Minutes - 07/28/2022 - Police Pension Fund BoardMINUTES OF A REGULAR MEETING OF THE
OAKBROOKPOLICEPENSIONFUNDBOARDoFTRUSTEES
JULY 28,2022
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Thursday, July
2g,;022 at 6:15 p.m. in the Upper-Level Conference Room at the Butler Govemment Center located at
1200 Oak Brook Road, Oak Brook, Illinois 60523, pursuant to notice'
CALL TO ORDER: Trustee Torlo called the meeting to order at 6:17 p.m.
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz
None
Ian Acosta, Taiber Kosmala and Associates, LLC; Molly weslow, Lauterbach &
Amen, LLP (L&A); Finance Director Marilyn Fumero, village of oak Brook;
Alan Feldman, Member of the Public
PUBLIC COMMENT: There was no public comment.
AppRovAL OF MEETING MINUTESz April 21 , 2022 Regular Meeting: The Board reviewed the April
2l,2022regular meeting minutes. A motion was made by Trustee Foltyniewicz and seconded by Trustee
Caspers to ipprove the,{pril 21,2022 regular meeting minutes as written. Motion carried unanimously by
voice vote.
Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes
for review.
ACCOUNTANT'S REPORT _ LAUTERBACH & AMEN, LLPZ MONIhIY F\NANC\AI RCPOTT ANd
presentation and Approval of Bills: The Board reviewed the Monthly Financial Repgrt for the six-month
period ending lune
-:0, 202) prepared by L&A. As of June 30, 2022, the net position held in trust for
pension benelfits is $46,724,2+g.06 fot a decrease of ($9,1 13,829.76). The Board also reviewed the Cash
Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the
Vendor check Report for th! period April 1, 2022 ttrough June 30, 2022 for total disbursements of
Sl g7,3g7.gg. A motion ** tnud^" by TruJtee Caspers and seconded by Trustee Folty to accept the Monthly
Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the
amount of $187,387.88. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Additional Bills, if any:There were no additional bills presented for approval.
II\WESTMENT REPORTSz Taiber Kosmala and Associates, LLC: Mr. Acosta presented the Quarterly
Investment Report for the period ending June 30, 2}22.Mr.Acosta reviewed the Overall Portfolio, Market
Indexes, Bond Portfolio, iquities and Transaction Ledger. As of June 30, 2022, the quarter-to-date net
return is (10.6g%) for an ending market vilue $39,785,066. The current asset allocation is: 33.1lYoLarge
Cap; l t.itV"Small Cap; 14.04%Equity; 38% Fixed Income; 3.04% Public Real Estate; and 3.68% Cash
& Equivalents.
Oak Brook Police Pension Fund
Meeting Minutes -July 28,2022
Page 2 of5
Fifih Third Investments: The Board reviewed the Investment Review for the period ending June 30,2022.
As of June 30, 2022, the quarter-to-date net return is (l.S%) with total earnings of ($ZZO,SOS.32) for an
ending market value of $12,058,220.71. The current asset allocation is: Fixed Incom e at 97 .4vo and Cash
& Equivalents at 2.6Vo. The asset composition for the fixed income portfolio, reconciliation and holdings
summaries and quarterly market insights were reviewed with the Board. A motion was made by Trusfe
Caspers and seconded by Trustee Foltyniewicz to accept the Investment Reports as presented. Motion
carried unanimously by voice vote.
Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no
changes are required at this time.
COMMUNICATIONS AND REPORTSz Affidnits of Continued Etigibitity: The Board noted that all
2021 Affidavits of Continued Eligibility have been received by L&A and the originals will be given to the
Board for their recordkeeping.
Active Member File Maintenance: The Board noted that L&A will prepare Active Member File
Maintenance letters for distribution to all active members requesting any additional pension file
documents.
APPLICATIONS FOR MEMBERSHIPAilITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS f'OR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement
BeneJits - Beniamin Kadolph: The Board reviewed the regular retirement benefrt calculaiion for Benjamin
Kadolph prepared by L&A. Commander Kadolph had an entry date of June 22, lggg, retirement date of
June22,2022, effective date of pension of June 23,2022,52yews of age at date of retirement,24 years of
creditable service, applicable salary of $139,573, applicable pension percentage of 60vo, amount of
originally granted monthly pension of $6,978.65 and amount of originally granteO annual pension of
$83,743.80. A motion was made by Trustee Caspers and secondea Uy rrustei Foltyniewicz io upprou"
Benjamin Kadolph's regular retirement benefit calculated by L&A. Motion carried unanimously by voice
vote.
OLD BUSINESS: Aclvtowledge IPOPIF Notice of Transfer, Adopt Resolution of Notice and Execute
Exhibits: The Board reviewed the correspondence received from IPOPIF and acknowledged the Oak Brook
Police Pension Fund transfer date as September 1,2022. A motion was made by Trustee Caspers and
seconded by Trustee Torlo to adopt Resolution 2022-01 and to approve Exhibit A, designating Trustee
Foltyniewicz and Finance Director Marilyn Fumero as the Authorized Agents on behaf ofthe Oak Brook
Police Pension Fund. Motion caried by roll call vote.AYES: Trustees Torlo, Caspers and FoltyniewiczNAYS: None
ABSENT: None
The Board reviewed Exhibit B. A motion was made by Trustee Caspers and seconded by Trustee
Foltyniewicz to approve Exhibit B, notiffing Taiber Kosmala and Asiociates, LLC and pifth third
Investments of the transfer of assets. Motion carried by roll call vote.AYES: Trustees Torlo, Caspers and FoltyniewiczNAYS: None
ABSENT: None
Oak Brook Police Pension Fund
Meeting Minutes - July 28, 2022
Page 3 of5
Discussion/Possible Action - Local Account Collateralization: Finance Director Marilyn Fumero noted
that she will obtain a collateralization agreement for the Fifth Third Bank operating account. Further
discussion will be held at the next regular meeting.
