Minutes - 07/25/2007 - Police Pension Fund BoardMINUTES OF THE JULY 25, 2007 REGULAR
MEETING OF THE BOARD OF TRUSTEES OF THE
OAK BROOK POLICE PENSION FUND APPROVED AS
WRITTEN OR AMENDED ON OCTOBER 24, 2007.
1. CALL TO ORDER
The Regular Meeting of the Board of Trustees of the Oak Brook Police Pension
Fund was called to order by President Birdsall at 7:07 p.m. in the Upper Level
Conference Room of the Butler Government Center, 1200 Oak Brook Road,
Oak Brook, IL.
2. ROLL CALL
President Birdsall called the roll with the following persons
PRESENT: President Robert Birdsall, Vice President Michael Hall, Secretary
Alan Feldman and Trustee Richard Badowski.
ABSENT: Trustee Susan Templeton
IN ATTENDANCE: Darrell J. Langlois, Finance Director; Brian Wildman,
Doug Madigan and John Falduto, MB Financial.
3. APPROVAL OF MINUTES
a. Board of Trustees Regular Board Meeting Minutes of May 1, 2007
Motion by Secretary Feldman, seconded by Trustee Badowski, to approve the
Minutes of the Regular Meeting of May 1, 2007 as presented. VOICE VOTE:
Motion carried.
b. Board of Trustees Special Board Meeting Minutes of May 15, 2007
Motion by Vice President Hall, seconded by Trustee Badowski, to approve the
Minutes of the Special Meeting of May 15, 2007 as presented. 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.
Motion by Secretary Feldman, seconded by Vice President Hall, to approve the
Consent Agenda and authorize expenditures as presented. ROLL CALL
VOTE:
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4. Ayes: 4 - President Birdsall,
Trustee Badowski.
Nays: 0 - None.
Absent: 1 - Trustee Templeton.
Vice President Hall, Secretary Feldman and
Motion carried.
a. Approval of March 1 -31, 2007 checks #3389 -3396 and #6508 -6528 in the
total amount of $127,205.76
b. Approval of April 1 -30, 2007 checks 43400 -3406 and #6530 -6550 in
the total amount of $115,771.39
c. Approval of May 1 -31, 2007 checks 43414 -3420 and #6552 -6572 in the total
amount of $120,622.27
d. Approval of June 1 -30, 2007 checks #3427 -3434 and #6574 -6594 in the
total amount of $122,434.33
e. Approval of Department of Financial & Professional Regulation Division of
Insurance invoice in the amount of $4,951.22
f. Approval of Board Attorney Charles H. Atwell invoices in the total amount
of $4,768.75
g. Approval of Dr. Marie - Claude Saint Jean Rigaud invoice in the total amount
of $4,500.00
h. Approval of Dr. Richard P. Harris invoice in the total amount of $2,910.00
i. Approval of Hyatt Lodge invoice in the amount of $1,966.30
j. Approval of Dr. Henry G. Conroe invoice in the total amount of $1,750.00
k. Approval of Board Attorney Richard J. Reimer's invoices in the total
amount of $1,567.49
1. Approval of Pension Clerk Gonnella's hours for the months of April through
June, 2007 in the total amount of $473.97
m. Approval of Office Depot invoice in the amount of $221.28
5. ITEMS REMOVED FROM CONSENT AGENDA - None presented.
6. UNFINISHED BUSINESS
a. Consideration of Request to Withdraw Application for Duty Disability —
Randy Mucha
President Birdsall explained that Board Attorney Charles Atwell has received
Officer Mucha's request to voluntarily withdraw his application and enter its
order granting leave accordingly. Attorney Atwell recommended that the
board consider Officer Mucha's request and if the Board grants the
withdrawal, Attorney Atwell further requests that the Board's decision
should be confirmed, in writing, and a copy of said decision should be served
upon the applicant through his attorney, certified mail with return receipt.
