Minutes - 04/28/2020 - Firefighter's Pension Fund BoardFO
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
530-368-s000
ABSENT:
ALSO PRESENT:
MINUTES OF A REGULAR MEETING OF
THE OAK BROOK FIREFIGHTERS' PENSION FUND
BOARD OF TRUSTEES
APRIL 28,2020
A regular meeting of the Oak Brook Firefighters' Pension Fund Board of Trustees was held via
teleconference in accordance with Section 5 of Governor Pritzker's Executive Order 2020- l8 (COVID-19
Executive Order No.16) on Tuesday, April 28,2020 at 9:00 a.m. pursuant to notice. Meeting access
information was provided to the public on the corresponding Board meeting agenda.
CALL TO ORDER: President Fagan called the meeting to order at 9:00 a.m
ROLL CALL:
PRESENT:President John Fagan, Secretary Gino Picciola, Trustee Jim Bodony, Trustee
Timothy Schlindwein and Trustee Kevin Tan
None
Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer
Falduto Asset Management, LLC; Jennifer Flores, Lauterbach & Amen, LLP
(L&A)
TRUSTEE CONTINUING EDUCATION SESSION: Trurstees Bodony, Fagan, Picciola, Schlindwein
and Tan attended a one-hour Trustee training education course frorn 8:00 a.rn. to 9:00 a.rn. presented by
Sawyer Falduto Asset Management.
PUBLIC COMMENT: There was no public comment.
SWEARING IN OF NEW TRUSTEE: This item was tabled untilthe next regular meeting.
APPROVAL OF MEETING MINUTES: October 31, 2019 Regular Meeting: The Board reviewed the
amended October 31,2019 regular meeting minutes. A motion was made by Trustee Fagan and seconded
by Trustee Picciola to approve the October 31,2019 regular meeting minutes as written. Motion carried
unanimously by voice vote.
January 29, 2020 Regular Meeting:The Board reviewed the January 29,2020 regular meeting minr"rtes. A
motion was made by Trustee Fagan and seconded by Trustee Picciola to approve the January 29,2020
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.
Oak Brook Firefighters' Pension Fund
Meeting Minutes - April 28,2020
Page 2 of 4
INVESTMENT REPORT - SAWYER FALDUTO ASSET MANAGEMENT, LLCz Quarterly
Investment Performance Report: Mr. Sawyer presented the Qr"rarterly lnvestment Perfonnance Report for
the period ending March 31 , 2020. As of March 31 ,2020, the first quarter net return is ( 1 1 ,3 0%) versus the
first quarter account benchmark of (12.25%). The investrnent return for the quarter is ($3,458,148) for an
ending market value of $27,143,581, The current asset allocation is as follows: fixed income at 42%;
equities at57.7%o; and cash equivalents at0.3%o. Mr. Sawyer reviewed the Market Commentary, Equity and
Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Reporl with the Board. A motion
was made by Trustee Fagan and seconded by Trustee Bodony to accept the investment report as presented.
Motion carried unanimously by voice vote.
Review/Update Investment Policy:The Board reviewed the current investment policy. Mr. Sawyer provided
proposed language to update the policy to compiy with the Illinois Sustainable Investment Act. A motion
was made by Trustee Fagan and seconded by Trustee Tan to accept the changes to the investment policy
and allow Sawyer Falduto Asset Management LLC to implement the changes immediately. An updated
investment policy will be available for signature at the next regular meeting. Motion carried unanimously
by voice vote.
The Board discussed making adjustments to the Bond Benchmark. A motion was made by Trustee
Schlindwein and seconded by Trustee Fagan to implement the adjustments to the Bond Benchmark
as recommended by Mr. Sawyer, Motion carried unanimously by voice vote.
ACCOUNTANT'S REPORT-LAUTERBACH & AMEN, LLP: Monthly Financial Report;The Board
reviewed the Monthly Financial Reporl for the three-month period ended March 31,2020 prepared by
L&A. As of March 31,2020, the net position held in trust for pension benefits is$2'7,326,565.38 for a
change in position of ($3,569,670.21), The Board also reviewed the Cash Analysis Repoft, Revenue Report,
Expense Repoft, Member Contribution Reporl and Payroll Journal. A motion was made by Trustee Fagan
and seconded by Trustee Picciola to accept the Monthly Financial Reporl as presented. Motion carried
unanimously by voice vote.
