HomeMy WebLinkAboutMinutes - 06/24/2024 - Police Pension Fund BoardVILLAGE OF
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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 SPECIAL MEETING OF
THE BOARD OF TRUSTEES
JUNE 24, 2024
A special meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Monday,
June 24, 2024 at 7:00 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: Trustee Torlo called the meeting to order at 7:05 p.m.
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Trustees Velia Torlo, Ed Caspers and Reid Foltyniewicz
None
Cristina Martinez and Michael May, Lauterbach & Amen, LLP (L&A);
Finance Director Marilyn Fumero, Village of Oak Brook
PUBLIC COMMENT: There was no public comment.
DISCUSSION -PENSION PAYMENTS AND JULY PAYROLL: The Board discussed
pension payments and July payroll and noted the Oak Brook Police Pension Fund's BMO Bank
account has been opened and made available to issue benefit payments to all pensioners.
REVIEW/UPDATE-CASH MANAGEMENT POLICY: The Board discussed the balance in
the BMO Bank Money Market account. A motion was made by Trustee Foltyniewicz and seconded
by Trustee Caspers to maintain a minimum cash balance of $500,000 in the BMO Bank Money
Market account and to direct L&A to transfer all funds in excess of $750,000 to IPOPIF to be used
for investment purposes. Motion carried by roll call vote.
A YES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
The Board also discussed the balance in the BMO Bank account. A motion was made by Trustee
Foltyniewicz and seconded by Trustee Caspers to maintain a minimum cash balance of $10,000 in
the BMO Bank account and to direct L&A to transfer all funds in excess of $15,000 to IPOPIF to
be used for investment purposes. Motion carried by roll call vote.
A YES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
REPEAT MONTHLY WITHDRAWAL INSTRUCTIONS FOR 2024: The Board reviewed
the Repeat Withdrawal Instructions for 2024. A motion was made by Trustee Foltyniewicz and
Oak Brook Police Pension Fund
Meeting Minutes -June 24, 2024
Page 2 of2
seconded by Trustee Caspers to set the 2024 monthly repeat deposits at $340,000 from IPOPIF
starting August 2024. Motion carried by roll call vote.
A YES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
The Board also discussed payroll for July 2024 and August 2024. A motion was made by Trustee
Caspers and seconded by Trustee Foltyniewicz to withdrawal $340,000 from the BMO Bank
Money Market account to fund payroll until repeat withdrawals from IPOPIF become available in
the BMO Bank checking account. Motion carried by roll call vote.
A YES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
REVIEW/POSSIBLY APPROVE -RESOLUTION FOR AUTHORIZED AGENTS AND
ACCOUNT REPRESENTATIVES FOR IPOPIF: The Board reviewed the Resolution
Authorizing Account Representatives for the eCFM portal. A motion was made by Trustee
Foltyniewicz and seconded by Trustee Caspers to adopt the resolution appointing Trustees Torlo,
Foltyniewicz and Caspers as account representatives with input and approval access and L&A
Representative Susan Hill as authorized account representative with input access only. Motion
carried by roll call vote.
A YES: Trustees Torlo, Caspers and Foltyniewicz
NAYS: None
ABSENT: None
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Foltyniewicz and seconded by Trustee
Caspers to adjourn the meeting at 7:37 p.m. Motion carried unanimously by voice vote.
The next regular meetin g is sc hedul ed fo r July 29, 2024 at 6:30 p.m.
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Minutes approved by the Board of Trustees on ________ _
Minutes prepared by Cristina Martinez, Professional Services Administrator, Lauterbach & Amen, LLP
07/29/2024