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Minutes - 10/19/2023 - 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 OCTOBER 19, 2023 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday, October 19, 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, Rob Ebsen, and Mark Bahnsen ABSENT: None ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Amy Weslow, Lauterbach & Amen, LLP (L&A); Greg Kieswetter, Cook Castle Associates, LLC TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, McCarthy, Lamplot, Ebsen and Bahnsen 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: July 20, 2023 Regular Meeting: The Board reviewed the July 20, 2023 regular meeting minutes. A motion was made by Trustee Lamplot and seconded by Trustee Bahnsen to approve the July 20, 2023 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, 2023. As of September 30, 2023, the ending market value is $300,368. FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette Associates for the period ending July 31, 2023. As of July 31, 2023, the one-month total net return is 2.7% and the year-to-date total net return is 11.8% for an ending market value of $8,150,912,989. The current asset allocation is as follows: Total Equity at 66.6%, Fixed Income at 27.6%, Real Estate at 4.9% and Cash at 0.9%. Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending August 31, 2023. The beginning value was $32,973,495.06 and the ending value was $32,090,177.32. The net return was (2.27%). A motion was made by Trustee Fagan and seconded by Trustee Bahnsen 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. Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 19, 2023 Page 2 of 4 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, 2023 prepared by L&A. As of August 31, 2023 the net position held in trust for pension benefits is $33,081,842.80 for a change in position of $2,289,159.92. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, , Quarterly Deduction Report, Quarterly Transfer Report and Quarterly Disbursement Report for the period June 1, 2023 through August 31, 2023 for total disbursements in the amount of $30,490.60. 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 Quarterly Disbursement Report in the amount of $30,490.60. Motion carried unanimously by voice vote. Additional Bills, if any – FYE 12/31/22 Audit Fee: The Board reviewed the FYE December 31, 2022 Audit Fee from Sikich LLP. A motion was made by Trustee Ebsen and seconded by Trustee Bahnsen to defer payment pending further explanation from the Village Finance Director. Motion carried unanimously by voice vote. Review/Update – Cash Management Policy: The Board discussed the Cash Management Policy and determined that no changes are required at this time. GCM Recurring Withdrawal Instructions for 2024: The Board reviewed the GCM Recurring Withdrawal Instructions for 2024. A motion was made by Trustee Fagan and seconded by Trustee Lamplot to set the 2024 monthly recurring deposits at $320,000 from FPIF. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot, Ebsen and Bahnsen 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. 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 L&A will mail Affidavits of Continued Eligibility to all pensioners with the December payroll cycle. Further discussion will be held at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership – Adam Eboli, Joshua Freeman, Christopher Kralj, Samuel Schulz, and Kenneth Wright: The Board reviewed the Applications for Membership submitted by Adam Eboli and Christopher Kralj. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to accept Adam Eboli effective January 23, 2023 and Christopher Kralj effective April 21, 2023 as Tier II participants.. Motion carried unanimously by voice vote. The Board noted that Joshua Freeman, Samuel Schulz and Kenneth Wright have left the department. Further discussion will be held at the next regular meeting. Withdrawal from Fund – Kenneth Wright: The Board noted that Kenneth Wright withdrew from the Oak Brook Firefighters’ Pension Fund on July 31, 2023. To date, a contribution refund request has not been received. Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 19, 2023 Page 3 of 4 Contribution Refund – Samuel Schulz: The Board reviewed the contribution refund request submitted by Samuel Schulz. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to approve Samuel Schulz’s contribution refund in the amount of $1,143.80 paid in a direct rollover issued on August 11, 2023. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot, Ebsen and Bahnsen NAYES: None ABSENT: None APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Conversion from Non-Duty Disability to Regular Retirement Benefit – Charles DeWitt: The Board was informed that Charles DeWitt has decided to not pursue with converting his non-duty disability to a regular retirement benefit. No further action is necessary. OLD BUSINESS: Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary liability insurance renewal quotation provided by Hudson Insurance Company through Cook Castle Associates, LLC. A motion was made by Trustee Lamplot and seconded by Trustee Fagan to accept coverage effective December 1, 2023 through December 1, 2024 in the amount of $5,021 subject to completion of an application and the under writer terms and conditions. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot, Ebsen and Bahnsen NAYES: None ABSENT: None 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 McCarthy 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, McCarthy, Lamplot, Ebsen and Bahnsen NAYES: None ABSENT: None NEW BUSINESS: Establish 2024 Board Meeting Dates: The Board established the 2024 Board meeting dates as January 18, 2024; April 18, 2024; July 18, 2024; October 17, 2024 and special meeting date March 21, 2024 at 9:00 a.m. in the Butler Government Center located at 1200 Oak Brook Road, Oak Brook, Illinois 60523. Discussion/Possible Action – Lauterbach & Amen, LLP Engagement Letter: The Board reviewed the L&A three-year engagement letter. A motion was made by Trustee Ebsen and seconded by Trustee Lamplot to engage L&A in the annual amounts as follows: $28,580 for the year ended December 31, 2024; $29,675 for the year ended December 31, 2025; and $30,775 for the year ended December 31, 2026. Motion carried by roll call vote. AYES: Trustees Fagan, McCarthy, Lamplot, Ebsen and Bahnsen NAYES: None ABSENT: None ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: 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. Legal Updates: The Board was provided with the Legal and Legislative Update quarterly newsletter from Reimer Dobrovolny & LaBardi PC.