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POLICE PENSION FUND Minutes
6. a.
Motion by Trustee Badowski, seconded by Vice President Hall, to approve
the withdrawal application for Randy Mucha's duty disability. ROLL CALL
VOTE:
Ayes: 4 - President Birdsall, Vice President Hall, Secretary Feldman and
Trustee Badowski.
Nays: 0 - None.
Absent: 1 - Trustee Templeton. Motion carried.
7. NEW BUSINESS
a. MB Financial Investment Management Presentation
Brian Wildman, Group Manager, for MBFinancial explained what will be
occurring with MBFinancial since they had personnel changes in their
department. Mr. Falduto then gave their investment management
presentation. The value added from investments for the second quarter was
$616,014 and year -to -date $1,218,059. The portfolio performance in the
money market return was 1.26 %, fixed income - 0.20 %, equity return of
5.56% with a total account return of 2.40% for the second quarter. Year -to-
date the money market return was 2.54 %, fixed income return 1.43 %, equity
return of 7.95% and the total account return was 4.35 %. Since inception the
annual performance was 6.48 %, stocks 5.95 %, bonds 5.59% and T -bills
3.63 %.
The current equity sector allocations are large capitalization US stocks at
60 %, small capitalization US stocks at 19 %, International stocks at 17% and
REIT Fund at 4 %. The portfolio allocations are 5% for the money market,
fixed income securities 51 % and equity securities at 44 %.
Mr. Madigan gave a brief quarterly economic and market commentary on the
economy, fixed income and equities.
The Board then discussed MBFinancial's proposed purchases.
b. Approval of Investment Transactions
Motion by Secretary Feldman, seconded by Trustee Badowski, to approve
the investment transactions indicated on Tab 5 of MB Financial's Investment
Performance Report from March 31, 2007 through June 30, 2007 as
presented. ROLL CALL VOTE:
Ayes: 4 - President Birdsall, Vice President Hall, Secretary Feldman and
Trustee Badowski..
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POLICE PENSION FUND Minutes
7. b.
Nays: 0 - None.
Absent: 1 - Trustee Templeton. Motion carried.
c. Approval of Reid Foltyniewicz's Application for Admission to the Oak
Brook Police Pension Fund
Motion by Vice President Hall, seconded by Trustee Badowski, to approve
Reid Foltyniewicz's Application for Admission to the Oak Brook Police
Pension Fund. ROLL CALL VOTE:
Ayes: 4 - President Birdsall, Vice President Hall, Secretary Feldman and
Trustee Badowski..
Nays: 0 - None.
Absent: 1 — Trustee Templeton. Motion carried.
8. INFORMATION AND UPDATES
The Board set a tentative date of October 24, 2007 for their next meeting.
President Birdsall noted that only two or three of the required annual status
reports are outstanding from all members of the pension fund. He received an
update from Attorney Reimer regarding Donald Malec's duty disability
application process. INSPE has appointed three physicians to review Donald
Malec's medical records and for his medical examination. They are Drs.
Litchter, Shapiro and Aleva.
It was a consensus of the Board of Trustees to approve INSPE's
recommendation of their three appointed physicians: Drs. Lichtor, Shapiro and
Alleva to review Donald Malec's medical records and for his medical
examination.
Pension Clerk Gonnella introduced Administration Secretary Rose Kane who
has offered to take the Pension Clerk position since Clerk Gonnella announced
her retirement after serving as the Pension Clerk since 1994.
The Board of Trustees concurred with the appointment of Rose Kane as their
new Pension Clerk upon Clerk Gonnella's retirement at the end of October,
2007.
9. ADJOURNMENT
Motion by Vice President Hall, seconded by Secretary Feldman, to adjourn the
meeting at 8:15 p.m. VOICE VOTE: Motion carried.
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ATTEST:
Alan Feldman /s/
Secretary
Linda K. Gonnella /s/
Recording Secretary
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