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2024-01-29 - Firefighter Pension Board - Agenda Packet NOTICE OF A REGULAR MEETING OF THE BUFFALO GROVE FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES The Buffalo Grove Firefighters' Pension Fund Board of Trustees will conduct a regular meeting on Monday, January 29, 2024 at 8:30 a.m, in Village Hall located at 50 Raupp Boulevard, Buffalo Grove, Illinois 60089, for the purposes set forth in the following agenda: AGENDA I. Call to Order 2. Roll Call 3. Approval of Remote Attendance and Full Participation by Certain Trustees(if any) 4. Public Comment 5. Approval of Meeting Minutes a.) October 30,2023 Regular Meeting b.) Semi-Annual Review of Closed Session Meeting Minutes c.) Review/Approval—Remote Open Meeting Recordings Destruction 6. Financial/Investment Reports a.) Monthly Financial Reports from Lauterbach&Amen(October,November and December 2023) b.) Presentation and Approval of Bills c.) Additional Bills, if any d.) Review—Cash Balances of Local Accounts i. BMO Harris Bank Statement and Current Balance Status ii. Schwab Statement,Current Balance Status and Quarterly Report—Sawyer Falduto e.) Review/Approval—FP1F Statements of Results(October,November and December 2023) f) Review/Approval—FP1F Monthly Investment Summaries(August, September,October, November and December 2023) 7. Communications and Reports a.) Affidavits of Continued Eligibility b.) Statements of Economic Interest 8. Applications for Membership/Withdrawals from Fund/Seivice Purchase a.) Reciprocity Update—Landon Hopp 9. Applications for Retirement/Disability Benefits/QILDROs a.) Status of Dorsey QILDRO b.) Status of Gatto QILDRO c.) Review and Possible Action on Pearson QILDRO d.) Simmons Disability Application—THE Physician Selection 10. Old Business a.) FPTF Auditing Process b.) Fiduciary Liability Insurance Renewal (Gallagher) 11. New Business a.) Approve Annual Cost of Living Adjustments for Pensioners b.) Review Trustee Term Expirations and Election Procedures c.) Ottosen DiNolfo Engagement Letter for 2024-2025 12. Attorney's Report—Ottosen a.) Legal Insights First Quarter 2024(New Case Law) b.) Board Insights January 2024(Pension Trustee Training Requirements Q&A) c.) IAFPD Fire Call Pension Pointers—"Federal Court Weighs in on Whether Delayed Disability Hearing Process Violates an Applicant's Due Process"(Fall 2023) d.) Crain's—"Illinois' Top Court Upholds Police and Firefighter Pension Fund Consolidation" (January 19,2024) e.) Review of Fund's Information Sheet f.) DOT Biennial Report 2023—Information on Fund 13. Trustee Training Updates a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses b.) Acknowledgement of Training Time from Meeting c.) Certification of Trustee Training Hours 14. Closed Session,if needed 15. Adjournment 1 of 168 MINUTES OF A REGULAR MEETING OF THE BUFFALO GROVE FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES OCTOBER 30, 2023 A regular meeting of the Buffalo Grove Firefighters'Pension Fund Board of Trustees was held on Monday, October 30, 2023 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 8:36 a.m. ROLL CALL: PRESENT: Trustees Dan Pasquarella, Josh Himmelspach (arrived at 8:44 a.m.), Thomas Gough and Larry Stanley ABSENT: None ALSO PRESENT: Attorney Carolyn Clifford, Ottosen; John Falduto and Ed Lavin (arrived at 8:49 a.m. via teleconference), Sawyer Falduto Asset Management, LLC (SFAM); Finance Director Chris Black, Village of Buffalo Grove; Molly Weslow, Lauterbach & Amen, LLP (L&A); Fire Chief Mike Baker and Firefighter Tyler Petersen(arrived at 8:44 a.m), Buffalo Grove Fire Department 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: August 21, 2023 Regular Meeting: The Board reviewed the August 21,2023 regular meeting minutes.A motion was made by Trustee Gough and seconded by Trustee Stanley to approve the August 21, 2023 regular meeting minutes as written. Motion carried unanimously by voice vote. Review/Approval—Remote Open Meeting Recordings Destruction: The Board reviewed the remote open meeting recordings log.A motion was made by Trustee Stanley and seconded by Trustee Gough to destroy the remote open meeting recording from January 31,2022. Motion carried unanimously by voice vote. FINANCIALANVESTMENT REPORTS: Monthly Financial Reports from Lauterbach &Amen (July, August and September 2023) and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the seven-month period ending July 31, 2023 prepared by L&A. As of July 31,2023, the net position held in trust for pension benefits is $79,398,722.33 for a change in position of $7,175,256.52. 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 eight-month period ending August 31,2023 prepared by L&A. As of August 31, 2023, the net position held in trust for pension benefits is $77,308,388.81 for a change in position of$5,084,923. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report and Quarterly Transfer Report. Trustee Himmelspach and Firefighter Petersen arrived at 8:44 a.m. The Board also reviewed the Monthly Financial Report for the nine-month period ending September 30, 2023 prepared by L&A. As of September 30, 2023, the net position held in trust for pension benefits is $74,646,410.97 for a change in position of $2,422,945.16. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report and Quarterly Transfer Report. 2 of 168 Buffalo Grove Firefighters' Pension Fund Meeting Minutes—October 30, 2023 Page 2 of 5 A motion was made by Trustee Stanley and seconded by Trustee Gough to accept the Monthly Financial Reports as presented and to approve the disbursements shown on the Quarterly Disbursement Reports in the amount of$55,814.10. