Minutes - 07/20/2022 - Firefighter's Pension Fund BoardOUN
VILLAGE OF OAK BROOK
BOARD OFTRUSTEES, FIREFIGHTERS' PENSION FUND
WEST WING CONFERENCE ROOM
OF THE BUTLER GOVERNMENT CENTER
]-2OO 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 20,2022
A regular meeting of the Oak Brook Firefighters' Pension Fund Board of Trustees was held on Wednesday,
July 20,2022 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, Trustees Mike McCarthy and Mark
Bahnsen
None
Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Molly Weslow,
Lauterbach & Amen, LLP (L&A); Jason Franken and Luke Schoenhofen, Foster
and Foster; Village Clerk Charlotte Pruss, Village of Oak Brook
ABSENT:
ALSO PRESENT:
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Picciol4 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: Ms. Pruss swore in Trustee Bahnsen and McCarthy into the Oak Brook
Firefighters' Pension Fund.
Ms. Pruss left the meeting at 9:03 a.m.
APPROVAL OF MEETING MINUTES: April 21 , 2022 Regular Meeting: The Board reviewed the April
27,2022 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Picciola
to approve the April 21, 2022 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.
NEW BUSINESS: Review/Approve - Actuarial Valuation and Tm Levy Requesf: The Board reviewed
the finalized Actuarial Valuation as prepared by Foster and Foster. Based on data and assumptions, the
recommended contribution amount is $2,550,998 which is a 5142,718 decrease from the prior year
contribution. The statutory minimum contribution requirement is $2,151,389. A motion was made by
Trustee Fagan and seconded by Trustee McCarthy to accept the Actuarial Valuation as prepared and to
request a tax levy in the amount of $2,550,998 from the Village of Oak Brook, based on the recommended
amount stated in the Actuarial Valuation prepared by L&A. Motion carried by roll call vote.AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
Oak Brook Firefighters' Pension Fund
Meeting Minutes - JluJy 20, 2022
Page? of 4
I|WESTMENT REPORTSI Sawyer Falduto Asset Management, LLC Investment Performance Report:
Mr. Sawyer presented the Investment Performance Report for the period ending June 30, 2022. As of June
30,2022,the second quarter net retum is (6.2%) versus the second quarter account benchmark of (6'l%).
The investment return for the quarter is ($2,168,272) for an ending market value of $32 ,515,914.
FPIF - Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette
Associates for the period ending May 31, 2022. As of May 31,2022,the one-month total net retum is 0.3%
and the year-to-date total net retum is (l0.5yA for an ending market value of $6,935,295,186. The current
asset allocation is as follows: Total Equity at63.9%o, Fixed Income at30.2%io, Real Estate at 5.2%o, Cash at
0.5%o and Transition at 0.1Vo. A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to
accept the Sawyer Falduto Investment Performance Review and the FPIF Monthly Summary as provided.
Motion carried unanimously by voice vote.
Statement of Results: The Board noted that they have not received Statements of Results from FPIF
subsequent to the transfer date of June24,2022. Further discussion will be held at the next regular meeting.
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Presentation and Approval of Bilts: The Board reviewed the Monthly Financial Report for the five-month
period ended May 3l,2022prepared by L&A. As of May 31,2022,the net position held in trust for pcnsion
benefits is$32,674,953.95 for a change in position of ($5.142,356.90). The Board also reviewed the Cash
Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and
Vendor Check Report for the period March 1,2022 through May 31, 2022 for total disbursements of
$128,07'7.99. 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 $128,077.99. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
Additional Bills, if any:There were no additional bills presented for approval.
Review/Update - Cash Management Policy: The Board discussed the cash management policy and noted
that no changes were nccdcd at this time.
The Board discussed the FPIF Global Cash Movement Recurring Withdrawal Instructions. A motion was
made by Trustee Fagan and seconded by Trustee Bahnsen to set the monthly recurring withdrawal amount
at $200,000 to be sent in cash from FPIF with a start date of September 7,2022. Motion carried by roll call
vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities. Trustees were
reminded to submit any certificates of completion to L&A for recordkeeping.
