Minutes - 07/31/2020 - Firefighter's Pension Fund BoardVILLAGE OF OAK BROOK
BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND
WEST WING CONFERENCE ROOM
OF THE BUTLER GOVERNMENT CENTER
1200 OAK BROOK ROAD
OAK BROOK, IL 60523
630-368-5000
MINUTES OF A REGULAR MEETING OF
THE OAK BROOK FIREFIGHTERS’ PENSION FUND
BOARD OF TRUSTEES
JULY 31, 2020
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Friday, July 31, 2020
at 9:00 a.m. in the West Wing Conference Room of the Butler Government Center, located at 1200 Oak Brook Road,
Oak Brook, Illinois 60523, pursuant to notice.
CALL TO ORDER: President Fagan called the meeting to order at 9:00 a.m.
ROLL CALL:
PRESENT: President John Fagan, Trustees Jim Bodony, Timothy Schlindwein (via teleconference)
and Kevin Tan
ABSENT: Secretary Gino Picciola
ALSO PRESENT: Finance Director Jason Paprocki and Village Clerk Charlotte Pruss, Village of Oak Brook;
Tom Sawyer, Sawyer Falduto Asset Management, LLC; Jennifer Flores, Lauterbach &
Amen, LLP (L&A); Retired Member Mark Fleishman, Oak Brook Firefighters’ Pension
Fund
Trustee Schlindwein attended the meeting via teleconference in accordance with the Open Meetings Act due to the
emergency disaster declaration issued by Governor Pritzker.
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Tan, Bodony and Schlindwein attended a
one-hour Trustee training education course from 8:00 a.m. to 9:00 a.m. presented by Sawyer Falduto Asset
Management.
PUBLIC COMMENT: Retired member Mark Fleishman commented regarding Pension Fund consolidation and
provided his opinion on the Fund’s participation in legal action against the State of Illinois.
SWEARING IN OF NEW TRUSTEE: Village Clerk Charlotte Pruss swore in Kevin Tan to serve on the Oak Brook
Firefighters’ Pension Fund Board as an appointed Trustee. This was followed by a subdued celebration of all attendees.
APPROVAL OF MEETING MINUTES: April 28, 2020 Regular Meeting Minutes: The Board reviewed the April
28, 2020 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Tan to approve
the April 28, 2020 regular meeting minutes as written. Motion carried unanimously by voice vote.
Ms. Pruss left the meeting at 9:08 a.m.
INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment
Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending June
30, 2020. As of June 30, 2020, the second quarter net return is 13.17% versus the first quarter account benchmark of
13.48%. The investment return for the quarter is $3,595,698 for an ending market value of $30,516,158. The current
asset allocation is as follows: fixed income at 37%; equities at 62.3%; and cash equivalents at 0.7%. Mr. Sawyer
reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger
Report with the Board. A motion was made by Trustee Bodony and seconded by Trustee Tan to accept the Quarterly
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – July 31, 2020
Page 2 of 3
Investment Performance Report as presented. Motion carried unanimously by voice vote.
Review/Update Investment Policy: The Board reviewed the current investment policy and determined that no changes
are required at this time.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed
the Monthly Financial Report for the six-month period ended June 30, 2020 prepared by L&A. As of June 30, 2020,
the net position held in trust for pension benefits is $30,701,551.69 for a change in position of ($194,683.90). The
Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and
Payroll Journal. A motion was made by Trustee Fagan and seconded by Trustee Tan to accept the Monthly Financial
Report as presented. Motion carried unanimously by voice vote.
Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period April 1, 2020 through
June 30, 2020, for total disbursements in the amount of $122,475.51. A motion was made by Trustee Fagan and
seconded by Trustee Bodony to approve the disbursements shown on the Vendor Check Report in the amount of
$122,475.51. Motion carried by roll call vote.
AYES: Trustees Fagan, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: Trustee Picciola
Additional Bills, if any: There were no additional bills presented for approval.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and 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 upcoming training
opportunities. A motion was made by Trustee Fagan and seconded by Trustee Bodony to approve reasonable
registration fees for any Trustees interested in attending any of the training opportunities. Motion carried by roll call
vote.
AYES: Trustees Fagan, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: Trustee Picciola
COMMUNICATIONS AND REPORTS: Active Member File Maintenance: The Board discussed active member
file maintenance and requested that L&A forgo the process for 2020.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership – Seth
Bowlan: The Board reviewed the Application for Membership submitted by Seth Bowlan. A motion was made by
Trustee Fagan and seconded by Trustee Tan to accept Seth Bowlan into the Oak Brook Firefighters’ Pension Fund
effective April 6, 2020, as a Tier II participant. Motion carried by roll call vote.
AYES: Trustees Fagan, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: Trustee Picciola
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or
disability benefits.
OLD BUSINESS: IDOI Annual Statement: The Board noted that the finalized report was filed prior to the June 30,
2020 deadline.
NEW BUSINESS: Review/Approve Actuarial Valuation and Municipal Contribution Request: This item was tabled
until the next regular meeting.
Review/Adopt Municipal Compliance Report: This item was tabled until the next regular meeting.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – July 31, 2020
Page 3 of 3
Board Officer Elections – President and Secretary: The Board discussed Board Officer Elections and nominated the
slate of Officers as follows: John Fagan as President and Gino Picciola as Secretary. A motion was made by Trustee
Bodony and seconded by Trustee Tan to elect the slate of Officers as stated. Motion carried unanimously by voice
vote.
FOIA Officer and OMA Designee – The Board discussed maintaining Trustee Fagan as the primary FOIA Officer and
OMA Designee and Trustee Picciola as the secondary FOIA Officer and OMA Designee.
A motion was made by Trustee Fagan and seconded by Trustee Tan to maintain Trustee Fagan as the primary FOIA
Officer and OMA Designee. Motion carried unanimously by voice vote.
A motion was made by Trustee Fagan and seconded by Trustee Bodony to maintain Trustee Picciola as the secondary
FOIA Officer and OMA Designee. Motion carried unanimously by voice vote.
ATTORNEY’S REPORT – REIMER & DOBROVOLNY PC: Annual Independent Medical Examination –
Jennifer White: The Board discussed the annual independent medical examination for Jennifer White to recertify her
disability status. Trustee Bodony will contact Attorney Reimer to request that correspondence be sent to Jennifer
White regarding her IME. Further discussion will be held at the next regular meeting.
Legal Updates: The Board reviewed the 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 Tan to adjourn the meeting at
9:52 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for October 22, 2020 at 8:00 a.m.
Board President or Secretary
Approved by the Board of Trustees on _______________________
Minutes prepared by Jennifer Flores, Pension Services Administrator, Lauterbach & Amen, LLP