Minutes - 04/22/2021 - 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
APRIL 22, 2021
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
April 22, 2021 at 8:00 a.m. in the Upper-Level Conference Room of the Butler Government Center, located
at 1200 Oak Brook Road, Oak Brook, Illinois 60523 and via 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: President John Fagan, Secretary Gino Picciola, Trustees Jim Bodony, Timothy
Schlindwein and Kevin Tan
ABSENT: None
ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer
Falduto Asset Management, LLC; Heidi Andorfer, Foster & Foster, Jennifer
Flores, Lauterbach & Amen, LLP (L&A)
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Tan, Schlindwein, Picciola 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, LLC.
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: January 21, 2021 Regular Meeting: The Board reviewed the
January 21, 2021 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee
Tan to approve the January 21, 2021 regular meeting minutes as written. Motion carried unanimously by
voice vote.
INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly
Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for
the period ending March 31, 2021. As of March 31, 2021, the first quarter net return is 2.5% versus the first
quarter account benchmark of 3.0%. The investment return for the quarter is $880,464 for an ending market
value of $35,139,254. The current asset allocation is as follows: fixed income at 38%; equities at 60.2%;
and cash equivalents at 1.8%. 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 Fagan and seconded by Trustee Picciola to accept the Quarterly 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.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 22, 2021
Page 2 of 4
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board
reviewed the Monthly Financial Report for the three-month period ended March 31, 2021 prepared by
L&A. As of March 31, 2021, the net position held in trust for pension benefits is $35,135,705.37 for a
change in position of $615,664.92. 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 January
1, 2021 through March 31, 2021 for total disbursements in the amount of $111,438.66. 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 $111,438.66. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: None
Additional Bills, if any – Illinois Department of Insurance Compliance Fee: The Board noted that the
Illinois Department of Insurance Compliance Fee invoice 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 in an amount not to exceed $8,000. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: None
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: There were no Trustee
training registration fees or reimbursable expenses presented.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all
2020 Affidavits of Continued Eligibility have been received by L&A. The originals were provided to the
Board for their recordkeeping.
Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are
due by May 1, 2021.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement
Benefit – Gary Clark: L&A apprised the Board that Gary Clark has submitted his application for retirement
and benefit calculations are in process. Further discussion will be held at the next regular meeting.
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.
Review/Approve – Fiduciary Liability Insurance Renewal: The Board reviewed the policy coverage
renewal of the Fiduciary Liability Insurance Policy expiring April 30, 2021. A motion was made by Trustee
Fagan and seconded by Trustee Tan to approve renewal of the Fiduciary Liability Insurance policy from
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 22, 2021
Page 3 of 4
Mesirow Insurance Services, Inc through Ullico Casualty Group, LLC effective April 30, 2021 through
April 30, 2022 in the amount of $4,632.00. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan
NAYS: None
ABSENT: None
Trustee Tan left the meeting at 9:47 a.m.
NEW BUSINESS: Review/Approve – Actuarial Valuation: The Board reviewed the Actuarial Valuation
as prepared by Foster & Foster. Based on data and assumptions, the recommended municipal contribution
is $2,693,716 and the statutory minimum contribution amount is $2,326,256. A motion was made by
Trustee Fagan and seconded by Trustee Bodony to accept the Actuarial Valuation as prepared. Motion
carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony and Schlindwein
NAYS: None
ABSENT: Trustee Tan
Review/Approve – Municipal Contribution: The Board discussed requesting a municipal contribution in the
amount of $2,693,716. A motion was made by Trustee Fagan and seconded by Trustee Bodony to request
a municipal contribution in the amount of $2,693,716 from the Village of Oak Brook, based on the
recommended amount stated in the Actuarial Valuation prepared by Foster & Foster and to direct RDL to
issue a formal request to the municipality. Motion carried unanimously by voice vote.
Certify Board Election Results – Active and Retired Member Positions: L&A conducted an election for one
of the active member positions and the retired position on the Oak Brook Firefighters’ Pension Fund Board
of Trustees. John Fagan ran unopposed for the active member position and Jim Bodony ran unopposed for
the retired member position. Trustees Fagan and Bodony were reelected for three-year terms expiring April
30, 2024. A motion was made by Trustee Schlindwien and seconded by Trustee Fagan to certify the
active/retired member election results. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony and Schlindwein
NAYS: None
ABSENT: Trustee Tan
Appointed Member Position Term Expiration – Tim Schlindwein: The Board noted that Trustee
Schlindwein’s appointed member term will expire on April 30, 2021 and reappointment has been requested.
Further discussion will be held at the next regular meeting.
The Board also noted that Trustee Tan has stepped down from his appointed member position and
reappointment of his position has been requested.
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Annual Independent
Medical Examination – Jennifer White: The Board noted that Jennifer White attended her annual
independent medical examination and it was determined that she remains disabled at this time. A motion
was made by Trustee Fagan and seconded by Trustee Picciola to continue Jennifer White’s disability
benefits based on a finding that she remains disabled and subject to further annual examinations until age
50. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bodony and Schlindwein
NAYS: None
ABSENT: Trustee Tan
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 22, 2021
Page 4 of 4
Status of Line of Duty Disability Application – Sean Kelly: The Board noted that medical records for Sean
Kelly are in the process of being gathered. Further discussion will be held at the next regular meeting.
Status Update – Pension Fund Consolidation: The Board discussed ongoing developments pertaining to
the consolidation of Article 4 Pension Fund assets into the Illinois Firefighters Pension Investment Fund.
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 Bodony to adjourn
the meeting at 10:17 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for July 22, 2021 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