Minutes - 10/22/2020 - Firefighter's Pension Fund BoardFO
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VILLAGE OF OAK BROOK
BOARD OF TRUSTEES, FIREFIGHTERS' PENSION FUND
WESTWING CO FERENCE ROOM
OF THE BUTLER GOVERNMENT CENTER
12OO 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
ocToBER2z,2020
A regular meeting of the Oak Brook Firefighters' Pension Fund Board of Trustees was held on Thursday, Oclobet 22,
2020 atg:00 a.m. in the West Wing Confeience Room of the Butler Government Center, located at 1200 Oak Brook
Road, Oak Brook, Illinois 60523 aidvia teleconference in accordance with Public Act 101-0640, 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, Trustees Jim Bodony, Timothy Schlindwein (via teleconference)
and Kevin Tan
Secretary Gino Picciola
Finance Director Jason Paprocki, Village of oak Broo[ Tom Sawyer, Sawyer Falduto
Asset Management, LLC; Jennifer Flores, Lauterbach & Amen, LLP (L&A)
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Tan, Schlindwein and Bodony 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: There was no public comment,
APPROVAL OF MEETING MINUTES: July 31, 2020 Regular Meeting: The Board reviewed the July 3l'2020
regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Tan to approve the July 31,
Zi20 regular ieeting minutes with an amendment to include further details on active member file maintenance.
Motion carried unanimously by voice vote'
INVESTMENT REPORT _ SAWYER F'ALDUTO ASSET MANAGEMENT, LLC: QUATTETIY INVCSTMCNT
performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending
September 30,2020.As of Sepiembir 30, 2020,the third quarter net return is 5.29o/o versus the third quarter account
benchmark of4.99%o.Theinvistmentreturnforthequarteris$l,636,g5Tforanendingmarketvalueof$32,014,507.
The current asset allocation is as follows: fixed income at38.7o/o; equities at 60'7%o; and cash equivalents at0.6%o'Mr'
Sawyer reviewed the Market Comm entary,Equity and Fixed Income Portfolios, Credit Rating Report and Transaction
Ledier Report with the Board. A motion was made by Trustee Fagan and seconded by Trustee Bodony to accept the
eua:rterly investment Performance Report as presented. Motion carried unanimously by voice vote.
Review/(lpdate Investment policy:The Board reviewed the current Investment Policy and determined that no changes
are required at this time.
ACCOUNTANT'S REPORT- LAUTERBACH & AMEN, LLPZ MONIhIY FiNANCiAI RCPOTT: ThE BOATd TEViEWEd
the Monthly Financial Report for the nine-month period ended September 30, 2020 prepared by L&A' As of
September i0,2020,the net position held in trust foipension benefits is $32,192,018.67 for a change in position of
$I,ZSS,ZS:.0S. The Board aiso reviewed the Cash Analysis Report, Revenue Report, Expense Report' Member
Oak Brook Firefighters' Pension Fund
Meeting Minutes - October 22,2020
Page2 of3
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 oarried unanimously by voice vote'
Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period July 1,2020 through
September 30,202iJ:for total disbursements in the amount of $123,898.29. A motion was made by Trustee Fagan and
seconded by Trustee Tan to approve the disbursements shown on the Vendor Check Report in the amount of
$123,898.29. Motion carried by roll callvote.
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. Trustses 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.
COMMUNICATIONS AND REPORTSz Affidavits of Continued Eligibility: The Board noted the L&A will mail
Affidavits of Continued Eligibility with the December payroll cycle, Updates will be provided at the next regular
meeting.
APPLICATIONS F.OR MNMBERSHIP/WITHDRAWALS FROM F.UND: DECCASEd PENSiONET - ANIhONY
Stevens: The Board noted that Anthony Stevens passed away September 4,2020 with no surviving spouse and his
pension benefit has ceased.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or
disability benefits.
OLD BUSIN ESS; Review/Approve - Actuarial Valuation and Municipal Contribution Request: The Board reviewed
the Actuarial Valuation preparea by Foster & Foster. Based on data and assumptions, the recommended municipal
contribution is $2,716,03g and the statutory minimum contribution is $2,326,256. A motion was made by Trustee
Fagan and seconded by Trustee Tan to accept the Actuarial Valuation as prepared. Motion carried by roll call vote'
AYES: Trustees Fagan, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: Trustee Picciola
The Board discussed the Municipal Contribution Request. A motion was made by Trustee Fagan and seconded by
Trustee Tan to request a municipal contribution in the amount of $2,7 16,05 8 from the Village of Oak Brook based on
the recommend contribution amount stated in the Actuarial Valuation prepared by Foster & Foster. Motion carried
unanimously by voice vote.
Review/Adopt - Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by
L&A, A motion was made by irustee Bodony and seconded by Trustee Tan to adopt the MCR as prepared and to
authorize signatures by the Board President and Secretary. Motion carried by roll call vote.
AYES: Trustees Fagan, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: Trustee Picciola
NEW BUSINESST Establish 2021 Board Meeting Dates: The Board established lhe202l Board meeting dates as
January 21, 2021; April 22, 2021; July 22,2021; and October 28,2021 at 8:00 a.m. in the West Wing Conference
Room bf the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523'
Oak Brook Firefighters' Pension Fund
Meeting Minutes - October 22,2020
Page 3 of3
ATTORNEY'S REPORT - REIMER, DOBROVOLNY & LABARDI PC: Annual Independent Medical
Examination - Jennifer White: The Board noted that correspondence was sent to Jennifer White by Attorney Reimer
regarding her Annual Independent Medical Examination. Further discussion will be held at the next regular meeting.
Status Update - Pension Fund Consolidation: The Board noted that discussion regarding pension fund consolidation
took place during the continuing education session with Mr. Sawyer and throughout the Board 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 Bodony to adjourn the meeting
at 10lJ7 a.m. Motion carried unanimously by voice vote.
is scheduled for January 21,2021 at 8:00 a.m
Approved by the Board ofTrustees on a
Minutes prepared by Jennifer Flores, Pension Semices Adninistrator, Lauterbach & Amen, LLP
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