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Home My WebLink AboutMinutes - 08/02/2023 - Police Pension Fund BoardVILLAGE OF OAKB~~a 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 AUGUST 2, 2023 A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Wednesday, August 2, 2023 at 6:00 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: Tr~stee Torlo called the meeting to order at 6:07 p.m. ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz None Declan Harkin, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 6, 2023 Regular Meeting: The Board reviewed the April 6, 2023 regular meeting minutes. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to approve the April 6, 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. Review/Approve -Destruction of Remote Meeting Recordings : The Board discussed the remote open meeting recordings. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to destroy the April 29, 2020 remote open meetings recording. 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 ending May 31, 2023 prepared by L&A. As of May 31, 2023, the net position held in trust for pension benefits is $41,255,995.39 for a change in position of$1,028,603.82. 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 March 1, 2023 through May 31, 2023 for total disbursements of $189,145.27 . 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 $189,145.27. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz Oak Brook Police Pension Fund Meeting Minutes -August 2, 2023 Page 2 of 4 NAYS: None ABSENT: None Additional Bills, if any: The Board reviewed the following additional bill for approval: • Lauterbach & Amen invoice 77375 in the amount of $2,680.00 for Preparation of Financial Year End 2022 Actuarial Valuation A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to approve the additional bill as presented. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None Review/Update -Cash Management Policy: The Board discussed the Cash Management Policy 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 period ending May 31, 2023. As of May 31, 2023 the beginning value was $37,203,673.59 and the ending value was $36,713,138.16 and net return month-to-date was (1.33%). IPOPIF-Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc. Monthly Summary for the month ending May 31, 2023. As of May 31, 2023 the market value is $9,069,681,896 and the year-to-date net return for the Illinois Police Officers' Pension Investment Fund (IPOPIF) 3.8%. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2023 Affidavits of Continued Eligibility have been received by L&A. Active Member File Maintenance: The Board noted that L&A has prepared 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. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: !DOI Annual Statement: The Board noted that the IDOI Annual Statement has been completed and submitted to the Department oflnsurance prior to the June 30, 2023 deadline. 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 Oak Brook Police Pension Fund Meeting Minutes -August 2, 2023 Page 3 of 4 Downstate Police (Article 3), but no response has been received to date. Further discussion will be held at the next regular meeting. NEW BUSINESS: Portability Update -William Romanow: The Board discussed William Romanow's transfer of creditable service. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to accept William Romanow's transfer as paid in full in the amount of$102,919.14 from the Western Springs Police Pension Fund and to revise William Romanow's hire date from February 28, 2023 to June 19, 2017. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None Board Officer Elections -President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Torlo as President, Trustee Foltyniewicz as Vice President, and Trustee Caspers as Secretary. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to elect the slate of Officers as stated. Motion carried unanimously by voice vote. Due to there being only three Board Members present, the Board was unable to elect an Assistant Secretary. FOIA Officer and OMA Designee: The Board discussed maintaining Sylwia Slodyczka as the FOIA Officer and OMA Designee. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to maintain the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. Review/Approve -Actuarial Valuation and Tax Levy Request: The Board reviewed the Actuarial Valuation as prepared by L&A. Based on data and assumptions, the recommended contribution amount is $2,920,497 which is a $473,067 increase from the prior year contribution. The alternative contribution is $2,375,621. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to accept the Actuarial Valuation as prepared and request a tax levy in the amount of $2,920,497 from the Village based on the recommended amount stated on the Actuarial Valuation prepared by L&A. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None Review/Adopt -Municipal Compliance Report: The Board noted that the MCR is in process and will be available for review and approval at the next regular meeting. Discussion/Possible Action -Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary liability insurance renewal provided by Mesirow Insurance Services, Inc through Ullico Casualty Group, LLC. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to approve payment of the fiduciary liability insurance renewal effective August 1, 2023 through August 1, 2024 in the amount of $4,285. Motion carried by roll call vote. Oak Brook Police Pension Fund Meeting Minutes -August 2, 2023 Page 4 of 4 AYES: NAYS: Trustees Torlo, Caspers and Foltyniewicz 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. ATTORNEY'S REPORT REIMER DOBROVOLNY & LABARDI PC: Discussion/Possible Action -Fee Increase : The Board discussed the fee increase from Reimer, Dobrovolny & Labardi PC. Further discussion will be held at the next regular meeting. 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 7:0 I p.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 30, 2023 at 6: 15 p.m . y 7-:::s 'ie,>l w-:::::----. Boa(d President or Secret~ ufz;jJ Minutes approved by the Board of Trustees on \o• ==>O· 2-3 Minutes prepared by Cristina Argumedo, Pension Services Administrator, Lauterbach & Amen, LLP