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None Additional Bills, if any: There were no additional bills presented for approval. Review— Cash Balances of Local Accounts—BMO Harris Bank Statement and Current Balance Status: The Board reviewed the current balance of the BMO Bank operating account and discussed upcoming cash needs. Mr. Lavin arrived at 8:49 a.m. Schwab Statement, Current Balance Status and Quarterly Report—Sawyer Falduto: Mr. Falduto and Mr. Lavin presented the Investment Performance Report for the period ending September 30, 2023. As of September 30, 2023, the ending market value held in the Schwab money market account is $629,935. A motion was made by Trustee Stanley and seconded by Trustee Himmelspach to accept the Sawyer Falduto Quarterly Report as presented. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None Mr. Lavin left the meeting at 8:52 a.m. Review/Approval— 2024 FPIF GCM Recurring Withdrawal Instructions: The Board discussed the FPIF Global Cash Movement Recurring Withdrawal Instructions for 2024. A motion was made by Trustee Stanley and seconded by Trustee Himmelspach to set the monthly recurring withdrawal amount at$436,000 to be sent in cash from FPIF with a start date of January 14,2024. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None The Board reviewed the current cash management procedures and discussed the balance in the Charles Schwab money market account. A motion was made by Trustee Gough and seconded by Trustee Stanley to maintain a target balance in the Schwab money market account of$436,000 and once the balance exceeds more than $520,000, transfer the excess funds to the BMO Bank operating account to be sent to FPIF for investment purposes. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None Review/Approval—Annual FPIF Cash Projections for 2024: The Board discussed the cash projections for 2024. A motion was made by Trustee Pasquarella and seconded by Trustee Stanley to authorize L&A to submit the annual cash projection for 2024 for the Buffalo Grove Firefighters' Pension Fund to FPIF. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None 3 of 168 Buffalo Grove Firefighters' Pension Fund Meeting Minutes—October 30, 2023 Page 3 of 5 Review/Approval — FPIF Statements of Results (June, July, August and September 2023): The Board reviewed the FPIF Statements of Results for the periods June 30,2023,July 31,2023,August 31,2023 and September 30, 2023. As of September 30, 2023, the Fund's ending Net Asset Value (NAV) in FPIF is $73,841,565.24 which is 0.96%ownership in FPIF. The year-to-date net return of the Fund's total assets is 5.24%and the one-month net return for September 2023 is(3.65%).A motion was made by Trustee Stanley and seconded by Trustee Himmelspach to accept the FPIF Statements of Results as presented. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None Review/Approval—FPIF Monthly Investments Summaries (June, July, August and September 2023): The Board reviewed the FPIF Monthly Investments Summaries for the periods June 30,2023 and July 31,2023. As of July 31,2023,the one-month total net return is 2.7%vs. the FPIF policy benchmark of 2.7% and the year-to-date total net return is 11.8% vs the FPIF policy benchmark of 11.8% for an ending market value of$8,150,912,989.The current asset allocation is as follows:Equity at 66.6%,Fixed Income at 27.6%,Real Estate at 4.9%, Cash at 0.9% and Transition and Member Funds at 0.0%. A motion was made by Trustee Stanley and seconded by Trustee Himmelspach to accept the FPIF Monthly Investment Summaries as presented. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that Affidavits of Continued Eligibility will be mailed to all pensioners with the December payroll cycle. A status update will be provided at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Military Purchase — William Simmons: The Board noted that L&A mailed correspondence to William Simmons regarding his request to calculate the amount of money due to the Buffalo Grove Firefighters' Pension Fund to purchase 24 months of military service time and he has declined to move forward with the purchase. No further action is necessary. Reciprocity Update—Landon Hopp: The Board noted that Landon Hopp submitted a request to calculate the amount of money due to the Buffalo Grove Firefighters' Pension Fund to combine service under reciprocity and calculations are in process. Further discussion will be held at the next regular meeting. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Estimate for Regular Retirement Benefits — Kevin Gatto: The Board noted that Kevin Gatto was provided with an estimate of regular retirement benefits for a last day worked of February 2,2025.No further action is needed at this time. Approve Regular Retirement Benefits— Clark Pound: The Board reviewed the regular retirement benefit calculation for Clark Pound prepared by L&A.Firefighter/Paramedic Pound had an entry date of November 5, 1990,retirement date of November 7, 2023, effective date of pension of November 8, 2023, 58 years of age at date of retirement,33 years of creditable service,applicable salary of$118,361.92,applicable pension percentage of 75%, amount of originally granted monthly pension of$7,397.62 and amount of originally granted annual pension of$88,771.44. A motion was made by Trustee Stanley and seconded by Trustee Gough to approve Clark Pound's regular retirement benefit calculated by L&A. Motion carried by roll call vote. 4 of 168 Buffalo Grove Firefighters' Pension Fund Meeting Minutes—October 30, 2023 Page 4 of 5 AYES: Trustees Pasquarella,Himmelspach, Gough 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. Status of Gatto QILDRO: Attorney Clifford apprised the Board of the current QILDRO on file for Gatto. Further discussion at the next meeting. Possible Pearson QILDRO: Attorney Clifford apprised the Board of a potential QILDRO request for Pearson. Further discussion will be held at the next meeting. OLD BUSINESS: IDOL Annual Statement: The Board noted that the IDOI Annual Statement was filed with the Department of Insurance. A motion was made by Trustee Pasquarella and seconded by Trustee Gough to accept submission to the Department of Insurance. Motion carried by roll call vote. AYES: Trustees