,4pproval of Trustcc Training Registration Fees and Reimbursable Erpenses.' There were no trustee training
registration fees or reimbursable expenses presented for approval.
COMMUNICATIONS AND REPOYISz 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.
Oak Brook Firefighters' Pension Fund
Meeting Minutes - July 20,2022
Page 3 of4
Affidnits of Continued Etigibility:L&A informed the Board that two Affidavits of Continued Eligibility,
remain outitanding. The Boarcl authorized L&A to send a copy of the affidavit via certified mail to Joanne
pine. Trustee Fagan informed the Board that he will coordinate with William Lindemann and collect his
affidavit. Updates will be provided to the Board as they become available.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: ThCTE WETC NO
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITSz Conversion from Non-Duty
Disabitity to Regular Retirement Bene/it - Scott Harris: The Board noted that Scott Harris submitted a
request to convert from a non-duty disability benefit to a regular retirement benefit and calculations are in
process. Further discussion will be held at the next regular meeting.
OLD BUSINESS: /DO1 Annual Statement: The Board noted that the IDOI Annual Statement has been
completed and submitted to the Department of Insurance prior to the June 30,2022 deadline.
FPIF Status Update and Discussion/Possible Action to be taken on all FPIF Requests Pertaining to
Consolidation: TheBoard noted that there are no additional requests from FPIF pertaining to consolidation.
NEW BUSINESS (CONTINUED): Review/Update - BMO Harris Signature Card and Charles Schwab
Signers:L&A provided the Board with the necessary forms to update the signers on the BMO Hanis Bank
account with the current Board members and municipal representative. A motion was made by Trustee
Fagan and seconded by Trustee Bahnsen to remove Jason Paprocki as a signer and to add Finance Director
Marilyn Fumero on the BMO Harris Bank account. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
The Board discussed the Charles Schwab Money Market account. A motion was made by Trustee Fagan
and seconded by Trustee McCarthy to add Finance Director Marilyn Fumero as a signer on the Charles
Schwab Money Market account. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
Review/Adopt - Municipal Compliance Report: The Board noted that the Municipal Compliance Report is
in process and will be reviewed at the next regular meeting.
Board Ofricer Elections - President and Secretary: The Board discussed Board Officer Elections and
nominated the slate of Officers as follows: Trustee Fagan as President and Trustee Picciola as Secretary. A
motion was made by Trustee Fagan and seconded by Trustee Bahnsento electthe slate of Officers as stated.
Motion carried unanimously by voice vote'
FOIA fficer and OMA Designee:The Board discussed maintaining Trustees Fagan and Picciola as the
fO14 Oificers and OMA Designees. A motion was made by Trustee Fagan and seconded by Trustee
Bahnsen to maintain the FOIA Officers and OMA Designees as stated. Motion carried unanimously by
voice vote.
ATTORNEY,S REPORT - REIMER DOBROVOLNY & LABARDI PCZ LCgAII (IPdAICS: ThC BOATd
was provided with the Legat and Legislative lJpdate quarterly newsletter from Reimer Dobrovolny &
LaBardi PC.
Oak Brook Firefighters' Pension Fund
Meeting Minutes - July 20,2022
Page 4 of 4
Status of Duty Disability - Sean Kelly: The Board noted that Sean Kelly was denied a duty disability benefit
and an appeal has yet to be made. Further discussion will be held at the next regular meeting.
Annual Independent Medical Examination - Jennifer White: The Board discussed sending Jennifer White
for her annual independent medical examination (IME). A motion was made by Trustee Fagan and
seconded by Trustee Bahnsen to authorize the Board Attorney to send Jennifer White for her annual IME.
Further discussion will be held at the next regular meeting. Motion carried by roll call vote.AYES: Trustees Fagan, Picciola, Bahnsen and McCarthy
NAYES: None
ABSENT: None
CLOSED SASSION,Itr'NEEDED: There was no need for closed session
ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Picciola to adjourn
the meeting at 10:11 a.m. Motion carried unanimously by voice vote.
The next meeting is scheduled for October 20,2022 at 9:00 a.m.
IoApproved by the Board of Trustees on x0 1-L
Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach & Amen, LLP