Minutes - 01/17/2019 - Firefighter's Pension Fund Boards
1r,
OUN
VILLAGE OF OAK BROOK
BOARD OF TRUSTEES, FIREFIGHTERS' PENSION FUND
WEST WING CONFERENCE ROOM
OF THE BUTLER GOVERNMENT CENTER
12OO OAK BROOK ROAD
OAK BROOK, IL 60523
630-368-s000
MINUTES OF A REGULAR MEETING
OF THE BOARD OF TRUSTEES OF THE
OAK BROOK FIREFIGHTERS' PENSION FUND
JANUARY L7,2019
A regular meeting of the Board of Trustees of the Oak Brook Firefighters' Pension Fund was held on
Thursday, January 17,2019 at 8:00 a.m., at the Butler Government Center, West Wing Conference
Room, lotated at l20O Oak Brook Road, Oak Brook, IL 60523 , to conduct regular business pursuant
to notice.
CALL TO ORDER: President Fagan called the meeting to order at 8:00 a.m.
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT
President John Fagan, Secretary Gino Picciola, Trustees George Kouba, Jim
Bodony and Timothy Schlindwein
None
Dave Harrington, sawyer Falduto Asset Management, LLC; Allie Rysell,
Lauterbach & Amen, LLP (L&A)
TRUSTEE CONTINUING EDUCATION SESSION: AII TTuStEES AttENdEd A ONC-hOUT TTStCE
training education course from 8:00 a.m. to 9:00 a.m' presented by Mr' Harrington'
Ms. Rysell aruived at 9:00 a.m.
PUBLIC COMMENT: There was no public comment.
APPROVAL OF' MEETING MINUTES: October 18, 2018 - Regular Meeting Minutes: The
minutes from the October 18, 2018 regular meeting were reviewed by the Board. A motion was made
by Trustee Fagan and seconded by Tiustee Kouba to approve the October 18, 2018 regular meeting
minutes as written. Motion carried unanimously by voice vote'
November g, 20; 8 - Special Meeting: The minutes from the November 9,2018 special meeting were
reviewed by the Board. A motion was made by Trustee Fagan and seconded by Trustee Schlindwein
to approve ihe November 9, 2018 special meeting minutes as written. Motion carried unanimously by
voice vote.
INVESTMENT REPORT _ SAWYER FALDUTO ASSET MANAGEMENT, LLC: QUATTCTIY
Investment performance Report: Mr. Harington presented the Quarterly Investment Performance
Report for the quarter ended December 31, 2018. As of l2/3ll|8, the ending market value of the
po.tfotio is $25,^800,398. The total net account return is (8.43%) for the quarter, for a fourth quarter
investment return of ($2,361,521). The total net account return for the year-to-date is (4.11%),
Oak Brook Firefighters' Pension Fund
Minutes of Meeting - January l'1'2019
Page 2 of 5
underperforming the policy benchmark of (3.33%). The current portfolio allocation is Equities at 58Yo,
Fixed Incom e at 4r.9o/oand cash EquivarentJ ^t o'.tv".rhe individual performance of the funds within
the portfolio were ,"ti"*"al "iong
with the portfolio Value vs' Cumulative Net Investment Report'
Market Commentary, and Transaction Report. Mr. Harrington noted that the AQR Large Cap
Defensive style Fund and MFS rrt".";:;;i a;;; iliJ *"t" added to the portfolio' The
Morningstar Category Rankings ngngrt *u"tul"*"d with the Board' All questions were answered by
Mr. Hanington. e *ition *uJrnuOL Uv f*'ttt fagan and '"co"ied
by Trustee Picciola to accept the
Quarterly Investmentperformance Report "t"pr*"ii"o.
