Minutes - 01/18/2024 - 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
JANUARY 18, 2024
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
January 18, 2024 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)
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: October 19, 2023 Regular Meeting: The Board reviewed the
October 19, 2023 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee
Bahnsen to approve the October 19, 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 December 31, 2023. As of
December 31, 2023, the ending market value is $460,996.
FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette
Associates for the period ending October 31, 2023. As of October 31, 2023, the one-month total net return
is (2.7%) and the year-to-date total net return is 2.4% for an ending market value of $7,465,345,588. The
current asset allocation is as follows: Total Equity at 65.5%, Fixed Income at 28.6%, Real Estate at 4.9%
and Cash at 1%.
Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending November
30, 2023. The beginning value was $29,829,274.11 and the ending value was $31,978,205.94. The net
return was 7.56%.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – January 18, 2024
Page 2 of 3
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 eleven-
month period ended November 30, 2023 prepared by L&A. As of November 30, 2023 the net position held
in trust for pension benefits is $33,032,973.71 for a change in position of $2,240,290.83. 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 September 1, 2023 through November 30, 2023 for total disbursements in the amount
of $20,649.11. 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 $20,649.11. Motion carried unanimously by voice vote.
Trustee Ebsen left the meeting at 9:18 a.m.
Trustee Ebsen returned to the meeting at 9:23 a.m.
Additional Bills, if any: No additional bills were presented for approval.
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.
COMMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board noted that the List
of Filers must be submitted to the County by the Village by February 1, 2024. Statements of Economic
Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2024.
Affidavits of Continued Eligibility: The Board noted that L&A mailed Affidavits of Continued Eligibility
to all pensioners in December with a due date of December 31, 2023. A status update will be provided at
the next regular meeting.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for
Membership – Joshua Freeman, Samuel Schulz, and Kenneth Wright: The Board reviewed the Applications
for Membership submitted by Joshua Freeman, Samuel Schulz and Kenneth Wright. A motion was made
by Trustee Fagan and seconded by Trustee Ebsen to accept Joshua Freeman effective April 21, 2023 as a
Tier II participant, Samuel Schulz effective January 23, 2023 as a Tier II participant, Kenneth Wright
effective April 21, 2023 as a Tier I participant. Motion carried unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: There was no old business discussed.