2022-04-25 - Firefighter Pension Board - Minutes MINUTES OF A REGULAR MEETING OF THE
BUFFALO GROVE FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES
APRIL 25,2022
A regular meeting of the Buffalo Grove Firefighters' Pension Fund Board of Trustees was held on Monday,
April 25, 2022 at 8:30 a.m. in the Buffalo Grove Village Hall located at 50 Raupp Boulevard, Buffalo
Grove, Illinois 60089,pursuant to notice.
CALL TO ORDER: President Dan Pasquarella called the meeting to order at 8:38 a.m.
ROLL CALL:
PRESENT: Trustees Dan Pasquarella, Josh Himmelspach, Thomas Gough, Art Malinowski
and Larry Stanley (via videoconference)
ABSENT: None
ALSO PRESENT: Attorney Carolyn Clifford, Ottosen; John Falduto and Tom Sawyer, Sawyer
Falduto Asset Management, LLC (SFAM); Deputy Finance Director Christine
Berman, Village of Buffalo Grove; Molly Weslow, Delia Dadirlat and Anthony
Gedvilas, Lauterbach & Amen, LLP (L&A); Ethan Salsinger (arrived at 8:41
a.m),Gallagher Insurance
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: January 31, 2022 Regular Meeting: The Board reviewed the
January 31,2022 regular meeting minutes.A motion was made by Trustee Stanley and seconded by Trustee
Himmelspach to approve the January 31, 2022 regular meeting minutes as written. Motion carried by roll
call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Mr. Salsinger arrived at 8:41 a.m.
FINANCIAL/INVESTMENT REPORTS: Monthly Financial Reports from Lauterbach & Amen
(January and February 2022):The Board reviewed the Monthly Financial Report for the one-month period
ending January 31,2022 prepared by L&A.As of January 31,2022,the net position held in trust for pension
benefits is$83,050,864.25 for a change in position of($3,300,300.92). The Board also reviewed the Cash
Analysis Report,Revenue Report,Expense Report,Member Contribution Report and Payroll Journal.
The Board also reviewed the Monthly Financial Report for the two-month period ending February 28,2022
prepared by L&A. As of February 28, 2022, the net position held in trust for pension benefits is
$81,287,623.38 for a change in position of($5,063,541.79). The Board also reviewed the Cash Analysis
Report,Revenue Report,Expense Report,Member Contribution Report and Payroll Journal.
Presentation and Approval of Bills:The Board reviewed the Vendor Check Report for the period November
1,2021 through February 28,2022 for total disbursements of$275,511.22.A motion was made by Trustee
Gough and seconded by Trustee Malinowski to accept the Monthly Financial Reports as presented and to
approve the disbursements shown on the Vendor Check Report in the amount of$275,511.22. Motion
carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Approval of Trustee Training Registration Fees and Reimbursable Expenses:There were no trustee training
registration fees or reimbursable expenses presented for approval.
2 of 344
Buffalo Grove Firefighters' Pension Fund
Meeting Minutes—April 25,2022
Page 2 of 4
Additional Bills, if any—Illinois Department of Insurance Compliance Fee: The Board noted that the
Illinois Department of Insurance Compliance Fee invoice will be issued.A motion was made by Trustee
Malinowski and seconded by Trustee Himmelspach to approve payment of the IDOI Compliance Fee,
upon receipt of the invoice.Motion carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Review—Cash Balances of Local Accounts—BMO Harris Bank Statement and Current Balance Status:
The Board reviewed the current balance of the BMO Harris operating account and discussed upcoming
cash needs.
Schwab Statement and Current Balance Status—Sawyer Falduto: Mr. Falduto presented the Investment
Performance Report for the period ending March 31, 2022. As of March 31, 2022 the year-to-date is
($929,794)and the ending market value held in the Schwab money market account is$605,757.A motion
was made by Trustee Himmelspach and seconded by Trustee Gough to accept the Investment Performance
Review as presented.Motion carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Review/Update—Cash Management Procedures, Cash Projections and Cash Needs: The Board reviewed
the Cash Analysis Projection prepared by L&A and discussed the balance in the Schwab account.A motion
was made by Trustee Stanley and seconded by Trustee Himmelspach to maintain a target balance in the
Schwab account of$400,000 and once the balance reaches$500,000,transfer the excess funds to the BMO
Harris operating account to remit to FPIF for investing.Motion carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Review/Approval—FPIF Cash Flow Projection for 2022(due June 1, 2022):The Board discussed the Cash
Analysis Projection prepared by L&A.A motion was made by Trustee Malinowski and seconded by Trustee
Himmelspach to approve the 2022 Cash Analysis Projection as prepared and to direct L&A to submit it to
FPIF on behalf of the Board by June 1,2022. Motion carried by roil call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Review/Approval—FPIF Statements of Results (January and February 2022): The Board reviewed the
FPIF Statements of Results for the periods January 31,2022 and February 28, 2022. A motion was made
by Trustee Himmelspach and seconded by Trustee Gough to approve the FPIF Statements of Results as
presented.Motion carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Review/Approval — IFPIF Monthly Investments Summaries (January and February 2022): The Board
reviewed the IFPIF Monthly Investment Summaries for the periods of January 31,2022 and February 28,
2022. A motion was made by Trustee Pasquarella and seconded by Trustee Stanley to accept the IFPIF
Investment Monthly Summaries as presented.Motion carried by roll call vote.
