Charles Baxa

The agenda for this regular meeting includes the review of investment reports from Sawyer Falduto Asset Management, LLC and FPIF -- Marquette Associates. The accountant's report will cover the monthly financial report, presentation and approval of bills, and a review/update on the Cash Management Policy. The board will also address applications for retirement/disability benefits, specifically concerning a deceased pensioner overpayment and approval of surviving spouse benefits for another deceased pensioner. New business items include the approval of Annual Cost of Living Adjustments for pensioners and a review of Trustee Term Expirations and Election Procedures.

The meeting commenced with a public hearing regarding the Proposed Tax Levy for 2025, which concluded without public attendance. Key actions included the approval of the Treasurer's Report, Payroll, and Accounts Payable for October 2025. New business focused on the approval of Ordinance 2025-05 Tax Levy and Ordinance 2025-06 Abatement of Taxes for Pension Bonds. The Board also approved the December 2025 Pension Obligation Bond payment, the 2026 Board of Trustees meeting schedule, the renewal of Ready Rebound, and the purchase of three ambulances from Foster Coach. Additionally, the station 72 apron projects were awarded to Landmark Construction, Inc. A discussion was held regarding a potential joint venture with the Addison Police Department for a shared drone through Flock Safety. The meeting concluded with an Executive Closed Session for discussions on personnel matters, collective negotiating matters, real property transactions, security procedures, and pending litigation.

The Board reviewed and accepted the Investment Performance Report from Sawyer Falduto Asset Management, LLC for the period ending September 30, 2025. They also reviewed the FPIF Monthly Summary from Marquette Associates ending August 31, 2025, and the FPIF Statement of Results for September 30, 2025. The Accountant's Report included approval of the monthly financial report and disbursements totaling $97,975.78 for the period ending September 30, 2025. The Board set the 2026 monthly recurring withdrawal instructions at $525,000 from FPIF and established a policy to maintain a minimum cash balance of $525,000 in the Schwab account, rebalancing when it exceeds $570,000 effective January 1, 2026. Trustee training updates were reviewed, and the Board discussed correspondence regarding a deceased pensioner overpayment. Under new business, the engagement letter for Lauterbach & Amen Records Inventory and Disposal Service was approved up to $5,000, contingent upon cost review. The Board accepted the final Actuarial Valuation and requested a tax levy of $1,726,578. The Municipal Compliance Report was adopted, and the 2026 Board meeting dates were established.

The Board reviewed and approved the minutes from the May 13, 2025 regular meeting. Key discussions involved the Accountant's Report, which included the Monthly Financial Report for the period ending June 30, 2025, showing net position held in trust for pension benefits. Disbursements totaling $18,597.25 for the period April 1, 2025, through June 30, 2025, were approved. The Board reviewed the Cash Management Policy and determined no changes were necessary. Investment reports from Sawyer Falduto Asset Management, LLC, and Marquette Associates were accepted and reviewed. The Board acknowledged receipt of all 2025 Affidavits of Continued Eligibility and reviewed the engagement letter for Pension Fund Records Management services. Key old business involved accepting the full payment for Gianni Valsecchi's service combination under reciprocity. New business included accepting Nicholas Lezza's payment for purchasing 24 months of military service, which adjusted his date of hire. The Board reviewed the preliminary Actuarial Valuation and subsequently elected Trustee Scott as President and Trustee Herion as Secretary, and designated Trustee Herion as the FOIA Officer and OMA Designee. The Board reviewed and accepted the revised Rules and Regulations and approved a three-year engagement letter for Actuarial Services with Lauterbach & Amen.

The special meeting addressed personnel matters under New Business, specifically the review of test results for candidates Sniegowski and Breitenfeild, and the subsequent approval to extend job offers to both candidates.