Minutes - 01/12/2023 - Firefighter's Pension Fund Board9
of VILLAGE OF OAK BROOK
BOARD OF TRUSTEES, FIREFIGHTERS' PENSION FUND
WEST WING CONFERENCE ROOM
OF THE BUTLER GOVERNMENT CENTER
12OO OAK BROOK ROAD
OAK BROOK, IL 60523
530-368-s000
MINUTES OF A REGULAR MEETING OF'
THE OAK BROOK FIREFIGHTERS' PENSION FT]ND
BOARD OF TRUSTEES
JANUARY 12,2023
A regular meeting of the Oak Brook Firefighters' Pension Fund Board of Trustees was held on Thursday,
January 12,2023 at 9:00 a.m. in the Butler Government Center, located at 7200 Oak Brook Road, Oak
Brook, Illinois 60523, pursuant to notice.
CALL TO ORDER: President Fagan called the meeting to order at9:02 a.m.
ROLL CALL:
PRESENT:President John Fagan, Trustees Mike McCarthy, Mark Bahnsen and Michael
Lamplot
Secretary Gino Picciola
Tom Sawyer, Sarvyer Falduto Asset Management, LLC (SFAM); Molly Weslow,
Lauterbach & Amen, LLP (L&A)
ABSENT:
ALSO PRESENT
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, 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: There was no public comment.
APPROVAL OF MEETING MINUTES: October 20, 2022 Regular Meeting: The Board reviewed the
October 20,2022 regular meeting minutes. A motion was made by Trustee Lamplot and seconded by
Trustee Fagan to approve the October 20, 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.
IIWESTMENT REPORTSz Satuyer Falduto Asset Management, LLC Investment Performance Report:
Mr. Sawyer presented the Investment Performance Report for the period ending December 31,2022. As of
December 31,2022, the investment retum is $1,560 for an ending market value of $285,263.
FPIF - Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette
Associates for the period ending October 31, 2022. As of October 31, 2022, the one-month total net return
is 3 .4Yo and the year-to-date total net retum is (17 3%) for an ending market value of $6,9 52,824,020. The
current asset allocation is as follows: Total Equity at 63.6Yo, Fixed Income at 30o/o, Real Estate at 5.2%o and
Cash at 1.2%d.
Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending November
30,2022. The beginning value was$28,627,699.58 and the ending value was $30,569,416.84. The net
returnwas 6.20/o.
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Oak Brook Firefighters' Pension Fund
Meeting Minutes - January 12,2023
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A motion was made by Trustee Fagan and seconded by Trustee McCarthy to accept the Sawyer Falduto
Investment Performance Review as presented. Motion carried unanimously by voice vote.
ACCOUNTANT'S REPORT - LAUTERBACH & AMEN' LLPz Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the eleven-
month period ended November 30, 2022 prepned by L&A. As of November 30, 2022,the net position held
in trust for pension benefits is $31,091,156.50 for a change in position of ($6,726,154.35). The Board also
reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report,
Payroll Joumal and Vendor Check Report for the period September 1,2022 through November 30,2022
for total disbursements of $483,883.34. A motion was made by Trustee Fagan and seconded by Trustee
Bahnsen to accept the Monthly Financial Report as presented and to approve the disbursements shown on
the Vendor Check Report in the amount of $483,883.34. Motion carried unanimously by voice vote.
Additional Bills, if any: There were no additional bills presented for approval.
Review/Update - Cash Management Policy: The Board reviewed the Cash Reserve Balances form for the
BMO Harris operating account and discussed upcoming cash needs. A motion was made by Trustee Fagan
and seconded by Trustee Lamplot to maintain a target balance in the BMO Harris operating account of
$20,000 and once the balance exceeds $40,000, transfer the excess funds to FPIF for investment purposes.
Motion carried by roll call vote.
AYES: Trustees Fagan, Bahnsen, McCarthy and Lamplot
NAYES: None
ABSENT: Trustee Picciola
TRUSTEE TRAINING UPDATES: The Board discussed upcomingtraining opportunities. Trustees were
reminded to submit any certificates of completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expezses.' There were no trustee training
registration fees or reimbursable expenses presented for approval.
