HomeMy WebLinkAboutMinutes - 04/06/2023 - Police Pension Fund BoardVILLAGE OF
OAKBROQK. <./ lu7..z,0~
BOARD OF TRUSTEES OF POLICE PENSION FUND
UPPER LEVEL 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 BOARD OF TRUSTEES
APRIL 6, 2023
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Thursday,
April 6, 2023 at 6:15 p.m. in the Upper-Level Conference Room at the Butler Government Center
located at 1200 Oak Brook Road, Oak Brook, Illinois 60523, pursuant to notice.
CALL TO ORDER: Trustee Torlo called the meeting to order at 6: 18 p.m.
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz
None
Alan Feldman, Member of the Public; Cristina Argumedo, Lauterbach &
Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: January 6, 2023 Regular Meeting: The Board
reviewed the January 6, 2023 regular meeting minutes. A motion was made by Trustee
Foltyniewicz and seconded by Trustee Caspers to approve the January 6, 2023 regular meeting
minutes as written. Motion carried unanimously by voice vote.
ACCOUNTANT'S REPORT -LAUTERBACH & AMEN, LLP: Additional Bills, if any -
Department of Insurance Compliance Fee: The Board noted that the Illinois Department of
Insurance Compliance Fee invoice may be issued. A motion was made by Trustee Caspers and
seconded by Trustee Foltyniewicz to approve payment of the IDOi Compliance Fee, upon receipt
of the invoice. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the
Monthly Financial Report for the two-month period ending February 28, 2023 prepared by L&A.
As of February 28, 2023, the net position held in trust for pension benefits is $40,956,706.02 for
an increase of $1,125,547.34. The Board also reviewed the Cash Analysis Report, Revenue Report,
Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for
the period December 1, 2022 through February 28, 2023 for total disbursements of $161,628.71.
A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to accept the
Monthly Financial Report as presented and to approve the disbursements shown on the Vendor
Check Report in the amount of $161,628.71. Motion carried by roll call vote.
Oak Brook Police Pension Fund
Meeting Minutes -April 6, 2023
Page 2 of 3
AYES:
NAYS:
ABSENT:
Trustees Torlo, Caspers and Foltyniewicz
None
None
Review/Update -Cash Management Policy: The Board discussed the Cash Management Policy
and Cash Reserve Balance and determined no action is required at this time.
INVESTMENT REPORT -IPOPIF: State Street Statements: The Board reviewed the IPOPIF
Market Value Summary and Statement of Transaction Detail for the periods ending January 31,
2023 and February 28, 2023. As of February 28, 2023 the beginning value was $37,226,890.37
and the ending value was $36,397,764.18 and net return was (2.22%).
!POP IF -Verus Advisory, Inc.: The Board reviewed the IPOPIF Investment Performance Review
prepared by Verus Advisory, Inc for the period ending December 31, 2022. As of December 31,
2022, the beginning market value is $5,725,892,654 with an ending market value of
$8,439,123,835. The current asset allocation is as follows: Equity at 49.4%, Fixed Income at
41.3%, Real Estate at 5.9% and Cash and Equivalents at 3.3%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted
that all 2023 Affidavits of Continued Eligibility have been received by L&A.
Statements of Economic Interest: The Board was reminded that the Statements of Economic
Interest are due by May 1, 2023.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner
Overpayment -Gloria Art!: The Board noted that pensioner/surviving spouse Gloria Artl passed
away on January 25, 2023. L&A issued correspondence to the Estate of Gloria Artl requesting
repayment of the overpaid January benefit in the amount of $1,002.65. L&A received the
repayment on March 8, 2023 and deposited the check into the Pension Fund's BMO Harris Bank
account. No further action is required.
OLD BUSINESS: There was no old business to discuss.
NEW BUSINESS: Status of Transfer of Service from Chicago Police (Article 5) to Article 3
Downstate Police -Roman Hodowany: The Board noted that L&A mailed correspondence to
Roman Hodowany regarding his request to transfer his creditable service from Chicago Police
(Article 5) to Downstate Police (Article 3), but no response has been received to date. Further
discussion will be held at the next regular meeting.
IDOi Annual Statement: The Board noted that the IDOi Annual Statement is in process and the
final report will be sent to the Board for review upon completion.
Oak Brook Police Pension Fund
Meeting Minutes -April 6, 2023
Page 3 of3
Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation
prepared by L&A. The final report will be reviewed by the Board at the next regular meeting.
Status of Request for Appointed Member to Board: The Board noted that the request for a Trustee
appointment to fill a vacant Appointed Trustee position is in process. Further updates will be
provided as they become available.
Review Authorized Agents and Account Representatives: The Board reviewed IPOPIF
Administrative Rule 2023-01. A motion was made by Trustee Foltyniewicz and seconded by
Trustee Caspers to appoint Trustees Torlo and Foltyniewicz as authorized agents for the Oak
Brook Police Pension Fund in accordance with Rule 2023-01 and to authorize signatures by the
Board President and Secretary. Motion carried unanimously by voice vote.
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.
ATTORNEY'S REPORT -REIMER DOBROVOLNY & LABARDI PC: Legal Updates:
The Board was provided with the Reimer Dobrovolny & LaBardi PC Legal and Legislative Update
newsletter for their review.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Caspers and seconded by Trustee
Foltyniewicz to adjourn the meeting at 7:05 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for July 18, 2023 at 6:15 p.m.
Minutes approved by the Board of Trustees on ________ _
Minutes prepared by Cristina Argumedo, Pension Services Administrator, Lauterbach & Amen, LLP