HomeMy WebLinkAboutMinutes - 01/29/2024 - Police Pension Fund BoardVILLAGE OF OAKB��
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
JANUARY 29, 2024
A regular meeting of t he Oak Brook Police Pension Fund Board of Trustees was held on 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, pursuant to notice.
CALL TO ORDER:
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Trustee Torlo called the meeting to order at 6:31 p.m.
Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz
None
Finance Director Marilyn Fumero (arrived at 6:32 p.m.), Village of Oak Brook;
Cristina Martinez, Lauterbach & Amen, LLP (L&A); Alen Feldman, Member of
the Public
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: October 30, 2023 Regular Meeting: The Board reviewed the
October 30, 2023 regular meeting minutes. A motion was made by Trustee Foltyniewicz and seconded by
Trustee Caspers to approve the October 30, 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.
Ms. Fumero arrived at 6:32 p.m.
ACCOUNTANT'S REPORT -LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the twelve
month period ending December 31, 2023 prepared by L&A. As of December 31, 2023, the net position
held in trust for pension benefits is $45,092,562.93 for a change in position of $4,865,171.36. 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 October 1, 2023 through December 31, 2023 for total disbursements of $8,447.62. 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$8,447.62. Motion carried by roll call vote.
A YES: 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 -January 29, 2024
Page 2 of3
INVESTMENT REPORT -IPOPIF: State Street Statements : The Board reviewed the IPOPIF Market
Value Summary and Statement of Transaction Detail for the period ending December 31, 2023. As of
December 31, 2023 the beginning value was $38,412,159.04 and the ending value was $41,675,815.67 and
net return month-to-date was 4.62%.
IPOPIF -Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc. Monthly Summary for the
month ending December 31, 2023. As of December 31, 2023 the market value is $10,001,345,755 and the
year-to-date net return for the Illinois Police Officers' Pension Investment Fund (IPOPIF) 13.7%.
COMMUNICATIONS AND REPORTS: 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 January 31,
2024. To date, nine affidavits remain outstanding. L&A will mail second request affidavits to the
outstanding pensioners and status updates will be provided to the Board as they become available.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for
Membership -Viktor Gadjanski, William Romanow, Steven Schellhorn and Justin Zychowski: The Board
reviewed the Applications for Membership submitted by Viktor Gadjanski, William Romanow, Steven
Schellhorn and Justin Zychowski. A motion was made by Trustee Caspers and seconded by Trustee
Foltyniewicz to accept Viktor Gadjanski and Steven Schellhorn effective August 21, 2023, William
Romanow effective February 28, 2023 and Justin Zychowski effective December 13, 2023 into the Oak
Brook Police Pension Fund as Tier II participants. Motion carried unanimously by voice vote.
Contribution Refund -Robert Ford Jr.: The Board noted that Robert Ford Jr. submitted a contribution
refund request. Further discussion will be held at the next regular meeting.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: 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.
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the
2024 Cost of Living Adjustments calculated by L&A. A motion was made by Trustee Foltyniewicz and
seconded by Trustee Caspers to approve the 2024 Cost of Living Adjustments as required by statute and
calculated by L&A. Motion carried by roll call vote.
A YES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms
currently held by Trustee Torlo and Trustee Foltyniewicz, and the retired member term currently held by
Trustee Caspers is expiring in May 2024. Trustees Torlo, Foltyniewicz and Caspers wish to remain on the
Board if nominated. L&A will conduct an election on behalf of the Pension Fund for both of the active
member Trustee positions and the retired member Trustee position.
TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities. Trustees were
reminded to submit any certificates of completion to L&A for recordkeeping.
Oak Brook Police Pension Fund
Meeting Minutes -January 29, 2024
Page 3 of3
Approval of Trustee Training Registration Fees and Reimbursable Expenses: The Board reviewed the
following Trustee training reimbursements:
• Reimbursement to Trustee Foltyniewicz in the total amount of$457 .95 for lodging when attending
the 2023 IPPF A Spring conference.
A motion was made by Trustee Torlo and seconded by Trustee Caspers to approve the Trustee training
reimbursements as presented. Motion carried unanimously by voice vote with Trustee Foltyniewicz
abstaining.
ATTORNEY'S REPORT-REIMER DOBROVOLNY & LABARDI PC: Discussion/Possible Action
-Fee Increase : The Board noted there was no correspondence from Reimer Dobrovolny & LaBardi
regarding a fee increase. Updates will be provided as they become available.
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 .
The Board noted that the next regular meeting will be held Wednesday, May l , 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.
The Board discussed purchasing IPPF A Retirement Guide Booklets. A motion was made by Trustee Torlo
and seconded by Trustee Caspers to purchase three IPPF A Retirement Guide Booklets. Motion carried by
roll call vote.
AYES:
NAYS:
ABSENT:
Trustees Torlo, Caspers and Foltyniewicz
None
None
ADJOURNMENT: A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to
adjourn the meeting at 7:20 p.m. Motion carried unan imously by voice vote.
May 1, 2024 at 6:30 p.m .
Board
Minutes approved by the Board of Trustees on
Minutes prepared by Cristina Martinez, Pension Services Administrator, Lauterbach & Amen, LLP