Presentation and Approval of Bills. The Board reviewed the Vendor Check Report for the period January
1,2020 through March 31,2020, fortotaldisbursements in the amount of $110,490.74. A motion was made
by Trustee Fagan and seconded by Trustee Picciola to approve the disbursements shown on the Vendor
Clreck Report in the amount of $ I 10,490.'74. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan
NAYES: None
ABSENT: None
Additional Bills, if any - Illinois Department of Insurance Compliance Fee; The Board noted that the
Illinois Department of Insurance Compliance Fee will be issued. A motion was made by Trustee Fagan and
seconded by Trustee Tan to approve payment of the IDOI Compliance Fee, upon receipt of the invoice,
Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan
NAYES: None
ABSENT: None
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training summary and discussed
upcoming opportunities, Trustees were reminded to submit any certificates of completion to L&A for
recordkeeping.
Oak Brook Firefighters' Pension Fund
Meeting Minutes - April 28,2020
Page 3 of4
Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training
registrations or reimbursable expenses presented for approval.
COMMUNICATIONS AND REPORTSz Statenrents of Economic Interesr.'The Board was reminded that
the Statements of Economic Interest are due by May 1,2020.
APPLICATIONS FOR MEMBERSHIP/ WITHDRAWALS FROM THE FUND: There were
no applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement
Benefit - Michael Erickson; The Board reviewed the regular retirement benefit calculation for Michael
Erickson prepared by L&A. Lieutenant Erickson had an entry date of May 30,2000, retirement date
of May 30,2020 effective date of pension of May 31,2020,54 years of age at date of retirement,20
years of creditable service, applicable salary of $117,095.22 applicable pension percentage of 50o/o,
amount of originally granted rnonthly pensiott of $4,878.97 and amount of originally granted annual
pension of $58,547.64. A motion was made by Trustee Schlindwein and seconded by Trustee Fagarr
to approve Michael Erickson's regular retirement benefit calcr.rlated by L&A. Motion carried by roll
call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schiindwein and Tan
NAYES: None
ABSENT: None
OLD BUSINESS: IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process
and the final report will be sent to the Board for review upon completion.
NEW BUSINESS: Certifu Board Election Results - Active lulember Position; L&A conducted an election
for one of the active member positions on the Oak Brook Firefighters' Pension Fund Board of Trustees.
Gino Picciola ran unopposed and was reelected for a three-year term expiring April 30,2023. A motion
was made by Trustee Fagan and seconded by Trustee Schlindwein to certify the active mernber election
results. Motion carried unanimously by voice vote.
Mr, Paprocki left the meeting at 9:54 a.m. and rejoined the meeting at l0:10 a.m.
Actuary Assumptions and Report - The Board reviewed the preliminary Actuarial Valuation prepared by
Foster and Foster. A motion was made by Trustee Fagan and seconded by Trustee Bodoriy to accept the
preliminary Actuarial Valuation as prepared, Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan
NAYES: None
ABSENT: None
The Board reviewed the Fiduciary Liability Insurance renewal provided by Ullico Casualty Group,
LLC through Mesirow Insurance Serviceso Inc. A motion was made by Trustee Fagan and
seconded by Trustee Schlindwein to approve payment of the fiduciary liability insurance renewal
effective April 30, 2020 through April 30,2021 in the amount not to exceed $5,500. Motion carried
by roll call vote.AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and TanNAYES: None
ABSENT: None
Oak Brook Firefighters' Pension Fund
Meeting Minutes - April 28,2020
Page 4 of 4
ATTORNEY'S REPORT - REIMER & DOBROVOLNY, PCz QILDRO - Matthew Bielawa; The
Board noted that QILDRO documentation and the $50 processing fee were received for Matthew Bielawa.
The documentation was reviewed by Reimer & Dobrovolony PC and the QILDRO has been placed on
file for execution upon his retirement. A motion was made by Trustee Fagan and seconded by Trustee
Bodony to accept the QILRDO as prepared. Motion carried unanimously by voice vote.
Legal Updates.'The Board reviewedthe Legal and Legislative Update quarterly newsletter
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Schlindwein to
adjourn the meeting at 10:35 a.m. Motion carried unanimously by voice vote.
next regular meeting is scheduled for July 31,2020 at 8:00 a.m
B ecretary
Approved by the Board of Trustees on t ls, lc"'t /
Minutes prepared by Jennifer Flores, Pension Services Adminish'ator, Lauterbach & Amen, LLP