Minutes - 03/13/2014 - Police Pension Fund BoardVILLAGE OF OAK BROOK
BOARD OF TRUSTEES OF THE POLICE PENSION FUND - Minutes
March 13, 2014
UNOFFICIAL UNTIL APPROVED AS WRITTEN
OR AS AMENDED BY BOARD OF TRUSTEES OF THE
POLICE PENSION FUND ON April 21, 2014
1. CALL TO ORDER:
The Special Joint Meeting of March 13, 2014 of the Board of Trustees of the Oak Brook Police Pension
Fund and Firefighters Pension Fund was called to order by Vice President Alan Feldman at 3:13 p.m. in the
Samuel E. Dean Board Room of the Butler Government Center, 1200 Oak Brook Road, Oak Brook, Illinois.
2. ROLL CALL:
The roll was called with the following persons
PRESENT: Vice President Alan Feldman, Secretary Edward Caspers, Trustee Hitesh Patel, Trustee
Benjamin Kadolph
ABSENT: President Vel Torlo (arrived after Roll Call)
IN ATTENDANCE: Finance Director Sharon Dangles, Firefighters Pension Board Members: Tim
Schlindwein, Mark Fleishman, John Fagan, George Kouba, Mike Erickson.
3. PENDING BUSINESS:
a. Discussion regarding responses received regarding Request for Proposal for Investment Consultants
Trustee Patel provided some insight regarding the respondents to the Request for Proposal. Discussion
ensued, including an active vs. passive investment strategy.
Motion by Secretary Caspers, seconded by Vice President Feldman, to maintain status quo with the
current investment consulting services, and to continue to take a hard look at the process in a year
from now and to continue to communicate expectations and concerns to the current investment
consultants.
ROLL CALL:
Ayes: 4 – Vice President Feldman, Secretary Caspers, Trustee Patel, Trustee Kadolph
Nays: 0 – None
Absent: 1 – President Torlo. Motion carried.
b. Discussion and action regarding 2014 Actuarial Report
Vice President Feldman stated he had contacted Todd Schroeder regarding the suggested changes to the
actuarial report. He expressed concerns about the unexpected demographic increases on page 4 and also
referred to page 11. He suggested that it appeared to be a shifting of categories and stated that Mr.
Schroeder was researching these concerns.
Motion by Vice President Feldman, seconded by Secretary Caspers, to approve the Actuarial Report
subject to an explanation of the unexpected demographic changes.
ROLL CALL:
Ayes: 4 – Vice President Feldman, Secretary Caspers, Trustee Patel, Trustee Kadolph
Nays: 0 – None
Absent: 1 – President Torlo. Motion carried.
4. NEW BUSINESS:
a. Pension Trustee Training
President Torlo entered the meeting at approximately 4:03 p.m.
BOARD OF TRUSTEES OF THE POLICE PENSION FUND
Minutes Page 1 of 2 March 13, 2014
Finance Director Dangles exited the meeting at approximately 4:03 p.m.
ROLL CALL FOR TRAINING SESSION:
The roll was called with the following persons
PRESENT: President Vel Torlo, Vice President Alan Feldman, Secretary Edward Caspers, Trustee Hitesh
Patel, Trustee Benjamin Kadolph, Firefighters Pension Board Trustees: Tim Schlindwein, Mark
Fleishman, John Fagan, George Kouba, Mike Erickson, Police Pension Clerk Rose Kane
Pension Trustee Training was conducted including the following topics:
o Risk
o Derivatives: Introduction
Motion by President Torlo, seconded by Trustee Kadolph, to adjourn for a dinner break at 6:09 p.m.
VOICE VOTE. Motion carried.
Motion by Secretary Caspers, seconded by Trustee Kadolph, to reconvene the training session at
6:37 p.m. VOICE VOTE. Motion carried.
5. ADJOURNMENT:
Motion by Vice President Feldman, seconded by Secretary Caspers, to adjourn the Special Joint
Meeting of the Board of Trustees of the Police Pension Fund and Firefighters Pension Fund at 7:07
p.m. VOICE VOTE: Motion carried.
ATTEST:
Edward J. Caspers /s/
Edward Caspers, Secretary
Board of Trustees of the Police Pension Fund
BOARD OF TRUSTEES OF THE POLICE PENSION FUND
Minutes Page 2 of 2 March 13, 2014