COMMUNICATIONS AND REPORTSz Affidavits of Continued Eligibility: The Board noted that L&A
mailed Affidavits of Continued Eligibility to all pensioners with the December payroll cycle and a due date
of January 37,2023. A status update will be provided at the next regular meeting.
Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County
by the Village by February 7,2023. Statements of Economic Interest will be sent to all registered filers who
will need to respond bythe deadline of May 1,2023.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITSz Approve Regular Retirement
Bencfits - Briun Bitlerlin: The Board reviewed the regular retirement benefit calculatiou for Brian Bitterlin.
Firefighter Bitterlin had an entry datc of July 17, 1995; rctircmcnt datc and cffcctivc datc of pension of
November 8,2022;55 years old at date of retirement; 27 years and 3 months creditable service with the
Oak Brook Firefighters' Pension Fund; 2 years and 4 months ueditable service with the Chicago Ridge
Firefighters' Pension Fund; combined applicable salary of $ 123,889.81; and a combined applicable pension
percentage of 74.17Yo. The amount of originally granted annual pension is $89,790.60 and the amount of
originally granted monthly pension is $7,482.55. A motion was made by Trustee Fagan and seconded by
Trustee McCarthy to approve the regular retirement benefits for Brian Bitterlin calculated by L&A. Motion
carried by roll call vote.
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Meeting Minutes - January 12,2023
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AYES: Trustees Fagan, Bahnsen, McCarthy and Lamplot
NAYES: None
ABSENT: Trustee Picciola
OLD BUSINESSz FPIF Status Update and Discussion/Possible Action to be taken on all FPIF Requesls
Pertaining to Consolidation: The Board noted that there are no additional requests from FPIF pertaining
to consolidation.
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the
2023 Costof Living Adjustments calculated by L&A. A motion was made by Trustee Fagan and seconded
by Trustee Lamplot to approve the 2023 Cost of Living Adjustments as required by statute and calculated
by L&A. Motion carried by roll call vote.
AYES: Trustees Fagan, Bahnsen, McCarthy and Lamplot
NAYES: None
ABSENT: Trustee Picciola
Review Trustee Term Expirations and Election Procedures: The Board noted that the active member term
currently held by Trustee Picciola is expiring in April 2023.L&A will conduct an election on behalf of the
Pension Fund for one of the two active member Trustee positions.
Updated Local Bank Account Collateralization Agreement: The Board reviewed the memorandum
prepared by L&A regarding the successor of the third-party custodian from Bank of America to The Bank
of New York Mellon to continue collateralization of the BMO Harris Bank operating account. A motion
was made by Trustee Fagan and seconded by Trustee McCarthy to table this item until a special meeting
yet to be scheduled. Motion canied unanimously by voice vote.
Discussion/Possible Action - Pensionable Salary Request: The Board noted that all information has been
provided to L&A in regard to the annual pensionable salary request. No further action is needed at this time.
Discussion/Possible Action - 2'd Quarter Meeting Date: The Board noted that a special meeting for the
Oak Brook Firefighters' Pension Fund will be scheduled for February 23,2023 at 9:00 a.m. in the Butler
Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523.
The Board also noted that the second quarter regular meeting scheduled for April 20,2023 will now be held
on April 13,2023 at 9:00 a.m. in the Butler Government Center, located at 1200 Oak Brook Road, Oak
Brook,Illinois 60523.
ATTORNEY'S REPORT - REIMER DOBROVOLNY & LABARDIPC: Legal Updates: The Board
was provided with Ihe Legal and Legislative (Jpdate quarterly newsletter from Reimer Dobrovolny &
LaBardi PC.
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 10:06 a.m. Motion carried unanimously by voice vote.
Oak Brook Firefighters' Pension Fund
Meeting Minutes - January 12, 2023
Page 4 of4
is scheduled for April 13,2023 at 9:00 a.m
Secretary
by the Board of Trustees on t3
Minutes prepared by MollyWeslow, Pension Services Adninistrator, Lauterbach & Amen, LLP
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