Pasquarella,Himmelspach, Gough and Stanley NAYS: None ABSENT: None NEW BUSINESS:Establish 2024 Board Meeting Dates:The Board discussed establishing the 2024 Board meeting dates as January 29, 2024; April 29, 2024; August 19, 2024; and October 28, 2024 at 8:30 a.m. in the Buffalo Grove Village Hall located at 50 Raupp Boulevard, Buffalo Grove, Illinois 60089. A motion was made by Trustee Gough and seconded by Trustee Stanley to establish the 2024 Board meeting dates as stated. Motion carried unanimously by voice vote. FPIF Auditing Process: The Board noted that the compliance audit being conducted by KEB on behalf of the Firefighters' Pension Investment Fund is in process. Further discussion will be held at the next regular meeting. Appointed Member Resignation—Art Malinowski: The Board noted that Art Malinowski resigned from the Buffalo Grove Firefighters' Pension Fund Board effective immediately. The Board will seek appointment of a new member from the Village of Buffalo Grove. Further discussion will be held at the next regular meeting. ATTORNEY'S REPORT — OTTOSEN: Pension Insights for Fourth Quarter 2023: The Board was provided the Fourth Quarter 2023 Pension Insights prepared by Ottosen DiNolfo,which Attorney Clifford reviewed with the Board, along with the following additional training materials: New Legislation Affecting Pension Funds (2023): The Board was provided the New Legislation Affecting Pension Funds prepared by Ottosen DiNolfo. IAFPD Fire Call Pension Pointers ("Line of Duty Disability: Whose decision is it anyhow?') (Summer 2023): The Board was provided the IAFPD Fire Call Pension Pointers ("Line of Duty Disability: Whose decision is it anyhow?")presentation prepared by Ottosen DiNolfo. OMAIFOIA Training Presentation from PAC(September 2023): The Board was provided the OMA/FOIA Training Presentation from PAC. 5 of 168 Buffalo Grove Firefighters' Pension Fund Meeting Minutes—October 30, 2023 Page 5 of 5 Defendants' and Amicus Briefs to the Illinois Supreme Court — Consolidation Case: The Board was provided the Defendants' and Amicus Briefs to the Illinois Supreme Court for the Arlington Heights PPF v. Pritzker lawsuit. IML Fact Sheet on Article 3 and 4 Pension Reamortization (HB 1185): The Board was provided the IML Fact Sheet on Article 3 and 4 Pension Reamortization. Status of Arlington Heights PPF v. Pritzker Appeal: Attorney Clifford provided the Board with an update of the Arlington Heights PPF v. Pritzker lawsuit. 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 October 30,2023 regular meeting. Certification of Trustee Training Hours: The Board discussed certifying Trustee Training hours. Further discussion will be held at the next regular meeting. CLOSED SESSION,IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Gough and seconded by Trustee Stanley to adjourn the meeting at 9:57 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 29,2024 at 8:30 a.m. Board Secretary Minutes approved by the Board of Trustees on Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach&Amen, LLP 6 of 168 a V V 0 0 0 0 0 0 0 0 0 0 0 0 E11111,: pulull co co co co W z z 04 C14 z z 0 t; N 04 04 C4 04 LO Na N to L) go t5 ZS c .0 0) MA III s C) 4) CL 0 '3 z z LO N 04 04 04 L6 d 0') U. (D E E E u (D co 0 0 0 00 CA (0 C) a) (n — m (0 C:) N CA 04 CA a) (n D :3 CL < 0 0 z er (D a) N 04 25 c5 0 CA N Z6 C) LO 0 :3 4) 0 0 CL 00 C) C14 CA CA IL U. ri N CA 2 .0 u LL 0 r.............................................................. ....................................................... ........................... 0 t V tko m (Y) M (Y) MMMMM m 0 ml- ,ml- 4) m T-1 0 0 0 0 H .................. .................. ............................................... ........................ ...... w L6 w bO 0 LM —C 0 — 0 4 o M 00 = v v W I= a 0 U. 4w 0 0 E 0 &. 00 ai "a N N N N N rq N rq N 0 0 0 0 0 0 0 0 0 N N N N N N N N N "-- Z3 ar 0 m 0 00 m Ln H (A Naga cz in fn r-I N N N en N V) cn LL 0 rl T-1 ................... ................... .................. ................. .................. u 4w 0 (U m > > M I E 0 4W m 4w V) r-i rl r-i H r-i N r 0 rq rq N rq N rq N m 0 0 0 0 0 0 0 0 0 0 N N N N N N r M 0 co M m Ln 0 M Ln 4w m co N Ln co v 0 0 H 0 0 0 0 0 ................... .................. ................. .................... ................... 0 4-# m 0 tw .s 4-# N N 04 N N N N 0 0 0 0 0 00 0) m V) rl ,C) m rH 04 N rq m N rp Ln VH N...... .....0 0..........H 0..........0..........0 0 0 ............................................... ......... ......... ......... ......... ........ ......... ......... ......... Buffalo Grove Firefighters' Pension Fund Monthly Financial Report For the Month Ended October 31, 2023 Prepared By L.,auterbach & Amen, LIT 4aEHM`1FD PUBI.C ACCOUNTANT'S 668 N.RIVER ROAD-NAPERVILLE,ILLINOIS 60563 PHONE 630.393.1483-FAX 630.393.2516 www.lauterbacharrien.com 10 of 168 Buffalo Grove Firefighters' Pension Fund Table of Contents Starting on Page Accountants' Compilation Report................................................................................................ 1-1 Financial Statements Statement of Net Position - Modified Cash Basis................................................................... 2-1 Statement of Changes in Net Position- Modified Cash Basis................................................ 2-2 Other Supplementary Information Cash& Investments - Pie Chart.............................................................................................. 3-1 CashAnalysis Report.............................................................................................................. 4-1 Cash Analysis Summary- Graph............................................................................................ 5-1 RevenueReport....................................................................................................................... 6-1 Expenses - Bar Chart............................................................................................................... 