2025-05-12 - Firefighter Pension Board - MinutesMINUTES OF A REGULAR MEETING OF THE
BUFFALO GROVE FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES
MAY 12, 2025
A regular meeting of the Buffalo Grove Firefighters’ Pension Fund Board of Trustees was held on
Monday, May 12, 2025 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: Secretary Josh Himmelspach called the meeting to order at 8:31 a.m.
ROLL CALL:
PRESENT: Trustees Josh Himmelspach, Thomas Gough, Larry Stanley and Chris Black
ABSENT: Trustee Dan Pasquarella
ALSO PRESENT: Attorney Carolyn Clifford, Ottosen; Ed Lavin, Sawyer Falduto Asset
Management, LLC (SFAM); Molly Barker and Anthony Gedvilas (arrived at 8:41
a.m.), Lauterbach & Amen (L&A); Fire Chief Larry Kane, Buffalo Grove Fire
Department; Trustee Denise Bocek, Village of Buffalo Grove
APPROVAL OF REMOTE ATTENDANCE AND FULL PARTICIPATION BY CERTAIN TRUSTEES (IF
ANY): The Board noted that there were no Trustees attending remotely.
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: February 3, 2025 Regular Meeting: The Board reviewed the
February 3, 2025, regular meeting minutes. A motion was made by Trustee Stanley and seconded by
Trustee Gough to approve the February 3, 2025, regular meeting minutes as written. Motion carried
unanimously by voice vote.
FINANCIAL/INVESTMENT REPORTS: Monthly Financial Reports from Lauterbach & Amen (December
2024, January, February, March and April 2025): The Board reviewed the Monthly Financial Report for
the twelve-month period ending December 31, 2024, prepared by L&A. As of December 31, 2024, the
net position held in trust for pension benefits is $87,476,412.16 for a change in position of
$6,566,711.40. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report,
Member Contribution Report, Payroll Journal, Quarterly Deduction Report, and Quarterly Transfer
Report.
The Board also reviewed the Monthly Financial Report for the one-month period ending January 31,
2025, prepared by L&A. As of January 31, 2025, the net position held in trust for pension benefits is
$89,165,906.14 for a change in position of $1,689,493.98. The Board also reviewed the Cash Analysis
Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly
Deduction Report, and Quarterly Transfer Report.
The Board also reviewed the Monthly Financial Report for the two-month period ending February
28, 2025, prepared by L&A. As of February 28, 2025, the net position held in trust for pension benefits
is $88,960,865.86 for a change in position of $1,498,828.85. The Board also reviewed the Cash
Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal,
Quarterly Deduction Report, and Quarterly Transfer Report.
The Board also 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 is
$86,787,025.03 for a change in position of ($675,011.98). 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
December 1, 2024, through March 31, 2025, for total disbursements of $89,075.95. The ending
balance in the BMO account for this period is $12,304.60, which is above the Board’s target cash
balance ($10,000) but below the transfer threshold ($25,000) set by the Board for this account.
Buffalo Grove Firefighters’ Pension Fund
Meeting Minutes – May 12, 2025
Page 2 of 5
Mr. Gedvilas arrived at 8:41 a.m.
A motion was made by Trustee Stanley and seconded by Trustee Black to accept the Monthly Financial
Reports as presented and to approve the disbursements shown on the Quarterly Disbursement Report
in the amount of $89,075.95. Motion carried by roll call vote.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
Additional Bills, if any: There were no additional bills presented for approval.
Review – Cash Balances of Local Accounts – BMO Bank Statement and Current Balance Status: The Board
reviewed the current balance of the BMO Bank operating account and discussed upcoming cash needs.
No changes are needed at this time.
Review of Cash Projections and Cash Needs: The Board discussed the current cash projections and cash
needs and determined that no action is needed at this time.
Schwab Statement, Current Balance Status and Quarterly Report – Sawyer Falduto: Mr. Lavin presented
the Investment Performance Report for the period ending March 31, 2025. As of March 31, 2025, the
ending market value held in the Schwab money market account is $207,683, which is above the
Board’s target cash balance ($100,000) and above the transfer threshold ($200,000) set by the Board
for this account.
