Minutes - 10/20/2016 - Firefighter's Pension Fund BoardAbsent:
Also Present:
MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES
OAK BROOK FIREFIGHTERS' PENSION FUND
ocToBER 20, 2016
A regular meeting of the Board of Trustees of the Oak Brook Firefighters' Pension Fund was held on Thursday,
October 20,2016 at 9:00 a.m' at the Butler Government Center, Upper Level Conference Room located at 1200 Oak
Brook Road, Oak Brook, lL 60523, pursuant to notice, to conduct regular business.
CALL TO ORDER: President Michael Erickson called the meeting to order at 9:00 a.m.
ROLL CALL:
Present:President Michael Erickson, Secretary John Fagan, Trustees Mark Fleishman and George
Kouba
Trustee Timothy Schlindwein
Jason Paprocki, Village of Oak Brook Treasurer; Tom Sawyer, Sawyer Falduto Asset
Management,LLC; Allie Rysell, Lauterbach & Amen, LLP
PUBLIC COMMENT: There was no public comment.
APPROVAL OF THE PRIOR MEETING MINUTES: The minutes of the July 28, 2016 regular meeting were
reviewed by the Board. A motion was made by Trustee Fagan and seconded by Trustee Fleishman to approve the
July 28, 2016 regular meeting minutes as written. Motion carried unanimously by voice vote.
INVESTMENT REPORT: Quarterly Report - Sawyer Falduto Asset Management, LLC: Mr. Sawyer presented
the Investment Report for the quarter ended September 30,2016. As of 09/30116,The ending market value of the
portfolio is $24,399,678. The total net account return is 2.97Yo for the quarter, for a third quarter investment retum
of 5717,636. The current portfolio allocation is Equities at 60.70/o, Fixed Income at38.9%io, and Cash Equivalents at
0.4%o. The individual performance of the funds within the portfolio were reviewed, along with the firm's Market
Commentary and Transaction Report. All questions were answered by Mr. Sawyer. A motion was made by Trustee
Fleishman and seconded by Trustee Fagan to accept the Investment Report as presented. Motion carried
unanimously by voice vote.
Review Investment Policy and Approval of any Recommended Revisions.' The Board will review the Investment
Policy at the next regular meeting.
TREASURER'S REPORTz Monthly Financial Report - Lauterbach & Amen, LLP: The Board reviewed the
Monthly Financial Report for the nine months ended September 30,2016. As of 09/30/16,the net position held in
trust for pension benefits is 524,648,276.23 with a change in position of $836,590.00. The Cash Analysis Report,
Revenue Report, Expense Report, Payroll Journal and Member Contribution Report were reviewed by the Board. A
motion was made by Trustee Fleishman and seconded by Trustee Kouba to accept the Monthly Financial Report, as
prepared by Lauterbach & Amen. Motion carried unanimously by voice vote.
Approve Payment of Invoices: The Board reviewed the Vendor Checks Report for the period 07101116 through
09130116, showing total disbursements in the amount of $46,737 .48. A motion was made by Trustee Fleishman and
seconded by Trustee Fagan to approve the payment of disbursements shown on the Vendor Checks Report in the
amount of $46,737.48. Motion carried by roll call vote.
AYES: Trustees Erickson, Fagan, Fleishman and Kouba
NAYS: None
ABSENT: Trustee Schlindwein
Additional Bills, if any: There were no additional bills to review
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - October 20,2016
Page 2 of 3
COMMUNICATIONS OR REPORTS: Trustee Training Update: The Board reviewed the Trustee Training
Summary and discussed upcoming training opportunities. Trustees were reminded to submit any training certificates
to Lauterbach & Amen for recordkeeping.
Status of Annual Affidavits: Lauterbach & Amen informed the Board that the 201 6 Annual Affidavits of Continued
Eligibility are complete and presented the originals to the Board for record keeping.
APPLICATIONS FOR ADMISSIONS OR \ilITHDRAWALS FROM THE FUND z Withdrawal of Fund - Scott
Kurczewski.' The Board reviewed the contribution refund request submitted by Scott Kurczewski. A motion was
made by Trustee Fagan and seconded by Trustee Kouba to approve the contribution refund request for Scott
Kurczewski in the amount of $3,629.39, as calculated by Lauterbach & Amen. Motion carried by roll call vote.