7-1 ExpenseReport........................................................................................................................ 8-1 Member Contribution Report.................................................................................................. 9-1 PayrollBatch Report............................................................................................................... 10-1 Quarterly Disbursement Report............................................................................................... 11-1 Quarterly Deduction Report.................................................................................................... 12-1 Quarterly Transfer Report........................................................................................................ 13-1 11 of 168 Accountants' Compilation Report 12 of 168 N.�IVVER,A,1r)A[Y - tlAPERv HJLE,119JJNO8s fi(g?0 L,ultffbach & Atn,en� L11-T, . ................. December 06, 2023 Buffalo Grove Firefighters' Pension Fund 1051 Highland Grove Drive Buffalo Grove, IL 60089 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Buffalo Grove Firefighters' Pension Fund which comprise the statement of net position - modified cash basis as of October 31, 2023 and the related statement of changes in net position - modified cash basis for the ten months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting. If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on the other supplementary information. Cordially, 'Aoltm, z4v Lauterbach&Amen, LLP 1-1 13 of 168 Financial Statements 14 of 168 Buffalo Grove Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of October 31, 2023 Assets Cash and Cash Equivalents $ 10,063.84 Investments at Fair Market Value Money Market Mutual Funds 438,693.13 Pooled Investments 71,789,809.19 Total Cash and Investments 72,238,566.16 Due from Municipality 166,417.00 Total Assets 72,404,983.16 Liabilities Expenses Due/Unpaid 1,645.00 Total Liabilities 1,645.00 Net Position Held in Trust for Pension Benefits 72,403,338.16 See Accountants'Compilation Report 15 of 168 2-1 Buffalo Grove Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Ten Months Ended October 31, 2023 Additions Contributions -Municipal $ 1,911,386.82 Contributions -Members 505,160.14 Total Contributions 2,416,546.96 Investment Income Interest and Dividends Earned 1,059,272.17 Net Change in Fair Value 753,832.45 Total Investment Income 1,813,104.62 Less Investment Expense (67,157.29) Net Investment Income 1,745,947.33 Total Additions 4,162,494.29 Deductions Administration 44,820.50 Pension Benefits and Refunds Pension Benefits 3,937,801.44 Refunds 0.00 Total Deductions 3,982,621.94 Change in Position 179,872.35 Net Position Held in Trust for Pension Benefits Beginning of Year 72,223,465.81 End of Period 72,403,338.16 See Accountants'Compilation Report 16 of 168 2-2 Other Supplementary Information 17 of 168 0 . , J A M 00 Vr M M l� oc cM*1 0000 � I N W CA M 00 00 W 00 O 00 en M cn m 7 Y l� Q1 N O 00 M M M M M I— h C1 O 00 \U kn In 00 N 01 0A O 00 -T OM `D \L` O Ol 00 N O O a, O Q1 �Y rY M 00 (V N M 00 00 O \O 00 O N 00 00 I�1 M N 00 O 00 N In V1 O N vD 00 v') In •� � VO O N N N 00 O .N-i O � � Ol °� C/j U N rY M N oc N 0O0 O O O a1 a1 O M V'i 01 M 4 IL w M \O Ql \O M o0 ": l� 1-1� -I I N m ICI M OM M N N In O ' C, 01 O M M M a, N CD ry GD N AO M ,� N l D1 � � O Q T 1 v) \,o oc x C� Q\ M N 00 It N V] _ --� M M Nam✓ O � O rn t` w. �y N � � � 00 L- M O a, It Ino0 - 01 eea e � � � � N M M M -✓ Q O \O \O 00 00 7 M ' 00 M \O r. N oc O l� DD 41 O M 69 y Qo �i Qo y co Qo h k Gr" � � � o o y •� � cz F� o W cli o U 0 0 N `rrrrrrr rrr `6, tIJ , motrr 190, ��CJ s rr i rrrrrr „ riiiiiiiiiiivrrrrr q rrrrr r fy 9111� � tT rrrrrrCo 91 orrr 5 to �'�.•� � r< rrrrrr rrrrr, 00 ag muum Q r U 19e, IN C rrrrrrrrrrrrrrr rrrrrrrrrrrrrrrr & UIO��i rrrrr .�� rrrrrrrrrrrr ,� �rrrrrrrrr; � ,� rrrrrr G+� ulll�lir c�"�., c7 �a c7 � c c7 c7 �a Buffalo Grove Firefighters' Pension Fund Revenue Report as of October 31, 2023 Received Received this Month this Year Contributions Contributions -Municipal 41-210-00-Current Tax $ 130,885.81 1,897,886.42 41-220-00-All Previous Years'Taxes 0.00 13,500.40 130,885.81 1,91 1,386.82 Contributions-Members 41-410-00-Contributions-Current Year 47,247.03 505,160.14 47,247.03 505,160.14 Total Contributions 178,132.84 2,416,546.96 Investment Income Interest and Dividends 43-102-09-BMO Bank-Checking 34.68 675.16 43-252-04- Schwab-Fixed Income 1,733.68 18,622.89 43-800-01 -IFPIF Consolidated Pool Dividend 28,359.66 406,213.14 43-800-02-IFPIF Consolidated Pool Interest 79,264.50 632,639.24 43-800-03 -IFPIF Contribution Interest 431.39 1,126.24 109,823.91 1,059,276.67 Gains and Losses 44-800-01 -IFPIF Consolidated Pool-Unrealized (2,088,523.37) 2,802,476.66 44-800-02-IFPIF Consolidated Pool-Realized (40,647.63) (2,048,644.21) (2,129,171.00) 753,832.45 Other Income 49-000-03 -IFPIF Consolidated Pool Other Income 0.00 (4.50) 0.00 (4.50) Total Investment Income (2,019,347.09) 1,813,104.62 Total Revenue (1,841,214.25) 4,229,651.58 See Accountants'Compilation Report 21 of 168 6-1 00 cc 0 N N Oc jjjj jjjj O � Now j A 001 Iiiiiiiiiiii jjjjj i jjjj jjjj iiiiiiii jjjjj O V] N F� � N ► V] O � ~ U � N N � �h Q h+�l U � � M N 8 8 1=1 W 0 k tn Buffalo Grove Firefighters' Pension Fund Expense Report as of October 31, 2023 Expended Expended this Month this Year Pensions and Benefits 51-020-00- Service Pensions $ 348,980.41 3,482,759.24 51-040-00-Duty Disability Pensions 22,192.22 221,922.20 51-060-00- Surviving Spouse Pensions 23,312.00 233,120.00 Total Pensions and Benefits 394,484.63 3,937,801.44 Administrative Insurance 52-150-01 -Fiduciary Insurance 0.00 7,926.00 0.00 7,926.00 Professional Services 52-170-01 -Actuarial Services 0.00 2,320,00 52-170-03 -Accounting&Bookkeeping Services 1,145,00 14,910.00 52-170-05 -Legal Services 0.00 7,440.00 52-170-06-PSA/Court Reporter 1,180.00 11,765.00 2,325.00 36,435.00 Investment 52-190-01 -Investment Manager/Advisor Fees 0.00 4,500.00 52-195-01 -Administrator Expenses(IFPIF) 0.00 11,787.66 52-195-02-Other Fee&Expenses(IFPIF) 5,008.42 39,849.22 52-195-03 -Management Fee(IFPIF) 0.00 8,725.45 52-195-05 -Other Expenses(TFPIF) 40.51 2,294.96 5,048.93 67,157.29 Other Expense 52-290-25-Conference/Seminar Fees 0.00 400.00 52-290-35-Other Expense 0.00 59.50 0.00 459.50 Total Administrative 7,373.93 111,977.79 Total Expenses 401,858.56 4,049,779.23 See Accountants'Compilation Report 23 of 168 8-1 Buffalo Grove Firefighters' Pension Fund Member Contribution Report As of Month Ended October 31, 2023 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Baker, William M. $ 141,700.31 15,897.84 0.00 0.00 157,598.15 Baniqued,Dustin J. 21,540.83 7,042.18 0.00 0.00 28,583.01 Beck, Brian D. 247,607.38 12,950.25 0.00 0.00 260,557.63 Beckman,Robert L. 92,954.56 10,076.56 0.00 0.00 103,031.12 Budnik,Alec R. 27,260.10 7,483.16 0.00 0.00 34,743.26 Caballero,Alfredo A. 87,525.05 10,956.35 0.00 0.00 98,481.40 Carroll, James R. 83,952.61 9,368.01 0.00 0.00 93,320.62 Chrencik,Brian J. 15,575.31 6,654.32 0.00 0.00 22,229.63 Collins, Shawn J. 205,807.55 12,950.25 0.00 0.00 218,757.80 Dalton,Kyle M. 24,030.32 7,228.98 0.00 0.00 31,259.30 Dinsmore,Patrick S. 197,962.66 9,410.10 0.00 0.00 207,372.76 Ditthardt, Kyle S. 32,217.29 7,814.61 0.00 0.00 40,031.90 Doll,Franklin C. 127,451.17 9,387.42 0.00 0.00 136,838.59 Dorsey, Steven M. 203,153.42 9,405.83 0.00 0.00 212,559.25 Downey, Daniel J. 44,211.85 8,668.54 0.00 0.00 52,880.39 Eaton,Austin R. 11,422.76 6,427.94 0.00 0.00 17,850.70 Gatto,Kevin 209,947.74 9,405.83 0.00 0.00 219,353.57 Gemmel, John M. 641.60 5,711.41 0.00 0.00 6,353.01 Gleeson, Michael T. 6,342.77 6,105.91 0.00 0.00 12,448.68 Herrmann, Robert W. 140,941.86 11,945.65 0.00 0.00 152,887.51 Himmelspach, Joshua R. 90,130.21 9,368.01 0.00 0.00 99,498.22 Hopp, Landon S. 0.00 523.56 0.00 0.00 523.56 Huh, Jay 64,957.30 9,349.10 0.00 0.00 74,306.40 Kane,Lawrence J. 7,409.48 13,257.11 0.00 0.00 20,666.59 Kaplan, Timothy M. 6,343.41 6,108.59 0.00 0.00 12,452.00 Kolder, Charles A. 131,131.70 9,391.43 0.00 0.00 140,523.13 Kruse, Cody R. 39,989.30 8,325.96 0.00 0.00 48,315.26 Kujawowicz,Piotr A. 27,257.45 7,482.88 0.00 0.00 34,740.33 Manka,Michael J. 36,860.67 8,139.17 0.00 0.00 44,999.84 McCarthy,Ryan K. 90,140.67 9,368.01 0.00 0.00 99,508.68 McCormick, Chad W. 88,575.93 10,030.09 0.00 0.00 98,606.02 Morris, Jeffery W. 226,457.34 11,000.34 0.00 0.00 237,457.68 Navarro,William A. 147,118.48 12,365.83 0.00 0.00 159,484.31 Otto,Nicholas E. 156,913.96 10,693.88 0.00 0.00 167,607.84 See Accountants'Compilation Report 24 of 168 9-1 Buffalo Grove Firefighters' Pension Fund Member Contribution Report As of Month Ended October 31, 2023 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Pasquarella, Daniel L. 124,904.45 10,956.04 0.00 0.00 135,860.49 Petersen, Tyler M. 53,278.28 9,325.41 0.00 0.00 62,603.69 Potesta,Brian N. 92,667.02 9,368.26 0.00 0.00 102,035.28 Pound, Clark J. 218,152.52 9,410.09 0.00 0.00 227,562.61 Quill, Dennis W. 182,879.30 9,405.83 0.00 0.00 192,285.13 Renshaw, Scott A. 62,253.25 9,349.10 0.00 0.00 71,602.35 Rusin, Steven M. 223,699.64 10,998.56 0.00 0.00 234,698.20 Russell,Andrew L. 176,672.14 11,866.28 0.00 0.00 188,538.42 Schroeder,Adam T. 18,476.29 6,871.46 0.00 0.00 25,347.75 Schroeder,Philip Q. 34,357.33 7,990.07 0.00 0.00 42,347.40 Senese, Jacob M. 18,484.62 6,871.46 0.00 0.00 25,356.08 Shin, Anthony J. 12,035.05 6,467.74 0.00 0.00 18,502.79 Simmons,William A. Jr. 130,436.40 9,387.70 0.00 0.00 139,824.10 Solecki, Joseph R. 62,244.81 9,349.79 0.00 0.00 71,594.60 Steadman, Gary L. 39,983.56 8,323.33 0.00 0.00 48,306.89 Sutherland, Eric S. 35,554.85 8,086.99 0.00 0.00 43,641.84 Vena,James D. 152,722.77 10,974.95 0.00 0.00 163,697.72 Wehrheim,Nicklaus J. 83,922.72 9,372.27 0.00 0.00 93,294.99 Whisler,Kenneth G. 14,901.40 6,589.01 0.00 0.00 21,490.41 Wojcik,Andrew C. 34,362.89 7,988.21 0.00 0.00 42,351.10 Wood, Scott A. 90,195.83 9,368.25 0.00 0.00 99,564.08 Zabilka, David G. 27,516.44 7,505.76 0.00 0.00 35,022.20 4,925,234.60 506,121.66 0.00 0.00 5,431,356.26 Inactive/Terminated Members Spiro, Michael J. 190,715.61 (961.52) 0.00 0.00 189,754.09 Totals 5,115,950.21 505,160.14 0.00 0.00 5,621,110.35 See Accountants'Compilation Report 25 of 168 9-2 co N O N 00 O M_ O X O O O O O O O O O O O O r m O O O O O O O O O O O cc O O O O O O O O O O O N 64 fA 6-1 H) E13 69 Ef} ff} ff} Efl Efl i d � L4 a) p LL Y t) 0V O O O O O O O O O O O O O O O O O O O O O O L O O O O O O O O O O O U y es esa 69- e» cq es 6q e» 6p� 6q 6q C'1 p R m O O O O O O O O O O O c c O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 3 sh e» e» E» e» c» e» e» E» e» c» rn c U d O (D O O O o O O O C) 0 Q v O O O O O C) O (D O o O 0 6 6 6 6 6 6 6 6 C) 0 LL R EH 6-1 6qbq fA 69 6-16q bq Q N C L a) O O O O O O ui ui V V O u O O O O O O I` I` I` t` V -a A O CD CD C) C) O M co C) C) It D y 6q if} 6f} 61) 613 6q O O V r- LO U) ff} EA ffl VD- LL C r ° G o .N C�♦ i U) 6) O O) O O Q) 00 00 O O N �+ = W d 0 O O O I- O � D1 O) M M N U L L O LO O Lr) I— O I- O O O O N d E OIO RA O N 63 N [�O [VO CO (O O O L � � N yc3 N L 4 ¢ m — (D co 6) 6) O 6) Cl) co N N Cl) 6) O I� O � N N O M r O ' L C r co LO N LO Il- cc co co co I` U O ��1111 M V Il- N I` O V V O O ,--� LL W E (0 V C) It CC) N LO V) CO GO CO LC CD i.i Ef3 U) U> H) Ef3 {R U> H) H) L Z U w w w w 0 U O m L U ❑ a ❑ C) to ❑ ❑ CD El ElC) to ❑ fn N Nt m ti a p � m a`) (3) _ a ' a) (3) LL LL s d y o o w o o w E E a) m a) L a Z z c 0 d a 0.0 o oCD y d .) ) Y T A C= a) O N a) �, t a) a a E E� �) Ea 3 a) w Q o a U CD d U z a r 2 v v co co O v M A co 00 00 co 00 U cfl — R o 0 0 0 0 12 LL cu N V O co rl- a) O O m co N O N 00 O M_ O X (6 (O (6 (O (O OJ 00 O O M O 6 67 6 06 00 Ln L6 (6 (6 O N Ln (f) (() (6 (6 00 00 00 � � 0') fl7 E6fl7 � � EM0 � LL fl Y t) 0V 0 O O O O O O O O O O O O O O O O O O O L U d sos � � 6-1 � sos sos V)- 6c� 69, C'1 p R m 0 0 0 0 0 0 0 0 0 0 c c 