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Home My WebLink AboutMinutes - 04/17/2025 - Police Pension Fund BoardVILLAGE OF OAKB~~~ 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 REGULAR MEETING OF THE BOARD OF TRUSTEES APRIL 17, 2025 A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on Thursday, April 17, 2025 at 2:00 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: ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: Trustee Torlo called the meeting to order at 2:07 p.m. Trustees Velia Torlo, Ed Caspers and Paul Plinske None Cristina Martinez and Kevin Cavanaugh, Lauterbach & Amen (L&A); Sergeant Garrett Church, Oak Brook Police Department; Alan Feldman, Member of the Public PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES:January 21, 2025 Regular Meeting: The Board reviewed the January 21, 2025 regular meeting minutes. A motion was made by Trustee Caspers and seconded by Trustee Plinske to approve the January 21, 2025 regular meeting minutes as written. Motion carried unanimously by voice vote. ACCOUNTANT'S REPORT -LAUTERBACH & AMEN: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the three-month period ending March 31, 2025 prepared by L&A. As of March 31, 2025, the net position held in trust for pension benefits was $48,152,395.33 for a change in position of ($264,510.74). The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and the Quarterly Disbursement Report for the period January 1, 2025 through March 31, 2025 for total disbursements of $19,242.81. A motion was made by Trustee Caspers and seconded by Trustee Plinske to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $19,242.81. Motion carried by roll call vote. AYES: Trustees Torlo, Caspers and Plinske NAYS: None ABSENT: None Additional Bills, if any: There were no additional bills presented for approval. Oak Brook Police Pension Fund Meeting Minutes -April 17, 2025 Page 2 of 4 Discussion/Possible Action -Cash Management Policy: The Board discussed the Cash Management Policy. A motion was made by Trustee Caspers and seconded by Trustee Plinske to increase the 2025 monthly repeat deposits from $350,000 to $400,000 from IPOPIF beginning May 2025. Motion carried by roll call vote. AYES: Trustees Torlo, Caspers and Plinske NAYS: None ABSENT: None INVESTMENT REPORT: IPOPIF -Verus Advisory, Inc.: The Board reviewed the IPOPIF Investment Performance Review prepared byVerus Advisory, Inc. for the period ending February 28, 2025. As of February 28, 2025, the one-month total net return was (0.1%) and the year-to-date total net return was 2.4 % for an ending market value of $12,934,630,123. State Street Statements: The Board reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the period ending March 31, 2025. As of March 31 1 2025 1 the beginning value was $49,018,408.48, the ending value was $47,703,445.10 and the month-to-date net return was (1.93%). COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2024 Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board for their recordkeeping. Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 11 2025. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership - Nicholas Hatler: The Board reviewed the Application for Membership submitted by Nicholas Hatler. A motion was made by Trustee Caspers and seconded by Trustee Plinske to accept Nicholas Hatler into the Oak Brook Police Pension Fund effective February 24, 2025, as a Tier II participant. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits - Scott Warren: The Board reviewed the regular retirement benefit calculation for Scott Warren prepared by L&A. Detective Warren had an entry date of September 23, 2002, retirement date of March 28, 2025, effective date of pension of March 29, 2025, 54 years of age at date of retirement, 22 years of creditable service, applicable salary of $124,662, applicable pension percentage of 55%1 amount of originally granted monthly pension of $5,713.68 and amount of originally granted annual pension of $68,564.16. A motion was made by Trustee Caspers and seconded by Trustee Plinske to approve Scott Warren's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torlo, Caspers and Plinske NAYS: None ABSENT: None Deceased Pensioner-James Romani/Approval of Surviving Spouse Benefits -Christine Romani: The Board noted that James Romani passed away on January 1, 2025. The Board reviewed the surviving spouse benefit calculation for Christine Romani with an effective date of January 2, 2025 for a monthly Oak Brook Police Pension Fund Meeting Minutes -April 17, 2025 Page 3 of 4 benefit of $6,244.01 with no additional increases. A motion was made by Trustee Caspers and seconded by Trustee Plinske to approve the surviving spouse benefit of Christine Romani calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torlo, Caspers and Plinske NAYS: None ABSENT: None OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Portability Updates -Nicholas Hatler, Libu Mathew and Patrick Scanlon: The Board noted Nicholas Hatler submitted his request to transfer creditable service under portability and the calculations are in process. Further discussion will be held at the next regular meeting. The Board also noted that they are awaiting a transfer from the Bensenville Police Pension Fund to complete Libu Mathew's portability. Further discussion will be held at the next regular meeting. The Board also noted that L&A mailed correspondence to Patrick Scanlon regarding his request to transfer creditable service under portability, and he has chosen to move forward with the calculations as outlined. Further discussion will be held at the next meeting. Certify Board Election Results -Active Member Position: L&A conducted an election for one of the active member positions on the Oak Brook Police Pension Fund Board of Trustees. Garrett Church ran unopposed and was elected for a two-year term expiring May 11, 2027. A motion was made by Trustee Caspers and seconded by Trustee Plinske to certify the active member election results. Motion carried unanimously by voice vote. IDOI Annual Statement: The Board noted that the IDOi Annual Statement is in process and the final report will be sent to the Board for review upon completion. Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation prepared by L&A. The final report will be reviewed by the Board at the next regular meeting. 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: QILDRO Update -Mark Kozlowski : The Board noted the QJLDRO Order, Consent to Issuance, and the $50 processing fee for Mark Kozlowski have been received. The Calculation order and additional $50 processing fee remain outstanding. Further updates will be provided as they become available. Legal Updates : The Board was provided with the Reimer Dobrovolny & LaBardi PC Legal and Legislative Update quarterly newsletter for their review. Oak Brook Police Pension Fund Meeting Minutes -April 17, 2025 Page4of 4 CLOSED SESSION, IF NEEDED: There was no need for closed session. The Board noted that the next regular meeting will be held Tuesday, July 15, 2025 at 2:00 p.m. in the Upper-Level Conference Room at the Butler Government Center located at 1200 Oak Brook Road, Oak Brook, Illinois 60523. ADJOURNMENT: A motion was made by Trustee Caspers and seconded by Trustee Plinske to adjourn the meeting at 2:29 p.m. Mo ·on carried un lmouslybyvoicevote. Minutes approved by the Board of Trustees on __ 7--'--j/f-'/=--j_-...,/f-'z_s--___ _ Minutes prepared by Cristina Martinez, Professional Services Administrator, Lauterbach & Amen