION – There was no closed session.
ADJOURNMENT
A motion was made by Trustee Fagan and seconded by Trustee Schlindwein to adjourn the meeting at 10:03
a.m. Motion carried by unanimous voice vote.
Respectfully submitted, Michael Erickson, President; John Fagan, Secretary Date approved:____________
Minutes prepared by Pension Services Administrator, Becky Davis