HomeMy WebLinkAboutMinutes - 07/18/2024 - 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
JULY 18, 2024
A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday,
July 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: Trustee Ebsen called the meeting to order at 9:00 a.m.
ROLL CALL:
PRESENT: Trustees Michael Lamplot, Rob Ebsen and Mark Bahnsen
ABSENT: Trustees John Fagan and Mike McCarthy
ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Amy Weslow,
Lauterbach & Amen, LLP (L&A); Heidi Andorfer, Foster & Foster (arrived at
9:05 a.m.)
TRUSTEE CONTINUING EDUCATION SESSION: Trustees 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: April 18, 2024 Regular Meeting and April 3, 2024 Special
Meeting: The Board reviewed the April 18, 2024 regular meeting minutes and the April 3, 2024 special
meeting minutes. A motion was made by Trustee Lamplot and seconded by Trustee Bahnsen to approve
the April 18, 2024 regular meeting minutes and the April 3, 2024 special 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.
Heidi Andorfer arrived at 9:05 a.m.
INVESTMENT REPORTS: Sawyer Falduto Asset Management, LLC Investment Performance Report:
Mr. Sawyer presented the Investment Performance Report for the period ending June 30, 2024. As of
June 30, 2024, the ending market value is $303,876.
FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette
Associates for the period ending May 31, 2024. As of May 31, 2024, the one-month total net return is
3.2% and the year-to-date total net return is 5.1% for an ending market value of $8,814,004,471. The
current asset allocation is as follows: Total Equity at 65.7%, Fixed Income at 29.4%, Real Estate at 4.4%
and Cash at 0.6%.
Oak Brook Firefighters’ Pension Fund
Meeting Minutes – July 18, 2024
Page 2 of 3
Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending May 31,
2024. The beginning value was $34,623,467.03 and the ending value was $35,595,331.11. The net return
was 3.18%.
A motion was made by Trustee Ebsen and seconded by Trustee Lamplot 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.
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 ended May 31, 2024 prepared by L&A. As of May 31, 2024 the net position held in trust for
pension benefits is $36,180,021.83 for a change in position of $1,238,408.11. 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 March 1, 2024 through May 31, 2024 for total disbursements in the amount of $32,750.23. A
motion was made by Trustee Lamplot and seconded by Trustee Ebsen to accept the Monthly Financial
Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the
amount of $32,750.23. 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.
COMMUNICATIONS AND REPORTS: 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: Applications for
Membership – Johnny Walylko: The Board reviewed the Application for Membership submitted by
Johnny Walylko. A motion was made by Trustee Ebsen and seconded by Trustee Bahnsen to accept
Johnny Walylko into the Oak Brook Firefighters’ Pension Fund effective June 24, 2024, as a Tier II
participant. Motion carried unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Discussion/Possible Action –
Line of Duty Disability Benefit – Tom Sinclair: The Board discussed the status of the line of duty
disability benefit for Tom Sinclair. Further discussion will be held at the next regular meeting.
OLD BUSINESS: Appointed Member Term Expiration – Mike McCarthy: The Board noted that Trustee
McCarthy’s appointed term expired April 30, 2024 and reappointment has been requested. Further
discussion will be held at the next regular meeting.
NEW BUSINESS: Review/Approve – Actuarial Valuation and Tax Levy Request: The Board reviewed
the Actuarial Valuation prepared by Foster and Foster. Based on data and assumptions, the recommended
municipal contribution is $2,685,441. A motion was made by Trustee Ebsen and seconded by Trustee