Motion canied unanimously by voice vote'
Review/UpdatelnvestmentPolicyandApprovo!-of*yRecommendedRevisions;Mr.Hanington
recommended the g";r;r""i"w t'he Fund;' ri*eA Income portion of the Investment Policy at a future
meeting. Further Ait""tti"" *ill be held at the next regular meeting'
Mr. Harrington left at 9:28 P'm'
ACCOTiNTANT'S REPORT _ LAUTPRBACH & AMEN' LLPZ MONIhIY FiNANCiAI RCPOTT: L&A
reviewed the Monthly Financial n po'tto'iftt twelve month t"*' ended iecember 31' 2018' As of
12t3,18,the net p"i il" t.rJir,,** fJ;;i;;;en"fitt is'$26'402'324'97 with a negative change
in position or($r,eqi,i;428). The R"".;ff'il;;;,;;i;;+ ..port' Pavroll Journal' cash Analvsis
Report,andMembe'-Cont'itutionReportwerereviewedwiththeBoard'
Presentation and Approval of Bills:The Board reviewed the vendor check Report for the period
I0/0I/1g through ti,Lttg,showing,"r"iJtuttt"-"ntt in the amount of $104'36l'78'
AmotionwasmadebyTrusteeBgdonyandsecondedbyTrusteeschlindweintoaccepttheMonthly
Financial Report as presented uld 1o upf'ou" the disbursements shown on the Vendor Check Report
in the amount of $tO?,f 61'78' Motion larried by roll'call vole'
AYES: Trustees Fagan' P].c^Jild Schlindwein' Bodony and Kouba
NAYS: None
ABSENT: None
Additional Bilts, if any: Reimer & Dobrovolny Invoice:The Board reviewed Reimer & Dobrovolny'
pC rnvoice #24s8\:.d;h;#;;;"t S1t\'.iii.ilegal services' A motion was made bv Trustee Fagan
and seconded by Trustee picciola to appio"vl ,t " piv,n*, of the invoice as presented. Motion carried
Trustees Fagan, Picciola, Schlindwein' Bodony and Koubaby roll call vote.
AYES:
NAYS:
ABSENT:
None
None
TRUSTEETRAININGUPDATES:TheBoard*ui."Y"j,]heTrusteeTrainingSummaryand
discussed upcoming training opportunities. Trustees were reminded to submit all training certificates
to L&A for recordkeePing'
Approval of Trustee Training Registration.Fees and Reimbursable Expenses: All'Trustees stated that
thev are interested rn attending theILrgrpneiptirg pT:1g" Seminai on May 3,2019' A motion was
made by Trustee K;;;; "r; 'e"ond"d-
;; iil,; schlindwein to approve the -pavment
of the
registration fees for;iTr";;"to attend;i";ffiifi;;ttg P"nsionseminar' Motion carried bv
roll call vote.
Oak Brook Firefighters' Pension Fund-
il;;; orueeting - January l7 '2019
Page 3 of5
AYES: Trustees Fagan' Picciola' Schlindwein' Bodony and Kouba
NAYS: None
ABSENT: None
coMMUNrcATroNS ORREPORTS ; Annuar Affidavits of continued Erigibirity; The Board noted
that all 2018 Affid#JJ c"",i"".d.Et;ibllity have b""n ."."iu.d by L&A and the originals were
ilviJ; io the Board for their recordkeeping'
2019 IRS Mileage Rate: Asof January l,2'Ig,the IRS Mileage Reimbursement.Rate has increased
3.5 cents to 5g cents per mile. A'Trustees *urnioing r*rt..'t uining reimbursement requests will
i.,-" il;; ins Nnit"uge Reimbursement Rate'
staternents of Economic Interest: Trustee Fagan informed the Board that Jason paprocki' village
Finance Director, wilt be submitting,l: ljr; ;?Fil;t to theco-urity f io"o the February 1' 2019 due
date. Statements of Economic Interert *iiil" ;;";io all regist;il'fti;;;*ho will need to respond by
ihe deadline of MaY 1,2019'
Review/Approye _ Death Audit senice Authorization: The.Board discussed the Death Audit Service
orfered through rpp-F;;'; itA and d":i;;;t"dT;'19" t111^'r" ;;;; Pension-Fund Representative
to communicate with i&A regardingtrr" ,.?i,"' A motion Y"t;l; lfi*t*"ricciola and seconded
bv Trustee Schlindwein to authorize th" ;;;;h t"Jit Service "t Ji"i"*a andto.execute the Death
Audit Service Authorization form pronio.i-tf;tt. Motion canied unanimously by voice vote'
L&A reminded the Board that the pension Fund,s fiduciary liab'ity insurance norilv wilr expire April
30,20rg.Trustee Fagal will.request t;;;;;;iappricatio.l il ;til provide "opi"'
of the renewal
proposal to the n*J for review ""." ;;;;;. T,int ", ai.""*i"" r^iiit b. h"rd ut the next regurar
meeting.
