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Home My WebLink AboutMinutes - 07/29/2024 - Police Pension Fund BoardVILLAGE OF OAK B~£-J5i~- 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 JULY 29, 2024 A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Monday, 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, pursuant to notice. CALL TO ORDER: ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: Trustee Torlo called the meeting to order at 6:35 p.m. Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz None Cristina Martinez, Lauterbach & Amen, LLP (L&A); Alen Feldman, Member of the Public PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 29, 2024 Regular Meeting and June 24, 2024 Special Meeting: The Board reviewed the April 29, 2024 regular meeting minutes and the June 24, 2024 special meeting minutes. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to approve the April 29, 2024 regular meeting minutes and the June 24, 2024 special meeting minutes as written. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: The Board reviewed the closed session meeting minutes. A motion was made by Trustee Foltyniewicz and seconded by Trustee Caspers to publish the March 31, 2021 closed session 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 five-month period ending May 31, 2024 prepared by L&A. As of May 31, 2024, the net position held in trust for pension benefits is $45,859,099.49 for a change in position of $1,169,694.45. 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 March 1, 2024 through May 3 1, 2024 for total disbursements of $13,213.06. 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 $13,213.06. 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 changes are needed at this time. Oak Brook Police Pension Fund Meeting Minutes -July 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 May 31, 2024. As of May 31, 2024 the beginning value was $42,817,828.74 and the ending value was $43,867,900.40 and the month-to- date net return was 2.82%. IPOPIF -Verus Advisory, Inc .: The Board reviewed the Verus Advisory, Inc. Monthly Summary for the month ending May 31, 2024. As of May 31, 2024 the market value wa<; $10,419,890,794 and the year-to- date net return for the Illinois Police Officers' Pension Investment Fund (IPOPIF) was 4.4%. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2023 Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board for their records. Active Member File Maintenance : The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership -Kevin Manetti: The Board reviewed the Application for Membership submitted by Kevin Manetti. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to accept Kevin Manetti into the Oak Brook Police Pension Fund effective May 28, 2024, as a Tier II participant, pending the submission of his revised application for membership reflecting the correct hire date. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENTIDISABILITY BENEFITS: Approve Regular Retirement Benefits -Mark King: The Board reviewed the regular retirement benefit calculation for Mark King prepared by L&A. Deputy Chief King had an entry date of January 3, 1994, retirement date of May 31, 2024, effective date of pension of June 1, 2024, 60 years of age at date ofretirement, 30 years of creditable service, applicable salary of $153,927.35, applicable pension percentage of 75%, amount of originally granted monthly pension of $9 ,620.46 and amount of originally granted annual pension of $115,445.52. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to approve Mark King's regular retirement benefit calculated by L&A. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None 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. IDOi Annual Statement: The Board noted that the IDOi Annual Statement has been completed and submitted to the Department of Insurance prior to the June 30, 2024 deadline. NEW BUSINESS: Discussion/Possible Action -Fiduciary Liability Insurance Renewal: The Board discussed the fiduciary liability insurance renewal provided by Mesirow Insurance Services, Inc through Ullico. Further discussion will be held at the next regular meeting. 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. Oak Brook Police Pension Fund Meeting Minutes -July 29, 2024 Page 3 of3 FOIA Officer and OMA Designee : The Board discussed maintaining Sylwia Slodyczka as the FOIA Officer and OMA Designee. A motion was made by Trustee Caspers and seconded by Trustee Foltyniewicz to maintain the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. Review/Approve -Actuarial Valuation and Tax Levy Request and Review/Adopt -Muni cip al Comp liance Report: The Board discussed the final Actuarial Valuation and Municipal Compliance Report. A mo tio n was made by Trustee Foltyniewicz and seconded by Trustee Caspers to table these agenda items to be discussed at the next regular meeting. TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Appro val of Trustee Tr a ining Registration Fees and Re imbursable Exp enses: Th e Board reviewed Trust ee Fol tyniewicz s training re imburse ment. A mot ion was made by Trus tee Cas pers and seconded by Trus tee Torlo to approve Trustee Foltyniewicz's training reimbu rs em ent for th e 2024 IPPFA Spring Conference expenses in the amount of$556.17. Motion carried by roll call vote. A YES: Trustees Torlo, Caspers and Foltyniewicz NAYS: None ABSENT: None ATTORNEY'S REPORT -REIMER DOBROVOLNY & LABARDI PC: QILDRO Update -Mark Ko z lowski: The Board noted the QILDRO Order, Calculation Order, Consent to Issuance and $50 processing fee have not been received for Mark Kozlowski. Updates will be provided to the Board 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 Monday , October 14, 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 Caspers and seconded by Trustee Foltyniewicz to adjourn the meeting at 7 : 18 p.m. Motion carried unanimously by voice vote. ~neeting is sc.i::iee-1:1-1-Cl!l for October 14, 2024 at 6:30 p.m. Board President or Secretary Minutes approved by the Board of Trustees on _""""/.-"-',l--~l_'l_·;l~'f._ __ Minutes prepared by Cristina Martinez, Professional Services Administrator, Lauterbach & Amen, LLP