HomeMy WebLinkAboutMinutes - 04/18/2024 - Firefighter's Pension Fund BoardVILLAGE OF OAK BROOK
BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND
WEST WING 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 OAK BROOK FIREFIGHTERS’ PENSION FUND
BOARD OF TRUSTEES
APRIL 18, 2024
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
April 18, 2024 at 9:00 a.m. in the Butler Government Center, located at 1200 Oak Brook Road, Oak
Brook, Illinois 60523, pursuant to notice.
CALL TO ORDER: President Fagan called the meeting to order at 9:00 a.m.
ROLL CALL:
PRESENT: President John Fagan, Trustees Mike McCarthy, Michael Lamplot, Rob Ebsen
and Mark Bahnsen
ABSENT: None
ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Amy Weslow,
Lauterbach & Amen, LLP (L&A)
TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, McCarthy, Lamplot, Ebsen and
Bahnsen attended a one-hour Trustee training education course from 8:00 a.m. to 9:00 a.m. presented by
Sawyer Falduto Asset Management, LLC.
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: January 18, 2024 Regular Meeting and February 16, 2024
Special Meeting: The Board reviewed the January 18, 2024 regular meeting minutes and the February 16,
2024 special meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee McCarthy
to approve the January 18, 2024 regular meeting minutes and the February 16, 2024 special meeting
minutes as written. Motion carried unanimously by voice vote.
INVESTMENT REPORTS: Sawyer Falduto Asset Management, LLC Investment Performance Report:
Mr. Sawyer presented the Investment Performance Report for the period ending March 31, 2024. As of
March 31, 2024, the ending market value is $301,616.
FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette
Associates for the period ending February 29, 2024. As of February 29, 2024, the one-month total net
return is 2.4% and the year-to-date total net return is 2.3% for an ending market value of $8,578,910,197.
The current asset allocation is as follows: Total Equity at 68.1%, Fixed Income at 26.9%, Real Estate at
4.5% and Cash at 0.5%.
Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending February
29, 2024. The beginning value was $34,291,457.96 and the ending value was $34,831,937.60. The net
return was 2.45%.
A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to accept the Sawyer Falduto
Investment Performance Report as presented and to acknowledge receipt of the FPIF Monthly Summary
and Statement of Results. Motion carried unanimously by voice vote.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – April 18, 2024
Page 2 of 3
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the two-month
period ended February 29, 2024 prepared by L&A. As of February 29, 2024 the net position held in trust
for pension benefits is $35,493,690.50 for a change in position of $552,076.78. The Board also reviewed
the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll
Journal, Quarterly Deduction Report, Quarterly Transfer Report and Quarterly Disbursement Report for
the period December 1, 2023 through February 29, 2024 for total disbursements in the amount of
$20,363.71. A motion was made by Trustee Fagan and seconded by Trustee Lamplot to accept the
Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly
Disbursement Report in the amount of $20,363.71. Motion carried unanimously by voice vote.
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 that no changes are required at this time.
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.
OMA/FOIA Training Update: The Board discussed the OMA and FOIA training. Trustees were reminded
to submit any certificates of completion to L&A for recordkeeping.
COMMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board was reminded
that the Statements of Economic Interest are due by May 1, 2024.
Affidavits of Continued Eligibility: The Board noted that all Affidavits of Continued Eligibility have been
received and the originals will be given to the Board for their recordkeeping.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for
Membership – Ivan Gaytan, Michael Loconti, and Kevin Weier: The Board reviewed the Applications for
Membership submitted by Ivan Gaytan, Michael Loconti and Kevin Weier. A motion was made by
Trustee Ebsen and seconded by Trustee Fagan to accept Ivan Gaytan effective August 21, 2023 and
Michael Loconti and Kevin Weier effective December 20, 2023 into the Oak Brook Firefighters’ Pension
Fund as Tier II participants. Motion carried unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Surviving Spouse
Benefit – Natalie Sinclair: The Board noted that Tom Sinclair passed away on February 9, 2024. Mr.
Sinclair had an entry date of January 13, 2016, 8 years of creditable service at the time of death,
applicable salary of $112,204.06. The Board reviewed the surviving spouse benefit calculation for Natalie
Sinclair prepared by L&A with an effective date of February 10, 2024 for a monthly benefit of $5,049.18
with no additional increases and noted the amount of annual pension of $60,590.16. The Board also noted
a prorated benefit from February 10, 2024 to February 29, 2024 in the amount of $3,482.19 was issued. A
motion was made by Trustee Fagan and seconded by Trustee Lamplot to approve the surviving spouse
benefit of Natalie Sinclair calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Fagan, McCarthy, Lamplot, Ebsen and Bahnsen
NAYS: None
ABSENT: None