Minutes - 10/20/2022 - 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
OCTOBER 20, 2022
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
October 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 9:01 a.m.
ROLL CALL:
PRESENT: President John Fagan, Secretary Gino Picciola, Trustees Mike McCarthy, Mark
Bahnsen and Michael Lamplot
ABSENT: None
ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Molly Weslow,
Lauterbach & Amen, LLP (L&A); Village Clerk Charlotte Pruss, Village of Oak
Brook
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Picciola, Bahnsen, McCarthy and
Lamplot 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: Swearing In of Appointed Member – Michael Lamplot: Ms. Pruss swore in Trustee
Lamplot into the Oak Brook Firefighters’ Pension Fund Board of Trustees.
Ms. Pruss left the meeting at 9:03 a.m.
APPROVAL OF MEETING MINUTES: July 20, 2022 Regular Meeting: The Board reviewed the July
20, 2022 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Lamplot
to approve the July 20, 2022 regular meeting minutes as written. Motion carried unanimously by voice vote.
INVESTMENT REPORTS: Sawyer Falduto Asset Management, LLC Investment Performance Report:
Mr. Sawyer presented the Investment Performance Report for the period ending September 30, 2022. As
of September 30, 2022, the investment return is $804 for an ending market value of $360,277.
FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette
Associates for the period ending August 31, 2022. As of August 31, 2022, the one-month total net return is
(3%) and the year-to-date total net return is (14.4%) for an ending market value of $7,248,677,066. The
current asset allocation is as follows: Total Equity at 63.8%, Fixed Income at 30.3%, Real Estate at 5.1%
and Cash at 0.8%.
Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending August 31,
2022. The beginning value was $31,339,125.04 and the ending value was $30,385,618.40. The net return
was (3.04%). A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to accept the Sawyer
Falduto Investment Performance Review, the FPIF Monthly Summary and the Statement of Results as
provided. Motion carried unanimously by voice vote.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – October 20, 2022
Page 2 of 3
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the eight-month
period ended August 31, 2022 prepared by L&A. As of August 31, 2022, the net position held in trust for
pension benefits is $30,884,945.19 for a change in position of ($6,932,365.66). The Board also reviewed
the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal
and Vendor Check Report for the period June 1, 2022 through August 31, 2022 for total disbursements of
$126,964.49. 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 $126,964.49. Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen, McCarthy and Lamplot
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 needed at this time.
TRUSTEE TRAINING UPDATES: The Board 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: The Board noted that
Affidavits of Continued Eligibility will be mailed to all pensioners with the December payroll cycle. A
status update will be provided at the next regular meeting.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Conversion from Non-Duty
Disability to Regular Retirement Benefit – Scott Harris: The Board noted that L&A mailed correspondence
to Scott Harris regarding his request to convert from a non-duty disability benefit to a regular retirement
benefit, but no response has been received to date. Further discussion will be held at the next regular
meeting.
OLD BUSINESS: FPIF Status Update and Discussion/Possible Action to be taken on all FPIF Requests
Pertaining to Consolidation: The Board noted that there are no additional requests from FPIF pertaining
to consolidation.
Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report
prepared by L&A. A motion was made by Trustee Fagan and seconded by Trustee Lamplot 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, Picciola, Bahnsen, McCarthy and Lamplot
NAYES: None
ABSENT: None
NEW BUSINESS: Establish 2023 Board Meeting Dates: The Board discussed establishing the 2023
Board meeting dates as January 12, 2023; April 20, 2023; July 20, 2023; and October 19, 2023 at 9:00 AM
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – October 20, 2022
Page 3 of 3
in the Butler Government Center located at 1200 Oak Brook Road, Oak Brook, Illinois 60523. A motion
was made by Trustee Fagan and seconded by Trustee Bahnsen to establish the 2023 Board meeting dates
as stated. Motion carried unanimously by voice vote.
Review/Update – GCM Recurring Withdrawal Instructions for 2023: The Board discussed the FPIF Global
Cash Movement Recurring Withdrawal Instructions and the current balance in the Charles Schwab money
market account. A motion was made by Trustee McCarthy and seconded by Trustee Picciola to set the
monthly recurring withdrawal amount at $300,000 to be sent in cash from FPIF with a start date of January
1, 2023 and to maintain a target balance in the Schwab account of $300,000 and once the balance reaches
$350,000, transfer the excess funds to the BMO Harris operating account to remit to FPIF for investing .
Motion carried by roll call vote.
AYES: Trustees Fagan, Picciola, Bahnsen, McCarthy and Lamplot
NAYES: None
ABSENT: None
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board
was provided with the Legal and Legislative Update quarterly newsletter from Reimer Dobrovolny &
LaBardi PC.
Status of Duty Disability – Sean Kelly: The Board noted that Sean Kelly has not filed an appeal in regards
to his duty disability case. Further discussion will be held at the next regular meeting.
Annual Independent Medical Examination – Jennifer White: The Board noted that the annual independent
medical examination for Jennifer White has been scheduled for November 17, 2022. Further discussion
will be held at the next regular meeting.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to adjourn
the meeting at 10:47 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for January 12, 2023 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