HomeMy WebLinkAboutMinutes - 10/21/2021 - Police Pension Fund BoardMINUTES OF A REGULAR MEETING OF THE
OAK BROOK POLICE PENSION FUND BOARD OF TRUSTEES
OCTOBER 21, 2021
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Thursday, October
21, 2021 at 6:15 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 Feldman called the meeting to order at 6:22 p.m.
ROLL CALL:
PRESENT: Trustees Alan Feldman, Ed Caspers, Hitesh Patel and Reid Foltyniewicz
ABSENT: Trustee Velia Torlo
ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Phil Kosmala, Taiber
Kosmala and Associates, LLC; Bruce Heniken, Fifth Third Investments; Molly
Weslow, Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: July 29, 2021 Regular Meeting: The Board reviewed the July
29, 2021 regular meeting minutes. A motion was made by Trustee Caspers and seconded by Trustee Patel
to approve the July 29, 2021 regular 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 eight-month
period ending August 31, 2021 prepared by L&A. As of August 31, 2021, the net position held in trust for
pension benefits is $49,154,873.68 for a change in position of $4,317,752.08. The Board also reviewed the
Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and
the Vendor Check Report for the period June 1, 2021 through August 31, 2021 for total disbursements of
$168,201.11. 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 Vendor Check
Report in the amount of $168,201.11. Motion carried by roll call vote.
AYES: Trustees Feldman, Caspers, Patel and Foltyniewicz
NAYS: None
ABSENT: Trustee Torlo
Additional Bills, if any: There were no additional bills presented for approval.
INVESTMENT REPORT: Taiber Kosmala and Associates, LLC: Mr. Kosmala presented the Quarterly
Investment Report for the period ending September 30, 2021. Mr. Kosmala reviewed the Overall Portfolio,
Market Indexes, Bond Portfolio, Equities and Transaction Ledger. As of September 30, 2021, the quarter-
to-date net return is (0.21%) for an ending market value $47,137,122. The current asset allocation is:
32.84% Large Cap; 10.71% Small Cap; 16.56% Equity; 34.65% Fixed Income; 2.75% Public Real Estate;
and 2.49% Cash & Equivalents. A motion was made by Trustee Caspers and seconded by Trustee
Foltyniewicz to accept the Quarterly Investment Report as presented. Motion carried unanimously by voice
vote.
The Board discussed rebalancing the portfolio. A motion was made by Trustee Caspers and seconded by
Trustee Feldman to authorize Taiber Kosmala and Associates, LLC to liquidate the Harding Loevner non -
Oak Brook Police Pension Fund
Meeting Minutes – October 21, 2021
Page 2 of 3
US equity account and reallocate the proceeds into the Fund’s cash account. Motion carried by roll call
vote.
AYES: Trustees Feldman, Caspers, Patel and Foltyniewicz
NAYS: None
ABSENT: Trustee Torlo
The Board discussed rebalancing the bond portfolio. A motion was made by Trustee Foltyniewicz and
seconded by Trustee Patel to direct Taiber Kosmala and Associates, LLC and Fifth Third Investments to
not reinvest any bonds until further notice. Motion carried by roll call vote.
AYES: Trustees Feldman, Caspers, Patel and Foltyniewicz
NAYS: None
ABSENT: Trustee Torlo
Fifth Third Investments: Mr. Heniken presented the Investment Review for the period ending September
30, 2021. As of September 30, 2021, the quarter-to-date net return is (0.1%) with total earnings of
($9,996.94) for an ending market value of $14,012,179.11. The current asset allocation is: Fixed Income
at 98.39% and Cash & Equivalents at 1.61%. The asset composition for the fixed income portfolio,
reconciliation and holdings summaries and quarterly market insights were reviewed with the Board. A
motion was made by Trustee Caspers and seconded by Trustee Feldman to accept the Investment Review
as presented. Motion carried unanimously by voice vote.
Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no
changes are required at this time.
Mr. Kosmala and Mr. Heniken left the meeting at 7:02 p.m.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that
Affidavits of Continued Eligibility will be mailed to all pensioners with the December payroll cycle. A
status update will be provided at the next regular meeting.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal
Compliance Report prepared by L&A. A motion was made by Trustee Patel and seconded by Trustee
Feldman to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary.
Motion carried unanimously by voice vote.
Portability Update – Donald Krenner: The Board noted that L&A mailed correspondence to Donald
Krenner regarding his request to calculate the amount of money due to the Oak Brook Police Pension Fund
to combine service under portability, but no response has been received to date. Further discussion will
be held at the next regular meeting.
NEW BUSINESS: Transfer of Creditable Service from IMRF Pursuant to HB-126 – James Kruger: The
Board noted that L&A mailed correspondence to James Kruger regarding his request to calculate the
amount of money due to combine service from IMRF, but no response has been received to date. Further
discussion will be held at the next regular meeting.
Oak Brook Police Pension Fund
Meeting Minutes – October 21, 2021
Page 3 of 3
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.
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board
was provided with the Reimer Dobrovolny & LaBardi PC Legal and Legislative Update newsletter for their
review.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Foltyniewicz and seconded by Trustee Patel to adjourn
the meeting at 7:10 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for January 20, 2022 at 6:15 p.m.
_______________________________________________
Board President or Secretary
Minutes approved by the Board of Trustees on ___________________.
Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach & Amen, LLP