3 of 344
Buffalo Grove Firefighters' Pension Fund
Meeting Minutes—April 25,2022
Page 3 of 4
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: L&A informed the Board
that second request Affidavits of Continued Eligibility were mailed to the outstanding pensioners after the
January 31,2022 due date. To date, 1 affidavit remains outstanding. The Board authorized Trustee Gough
to contact the outstanding pensioner.Updates will be provided to the Board as they become available.
Statements of Economic Interest(due May Is):The Board was reminded that the Statements of Economic
Interest are due by May 1,2022.
Fiduciary and Cyber Liability Insurance Renewal Presentation (Gallagher): Mr. Salsinger provided the
Board with an overview of his firm's fiduciary liability insurance services and discussed crime and cyber
security coverage.Further discussion will be held at the next regular meeting.
The Board took a brief recess at 10:02 a.m. and reconvened at 10:11 a.m.
Mr. Sawyer left the meeting at 10:03 a.m.
Mr. Salsinger left the meeting at 10:08 a.m.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Review/Approval — Regular
Retirement Benefits for William Wagner: The Board reviewed the regular retirement benefit calculation for
William Wagner prepared by L&A. Deputy Fire Chief Wagner had an entry date of August 13, 1990,
retirement date of July 1, 2022, effective date of pension of July 2, 2022, 59 years of age at date of
retirement, 31 years and 10 months of creditable service, applicable salary of$166,570.08, applicable
pension percentage of 75%, amount of originally granted monthly pension of$10,410.63 and amount of
originally granted annual pension of$124,927.56.A motion was made by Trustee Gough and seconded by
Trustee Malinowski to approve William Wagner's regular retirement benefit calculated by L&A. Motion
carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Review/Approval—Regular Retirement Benef is for Mark Oeltgen: The Board noted that Mark Oeltgen has
withdrawn his application for regular retirement benefits.No further action is needed at this time.
OLD BUSINESS: Review/Approval — Cash Management Policy: The Board reviewed the Cash
Management Policy prepared by Attorney Clifford. A motion was made by Trustee Gough and seconded
by Trustee Pasquarella to approve Resolution 2022-01 amending the Board Rules and Regulations,adding
the Cash Management Policy.Motion carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
Status of Dorsey QILDRO: Attorney Clifford apprised the Board that there are no updates on the status of
the Dorsey QILDRO. Updates will be provided to the Board as they become available.
4 of 344
Buffalo Grove Firefighters' Pension Fund
Meeting Minutes—April 25,2022
Page 4 of 4
NEW BUSINESS: Review Preliminary Actuarial Valuation (Lauterbach &Amen): 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.
Status of IDOI Annual Statement: The Board noted that the IDOL Annual Statement is in process and the
final report will be sent to the Board for review upon completion.
ATTORNEY'S REPORT—OTTOSEN: Status of Arlington Heights PPF v. Pritzker: Attorney Clifford
provided the Board with an update of the Arlington Heights PPF v. Pritzker lawsuit. Further updates will
be provided as they become available.
Pension Insights Second Quarter 2022, L4FPD Fire Call Pension Pointers and SECURE 2.0 Overview:
Attorney Clifford reviewed the Second Quarter Pension Insights prepared by Ottosen and discussed recent
legislation as well as general pension matters.
TRUSTEE TRAINING UPDATES: Status of Trustee Training Hours and Upcoming Training
Opportunities: The Board discussed upcoming training opportunities. Trustees were reminded to submit
any certificates of completion to L&A for recordkeeping.
CLOSED SESSION,IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Himmelspach and seconded by Trustee Malinowski
to adjourn the meeting at 11:00 a.m.Motion carried by roll call vote.
AYES: Trustees Pasquarella,Himmelspach, Gough,Malinowski and Stanley
NAYS: None
ABSENT: None
The next regular meeting is scheduled for July 26,2022 at 8:30 a.m.
...........................................
Board Secretary
Minutes approved by the Board of Trustees on ............_ as __
Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach&Amen, LLP
5 of 344