AYES: Trustees Erickson, Fagan, Fleishman and Kouba
NAYS: None
ABSENT: Trustee Schlindwein
APPLICATIONS FOR RETIREMENT/DISABILITY/DEFERRED BENEFITS: There were not any
applications to review at this time.
OLD BUSINESS: Annual Independent Medical Examination - Jennífer White: Trustee Fagan informed the Board
that Jennifer White was sent for her annual Independent Medical Examination. Further discussion will be held at the
next regular meeting.
NEW BUSINESS: Review Approved Actuary Report: The Board reviewed the approved Actuarial Report, as
prepared by Foster & Foster.
Review/Approve - Tax Levy Request and Municipal Compliance Report: The Board reviewed the Municipal
Compliance Report as prepared by Lauterbach & Amen,LLP, utilizing data provided by Foster & Foster. Based on
the data and assumptions used to prepare the final reports, the recommended municipal contribution amount is
$2,050,108 and the IDOI statutory minimum contribution amount is $1,537,893. The Board discussed the Actuarial
Valuation and the recommended and statutory contribution amounts with Mr. Paprocki. Mr. Paprocki noted that the
Village of Oak Brook is prepared to contribute the IDOI statutory minimum contribution amount of $1,537,893. The
Village Board will hold another meeting later in the year to see if additional reserves can be added to increase the
funding level of the Oak Brook Firefighters' Pension Fund.
A motion was made by Trustee Fleishman and seconded by Trustee Fagan to request a contribution for the Oak
Brook Firefighters' Pension Fund in the amount of $2,050,108 from the Village of Oak Brook, for the year ending
December 3l ,2017 . Motion carried by roll call vote.
AYES: Trustees Erickson, Fagan, Fleishman and Kouba
NAYS: None
ABSENT: Trustee Schlindwein
A motion as made by Trustee Fleishman and seconded by Trustee Kouba to approve the Municipal Compliance
Report prepared by Lauterbach & Amen, and direct the Board President and Secretary to sign the report. Motion
caried by roll call vote.
AYES: Trustees Erickson, Fagan, Fleishman and Kouba
NAYS: None
ABSENT: Trustee Schlindwein
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - October 20,2016
Page 3 of3
Board counsel will submit the contribution request letter, Municipal Compliance Report and Actuarial Valuation to
the Village of Oak Brook, on behalf of the Oak Brook Firefighters' Pension Fund.
Discussion/Possible Action * HELPS Program: Lauterbach & Amen reviewed the HELPS Program with the Board.
A motion was made by Trustee Fagan and seconded by Trustee Fleishman to approve the expenditures outlined on
the draft engagement letter, and to direct Lauterbach & Amen to mail the HELPS Program paperwork to pensioners
with the next payroll cycle. Motion carried by roll call vote.
AYES: Trustees Erickson, Fagan, Fleishman and Kouba
NAYS: None
ABSENT: Trustee Schlindwein
A status update will be presented to the Board at the next regular meeting.
Storage/Destruction of old Pension Fund Accounting Records: The Board reviewed the Lauterbach & Amen record
retention & document disposal memo. The Board directed Lauterbach & Amen to return all physical boxes
containing records for the Pension Fund and the Board will assume possession.
Establish 2017 Regular Board Meeting Dates: The Board established the 2017 regular Board meeting dates as
January 191h, April 20th, July 20th, October 20rh at 9:00 a.m. at the Butler Government Center, Upper Level
Conference Room located at 1200 Oak Brook Road, Oak Brook, Illinois.
CLOSED SESSION (if needed): Closed session was not needed.
ATTORNEY'S REPORT: The Board received copies of the RDK Legal and Legislative Update to review.
ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Fleishman to adjourn the
meeting at 10:42 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for January 19,2017 at 9:00 a.m. at the Butler Government Center,
Upper Level Conference Room located at 1200 Oak Brook Road, Oak Brooþ IL 60523.
Respectfully submitted,
Michael Erickson, President Date Approved:t-¿q * t'7
Minutes prepared by Allie Rysell, Pension Services Administrator, Lauterbach & Amen, LLP