Minutes - 01/26/2023 - Police Pension Fund BoardVILLAGT OF
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
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BOARD OF TRUSTEES OF POLICE PENSION FUND
UPPER LEVEL CONFERENCE ROOM
OF THE BUTLER GOVERNMENT CENTER
12OO OAK BROOK ROAD
oAK BROOK, tL 60523
630-368-5000
MINUTES OF A REGULAR MEETING OF
THE BOARD OF TRUSTEES
JANURAY 26,2023
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Thursday,
January 26,2023 at 6:15 p.m. in the Upper-Level Conference Room at the Butler Government 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 6:15 p.m.
Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz
None
Cristina Argumedo, Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: October 20, 2022 Regular Meeting:The Board reviewed
the October 20,2022 regular meeting minutes. A motion was made by Trustee Caspers and seconded
by Trustee Foltyniewicz to approve the October 20,2022 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 Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the eleven-
month period endingNovember 30, 2\Z2prepared by L&A. As ofNovember 30, 2022,the net position
held in trust for pension benefits is $40,565,680.35 for a decrease of ($9,272,397.87). The Board also
reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report,
Payroll Journal and the Vendor Check Report for the period September 1,2022 through November 30,
2022 for total disbursements of $159,595.47. 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 $1 59,595.47 . Motion canied 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.
Review/tJpdate - Cash Management Policy: The Board discussed the Cash Management Policy and
Cash Reserve Balance and determined no action is required at this time.
Oak Brook Police Pension Fund
Meeting Minutes - January 26,2023
Page 2 of3
INVESTMENT REPORT - IPOPIF: State Street Statements: The Board reviewed the IPOPIF
Market Value Summary and Statement of Transaction Detail for the periods ending September 30,
2022, October 31, 2022 and November 3 0, 2022. As of November 30, 2022 the beginning value was
534,215,512.73 and the ending value was $36,086,492.03 and net return was 5.47Yo.
IPOPIF - Verus Advisory, Inc.: The Board reviewed the IPOPIF Investment Performance Review
prepared by Verus Advisory, Inc for the period ending September 30,2022. As of September 30,2022,
the beginning market value is $2,746,308,452 with an ending market value of $5,725,892,654. The
current asset allocation is as follows: Equity at48.4Yo, Fixed Income at42.lYo, Real Estate at6.lYo
and Cash and Equivalents at3.2o/o.
COMMUNICATIONS AND REPORTSz Affidavits of Continued Eligibility: The Board noted that
L&A mailed Affidavits of Continued Eligibility to all pensioners with the December payroll cycle and
a due date of January 3I,2023. A status update will be provided at the next regular meeting.
Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the
County by the Village by February 7, 2023. Statements of Economic Interest will be sent to all
registered filers who will need to respond bythe deadline of May 1,2023.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for
Membership - Robert Ford Jr., Kyle Lovelace, Kayla Poyer and Jamie Wilson: The Board reviewed
the Applications for Membership submitted by Robert Ford Jr., Kyle Lovelace, Kayla Poyer and Jamie
Wilson. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to accept
Robert Ford Jr., Kyle Lovelace, Kayla Poyer and Jamie Wilson into the Oak Brook Police Pension
Fund effective December 27,2022, as Tier II participants. Motion carried unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner - John
JaniHApproval of Surviving Spouse Benefits - Lorrain Murray-Janik: The Board noted that John Janik
passed away on September 16,2022. The Board reviewed the surviving spouse benefit calculation for
Lorrain Muray-Janik with an effective date of January 1,2023 for a monthly benefit of $4,795.76 with
no additional increases. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers
to approve the surviving spouse benefit of Lorrain Murray-Janik calculated by L&A. Motion carried
by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
OLD BUSINESS: Discussion/Possible Action - Local Account Collateralization: The Board noted
that there is no need for a collateralization agreement as they do not have a BMO Harris Bank account.
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed
the2023 Cost of Living Adjustments (see attached) calculated by L&A. A motion was made by Trustee
Caspers and seconded by Trustee Foltyniewicz to approve the 2023 Cost of Living Adjustments as
required by statute and calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Oak Brook Police Pension Fund
Meeting Minutes - January 26,2023
Page 3 of3
Review Trustee Term Expirations and Election Procedures: 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.
Discussion/Possible Action - Closure of the Fifth Third Bank Account: The Board discussed closing
the Fifth Third Bank account and determined it is not needed at this time.
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: The Board discussed the
IPPFA 8-hour online continued education course and the upcoming 2023 IPPFA Spring Pension
Conference. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to approve
registration fees for trustees registering for the IPPFA 8-hour online continued education course and
the 2023IPPFA Spring Pension Conference and to direct L&A to register Trustee Caspers for the
IPPFA 16-Hour online certified trustee training and Trustees Torlo and Foltyniewicz for the 2023
IPPFA Spring Pension Conference. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
ATTORNEY'S REPORT - REIMER DOBROVOL1YY & LABARDI PC: 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 6:53 p.m. Motion carried unanimously by voice vote.
The next regular meeting is April6, 2023 at 6:15 p.m.
Minutes approved by the Board of Trustees on
Minutes prepared by Cristina Argumedo, Pension Services Administrator, Lauterbach & Amen, LLP
or