Minutes - 01/19/2017 - Firefighter's Pension Fund Boardoê
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s VILLAGE OF OAK BROOK
BOARD OF TRUSTEES, FIREFIGHTERS PENSION FUND
WING CONFEREN E
OF THE BUTLER GOVERNMENT CENTER
12OO OAK BROOK ROAD
OAK BROOK, IL 60523
630-368-5000
Absent:
Also Present:
MINUTES OF A REGULAR MEETING
OF THE BOARD OF TRUSTEES OF THE
OAK BROOK FIREFIGHTERS' PENSION FUND
JANUARY 19,2017
A regular meeting of the Board of Trustees of the Oak Brook Firefighters' Pension Fund was held on
Thursday, January 19,2017 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 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,
George Kouba and Timothy Schlindwein
None
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 PRIOR MEETING MINUTES: The minutes of the October 20,2016 regular
meeting were reviewed by the Board. A motion was made by Trustee Fagan and seconded by Trustee
Kouba to approve the October 20,2016 regular meeting minutes as wriffen. Motion carried
unanimously by voice vote.
Semi-Annual Review of Closed Session Minutes.' There were no closed session minutes to review at
this time.
INVESTMENT REPORT: Quarterly Report - Sawyer Falduto Asset Management, LLC: ll4r.
Sawyer presented the Investment Report for the quarter ended December 31,2016. As of l2l3ll16,
the ending market value of the portfolio is $24,461,407. The total net account return is 1.25%o for the
quarter, for a fourth quarter investment return of 5312,844. The current portfolio allocation is
Equities at 6l.3Vo, Fixed Income at36.7Yo, and Cash Equivalents at2.0%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 Schlindwein and seconded by Trustee Fleishman to accept the Investment Report as
presented. Motion carried unanimously by voice vote.
ACCOUNTANT'S REPORT: Monthly Financial Report - Lauterbach & Amen, LLP: The Board
reviewed the Monthly Financial Report for the twelve months ended December 31,2016. As of
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - January 19,2017
Page2 of3
12/31116, the net position held in trust for pension benefits is $24,995,419.64 with a change in
position of $1,183,733.41. The Cash Analysis Report, Revenue Report, Expense Report, Payroll
Journal and Member Contribution Report were reviewed by the Board. All questions were answered
by Lauterbach & Amen.
Approve Payment of Invoices: The Board reviewed the Vendor Check Report for the period 10101116
through 12131116, showing total disbursements in the amount of $87,495.96.
A motion was made by Trustee Fagan and seconded by Trustee Schlindwein to accept the Monthly
Financial Report as presented and to approve the payment of disbursements shown on the Vendor
Check Report in the amount of $87,495.96. Motion carried by roll call vote.
AYES: Trustees Erickson, Fagan, Schlindwein, Fleishman and Kouba
NAYS: None
ABSENT: None
Addítional Bills, if any: There were no additional bills to review
COMMUNICATIONS OR REPORTS: Trustee Training Update: The Board reviewed the
Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded
to submit all training certificates to Lauterbach & Amen for recordkeeping.
Statements of Economic Interest: The Board was reminded to submit the List of Filers for the annual
Statements of Economic Interest to the Village by the February 1,2017 due date. Trustees will be
contacted directly to complete the Statements of Economic Interest no later than May 1,2017.
APPLICATIONS FOR MEMBERSHIP OR WITHDRAWALS FROM THE FUND: There
were no applications for membership or withdrawals from the Fund to review at this time.
APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: There were no
applications for retirement or disability benefits to review at this time.
OLD BUSINESS: Annual Independent Medical Examination -Jennifer Wite: Trustee Fagan
informed the Board that Jennifer White was sent for her annual Independent Medical Examination
The Board will request a copy of the medical report from Attorney Reimer to review at the next
regular meeting.
Status Update - HELPS Program: Lauterbach & Amen provided a brief status update on the
pensioner responses regarding the Healthcare Enhancement for Local Public Safety (HELPS)
Program.
NE\il BUSINESS: Pension Discrepancy - Robert Cronholm:The Board discussed Robert
Cronholm's pension discrepancy.
The Board took a brief recess at 9:50 a.m. and reconvened at 10:02 p.m.
The Board continued discussing Robert Cronholm's pension discrepancy. A special meeting will be
scheduled atalater date for further discussion.
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - January 19,2017
Page 3 of3
Approve Annual Cost of Living Adjustments (COLAs) for Pensioners: The Board reviewed the
Annual Benefit Increases effective January 1,2017 for pensioners of the Oak Brook Firefighters'
Pension Fund. A motion was made by Trustee Schlindwein and seconded by Trustee Fagan to
approve the 2017 Cost of Living Adjustments, as required by state statue and calculated by
Lauterbach & Amen. Motion carried by roll call vote.
AYES: Trustees Erickson, Fagan, Schlindwein and Kouba
NAYS: None
ABSENT: None
ABSTAIN: Trustee Fleishman
Discussion / Possible Action: Fiduciary Liability Insurance Renewal: The Board noted that their
fiduciary liability insurance policy will expire 4/30117. Lauterbach & Amen will contact Mesirow
Insurance Services on behalf of the Board to obtain insurance renewal proposals. Further discussion
will be held at the next regular meeting.
Discussion / Possible Action - Lauterbach & Amen Trustee Portal: Lauterbach & Amen presented
the proposal for the Trustee Portal Service, offered by Lauterbach & Amen. All questions were
answered. Further discussion will be held at the next regular meeting.
Review Trustee Term Expirations and Election Procedures: Lauterbach & Amen informed the Board
that Trustee Erickson's elected active Trustee term will expire April 30, 2017. Trustee Erickson is
not interested in running for re-election. The Board directed Lauterbach & Amen to conduct the
election process on behalf of the Board. The election results will be presented to the Board at the next
regular meeting. The Board will contact the Village for reappointment confirmation for Trustee
Kouba.
CLOSED SESSION (if needed): There was no need for closed session.
ATTORNEY'S REPORT: The Reimer, Dobrovolny & Karlson quarterly Legal and Legislative
Updates newsletter was distributed to all Trustees with information regarding recent case decisions
and legislation pertaining to Article 3 and 4 Pension Funds.
INVESTMENT REPORT (contìnued): Review Investment Policy and Approval of any
Recommended Revisìons: The Board tabled the review of the Investment Policy until the next regular
meeting.
ADJOURNMENT: A motion was made by Trustee Kouba and seconded by Trustee Schlindwein to
adjourn the meeting at 10:57 a.m. Motion carried unanimously by voice vote.
The next regular meeting of the Oak Brook Firefighters' Pension Fund will be held on
Thursday, April20, 2017 at 9:00 a.m. at the Butler Government Center, West Wing
Conference Room located at tQO Ouf. Brook Road, Oak Brooþ IL 60523.
Erickson, President Date Approved
Minutes prepared by Allie Rysell, Pension Services Administrqtor, Lauterbach & Amen, LLP