Minutes - 06/10/2016 - Police Pension Fund BoardVILLAGE OF OAK BROOK
BOARD OF TRUSTEES OF THE POLICE PENSION FUND - Minutes
June 10, 2016
UNOFFICIAL UNTIL APPROVED AS WRITTEN √
OR AS AMENDED BY BOARD OF TRUSTEES OF THE
POLICE PENSION FUND ON July 28, 2016
1. CALL TO ORDER:
The Special Meeting of June 10, 2016 of the Board of Trustees of the Oak Brook Police Pension Fund was
called to order by President Torlo at 10:57 a.m. in the Upper Level Conference Room of the Samuel E.
Dean Board 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: President Vel Torlo, Vice President Alan Feldman, Secretary Edward Caspers, Trustee
Hitesh Patel, Trustee Benjamin Kadolph
ABSENT: None
IN ATTENDANCE: Phil Kosmala and Tom Dougherty of Taiber, Kosmala and Associates, LLC,
Pension Clerk Rose Kane
3. BOARD COMMENTS: None presented.
4. NEW BUSINESS:
a. Request for Proposal investment presentations
Motion by Trustee Patel, seconded by Secretary Caspers, to adjourn to closed session at
approximately 10:59 a.m. for the purpose of conducting interviews of investment consultants.
VOICE VOTE: Motion carried.
5. RECONVENE TO OPEN SESSION:
Motion by Secretary Caspers, seconded by Trustee Kadolph, to adjourn the Closed Meeting and
Reconvene the Regular Meeting at approximately 12:00 p.m. VOICE VOTE: Motion carried.
Brief discussion ensued.
6. RECESS:
Motion by Trustee Patel, seconded by Vice President Feldman, to recess the meeting for lunch at
approximately 12:05 p.m. VOICE VOTE: Motion carried.
7. RECONVENE FROM RECESS:
Motion by Trustee Kadolph, seconded by Trustee Caspers, to reconvene the meeting at
approximately 12:55 p.m. VOICE VOTE: Motion carried.
Mike Piotrowski and Paul Marchese of Marquette and Associates entered the meeting at approximately
12:57 p.m.
Motion by Secretary Caspers, seconded by Vice President Feldman, to adjourn to closed session at
approximately 12:57 p.m. for the purpose of conducting interviews of investment consultants.
VOICE VOTE: Motion carried.
Motion by Secretary Caspers, seconded by Trustee Patel, to adjourn the Closed Meeting and
Reconvene the Regular Meeting at approximately 2:22 p.m. VOICE VOTE: Motion carried.
BOARD OF TRUSTEES OF THE POLICE PENSION FUND
Minutes Page 1 of 2 June 10, 2016
8. ACTION FROM CLOSED SESSION:
Motion by Secretary Caspers, seconded by Vice President Feldman, to replace Lowery Asset
Consulting with Taiber, Kosmala and Associates, pending the final approval of a contract by the
Board and its attorney.
ROLL CALL:
Ayes: 4 -- Vice President Feldman, Secretary Caspers, Trustee Kadolph, President Torlo
Nays: 0 – None
Abstain: 1 --Trustee Patel
Absent: 0 – None. Motion carried.
Motion by Trustee Patel, seconded by Secretary Caspers, to direct Taiber, Kosmala and Associates
to do a comprehensive analysis of the Fund’s current state of both the consulting, equity
investments, as well as the fixed income investments and custodial arrangements, and to make
sure that going forward there is a standardized process and a standardized policy to effect cost
controls. VOICE VOTE: Motion carried.
Pension Clerk Kane was given direction to:
1. Have the Board’s attorney draft a contract for $28,000/annually with Taiber, Kosmala and Associates;
2. Once agreed to by both parties, send 30-day notice letter to Lowery and Associates;
3. Direct Taiber, Kosmala and Associates to perform the analysis described in the motion above;
4. Send thank-you letter to Marquette;
5. Hold off with MB Financial, but inform them of the regular quarterly meeting on July 28th if they inquire.
9. ADJOURNMENT:
Motion by Secretary Caspers, seconded by Vice President Feldman, to adjourn the Board of
Trustees of the Police Pension Fund meeting at 2:35 p.m. VOICE VOTE: Motion carried.
ATTEST:
Edward Caspers /s/
Edward Caspers, Secretary
Board of Trustees of the Police Pension Fund
BOARD OF TRUSTEES OF THE POLICE PENSION FUND
Minutes Page 2 of 2 June 10, 2016