Minutes - 07/28/2016 - Firefighter's Pension Fund BoardMINUTES OF A REGULAR MEETII\G OF THE BOARD OF TRUSTEES
OAK BROOK FIREFIGHTERS' PENSION FUND
July 28, 2016
A regular meeting of the Board of Trustees of the Oak Brook Firehghters' Pension Fund was held on
Thursday, July 28, 2016 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: Secretary John Fagan called the meeting to order at 9:03 a.m.
ROLL CALL:
Present:
Absent:
Also Present:
Secretary John Fagan, Trustees Timothy Schlindwein and Mark Fleishman
President Michael Erickson and Trustee George Kouba
Sharon Dangles, Village of Oak Brook Treasurer;Jason Paprocki, Village of Oak Brook;
Tom Sawyer, Sawyer Falduto Asset Management, LLC; Allie Rysell, Lauterbach & Amen,
LLP; Don Adler, Village of Oak Brook Trustee
PUBLIC COMMENT: There was no public comment.
APPROVAL OF THE PRIOR MEBTING MINUTES: The minutes from the April 21,2016 regular
meeting were reviewed by the Board. A motion was made by Trustee Schlindwein and seconded by Trustee
Fleishman to approve the April 21,2016 regular meeting minutes as written. Motion carried unanimously
by voice vote.
Semi-Annual Review of Closed Session Minutes.' There were no closed session minutes to review,
TREASURER'S REPORT: Sharon Dangles presented the Treasurer's Report to the Board. A motion was
made by Trustee Fagan and seconded by Trustee Schlindwein to accept the Treasurer's Report as
presented. Motion carried unanimously by voice vote.
NEW BUSINESS z Resignøtion of Villøge Treasurer - Sharon Dangles: Trustee Fagan informed the Board
that the Village Treasurer, Sharon Dangles, is resigning and Jason Paprocki will act as the interim Village
Treasurer. The Board thanked Ms. Dangles for her time and service on the Oak Brook Firefighters' Board.
Update Banking Signature Cards - Interim Village Treasurer Jason Paprocki: The Board received new
signature cards for the BMO Harris Account. The Board will obtain the necessary signatures and
documentation and submit it to Lauterbach & Amen to update the account.
The Board took a brief recess at 9:16 a.m. and resumed at 9: l9 a.m.
INVESTMENT REPORT: Trustee Fagan presented a bank statement from MB Financial to the Board for
review. As of June 30,2016,540,776.11 remains in the MB FinancialTreasury Now Account. The Board
directed Tom Sawyer to transfer this balance to the Harris Cash Account.
First Quarter Report - Investment Perþrmance Services, LLC: TheBoard reviewed copies of the first
quafterly report from Investment Performance Services, LLC'
Don Adler Aruived to the meeting at 9:33 a.m.
Quarterly Report - Sawyer Falduto Asset Management, LLC: Tom Sawyer distributed the quarterly
investment repoft for the Board's review. Mr. Sawyer noted that the Fund's performance will be reviewed
at the next regular meeting. The current asset allocation is equiti es 6l .l%:o, fixed incom e 38 ,3Y0, and cash
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - July 28,2016
Page 2 of3
equivalents 0.6%. The Market Commentary, Portfolio Statement, Fixed Income Portfolio, Portfolio
Snapshots and Transaction Ledger were reviewed with the Board. All questions were answered by Mr.
Sawyer.
Review Investment Policy and Approval of any Recommended Revisions: The Board tabled the review of
the Investment Policy guidelines until the next regular meeting.