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 613 6> 6q> 60, 60, 613 v3 6> 6-3 60, rn c U d o 0 0 0 0 0 0 0 0 0 Q 0 O O O o o O 0 O o 0 c LL R 604 � bq bq bq t�q 6q lbq 61�F Q N C L G7 O O O N N O O O O O) u O O O U[ U[ O O O O I� y f9 (f3 69- (f3 co 00 EPr 6% fA fA co 2 O O (6 LL C ff} EA L= ° G o N C d y O O O cq ((N (D ((o O O c C d d ON CD CD N N r (MO (MO � O L �♦ � � � � � � � y fA Efl LA M w, co 00 CN N G1 W 7 M � M O O UO O N L 0 0 O O O O N N V V 6) U O ��1111 ,I- V V O O V V V V 00 ,--� LL W E I— t` t` Cl) co V V 00 Y d j� Q N N N r- I� N I� P- r- L Sr' i.i Ef3 H} U-} ff} H} H} U3 U-} H} H} � Z U U w w w w Y O O O O O O V 4 N m t n ) U U O N 0 O 1:1O N El ClLO O 01 (D M O N O 2 Cl) p to M h u5 w w - 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N N 2 y LO co (D (O �> O M co 00 N _` 693 (f) EA Efl Q EA EA EA Efl LL C (» ° G o .N C i V) O O O co O N V V C / d Vl 0) N N OO O N I: (D CO V V U ILI.L E V (n (c> e» to00 co co cNo to d 0 O M co I— V V O r� OO OO OO N N W OO , + kl} EA fA d} Efl Cl) (6} f q d} Ef3 L .0 oll m ar O (O � O N N N Imo ' .--� V N N O O O M O O L 0 co 00 00 N O N O V V O O U p ��1111 00 co (O I� O P.- N Cl) co LL W E (() co Cl) co 00 V O Cl) Cl) (o (o y j Q (O (O (0 L6 69- (O 6r N N I� I- S O Z (» U 2 U � � w w w w w w Y O O O O O O O V N m t o ) U 0 to ❑ 0 to ❑ 0 0 N N ❑ 0 to ❑ 0 N ONi N M 2 O O N Ln - Q W �p Y In d Q (0 LL y L O i N 2:1 R 0 L c a�N (a H Z Z Y o o p (4 Q d a L .+ co cc U w Q N dU U 2 2 I` Lf) LO CO O CV) �_` 00 LO LO LO N � •E R LL N 7 O (n N CO C M N w N O N M U N N m co N O N W CO M_ O X V V V V N O m (p OJ N O6 W 4 -4 r-� M � � Efl EA EA R d p LL Y d O O O O O L U y 6p� lbq U3, 69- V> C'1 p f6 u o 0 0 0 0 0 0 0 0 0 N c a � 0 0 0 0 0 c LL R 609 604 Q N C L G7 O O O O N u O O O O (q $ y ffl Efl ffl EA (fl CO 2 rn y LL C r ° G o .N C i Vl I- r- OJ 00 O �+ N N 07 O O O y d I.L E co W rn rn co O L � 164 � � N yc3 N 81 M w, G1 W C � N N O L �11 0 co W (O (O 00 U p LL W E (O (O d ^ a I- N N O Sr' O z �j� U O Y Q L L L N m L N N N 1:1U o m 0 O ti d CD N fO h 7 LA (o O U ❑� ❑� a N `°z °' z d o o R ca O_ d E L .� w Q a° ( 2 w v T 0 cfl — E o 0 LL O ti En (D V L m CY) 00 x m 00 F- x 00 0 C�00 Cl) m F- 0 C� C� LL 0) 0) 'IT 'IT LL 0 — _j c; o 0 C\l C\l cyi cyi LL a) C; C; k LL2 2 2U)C 0 (D (L k � \ u CY) o CY) r- 00 64 00 00 00 0 (D ca C 0 u LL E >(D z c!) 75 CY) CY) k U) r,� I- U) 'IT 4 2 00 64 00 (0 co co lx� 40 lx�40 40 V) N N Vi Vi CY) CY) CY) CY) CY) CY) 64 64 m E E Z Z 0 -a CL E LU E r a) CD © CD CD CD m CY) E LL cn 0 z to co V) Buffalo Grove Firefighters' Pension Fund Quarterly Disbursement Report All Bank Accounts August 1,2023-October 31,2023 Check Invoice Check Date Number Vendor Name Amount Amount 08/14/23 30509 Lauterbach &Amen,LLP 52-170-03 480732 07/23 Accounting&Benefits 1,145.00 52-170-06 #80732 07/23 PSA 1,180.00 ACH Amount(Direct Deposit) 2,325.00 08/31/23 50173 IFPIF 52-195-02 Other Fee&Expenses 2,495.19 52-195-03 Management Fee 5,970.69 52-195-05 Other Expenses 572.05 Check Amount 9,037.93 09/14/23 30515 IPFA 52-290-25 2023 Fall Seminar Registration 0.00 52-290-25 Gough,T#869 200.00 ACH Amount(Direct Deposit) 200.00 09/18/23 30514 Lauterbach &Amen,LLP 52-170-03 481757 08/23 Accounting&Benefits 1,145.00 52-170-06 #8 1 757 08/23 PSA 1,180.00 ACH Amount(Direct Deposit) 2,325.00 09/27/23 50174 Sawyer Falduto Asset Management,LLC 52-190-01 Investment Manager/Advisor Fee 1,000.00 Check Amount 1,000.00 09/30/23 50175 IFPIF 52-195-02 Other Fee&Expenses 7,559.53 52-195-05 Other Expenses 680.14 Check Amount 8,239.67 10/16/23 30521 Lauterbach &Amen,LLP 52-170-03 482698 09/23 Accounting&Benefits 1,145.00 52-170-06 #82698 09/23 PSA 1,180.00 ACH Amount(Direct Deposit) 2,325,00 10/31/23 50176 IFPIF 52-195-02 Other Fee&Expenses 5,008.42 52-195-05 Other Expenses 40.51 Check Amount 5,048.93 Total Payments 30,501.53 See Accountants'Compilation Report 39 of 168 1 1-1 Buffalo Grove Firefighters' Pension Fund Quarterly Deduction Report All Bank Accounts August 1,2023-October 31,2023 Check Invoice Check Date Number Vendor Name Amount Amount 08/31/23 30510 Village of Buffalo Grove-Insurance 20-220-00 Health Insurance- 8/23 11,883.10 ACH Amount(Direct Deposit) 11,883.10 08/31/23 30511 Internal Revenue Service 20-230-00 Internal Revenue Service 49,075.98 ACH Amount(Direct Deposit) 49,075.98 09/29/23 30517 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance-09/23 11,883.10 ACH Amount(Direct Deposit) 11,883.10 09/29/23 30518 Internal Revenue Service 20-230-00 Internal Revenue Service 49,075,98 ACH Amount(Direct Deposit) 49,075,98 10/31/23 30522 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance- 10/23 11,883.10 ACH Amount(Direct Deposit) 11,883.10 10/31/23 30523 Internal Revenue Service 20-230-00 Internal Revenue Service 49,075.98 ACH Amount(Direct Deposit) 49,075.98 Total Payments 182,877.24 See Accountants'Compilation Report 40 of 168 12-1 Buffalo Grove Firefighters' Pension Fund Quarterly Transfer Report All Bank Accounts August 1,2023-October 31,2023 Check Invoice Check Date Number Vendor Name Amount Amount 08/28/23 30512 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 18,400.00 ACH Amount(Direct Deposit) 18,400.00 09/07/23 30513 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 105,976.50 ACH Amount(Direct Deposit) 105,976.50 09/14/23 30516 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 310,616.22 ACH Amount(Direct Deposit) 310,616.22 09/25/23 30519 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 18,000.00 ACH Amount(Direct Deposit) 18,000,00 10/05/23 30520 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 214,934.94 ACH Amount(Direct Deposit) 214,934.94 10/26/23 30524 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 156,173.39 ACH Amount(Direct Deposit) 156,173.39 10/30/23 30525 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 18,300.00 ACH Amount(Direct Deposit) 18,300.00 Total Payments 842,401.05 See Accountants'Compilation Report 41 of 168 13-1 Buffalo Grove Firefighters' Pension Fund Monthly Financial Report For the Month Ended November 30, 2023 Prepared By Lauterbach & Amen, LLP . ................