Minutes - 10/20/2022 - Police Pension Fund BoardMIi\UTES OF A REGULAR MEETING OF THE
OAK BROOK POLICE PENSION FUND BOARD OF TRUSTEES
ocToBER 20,2022
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Thursday, October
20,2022 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 aI6:17 p.m'
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Trustees Velia Torlo, Ed Caspers (via teleconference) and Reid Foltyniewicz
None
Molly Weslow, Lauterbach & Amen, LLP (L&A); Alan Feldman, Member of the
Public
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: July 28,2022 Regular Meeting:The Board reviewed the July
28,2022 regular meeting minutes. A motion was made by Trustee Foltyniewicz and seconded by Trustee
Caspers to approve the July 28,2022 regular meeting minutes as written. Motion canied unanimously by
voice vote.
ACCOUNTANT'S REPORT - LAUTERBACH & AMEN, LLPz Monthly Financial Report and
Presentation and Approval of Bills:The Board reviewed the Monthly Financial Report for the eight-month
period ending August 31,2022 prepared by L&A. As of August3l,2Q22, the net position held in trust for
pension benefits is $41,310,985.79 for a decrease of ($8,527,092.43). The Board also reviewed the Cash
Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Joumal and the
Vendor Check Report for the period June l, 2022 thnough August 31, 2022 for total disbursements of
$ 186,605.78. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to accept the
Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check
Report in the amount of $186,605.78. Motion carried unanimously by voice vote.
Additional Bills, if any: There were no additional bills presented for approval.
Review/Update - Cash Management Policy: This item was not discussed.
INVESTMENT REPORTSz IPOPIF - Verus Advisory, Inc. and State Street Statements: The Board noted
that they have not received State Street Statements from IPOPIF subsequent to the transfer date of
September 1,2022.
COMMUNICATIONS AND REPORTSz Affidavits of Continued Eligibility: The Board noted that
Affidavits of Continued Eligibility will be mailed to all pensioners with the December payroll cycle. A
status update will be provided at the next regular meeting.
APPLICATIONS FOR MEMBERSHIPAilITHDRAWALS FROM FUND: Applications for
Membership - Jose Villanueva and Jonothan Reed: The Board reviewed the Applications for Membership
submitted by Jose Villanueva and Jonathan Reed. A motion was made by Trustee Foltyniewicz and
seconded by Trustee Caspers to accept Jose Villanueva and Jonathan Reed effective September 19,2022
into the Oak Brook Police Pension Fund as Tier II participants. Motion carried unanimously by voice vote.
Oak Brook Police Pension Fund
Meeting Minutes - October 20,2022
Page 2 of3
APPLICATIONS FORRETIREMENT/DISABILITY BENEFITSz Deceased Pensioner-JohnJanik:
The Board noted that pensioner John Janik passed away September 16, 2022 and his surviving spouse is
cumently not eligible to receive benefits. Further discussion will be held at the next regular meeting.
OLD BUSINESS: Review/Adopt - Municipal Compliance Report: The Board reviewed the Municipal
Compliance Report prepared by L&A. A motion was made by Trustee Foltyniewicz and seconded by
Trustee Caspers to adopt the MCR as prepared and to authorize signatures by the Board President and
Secretary. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Discussion/Possible Action - Local Account Collateralization: The Board noted that there is no update
regarding a collateralization agreement with Fifth Third Bank. Further discussion will be held at the next
regular meeting.
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.
Transfer of Creditable Service from IMRF Pursuant to HB-126 - Kurt Kaleciak: The Board noted that Kurt
Kaleciak has declined to move forward with his transfer of creditable service from IMRF to the Oak Brook
Police Pension Fund. No further action is needed at this time.
Discussioyt/Possible Action - Appointed Members: The Board noted that the Village is in the process of
appointing two members to the Oak Brook Police Pension Fund Board of Trustees. Further discussion will
be held at the next regular meeting.
NEW BUSINESS: Establish 2023 Board Meeting Dates: The Board established lhe 2023 first quarter
Board meeting date as January 26,2023 at 6: 1 5 p.m. in the Butler Government Center located at 1200 Oak
Brook Road, Oak Brook, Illinois 60523.
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 & LABARDI PCz 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.
ADJOURNMENT: A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to
adjourn the meeting at 6:42 p.m. Motion carried unanimously by voice vote'
Oak Brook Police Pension Fund
Meeting Minutes - October 20,2022
Page 3 of3
The next regular meeting is scheduled for 26,2023 at6:15 p.m.
Board or
Minutes approved by the Board of Trustees on or \Zul LbBll
Minutes prepared by Molly Weslow, Pensian Services Administrator, Lauterbaeh & Amen, LLP