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Minutes - 07/20/2023 - 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 20, 2023 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday, July 20, 2023 at 9:00 a.m. in 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, Trustees Mike McCarthy, Michael Lamplot and Rob Ebsen ABSENT: Trustee Mark Bahnsen ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Molly Weslow, Lauterbach & Amen, LLP (L&A); Heidi Andorfer and Luke Schoenhofen, Foster and Foster TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, McCarthy, Lamplot and Ebsen 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 13, 2023 Regular Meeting: The Board reviewed the April 13, 2023 regular meeting minutes. A motion was made by Trustee Lamplot and seconded by Trustee Fagan to approve the April 13, 2023 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 REPORTS: Sawyer Falduto Asset Management, LLC Investment Performance Report: Mr. Sawyer presented the Investment Performance Report for the period ending June 30, 2023. As of June 30, 2023, the ending market value is $300,708. FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette Associates for the period ending April 30, 2023. As of April 30, 2023, the one-month total net return is 1.1% and the year-to-date total net return is 6.2% for an ending market value of $7,719,857,277. The current asset allocation is as follows: Total Equity at 64.9%, Fixed Income at 29%, Real Estate at 4.7% and Cash at 1.4%. Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending May 31, 2023. The beginning value was $31,623,175.63 and the ending value was $31,109,617.85. The net return was (1.24%). Oak Brook Firefighters’ Pension Fund Meeting Minutes – July 20, 2023 Page 2 of 4 A motion was made by Trustee Fagan and seconded by Trustee McCarthy to accept the Sawyer Falduto Investment Performance Review as presented and to acknowledge receipt of the FPIF Monthly Summary and Statement of Results. Motion carried unanimously by voice vote. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the five-month period ended May 31, 2023 prepared by L&A. As of May 31, 2023, the net position held in trust for pension benefits is $32,090,581.60 for a change in position of $1,297,898.72. 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, 2023 through May 31, 2023 for total disbursements of $798,150.72. A motion was made by Trustee Fagan and seconded by Trustee Lamplot to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $798,150.72. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot and Ebsen NAYES: None ABSENT: Trustee Bahnsen Additional Bills, if any – FYE 12/31/2021 Audit Fee: The Board reviewed Sikich LLP invoices #550608 and #3029 in the total amount of $2,856 for the FYE December 31, 2021 annual audit. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to approve the additional bills as presented. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot and Ebsen NAYES: None ABSENT: Trustee Bahnsen Review/Update – Cash Management Policy: The Board discussed the Cash Management Policy and determined that no changes are required 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. NEW BUSINESS: Review/Approve – Actuarial Valuation and Tax Levy Request: The Board reviewed the finalized Actuarial Valuation as prepared by Foster and Foster. Based on data and assumptions, the recommended contribution amount is $2,490,383 which is a $60,615 decrease from the prior year contribution. The statutory minimum contribution requirement is $2,059,742. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $2,490,383 from the Village of Oak Brook, based on the recommended amount stated in the Actuarial Valuation prepared by Foster and Foster. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot and Ebsen NAYES: None ABSENT: Trustee Bahnsen 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. Oak Brook Firefighters’ Pension Fund Meeting Minutes – July 20, 2023 Page 3 of 4 APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner – Charles Templin/Approve Surviving Spouse Benefits – Susan Templin: The Board noted that Charles Templin passed away on April 9, 2023. The Board reviewed the surviving spouse benefit calculation for Susan Templin with an effective date of April 10, 2023 for a monthly benefit of $6,360.85 with no additional increases. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to approve the surviving spouse benefit of Susan Templin calculated by L&A. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot and Ebsen NAYES: None ABSENT: Trustee Bahnsen Conversion from Non-Duty Disability to Regular Retirement Benefit – Charles DeWitt: The Board noted that L&A mailed correspondence to Charles DeWitt 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: IDOI 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, 2023 deadline. Fiduciary Liability Insurance Renewal: The Board discussed the fiduciary liability insurance renewal. A motion was made by Trustee Fagan and seconded by Trustee Lamplot to table this item until the next regular meeting. Motion carried unanimously by voice vote. Affidavit of Continued Eligibility – Lindeman: L&A informed the Board that third request Affidavits of Continued Eligibility were mailed to the outstanding pensioners via certified mail. To date, one affidavit remains outstanding. A motion was made by Trustee Lamplot and seconded by Trustee McCarthy to suspend William Lindeman’s direct deposit beginning with the August payroll cycle until a completed affidavit is received. Motion carried unanimously by voice vote. NEW BUSINESS (CONTINUED): Review/Adopt – Municipal Compliance Report: The Board noted that the Municipal Compliance Report prepared by L&A is in process and will be ready for review at the next regular meeting. Board Officer Election – President: The Board discussed the position of Board President and nominated Trustee Fagan. A motion was made by Trustee McCarthy and seconded by Trustee Lamplot to elect Trustee Fagan as stated. Motion carried unanimously by voice vote. FOIA Officer and OMA Designee: The Board discussed designating Trustee Fagan and Trustee Ebsen as the FOIA Officers and OMA Designees. A motion was made by Trustee Fagan and seconded by Trustee McCarthy to designate the FOIA Officers and OMA Designees as stated. Motion carried unanimously by voice vote. Application for Disability – Tom Sinclair: The Board noted that Tom Sinclair has submitted a request to the Board Attorney for a disability application. Further discussion will be held at the next regular meeting. 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. Review/Approve – Attorney Fee Increase: The Board reviewed the attorney fee increase for Reimer Dobrovolny & LaBardi PC. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to approve the proposed increased hourly rates, effective July 1, 2023. Motion carried by roll call vote.