Minutes - 07/21/2021 - 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
JULY 22, 2021
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
July 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
CALL TO ORDER: President Fagan called the meeting to order at 8:00 a.m.
ROLL CALL:
PRESENT: President John Fagan, Secretary Gino Picciola and Trustee Jim Bodony
ABSENT: None
ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer
Falduto Asset Management, LLC (SFAM); Jennifer Flores, Lauterbach & Amen,
LLP (L&A)
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, 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: April 22, 2021 Regular Meeting: The Board reviewed the April
22, 2021 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Bodony
to approve the April 22, 2021 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.
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, 2021. As of June 30, 2021, the second quarter net return is 5.2% versus the
second quarter account benchmark of 5.1%. The investment return for the quarter is $1,818,887 for an
ending market value of $36,488,799. The current asset allocation is as follows: fixed income at 37.3%;
equities at 62.1%; and cash equivalents at 0.6%. 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 Bodony 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 – July 22, 2021
Page 2 of 4
Investment Advisory Agreement – Amendment Notification Dated June 30, 2021: The Board reviewed the
amendment to the investment advisory agreement dated June 30, 2021. A motion was made by Trustee
Fagan and seconded by Trustee Piccola to accept the amendment to the investment advisory agreement as
prepared. Motion carried unanimously by voice vote.
Post-Consolidation Services: The Board discussed the post-consolidation services presented by SFAM.
Further discussion will be held at the next regular meeting.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the six-month
period ended June 30, 2021 prepared by L&A. As of June 30, 2021, the net position held in trust for pension
benefits is $36,638,563.81 for a change in position of $2,118,523.36. The Board also reviewed the Cash
Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and
Vendor Check Report for the period April 1, 2021 through June 30, 2021 for total disbursements in the
amount of $131,259.08. A motion was made by Trustee Fagan and seconded by Trustee Picciola to accept
the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check
Report in the amount of $131,259.08. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola and Bodony
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: IPFA Fall Pension
Conference Registration – Trustee Fagan: The Board discussed Trustee training registration fees for
Trustee Fagan to attend the IPFA Fall Pension Conference. This item was tabled for discussion until the
next regular meeting as registration is not open at this time
COMMUNICATIONS AND REPORTS: Active Member File Maintenance: The Board noted that L&A
will prepare Active Member File Maintenance letters for distribution to all active members requesting any
additional pension file documents.
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: The Board reviewed the regular retirement benefit calculation for Gary Clark
prepared by L&A. Battalion Chief Clark had an entry date of June 8, 1992, retirement date of May 9, 2021,
effective date of pension of May 10, 2021, 60 years of age at date of retirement, 28 years and 11 months of
creditable service, applicable salary of $136,610.71, applicable pension percentage of 72.29%, amount of
originally granted monthly pension of $8,229.85 and amount of originally granted annual pension of
$98,758.20. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve Gary
Clark’s regular retirement benefit calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola and Bodony
NAYS: None
ABSENT: None
OLD BUSINESS: IDOI Annual Statement: The Board noted that the finalized report was filed with the
IDOI prior to the deadline of June 30, 2021.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – July 22, 2021
Page 3 of 4
Appointed Member Position Term Expiration – Timothy Schlindwein: The Board noted that Timothy
Schlindwein was not reappointed to the Oak Brook Firefighters’ Pension Fund Board of Trustees and there
are currently no appointed member Trustees serving on the Board. A motion was made by Trustee Fagan
and seconded by Trustee Bodony to request RDL to issue correspondence to the Village seeking
appointment of two citizen Trustees to the Pension Board. Motion carried unanimously by voice vote.
Reciprocity Update – Brian Bitterlin: The Board discussed Brian Bitterlin’s request to combine service
under reciprocity and noted that the repayment from Mr. Bitterlin to “make whole” the additional 1%
contributions plus interest from his date of hire until the payment date of June 30, 2021 was received after
the June 30, 2021 calculation date. A motion was made by Trustee Fagan and seconded by Trustee Picciola
to accept the member’s payment in the amount of $43,500.28 without the requirement of a recalculation as
the delay was a result of the 457 plan and not the member. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola and Bodony
NAYS: None
ABSENT: None
NEW BUSINESS: Discussion/Possible Action – Adoption of Resolution to Transfer Funds to IFPIF: The
Board acknowledged the FPIF Notice of Transfer Date as January 4, 2022. A motion was made by Trustee
Fagan and seconded by Trustee Picciola to acknowledge the transfer date and to adopt the Resolution to
Transfer Funds to IFPIF. Motion carried unanimously by voice vote.
Discussion/Possible Action – Cash Management Funding Policy: The Board reviewed the Post-Asset
Transition Cash Management Policy Memo prepared by L&A. Further discussion will be held at the next
regular meeting.
Review/Adopt – Updated Board Rules and Regulations: The Board reviewed the updated Board Rules and
Regulations prepared by Reimer Dobrovolny & LaBardi PC amending section 801(d). A motion was made
by Trustee Fagan and seconded by Trustee Picciola to accept the revised Board Rules and Regulations as
prepared. Motion carried unanimously by voice vote.
The Board also discussed distributing the updated Board Rules and Regulations to pensioners of the Oak
Brook Firefighters’ Pension Fund. A motion was made by Trustee Fagan and seconded by Trustee Bodony
to direct L&A to email a copy of the updated Board Rules and Regulations to all pensioners once executed.
Motion carried unanimously by voice vote.
Review/Adopt – Municipal Compliance Report: The Board noted that the Municipal Compliance Report is
in process. Further discussion will be held at the next regular meeting.
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 Picciola to elect Trustee Fagan as
President. Motion carried unanimously by voice vote.
A motion was made by Trustee Fagan and seconded by Trustee Bodony to elect Trustee Piccola as
Secretary. Motion carried unanimously by voice vote.
FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Fagan as the FOIA Officer
and OMA Designee. A motion was made by Trustee Fagan and seconded by Trustee Bodony to maintain
Trustee Fagan as the FOIA Officer and OMA Designee and Trustee Picciola as the secondary FOIA Officer
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – July 22, 2021
Page 4 of 4
and OMA Designee. Motion carried unanimously by voice vote.
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Status of Duty Disability –
Sean Kelly: The Board noted that Sean Kelly is in the process of attending the independent medical
examinations and reports will be forthcoming. 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 10:13 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for October 21, 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