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.