Review/Approval – FPIF Statements of Results (January, February, March and April 2025): The Board
reviewed the FPIF Statements of Results for the periods January 31, 2025, February 28, 2025, and
March 31, 2025. As of March 31, 2025, the Fund’s ending Net Asset Value (NAV) in FPIF is
$86,578,885.46 which is 0.91% ownership in FPIF. The calendar year-to-date net return of the
Fund’s total assets is 0.16% and the one-month net return for March 2025 is (2.28%).
Review/Approval – FPIF Lag Statement of Results (December 2024): The Board reviewed the FPIF Lag
Statement of Results for the period December 31, 2024. As of December 31, 2024, the Fund’s adjusted
ending Net Asset Value (NAV) in FPIF is $87,385,050.98 which is 0.92% ownership in FPIF. The
calendar year-to-date adjusted net return of the Fund’s total assets is 10.94%.
Review/Approval – FPIF Monthly Investment Summaries (January, February, and March 2025): The Board
reviewed the FPIF Monthly Investments Summaries for the periods January 31, 2025, February 28,
2025, and March 31, 2025. As of March 31, 2025, the one-month total net return is (2.3%) vs. the FPIF
policy benchmark of (2.1%) and the calendar year-to-date total net return is 0.2% vs. the FPIF policy
benchmark of 1.7% for an ending market value of $9,492,295,748. The current asset allocation is as
follows: Equity at 64.1%, Fixed Income at 29.4%, Alternatives at 6.2%, Cash at 0.4% and Transition
and Member Funds at 0.0%. A motion was made by Trustee Gough and seconded by Trustee Stanley
to accept the Sawyer Falduto Quarterly Report, FPIF Statements of Results and FPIF Monthly
Investments Summaries as presented. Motion carried by roll call vote.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: L&A informed the Board that
the third request for Affidavits of Continued Eligibility were mailed to the outstanding pensioners via
certified mail on March 14, 2025 with a due date of March 28, 2025. To date, one affidavit remains
outstanding. L&A will follow up with the outstanding pensioner and updates will be provided to the
Board as they become available.
Buffalo Grove Firefighters’ Pension Fund
Meeting Minutes – May 12, 2025
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Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest
were due by May 1, 2025.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND/SERVICE PURCHASE: Status of
Baniqued Combined Creditable Service/Reciprocity: The Board discussed the potential combination of
creditable service with Barrington FPF under reciprocity for Dustin Baniqued and noted that no
request has been submitted for calculation. Further discussion will be held at the next regular
meeting.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS/QILDROS: Deceased Pensioner – Phillip
Barry/Approve Surviving Spouse Benefits – Cynthia Barry: The Board noted that Phillip Barry passed
away on January 27, 2025. The Board reviewed the surviving spouse benefit calculation for Cynthia
Barry with an effective date of January 28, 2025 for a monthly benefit of $3,883.07 with no additional
increases. A motion was made by Trustee Gough and seconded by Trustee Stanley to terminate the
retirement benefit of Phillip Barry and approve the surviving spouse benefit of Cynthia Barry
calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
Status of Application for Disability Benefits Process – Steven Dorsey: Attorney Clifford apprised the Board
that the independent medical examinations for Steven Dorsey will be scheduled upon receipt of the
necessary additional medical records. Further discussion will be held at the next regular meeting.
Status of Qualified Illinois Domestic Relations Orders (QILDROs) – 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.
Status of Jason QILDRO: The Board noted the QILDRO Order, Calculation Order, Consent to Issuance
and $50 processing fee for John Jason have been received and reviewed by the Board Attorney with
payments to commence with the May 2025 payroll cycle. A motion was made by Trustee Gough and
seconded by Trustee Black to accept the QILDRO documents and approve payment to the alternate
payee as discussed. Motion carried by roll call vote.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
Status of Olsen QILDRO: Attorney Clifford apprised the Board that there are no updates on the status of
the Olsen QILDRO. Updates will be provided to the Board as they become available.