- CERTRED PUBLACAGCOUN'TANIS 668 N.RIVER ROAD-NAPERVILLE,ILLINOIS 60563 PHONE 630.393.1483-FAX 630.393.2516 www.lauterbachamenxom 42 of 168 Buffalo Grove Firefighters' Pension Fund Table of Contents Starting on Page Accountants' Compilation Report................................................................................................ 1-1 Financial Statements Statement of Net Position- Modified Cash Basis................................................................... 2-1 Statement of Changes in Net Position- Modified Cash Basis................................................ 2-2 Other Supplementary Information Cash &Investments - Pie Chart.............................................................................................. 3-1 CashAnalysis Report.............................................................................................................. 4-1 Cash Analysis Summary- Graph............................................................................................ 5-1 RevenueReport....................................................................................................................... 6-1 Expenses - Bar Chart............................................................................................................... 7-1 ExpenseReport........................................................................................................................ 8-1 Member Contribution Report.................................................................................................. 9-1 PayrollBatch Report............................................................................................................... 10-1 Quarterly Disbursement Report............................................................................................... 11-1 Quarterly Deduction Report.................................................................................................... 12-1 Quarterly Transfer Report........................................................................................................ 13-1 43 of 168 Accountants' Compilation Report 44 of 168 NO,N, V E,R (' d - .. ....................................... itJ,RM, ,(.0.5....0 Lauerbach & Nnien, LT, .............. V ........ F11101 ,E, FM603�3,2!'v.l.6. , CER",0,VE 0 PU R ACCIDLOIt rAN G:s December 20, 2023 Buffalo Grove Firefighters' Pension Fund 1051 Highland Grove Drive Buffalo Grove, IL 60089 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Buffalo Grove Firefighters' Pension Fund which comprise the statement of net position - modified cash basis as of November 30, 2023 and the related statement of changes in net position - modified cash basis for the eleven months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting. If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on the other supplementary information. Cordially, Ate, zzP Lauterbach &Amen, LLP 1-1 45 of 168 Financial Statements 46 of 168 Buffalo Grove Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of November 30, 2023 Assets Cash and Cash Equivalents $ 21,974.18 Investments at Fair Market Value Money Market Mutual Funds 468,044.34 Pooled Investments 76,910,908.20 Total Cash and Investments 77,400,926.72 Due from Municipality 166,417.00 Total Assets 77,567,343.72 Liabilities Expenses Due/Unpaid 1,645.00 Total Liabilities 1,645.00 Net Position Held in Trust for Pension Benefits 77,565,698.72 See Accountants'Compilation Report 47 of 168 2-1 Buffalo Grove Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Eleven Months Ended November 30, 2023 Additions Contributions-Municipal $ 2,015,309.91 Contributions -Members 551,978.93 Total Contributions 2,567,288.84 Investment Income Interest and Dividends Earned 1,202,696.90 Net Change in Fair Value 6,027,365.51 Total Investment Income 7,230,062.41 Less Investment Expense (69,293.39) Net Investment Income 7,160,769.02 Total Additions 9,728,057.86 Deductions Administration 47,720.50 Pension Benefits and Refunds Pension Benefits 4,338,104.45 Refunds 0.00 Total Deductions 4,385,824.95 Change in Position 5,342,232.91 Net Position Held in Trust for Pension Benefits Beginning of Year 72,223,465.81 End of Period 77,565,698.72 See Accountants'Compilation Report 48 of 168 2-2 Other Supplementary Information 49 of 168 0 0 10 r W U2 to jj ol pp � M O M l62 " GO CC O M D O O 00 OMi OM1 kn 00 ' h M v) Ol t 00 N O O �O l� oc N M oo qN., CO O O o0 oc oc 06 M M M 7 h 01 O r O \O ~ � � 7 •--� M � N N ' \O oo In v) O oc M .M-i Ql OA O 00 N N N O M h en N O kn . O O •--� ,� �--i N Vp oo 41 Re) N o 1�1 O V'1 \O 00 OG ON M ' oo 01 V'!o 00 Kj N o o n v v M n ll�, 17� n o 00 N 0 •�I --� N N M \O oo 00 rY oc CO O ply G, N 0�1 Ql C Cl O\ N 00 O 00 vNj r i�l ICI li i/'1 kn m So m of a o v) of oo a+ 2 rl .--i O O l0 AO AO O h l In 06 On v� U � � Q N M 01 N o0 N �I O 0o M M O M M rq_ O O AO �D. � � M N oc � N O w O oc :C 7 O M c) M v1 01 o0 N ~ � h Cr 0 N i V LO 190, lIc- 40 k` e did 19e- A e> PLO �11 Vi Ile' muuu r dd W oe c7 ra c7 c c7 c7 a Buffalo Grove Firefighters' Pension Fund Revenue Report as of November 30, 2023 Received Received this Month this Year Contributions Contributions-Municipal 41-210-00-Current Tax $ 103,923.09 2,001,809.51 41-220-00-All Previous Years'Taxes 0.00 13,500.40 103,923.09 2,015,309.91 Contributions -Members 41-410-00-Contributions-Current Year 46,818.79 551,978.93 46,818.79 551,978.93 Total Contributions 150,741.88 2,567,288.84 Investment Income Interest and Dividends 43-102-09-BMO Bank-Checking 113.35 788.51 43-252-04-Schwab-Fixed Income 1,820.83 20,443.72 43-800-01 -IFPIF Consolidated Pool Dividend 59,750.65 465,963.79 43-800-02-IFPIF Consolidated Pool Interest 81,669.22 714,308.46 43-800-03 -IFPIF Contribution Interest 56.78 1,183.02 143,410.83 1,202,687.50 Gains and Losses 44-800-01 -IFPIF Consolidated Pool- Unrealized 5,210,073.07 8,012,549.73 44-800-02-IFPIF