HomeMy WebLinkAboutMinutes - 07/15/2025 - Police Pension Fund BoardVILLAGE OF
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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
JULY15, 2025
A regular meeting of the Oak Brook Police Pension Fund Board of Trustees was held on 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, pursuant to notice.
CALL TO ORDER:
ROLL CALL:
PRESENT:
ABSENT:
ALSO PRESENT:
Trustee Torlo called the meeting to order at 2:08 p.m.
Trustees Velia Torlo, Paul Plinske and Garrett Church
None
Cristina Martinez, Lauterbach & Amen (L&A); Ed Caspers, Oak Brook Police
Department; Alan Feldman, Member of the Public
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: April 17, 2025 Regular Meeting: The Board reviewed the April 17,
2025 regular meeting minutes. A motion was made by Trustee Plinske and seconded by Trustee
Church to approve the April 17, 2025 regular 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.
ACCOUNTANT'S REPORT -LAUTERBACH & AMEN: Monthly Financial Report and Presentation and
Approval of Bills: The Board reviewed the Monthly Financial Report for the six-month period ending
June 30, 2025 prepared by L&A. As of June 30, 2025, the net position held in trust for pension benefits
was $52,014,500.82 for a change in position of $3,539,594.13. 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 April 1, 2025 through June 30, 2025 for total disbursements of $22,349.51. A motion was
made by Trustee Plinske and seconded by Trustee Church to accept the Monthly Financial Report as
presented and to approve the disbursements shown on the Quarterly Disbursement Report in the
amount of $22,349.51. Motion carried by roll call vote.
AYES: Trustees Torlo, Plinske and Church
NAYS: None
ABSENT: None
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action -Cash Management Policy : The Board reviewed the Resolution for
Authorized Agents and Account Representatives from IPOPIF. A motion was made by Trustee Plinske
Oak Brook Police Pension Fund
Meeting Minutes -July 15, 2025
Page 2 of 4
and seconded by Trustee Church to remove Trustee Torlo and appoint Trustees Plinske and Church
as authorized agents and representatives for the eCFM portal for the Oak Brook Police Pension Fund.
Motion carried by roll call vote.
AYES: Trustees Torlo, Plinske and Church
NAYS: None
ABSENT: None
INVESTMENT REPORT: IPOPIF -Verus Advisory, Inc.: The Board reviewed the IPOPIF Investment
Performance Review prepared by Verus Advisory, Inc. for the period ending May 31, 2025. As of May
31, 2025, the one-month total net return was 3.7°/o and the year-to-date total net return was 5.5%
for an ending market value of $13,302,951,645.
State Street Statements: The Board reviewed the IPOPIF Market Value Summary and Statement of
Transaction Detail for the period ending June 30, 2025. As of June 30, 2025, the beginning value was
$49,518,363.42, the ending value was $51,122,644.27 and the month-to-date net return was 3.07°/o.
COMMUNICATIONS AND REPORTS: Active Member File Maintenance: The Board noted that L&A
prepared Active Member File Maintenance letters for distribution to all active members requesting
any additional pension file documents.
Pension Fund Records Management: The Board reviewed the L&A engagement letter for the Records
Inventory and Disposal Service and declined the service. No further action is needed .
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for
membership of withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: Portability Updates -Nicholas Hatler, Libu Mathew and Patrick Scanlon: The Board
discussed Nicholas Hatler, Libli Mathew and Patrick Scanlon' s transfer of creditable service. A motion
was made by Trustee Plinske and seconded by Trustee Church to accept Nicholas Hatler's transfer as
paid in full in the amount of $74,597.60 from the Glendale Heights Police Pension Fund to the Oak
Brook Police Pension Fund and to revise Nicholas Hatler's hire date from February 24, 2025 to
February 21, 2021; accept Libu Mathew's transfer as paid in full in the amount of $210,073.08 from
the Bensenville Police Pension Fund to the Oak Brook Police Pension Fund and to revise Libu
Mathew's hire date from January 6, 2025 to August 29, 2015; and accept Patrick Scanlon's transfer as
paid in full in the amount of $204,216.76 from the Bensenville Police Pension Fund to the Oak Brook
Police Pension Fund and to revise Patrick Scanlon's hire date from November 12, 2024 to March 26,
2016. Motion carried by roll call vote.
AYES: Trustees Torlo, Plinske and Church
NAYS: None
ABSENT: None
IDOI Annual Statement: The Board noted that the IDOi Annual Statement has been completed and
submitted to the Department of Insurance prior to the June 30,2025 deadline .
Oak Brook Police Pension Fund
Meeting Minutes -July 15, 2025
Page 3 of 4
NEW BUSINESS: Certify Board Special Elections Results -Retired Member Position: L&A conducted a
special election for the retired member position on the Oak Brook Police Pension Fund Board of
Trustees. Vel Torlo ran unopposed and was elected for an unexpired two-year term ending May 12,
2026. A motion was made by Trustee Plinske and seconded by Trustee Church to certify the retired
member election results. Motion carried unanimously by voice vote.
Board Officer Elections -President, Vice President, Secretary and Assistant Secretary: The Board discussed
Board Officer Elections and nominated the slate of Officers as follows: Trustee Torlo as President,
Trustee Plinske as Vice President and Trustee Church as Secretary. A motion was made by Trustee
Torlo and seconded by Trustee Church to elect the slate of Officers as stated. Motion carried
unanimously by voice vote.
FOIA Officer and OMA Designee: The Board discussed designating Trustee Plinske as the FOIA Officer
and OMA Designee. A motion was made by Trustee Plinske and seconded by Trustee Church to
designate the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote.
Discussion/Possible Action -Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary
liability insurance renewal provided by Mesirow Insurance Services, Inc through Ullico Casualty
Group, LLC. A motion was made by Trustee Plinske and seconded by Trustee Church to approve
payment of the fiduciary liability insurance renewal effective August 1, 2025 through August 1, 2026
in the amount of $4,329. Motion carried unanimously by roll call vote.
AYES: Trustees Torlo, Plinske and Church
NAYS: None
ABSENT: None
Review/Approve -Actuarial Valuation and Tax Levy Request: The Board discussed the Actuarial
Valuation and noted the actuarial valuation will be available for review and approval at the next
regular meeting.
Review/Adopt -Municipal Compliance Report: The Board noted the Municipal Compliance Report will
be available for review and approval 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: The Board discussed the
upcoming 2025 IPPFA MidAmerican Pension Conference. A motion was made by Trustee Plinske and
seconded by Trustee Church to approve the registration fees for trustees interested in attending the
2025 IPPFA MidAmerican Pension Conference and to direct L&A to register Trustee Torlo for the
event. Motion carried by roll call vote.
AYES: Trustees Torlo, Plinske and Church
NAYS: None
ABSENT: None
10/16/2025
Oak Brook Police Pension Fund
Meeting Minutes -July 15, 2025
Page 4of 4
ATTORNEY'S REPORT -REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board was
provided with the Reimer Dobrovolny & LaBardi PC Legal and Legislative Update quarterly newsletter
for their review.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
The Board noted that the next regular meeting will be held Thursday, October 16, 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 Torlo and seconded by Trustee Plinske to adjourn
the meeting at 2:44 p.m. Motion carried unanimously by voice vote.
2:oop.m.
Board Pr
Minutes approved by the Board of Trustees on ___________ _c
Minutes prepared by Cristina Martinez, Professional Services Administrator, Lauterbach & Amen