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HomeMy WebLinkAboutMinutes - 10/17/2024 - 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 OCTOBER 17, 2024 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday, October 17, 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 9:02 a.m. ROLL CALL: PRESENT: President John Fagan, Trustees Rob Ebsen, Michael Lamplot, Mike McCarthy and Mark Bahnsen ABSENT: None ALSO PRESENT: Ed Lavin, Sawyer Falduto Asset Management, LLC (SFAM); Amy Weslow, Lauterbach & Amen, LLP (L&A); Greg Kiesewetter, Cook Castle Associates LLC TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Ebsen, Lamplot, McCarthy 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: July 18, 2024 Regular Meeting: The Board reviewed the July 18, 2024 regular meeting minutes. A motion was made by Trustee Lamplot and seconded by Trustee Fagan to approve the July 18, 2024 regular meeting minutes as written. Motion carried unanimously by voice vote. INVESTMENT REPORTS: Sawyer Falduto Asset Management, LLC Investment Performance Report: Mr. Lavin presented the Investment Performance Report for the period ending September 30, 2024. As of September 30, 2024, the ending market value is $306,110. FPIF – Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette Associates for the period ending August 31, 2024. As of August 31, 2024, the one-month total net return is 2.0% and the year-to-date total net return is 11.2% for an ending market value of $9,435,387,335. The current asset allocation is as follows: Total Equity at 65.1%, Fixed Income at 28.9%, Total Alternatives at 4.4% and Cash at 1.6%. Statement of Results: The Board reviewed the FPIF Statement of Results for the period ending August 31, 2024. The beginning value was $36,475,022.36 and the ending value was $37,086,074.74. The net return is 2.02%. A motion was made by Trustee Fagan and seconded by Trustee McCarthy 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 – October 17, 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 eight- month period ended August 31, 2024 prepared by L&A. As of August 31, 2024 the net position held in trust for pension benefits is $37,969,278.86 for a change in position of $3,027,665.14. 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 June 1, 2024 through August 31, 2024 for total disbursements in the amount of $30,216.98. 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 $30,216.98. Motion carried unanimously by voice vote. Additional Bills, if any: There were no additional bills presented for approval. Review/Update – Cash Management Policy and GCM Recurring Withdrawal Instructions for 2025: The Board reviewed the current cash management policy and the GCM Recurring Withdrawal Instructions for 2025. A motion was made by Trustee Lamplot and seconded by Trustee Fagan to establish the Schwab Money Market account minimum balance at $320,000 and the maximum balance at $370,000, with funds exceeding the maximum balance to be transferred to FPIF for investment on behalf of the Fund and to set the 2025 monthly recurring deposits at $320,000 from FPIF. Motion carried by roll call vote. AYES: Trustees Fagan, Ebsen, Lamplot, McCarthy and Bahnsen NAYS: None ABSENT: None 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: Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners December 1, 2024. Further discussion will be held at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There are no applications for membership or withdrawals from the fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Discussion/Possible Action – Line of Duty Disability Benefit – Tom Sinclair: The Board noted that there will be a disability hearing regarding the line of duty disability benefit application of Tom Sinclair on October 21, 2024 at 8:30 a.m. Further discussion will be held at the next regular meetn OLD BUSINESS: Appointed Member Term Expiration – Mike McCarthy: The Board noted that Trustee McCarthy was reappointed to the Oak Brook Firefighters’ Pension Fund Board of Trustees with a term expiration date of April 30, 2026. Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Fagan and seconded by Trustee Ebsen to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried unanimously by voice vote.