Minutes - 09/17/2008 - Police Pension Fund BoardVILLAGE OF OAK BROOK
BOARD OF TRUSTEES OF THE POLICE PENSION FUND - Minutes
September 17, 2008
UNOFFICIAL UNTIL APPROVED AS WRITTEN
OR AS AMENDED BY BOARD OF TRUSTEES OF THE
POLICE PENSION FUND ON
1 CALL TO ORDER
The Special Meeting of the Board of Trustees of the Oak Brook Police Pension Fund was called to order by
President Birdsall at 7 08 p m in the Upper Level Conference Room of the Butler Government Center,
1200 Oak Brook Road, Oak Brook, Illinois
2 ROLL CALL
The roll was called with the following persons
PRESENT Vice President Vel Torlo, Secretary Alan Feldman
Susan Templeton, President Robert Birdsall
ABSENT None -
IN ATTENDANCE Darrell Langlois, Finance Director, Lowery
Phil Kosmala, Jeff Grenchik
3 APPROVAL OF MINUTES None presented
4 UNFINISHED BUSINESS None
Trustee Richard Badowski, Trustee
Asset Consulting, LLC Representatives
5 NEW BUSINESS
a Lowery Asset Consulting, LLC Presentation for entire Board
Secretary Feldman requested a comparison of the equity portions from the last three months Mr Grenchik
stated that Lowery ran the fixed income returns for MB Financial to evaluate the fixed income portfolio
Lowery benchmarked them to the Merrill Lynch U S Treasury master and stated that MB Financial's
numbers are pretty close and they have done a respectable fob of staying close to the Index Lowery
wants to look at the whole picture with MB Financial and hear what their pricing schedules are separately
for the custody, asset management and bond portfolio Mr Kosmala stated that there is no reason to rush
into a decision regarding this Discussion regarding separate account management Finance Director
Langlois stated that from his perspective, he would rather keep the fixed income and custody the same
He further stated that the Board needs to re -draft the investment policy and that a lot of mechanics need to
be ironed out Mr Kosmala stated that they could provide the Finance Director Langlois with that
comparison very soon Finance Director Langlois stated that the Board could move forward with the
recommendations Lowery presented and Lowery agreed to present a re -draft of the Fund's investment
policy Finance Director Langlois stated that the changes on the Proposal Flow Chart (Tab I of Lowery's
Presentation) could be made as soon as possible if the Board was in agreement Discussion regarding
annuities Secretary Feldman stated he would like to receive the re -cap of the last three months and have
it show what would have happened to the Fund's performance had changes been made thirty days ago
He discussed the market's recent crisis and that perhaps waiting another thirty days until the next meeting
to make decisions about changes would be safer Trustee Templeton stated that making changes as soon
as possible would help re -coup some of the negative movement Mr Kosmala explained that on the
Proposal Flow Chart there are some changes, but nothing mayor, not massive allocation changes,
movement of individual parts, but changing hopefully to a better group of managers Discussion regarding
where Harbor International and Ivy Asset Strategy would fall in relation to the Fund's current investment
policy and what would fall under alternative investments
BOARD OF TRUSTEES OF THE POLICE PENSION FUND
Minutes Page 1 of 2 September 17, 2008
The Board discussed and agreed to have Lowery delay any changes until they have a comparison analysis
for the next meeting and use the same benchmark
The next meeting was scheduled for Wednesday, October 22, 2008, pending availability of all members
5 ADJOURNMENT
Motion by Trustee Badowski, seconded by Secretary Feldman, to adjourn the meeting at 9 00 p m
VOICE VOTE Motion carried
ATTEST
/s/ Alan Feldman
Alan Feldman, Secretary
/s/ Rosemary A Kane
Rosemary A Kane, Recording Secretary
BOARD OF TRUSTEES OF THE POLICE PENSION FUND
Minutes Page 2 of 2 September 17, 2008