TREASURER'S REPORT (continued)z Monthty Financial Report - Lauterbach & Amen, LLP: The
Board reviewed the Monthly Financial Report for the six months ended 6130116. The net position held in
trust for pension benefits is$24,092,751.74 with a change of position of $281,065.51. The Cash Analysis
Repoft, Revenue Repoft, Expense Repoft, Payroll Journal and Member Contribution Report were reviewed
Uyìne Board. A motion was made by Trustee Fagan and seconded by Trustee Fleishman to accept the
úonthly 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 04101116
túrough 06l30ll6,in the amount of $45,791.14. A motion was made by Trustee Fagan and seconded by
Trustãe Schlindwein to approve of the disbursements as presented. Motion carriéd by roll call vote'
AYES: Trustees Fagan, Fleishman and Schlindwein
NAYS: None
ABSENT: Trustee Erickson and Kouba
Additional Bitls, if any..There were no additional bills to review.
COMMUNICATIONS OR REPORTST 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 record keeping'
Status of Annual Affidavits: Lauterbach & Amen informed the Board that the 2016 Annual Affrdavits of
Continued Eligibilrty were mailed to all pensioners with the June payroll cycle and a due date of July 29th.
A status update will be provided at the next regular meeting'
APPLICATIONS FOR ADMISSIONS OR WITHDRAWALS FROM THE FUND Z WithdTAI'UAI Of
Fund - Scott Kurczewski:Trustee Fagan informed the Board that Scott Kurczewski requested a
contribution refund from the Oak Brook Firefighters' Pension Fund. Lauterbach & Amen sent Officer
Kurczewski a contribution refund packet and has not received a response to date.
APPLICATIONS FOR RETIREMENTIDISABILITY/DEFERRED BENBFITS: ThCTC WETE NOt ANY
applications to review at this time.
OLD BUSINESS: There was no old business to discuss.
NE\il BUSINESS (continued): Review Approved Actuary Report/Issue Tax Levy Request:The Board
reviewed the revised actuary repoft as prepared by Foster & Foster. A motion was made by Trustee
Schlindwein and seconded ùy Trustee Fleishman to approve the revised actuary repoft as prepared. Motion
carried unanimously by voice vote. Fufther discussion will be held at the next regular meeting.
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - July 28,2016
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Status rJpdate/Approval * Illinois Department of Insurance Annual Statement and Certffication Form:The
Board rwiewed the finalized Illinois Department of Insurance Annual Statement and noted that the Annual
Statement and Certiflication Form was approved and filed with the Illinois Department of Insurance by the
June 30, 2016 due date. A motion was made by Trustee Fagan and seconded by Trustee Fleishman to
approve the Illinois Depaftment of Insurance Annual Statement as prepared. Motion carried unanimously
by voice vote.
Discussion/Possible Action - Fiduciary Liabitity Insurance Renewal;The Board reviewed the Fiduciary
Liability Insurance Renewal Policy through Markel Insurance Company. The fee for the policy is
$4,318.-00 with an effective date of 4/30/16 through 4130117 . A motion was made by Trustee Fagan and
seconded by Trustee Schlindwein to approve the frduciary liability insurance renewal through Markel
Insurance Company in the amount of $4,3 18,00. Motion carried by roll call vote.
AYES: Trustees Fagan, Fleishman and Schlindwein
NAYS: None
ABSENT: Trustee Erickson and Kouba
Board Officer Elections - President, Secretary and Treasurer: The Board discussed the Board Officer
positions. A motion was made by Trustee Schlindwein and seconded by Trustee Fleishman to maintain the
Lxisting slate of Board Officers ás the following: Mike Erickson as President, John Fagan as Secretary;and
elect Jason Paprocki as the Treasurer. Motion carried unanimously by voice vote.
Annual Independent Medical Examinations for Disabted Firefighters (Jnder Age 50: The Board noted that
Jennifer M. White needs to be scheduled for her Independent MedicalExamination. Further discussion
will be held at the next regular meeting.
CLOSED SESSION: There was no closed session'
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 10:30 a,m. Motion carried unanimously by voice vote'
The next regular meeting is scheduled for 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, IL 60523.
ctfully subm
I Erickson, PresidentDate Approved:1o-zt'*¡¿
Minutes prepared by Altie Rysell, Pension Services Administrator, Lauterbach & Amen, LLP