HomeMy WebLinkAboutMinutes - 10/30/2023 - Police Pension Fund BoardBOARD 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
OCTOBER 30, 2023
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Monday,
October 30, 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 6:02 p.m.
ROLL CALL:
PRESENT: Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz
ABSENT: None
ALSO PRESENT: Cristina Martinez, Lauterbach & Amen, LLP (L&A), Alen Feldman
Member of the Public.
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: August 2, 2023 Regular Meeting: The Board reviewed
the August 2, 2023 regular meeting minutes. A motion was made by Trustee Foltyniewicz and
seconded by Trustee Caspers to approve the August 2, 2023 regular meeting minutes as written.
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
nine-month period ending September 30, 2023 prepared by L&A. As of September 30, 2023, the
net position held in trust for pension benefits is $41,134,082.29 for a change in position of
$906,690.72. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense
Report, Member Contribution Report, Payroll Journal and the Quarterly Disbursement Report for
the period July 1, 2023 through September 30, 2023 for total disbursements of $21,182.33. A
motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to accept the Monthly
Financial Report as presented and to approve the disbursements shown on the Quarterly
Disbursement Report in the amount of $21,182.33. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Additional Bills, if any: There were no additional bills presented for approval.
Review/Update – Cash Management Policy: The Board discussed the Cash Management Policy
and determined no action is required at this time.
Oak Brook Police Pension Fund
Meeting Minutes – October 30, 2023
Page 2 of 3
INVESTMENT REPORT – IPOPIF: State Street Statements: The Board reviewed the IPOPIF
Market Value Summary and Statement of Transaction Detail for the period ending September 30,
2023. As of September 30, 2023 the beginning value was $38,070,565.63 and the ending value
was $36,957,772.03 and net return month-to-date was (2.92%).
IPOPIF – Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc. Monthly Summary
for the month ending September 30, 2023. As of September 30, 2023 the market value is
$9,196,231,760 and the year-to-date net return for the Illinois Police Officers’ Pension Investment
Fund (IPOPIF) 4.5%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted
that Affidavits of Continued Eligibility will be mailed to all pensioners in December. A status
update will be provided at the next regular meeting.
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: Review/Adopt – Municipal Compliance Report: The Board reviewed the
Municipal Compliance Report prepared by L&A. A motion was made by Trustee Foltyniewicz
and seconded by Trustee Caspers to adopt the MCR as prepared and to authorize signatures by the
Board President and Secretary. Motion carried unanimously by voice vote.
Status of Transfer of Service from Chicago Police (Article 5) to Article 3 Downstate Police –
Roman Hodowany: The Board reviewed Roman Hodowany request to transfer his creditable
service from Chicago Police (Article 5) to Downstate Police (Article 3) and noted he has elected
not to pursue the transfer.
NEW BUSINESS: Discussion/Possible Action – Reinstatement of Creditable Service – Benjamin
Kadolph: The Board discussed Benjamin Kadolph’s reinstatement of creditable service. A motion
was made by Trustee Foltyniewicz and seconded by Trustee Caspers to recognize the purchase as
paid in full in the amount of $190.98 and acknowledge that the unpaid service break from February
23, 2020 through June 13, 2020 is now creditable towards Benjamin Kadolph’s pension. Motion
carried unanimously by voice vote.
Discussion/Possible Action – Board Rules and Regulations: The Board discussed updating the
Board Rules and Regulations and establishing rules regarding transferring time. Further discussion
will be held at the next regular meeting.
Discussion/Possible Action – Lauterbach & Amen, LLP Engagement Letter: The Board reviewed
the L&A three-year engagement letter. A motion was made by Trustee Caspers and seconded by
Trustee Foltyniewicz to engage L&A in the annual amounts as follows: $30,820 for the year ended
Oak Brook Police Pension Fund
Meeting Minutes – October 30, 2023
Page 3 of 3
December 31, 2024; $31,920 for the year ended December 31, 2025; and $33,080 for the year
ended December 31, 2026. Motion carried by roll call vote.
AYES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Establish 2024 Board Meeting Dates: The Board established the first quarter Board meeting date
as Monday, January 29, 2024 at 6:30 p.m. in the Upper-Level Conference Room at the Butler
Government Center located at 1200 Oak Brook Road, Oak Brook, Illinois 60523.
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 quarterly 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 7:01 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for January 29, 2024 at 6:30 p.m.
_______________________________________________
Board President or Secretary
Minutes approved by the Board of Trustees on ___________________.
Minutes prepared by Cristina Martinez, Pension Services Administrator, Lauterbach & Amen, LLP