APPLICATIONSFORMEMBERIIIPoRWITIIDRAWALSFROMTHEFUND:Therewere
no application, toi .iru.rrt rp ", *itrroru*uls from the Fund at this time'
APPLI.ATI.NS FoR RETIRPMENT oR DISABILITY BENEFITS: There were no
applications fot 'ii'"^"''"nt
or disability benefits at this time'
oLD BUSINESS: ,Srarzs Update _
!|48 Financial Checking Account: Trustee Fasan informed the
Boardthathe dio noinave a siatus.pd"i;;*;ilme. rurtt e."arl"*ti"r *iiib" treld altttre next regular
meeting'
status update _ Emproyer con*ibutions and rax Deposits; The Board discussed the holdings in the
BMo Hanis sank acclunt. rh" q""d:i,;;il d"l'"u'ing';;;d#41T" use those tunds for
investment prrp"r"r. r,&A will ,"n"ai"*u l;;;;";"" "utt
t'iitn rrustee Fagan '1nd
Mr' Harrington to
discuss the cast, flow uno holdings rrirr"lrroci lru*i, g"i;.J,' rrnri'rt discussion will be held
at the next regular meeting'
NEW BUSTNE'' z IDOI Annua! statement:The Board noted that the IDOr Annual Statement is in
nrocess and the final reporr will be ,".i'r" in" eoard for ,#il.il; completion' Further discussion
ititt U" held at the next regular meetlng'
Oak Brook Firefighters' Pension fq9^
i,ft"*rt "ift'feetiig
- January 17 '2019
Page 4 of 5 iewed the 2019
Ki::;J:,:,'lf f::,^!":;:'#'":.!tr^::;{f {E:^'jtffu Xil;ffi Hi;11*':'f ilt;;:t*
bv Trustee Bodony to approve 'u'o'
o"'i'
:]',iH::"d ffiil - "+,t,::T l;ffi'*ljl J,th
""
o w e in, B o d o n v an d Ko ub a
NAYS: None
ABSENT: None
Review rrustee rerm Expiratio:: a:d:'::::;:":;:,fiKJHi#li"TJ;:[",]:X:
u"''u'' rrustee
torn ""pitutions
and noted that there are t
ArroRNEy' r rspoRr *yTi,fr"y"liliff#r**riftl:fl1# #J#:'-"'#
7, ; ;;;;;'- Med.ical Exam ination J or r t
concerning J"nn,r.i vt. wtri,"t_annual independent *"ot:?;:"il, i-*:" Fanan and seconded
ll'f,"J,".1"'ifh1;; n*1ru*1"-*?:i.fiil"i:,i'd,"i'i"1i1" {J'':::l,Il"'"'iffiiiilil1
io i n struct r
"
n" i r" i rii' w t' i" t- d"1'*ffi ruk m i""t""ff i:f',["J"illi'' " "' "'
l.,?' Jiiil.#il ij'o n ?l"lt'i; il[|,il *;;, ;;t' i* o*.i", e oao nv and Ko uba
NAYS: None
ABSENT: None
The Board reviewed the Fund.,s Administrative Rules.and Regulation:.*g discussed potentially
amending s""tioJi6r'ron."rning,,n. o-r""i'E*u-inutio" :i;?#il iirefighters' The Board will
invite Attorn"v o"i,n"r. attendtl^" ^#'*r"rrr-*""ting,"
#;;;runa'JAdministrative Rules
and Regulatio"' u""i t" i"tt"it" ir uny t*iiions are needed'
Lesat Ltpdates:The R&D qulferlv Legar and Legi.slative (Jpdatg i"*tl"T:l:T,:tilb,}ffi f;nf;
eoaro witt, info#a-tion-r"guroin* r"J"tii;;ittfiiont and legislation pertatntn
Pension Funds'
cLoSEDSESSION,IFNEEDED:Therewasnoneedforclosedsession.
The Board discussed rescheduling,tl-re April lg,20r9 meeting to April l9' 2019' A motion was made
by rrustee r,eiil, .,.i-."*,'rillirti#3liTi ;;:#"
^'i'"'"""nd quarter meetin g to
ittii* ootil 19' 2019' Motion carrte
rhe Board discussed rescheduling the Julv 18' 201e T:::tlf ::r"iJ.Xkifl:t;,*iTffi"lH#[i:
Trustee'"n"'JiiJ'i';il';;"""dtd-bv
rrustee Bodonv t
Wednesday ' lJy 24'2019' Motio" "tiiJ ""animously
by voice vote'
ADJoURNMENT:Amotionwasmadebv'frustee.J.:33i1,,":#*lbyTrusteePicciolato
adjourn tn" '"JiL' "'rii'jo
a'm' Motion carried unanrml
rhe next regurar meeting or the oak Brook-Firen*"T:';:;H:1^[:lt^Ht L""l;:X#Jil:;*
ip,rlis, zoii ".'ii'do
*-. "' t*Xg1""ullillil"rr.;:il; tioo oux Brook Road'
Oak Brook Firefighters' Pension Fund
fufinJtt of Meeting - January 17 '2019
Page 5 of5
Re sp ectfultY sub mitted,
,T
Date
Board President
MinutespreparedbyAtlieRysell,PensionservicesAdministrator,Lauterbach&Amen,LLP
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