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Home My WebLink AboutMinutes - 04/29/2024 - Police Pension Fund BoardVILLAGE OF OAKB~gk 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, 29 2024 A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Monday, April 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: Trustee Torlo called the meeting to order at 6:37 p.m. ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz None Cristina Martinez and Kevin Cavanaugh, Lauterbach & Amen, LLP (L&A); Alen Feldman, Member of the Public PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: January 29, 2024 Regular Meeting: The Board reviewed the January 29, 2024 regular meeting minutes. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to approve the January 29, 2024 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 three-month period ending March 31, 2024 prepared by L&A. As of March 31, 2024, the net position held in trust for pension benefits is $45,946,440.28 for a change in position of $1,257,035.24. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and the Quarterly Disbursement Report for the period January 1, 2024 through March 31, 2024 for total disbursements of $20,807 .59. 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 Quarterly Disbursement Report in the amount of $20,807.59. 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. INVESTMENT REPORT -IPOPIF: State Street Statements: The Board reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the periods ending February 29, Oak Brook Police Pension Fund Meeting Minutes -April 29, 2024 Page 2 of 4 2024 and March 31, 2024. As of March 31, 2024 the beginning value was $42,412,578.25 and the ending value was $43,737,660.19 and n_et return month-to-date was 2.24%. IPOPIF-Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc. Monthly Summary for the month ending February 29, 2024. As of February 29, 2024 the market value is $ I 0, 157,016,823 and the year-to-date net return for the Illinois Police Officers' Pension Investment Fund (IPOPIF) 1.8%. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: L&A informed the Board that third request Affidavits of Continued Eligibility were mailed to the outstanding pensioners via certified mail on March 12, 2024 and a due date of March 22, 2024. To date, one affidavit remains outstanding. A motion was made by Trustee Foltyniewicz and seconded by Trustee Torlo to suspend Patricia Colomer's direct deposit beginning with the May payroll cycle until a completed affidavit is received. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Contribution Refund -Robert Ford Jr.: The Board reviewed the contribution refund request submitted by Robert Ford Jr. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to approve Robert Ford Jr. contribution refund in the amount of $7,214.08 paid directly to himself issued on March 15, 2024. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None 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: Certify Board Election Results -Active and Retired Member Positions: L&A conducted an election for both of the active member positions and the retired member position on the Oak Brook Police Pension Fund Board of Trustees. Vela Torlo ran unopposed for one of the active member positions and was reelected for a one-year term expiring May 13, 2025 and Reid Foltyniewicz ran unopposed for one of the active member positions and was reelected for a two- year term expiring May 12, 2026. Ed Caspers ran unopposed for the retired member position and was reelected for a two-year term expiring May 12, 2026. A motion was made by Trustee Foltyniewicz and seconded by Trustee Torlo to certify the active and retired member election results. Motion carried unanimously by voice vote. Oak Brook Police Pension Fund Meeting Minutes -April 29, 2024 Page 3 of 4 BMO Bank Signature Cards and Resolution Update: L&A provided the Board with the necessary forms to update the signers on the BMO Bank account with the current Board members. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to designate Trustees Torlo, Foltyniewicz and Caspers as signers on the BMO Bank account. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None ACCOUNTANT'S REPORT -LAUTERBACH & AMEN, LLP (CONTINUED): Review/Update -Cash Management Policy: The Board discussed the cash management policy. A motion was made by Trustee Foltyniewicz and seconded by Trustee Torlo to maintain a minimum cash balance of $1,250,000 in the BMO Bank account and to direct L&A to transfer all funds in excess of $1,500,000 to IPOPIF to be used for investment purposes. Motion carried by roll call vote. AYES: NAYS: ABSENT: Trustees Torlo, Caspers and Foltyniewicz None None The Board noted that if the balance in the BMO Bank account were to fall below $1,250,000, but not below $1,000,000, then no action is required to restore the cash balance. The Board discussed Repeat Withdrawal Instructions for the remainder of 2024 . A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to set the 2024 monthly repeat deposits at $150,000 from IPOPIF. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None NEW BUSINESS (CONTINUED): Discussion/Possible Action -Closure of the Fifth Third Bank Account: The Board discussed closing the Fifth Third Bank account. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to close the Fifth Third bank account after reviewing all uncleared checks, future withdrawals from the Village and transfer all proceeds to the BMO Bank account. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None 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. Review Preliminary Actuarial Valuation: Mr. Cavanaugh reviewed the preliminary Actuarial Valuation prepared by L&A with the Board. The final report will be reviewed by the Board at the next regular meeting. Oak Brook Police Pension Fund Meeting Minutes -April 29, 2024 Page 4 of 4 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: QILDRO Update -Mark Kozlowski: The Board noted the QILDRO Order, Calculation Order, Consent to Issuance and $50 processing fee have not been received for Mark Kozlowski. 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. The Board noted that the next regular meeting will be held July 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. ADJOURNMENT: A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to adjourn the meeting at 7:51 p .m. Motion carried unanimously by voice vote. The next regular meeting is sch edul ed for July 29, 2024 at 6:30 p.m. Board President or ~ Minutes approved by the Board of Trustees on ________ _ Minutes prepared by Cristina Martinez , Professional Services Administrator, Lauterbach & Amen, LLP