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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