Status of Gatto QILDRO: Attorney Clifford apprised the Board that there are no updates on the status of
the Gatto QILDRO. Updates will be provided to the Board as they become available.
OLD BUSINESS: Review/Approve – RFQ for Insurance Brokers: The Board discussed submitting a
Request for Quotes to potential fiduciary liability insurance brokers. A motion was made by Trustee
Gough and seconded by Trustee Himmelspach to invite Cook Castle Associates, LLC to present at the
next regular meeting for fiduciary liability insurance brokerage services. Motion carried unanimously
by voice vote. Further discussion will be held at the next regular meeting.
Status of Shared Cloud Site/Dedicated Pension Trustee Emails Project: The Board discussed setting up a
Board share cloud website as well as ordering tablets for each of the trustees. Further discussion will
be held at the next regular meeting.
Buffalo Grove Firefighters’ Pension Fund
Meeting Minutes – May 12, 2025
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NEW BUSINESS: Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial
Valuation prepared by L&A. The final report will be reviewed and a tax levy request made to the Village
by the Board at the next regular meeting.
Review/Approve IDOI Annual Statement: The Board noted that the IDOI Annual Statement and
interrogatory statement are in draft form, have been reviewed by the Board, and the final reports will
be sent to the Board upon completion. A motion was made by Trustee Stanley and seconded by
Trustee Gough to approve the filing of the IDOI Annual Statement by the June 30, 2025, deadline.
Motion carried by roll call vote.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
Review/Approve Annual Audit: The Board discussed the annual audit for FYE December 31, 2024, which
is still in process. Further discussion will be held at the next regular meeting.
Discussion/Possible Action – Active Member Workshop: The Board discussed engaging L&A to host an
active member workshop for the members of the Buffalo Grove Fire Department. A motion was made
by Trustee Gough and seconded by Trustee Stanley to engage L&A in the amount of $6,500 for a
three-day in-person workshop. Motion carried by roll call vote. Further discussion will be held at the
next regular meeting.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
BMO Bank Signature Card and Resolution Update: L&A provided the Board with the necessary forms to
update the signers on the BMO Bank account with the current Board members and Village finance
director. A motion was made by Trustee Himmelspach and seconded by Trustee Stanley to designate
Trustees Pasquarella, Himmelspach and Black as signers on the BMO Bank account, to align with the
Board’s Resolution No. 2020-1, A Resolution Establishing Signatory Authority, that was approved on
June, 3, 2020. Motion carried by roll call vote.
AYES: Trustees Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Pasquarella
ATTORNEY’S REPORT – OTTOSEN: Pension Insights (Second Quarter 2025): The Board was provided
the Second Quarter 2025 Pension Insights on new legislation prepared by Ottosen, which Attorney
Clifford reviewed with the Board.
Fiduciary Insights (March 2025) and IAFPD Fire Call Pension Pointers (Winter 2025): Attorney Clifford
reviewed with the Board the following training presentations: Fiduciary Insights (March 2025) and
IAFPD Fire Call Pension Pointers (Winter 2025).
TRUSTEE TRAINING UPDATES: Approval of Trustee Training Registration Fees and Reimbursable
Expenses: There were no trustee registration fees or reimbursable expenses presented for approval.
Acknowledgement of Training Time from Meeting: The Board acknowledged one hour of Trustee
Training from the May 12, 2025, regular meeting.
Certification of Trustee Training Hours: This item was not discussed.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
Buffalo Grove Firefighters’ Pension Fund
Meeting Minutes – May 12, 2025
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ADJOURNMENT: A motion was made by Trustee Stanley and seconded by Trustee Gough to adjourn
the meeting at 10:16 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for August 4, 2025, at 8:30 a.m.
____________________________________________________
Board Secretary
Minutes approved by the Board of Trustees on ____________________________
Minutes prepared by Molly Barker, Professional Services Administrator, Lauterbach & Amen