Discussion/Adoption of Cash Management Policy: The Board discussed interim cash requisite for the
purpose of remitting pension benefits and expenses for the sixty-day period subsequent to the September 1,
2022 transfer date. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to
maintain an interim transition cash balance of $3,500,000 in the Fifth Third Money Market account prior
to the freeze date of the transfer of assets. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Discussion/Possible Action- Enterprise Cash Flow Module and My State Street.com Set-Up Access Form:
The Board reviewed the Enterprise Cash Flow Module and My State Street.com application. A motion was
made by Trustee Caspers and seconded by Trustee Foltyniewicz to designate Trustees Torlo and
Foltyniewicz and Finance Director Marilyn Fumero as users. Motion carried unanimously by voice vote.
IPOPIF Status Update and Discussion/Possible Action to be Taken on All IPOPIF Requests Pertaining to
Consolidation: The Board noted that there are no additional requests at this time from the consolidated
fund.
IDOI Annual Statement: The Board noted that the IDOI Annual Statement has been completed and
submitted to the Department of Insurance prior to the June 30,2022 deadline.
Transfer of Creditable Servicefrom IMRF Pursuant to HB-126 - Kurt Kaleciak: The Board noted that
L&A mailed correspondence to Kurt Kaleciak regarding his request to calculate the amount of money due
to the Oak Brook Police Pension Fund to combine service from IMRF pursuant to HB-126, but no response
has been received to date. Further discussion will be held at the next regular meeting.
NEW BUSINESS: Review/Approve - Actuarial Valuation and Tax Levy Requesr: The Board reviewed the
finalized Actuarial Valuation as prepared by L&A. Based on data and assumptions, the recommended
contribution amount is$2,447,430 which is a $204,613 decrease from the prioryear contribution. The
statutory minimum contribution requirement is $2,000,798. A motion was made by Trustee Caspers and
seconded by Trustee Folty to accept the Actuarial Valuation as prepared and to request a tax levy in the
amount of $2,447,430 from the Village of Oak Brook, based on the recommended amount stated in the
Actuarial Valuation prepared by L&A. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Review/Adopt - Municipal Compliance Report: The Board noted that the Municipal Compliance Report
will be ready for review at the next regular meeting.
Board Ofricer Elections - President, Vice President, Secretary and Assistont Secretary: The Board
discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Torlo as
President, Trustee Foltyniewicz as Vice President and Trustee Caspers as Secretary. A motion was made
by Trustee Caspers and seconded by Trustee Foltyniewicz to elect the slate of Officers as stated. Motion
carried by roll call vote.
Oak Brook Police Pension Fund
Meeting Minutes - July 28,2022
Page 4 of 5
AYES:
NAYS:
ABSENT:
Trustees Torlo, Caspers and Foltyniewicz
None
None
FOIA Officer and OMA Designee: The Board discussed maintaining Administrative Assistant Sylwia
Slodyczka as the FOIA Officer and OMA Designee. A motion was made by Trustee Foltyniewicz and
seconded by Trustee Caspers to maintain the FOIA Officer and OMA Designee as stated. Motion carried
unanimously by voice vote.
Appointed Member Resignation - Hitesh Patel: Tlte Board noted that Trustee Patel has resigned from the
Board effective immediately. The Board will seek appointment of a new Trustee from the Mayor of the
Village of Oak Brook. Further discussion will be held at the next regular meeting.
Discussion/Possible Action - Wire Transfer for John Janik: The Board discussed the request to convert
future benefit payments for pensioner John Janik from a physical check to a wire transfer. A motion was
made by Trustee Foltyniewicz and seconded by Trustee Caspers to maintain all benefit payments for John
Janik as physical checks. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Discussion/Possible Action - Return of Excess Contributions to Hanover ParVPearce Portability: The
Board reviewed the return of excess contributions request for Justin Pearce. A motion was made by Trustee
Caspers and seconded by Trustee Foltyniewicz to approve the return of excess contributions received by
the Fund after Justin Pearce's separation of service from the Oak Brook Police Department in the amount
of $541.36 payable directly to the Hanover Park Police Pension Fund. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Review/Approve * Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary liability
insurance renewal provided by Mesirow Insurance Services, Inc. through Ullico Casualty Group, LLC. A
motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to approve payment of the
fiduciary liability insurance renewal effective August 1,2022 through August 1,2023 in the amount of
$4,285. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities. Trustees were
reminded to submit any certificates of completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expenses; There were no Trustee
training registration fees or reimbursable expenses presented for approval.
ATTORNEY'S REPORT - REIMER DOBROVOLNY & LABARDIPC: Legal Updates: The Board
was provided with the Reimer Dobrovolny & LaBardi PC Legal and Legislative Update newsletter for their
review.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
/'
Oak Brook Police Pension Fund
Meeting Minutes - July 28,2022
Page 5 of5
ADJOURNMENT: A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to
adjourn the meeting at7:18 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled 20,2022 at 6:15 p.m
Board President or Secretary
Minutes approved by the Board of Trustees on
Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach & Amen, LLP