Minutes - 04/21/2022 - 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 21, 2022
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
April 21, 2022 at 9:00 a.m. at 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, Secretary Gino Picciola, Mike McCarthy and Mark Bahnsen
ABSENT: None
ALSO PRESENT: Attorney Richard Reimer, Reimer Dobrovolny & LaBardi PC; Tom Sawyer,
Sawyer Falduto Asset Management, LLC (SFAM); Jennifer Flores and Molly
Weslow, Lauterbach & Amen, LLP (L&A)
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Picciola, Bahnsen and McCarthy
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.
NEW BUSINESS: Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary liability
insurance renewal provided by Mesirow Insurance Services, Inc. through Ullico Casualty Group, LLC. A
motion was made by Trustee Fagan and seconded by Trustee Picciola to approve payment of the fiduciary
liability insurance renewal effective April 30, 2022 through April 30, 2023 in the amount of $4,718. Motion
carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
Acknowledge Notice of Tranche Reassignment, Adopt Resolution of Notice and Executive Exhibits: The
Board acknowledged the FPIF Notice of Transfer Date as June 1, 2022. A motion was made by Trustee
Fagan and seconded by Trustee Picciola to acknowledge the transfer date, adopt the resolution of notice
and adopt Exhibit A. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to authorize Trustee Picciola to
execute Exhibit B on behalf of the Fund. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 21, 2022
Page 2 of 4
A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve Exhibit C, notifying
Sawyer Falduto Asset Management, LLC and Charles Schwab of the transfer of assets. Motion carried by
roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
Review/Possible Action – IFPIF Custodial Account Letter of Direction: The Board discussed the Letter of
Direction issued by IFPIF.
Review/Possible Action – Appointment of Authorized Representatives for Northern Trust Global Cash
Movement Portal and Adopt Associated Resolution: The Board reviewed the Northern Trust Global Cash
Movement New Setup Authorization form. A motion was made by Trustee Fagan and seconded by Trustee
Picciola to appoint Trustees Fagan and Picciola and L&A representative Susan Hill as the Account
Representatives on behalf of the Oak Brook Firefighters’ Pension Fund. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: Attorney
Reimer discussed updates to consolidation and general pension matters. All questions were answered by
Attorney Reimer.
Status of Duty Disability – Sean Kelly: The Board noted that the disability hearing for Sean Kelly has been
scheduled for May 5, 2022. Further discussion will be held at the next regular meeting.
Attorney Reimer left the meeting at 9:23 a.m.
NEW BUSINESS (CONTINUED): IFPIF Status Update and Discussion/Possible Action to be taken on
all IFPIF Requests Pertaining to Consolidation: The Board reviewed the current cash reserve balance and
noted that no changes are needed at this time.
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, 2022. As of March 31, 2022, the first quarter net return is (6.3%) versus the
first quarter account benchmark of (5.3%). The investment return for the quarter is ($2,399,441) for an
ending market value of $34,923,802. The current asset allocation is as follows: Fixed Income at 38.5%;
Equities at 60.1%; and Cash Equivalents at 1.4%. 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 Bahnsen 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.
APPROVAL OF MEETING MINUTES: January 20, 2022 Regular Meeting: The Board reviewed the
January 20, 2022 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee
Bahnsen to approve the January 20, 2022 regular meeting minutes as written. Motion carried unanimously
by voice vote.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 21, 2022
Page 3 of 4
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the three-month
period ended March 31, 2022 prepared by L&A. As of March 31, 2022, the net position held in trust for
pension benefits is $35,083,488.07 for a change in position of ($2,733,822.78). The Board also reviewed
the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal
and Vendor Check Report for the period January 1, 2022 through March 31, 2022 for total disbursements
of $96,709.61. A motion was made by Trustee Fagan and seconded by Trustee McCarthy to accept the
Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check
Report in the amount of $96,709.61. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
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 invoice will be issued. A motion was made by Trustee
Fagan and seconded by Trustee Picciola 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, Bahnsen and McCarthy
NAYES: 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 for approval.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: L&A informed the Board
that second request Affidavits of Continued Eligibility were mailed to the outstanding pensioners after the
January 28, 2022 due date. A motion was made by Trustee Fagan and seconded by Trustee Picciola to
authorize L&A to send third request affidavits via certified mail to any outstanding pensioners. Motion
carried unanimously by voice vote.
Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are
due by May 1, 2022.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: There was no old business to discuss.
NEW BUSINESS (CONTINUED): 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.
CLOSED SESSION, IF NEEDED: There was no need for closed session
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 21, 2022
Page 4 of 4
ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Picciola to adjourn
the meeting at 10:10 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for July 21, 2022 at 9:00 a.m.
Board President or Secretary
Approved by the Board of Trustees on _______________________
Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach & Amen, LLP