Consolidated Pool-Realized 63,459.99 (1,985,184.22) 5,273,533.06 6,027,365.51 Other Income 49-000-03 -IFPIF Consolidated Pool Other Income 13.90 9.40 13.90 9.40 Total Investment Income 5,416,957.79 7,230,062.41 Total Revenue 5,567,699.67 9,797,351.25 See Accountants'Compilation Report 53 of 168 6-1 co cc In .............. ......... ............... ...................... ............. v o d 0 o bA � o cC U � U Q O N U a 00 NINE U s ISO 0 Buffalo Grove Firefighters' Pension Fund Expense Report as of November 30, 2023 Expended Expended this Month this Year Pensions and Benefits 51-020-00-Service Pensions $ 354,798.79 3,837,558.03 51-040-00-Duty Disability Pensions 22,192.22 244,114.42 51-060-00-Surviving Spouse Pensions 23,312.00 256,432.00 Total Pensions and Benefits 400,303.01 4,338,104.45 Administrative Insurance 52-150-01 -Fiduciary Insurance 0.00 7,926.00 0.00 7,926.00 Professional Services 52-170-01 -Actuarial Services 0.00 2,320.00 52-170-03 -Accounting&Booldceeping Services 1,720.00 16,630.00 52-170-05 -Legal Services 0.00 7,440.00 52-170-06-PSA/Court Reporter 1,180.00 12,945.00 2,900.00 39,335.00 Investment 52-190-01 -Investment Manager/Advisor Fees 0.00 4,500.00 52-195-01 -Administrator Expenses(IFPIF) 0.00 11,787.66 52-195-02-Other Fee&Expenses(IFPIF) 2,088.08 41,937.30 52-195-03 -Management Fee(IFPIF) 0.00 8,725.45 52-195-05 -Other Expenses(IFPIF) 48.02 2,342.98 2,136.10 69,293.39 Other Expense 52-290-25 -Conference/Seminar Fees 0.00 400.00 52-290-35 -Other Expense 0.00 59.50 0.00 459.50 Total Administrative 5,036.10 117,013.89 Total Expenses 405,339.11 4,455,118.34 See Accountants'Compilation Report 55 of 168 8-1 Buffalo Grove Firefighters' Pension Fund Member Contribution Report As of Month Ended November 30, 2023 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Baker, William M. $ 141,700.31 17,367.94 0.00 0.00 159,068.25 Baniqued,Dustin J. 21,540.83 7,711.09 0.00 0.00 29,251.92 Beck, Brian D. 247,607.38 14,118.95 0.00 0.00 261,726.33 Beckman,Robert L. 92,954.56 11,029.12 0.00 0.00 103,983.68 Budnik,Alec R. 27,260.10 8,175.42 0.00 0.00 35,435.52 Caballero,Alfredo A. 87,525.05 11,957.63 0.00 0.00 99,482.68 Carroll, James R. 83,952.61 10,221.59 0.00 0.00 94,174.20 Chrencik,Brian J. 15,575.31 7,299.88 0.00 0.00 22,875.19 Collins, Shawn J. 205,807.55 14,118.95 0.00 0.00 219,926.50 Dalton,Kyle M. 24,030.32 7,921.24 0.00 0.00 31,951.56 Dinsmore,Patrick S. 197,962.66 10,263.68 0.00 0.00 208,226.34 Ditthardt, Kyle S. 32,217.29 8,556.93 0.00 0.00 40,774.22 Doll,Franklin C. 127,451.17 10,241.00 0.00 0.00 137,692.17 Dorsey, Steven M. 203,153.42 10,259.41 0.00 0.00 213,412.83 Downey, Daniel J. 44,211.85 9,464.54 0.00 0.00 53,676.39 Eaton,Austin R. 11,422.76 7,029.96 0.00 0.00 18,452.72 Gatto,Kevin 209,947.74 10,259.41 0.00 0.00 220,207.15 Gemmel, John M. 641.60 6,253.90 0.00 0.00 6,895.50 Gleeson, Michael T. 6,342.77 6,667.33 0.00 0.00 13,010.10 Herrmann, Robert W. 140,941.86 13,040.97 0.00 0.00 153,982.83 Himmelspach, Joshua R. 90,130.21 10,221.59 0.00 0.00 100,351.80 Hopp, Landon S. 0.00 1,047.12 0.00 0.00 1,047.12 Huh, Jay 64,957.30 10,202.68 0.00 0.00 75,159.98 Kane,Lawrence J. 7,409.48 14,485.57 0.00 0.00 21,895.05 Kaplan, Timothy M. 6,343.41 6,670.01 0.00 0.00 13,013.42 Kolder, Charles A. 131,131.70 10,245.01 0.00 0.00 141,376.71 Kruse, Cody R. 39,989.30 9,121.96 0.00 0.00 49,111.26 Kujawowicz,Piotr A. 27,257.45 8,175.14 0.00 0.00 35,432.59 Manka,Michael J. 36,860.67 8,881.49 0.00 0.00 45,742.16 McCarthy,Ryan K. 90,140.67 10,221.59 0.00 0.00 100,362.26 McCormick, Chad W. 88,575.93 10,982.65 0.00 0.00 99,558.58 Morris, Jeffery W. 226,457.34 12,001.62 0.00 0.00 238,458.96 Navarro,William A. 147,118.48 13,499.10 0.00 0.00 160,617.58 Otto,Nicholas E. 156,913.96 11,695.16 0.00 0.00 168,609.12 See Accountants'Compilation Report 56 of 168 9-1 Buffalo Grove Firefighters' Pension Fund Member Contribution Report As of Month Ended November 30, 2023 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Pasquarella, Daniel L. 124,904.45 11,957.32 0.00 0.00 136,861.77 Petersen, Tyler M. 53,278.28 10,178.99 0.00 0.00 63,457.27 Potesta,Brian N. 92,667.02 10,221.84 0.00 0.00 102,888.86 Pound, Clark J. 218,152.52 9,938.07 0.00 0.00 228,090.59 Quill, Dennis W. 182,879.30 10,259.41 0.00 0.00 193,138.71 Renshaw, Scott A. 62,253.25 10,202.68 0.00 0.00 72,455.93 Rusin, Steven M. 223,699.64 11,999.84 0.00 0.00 235,699.48 Russell,Andrew L. 176,672.14 12,956.16 0.00 0.00 189,628.30 Schroeder,Adam T. 18,476.29 7,517.02 0.00 0.00 25,993.31 Schroeder,Philip Q. 34,357.33 8,732.39 0.00 0.00 43,089.72 Senese, Jacob M. 18,484.62 7,517.02 0.00 0.00 26,001.64 Shin, Anthony J. 12,035.05 7,069.76 0.00 0.00 19,104.81 Simmons,William A. Jr. 130,436.40 10,241.28 0.00 0.00 140,677.68 Solecki, Joseph R. 62,244.81 10,203.37 0.00 0.00 72,448.18 Steadman, Gary L. 39,983.56 9,119.33 0.00 0.00 49,102.89 Sutherland, Eric S. 35,554.85 8,829.31 0.00 0.00 44,384.16 Vena,James D. 152,722.77 11,976.23 0.00 0.00 164,699.00 Wehrheim,Nicklaus J. 83,922.72 10,225.85 0.00 0.00 94,148.57 Whisler,Kenneth G. 14,901.40 7,234.57 0.00 0.00 22,135.97 Wojcik,Andrew C. 34,362.89 8,730.53 0.00 0.00 43,093.42 Wood, Scott A. 90,195.83 10,221.83 0.00 0.00 100,417.66 Zabilka, David G. 27,516.44 8,198.02 0.00 0.00 35,714.46 4,925,234.60 552,940.45 0.00 0.00 5,478,175.05 Inactive/Terminated Members Spiro, Michael J. 190,715.61 (961.52) 0.00 0.00 189,754.09 Totals 5,115,950.21 551,978.93 0.00 0.00 5,667,929.14 See Accountants'Compilation Report 57 of 168 9-2 co N O N 00 C) CO M \ X O O C) O O O O O C) O O O r m O O C) C) C) O O O C) C) C) 00 O O O O O O O O O O O LO 64 fA 6-1 H) E13 V9 69 ff) H) Efl Efl i d � L4 a) p LL Y t) 0V O O O O O O O O O O O O O O O O O O O O O O L O O O O O O O O O O O U y es esa cq e» cq es 6q e» 6p� 6q 6q C'1 p R m O O O O O O O O O O O c c O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 3 sh e» e» E» e» c» e» e» E» e» c» rn c U d O (D O O O C) O O O C) 0 Q v O O O O O C) O O O o O 0 6 6 6 6 6 6 6 6 C) 0 LL R EH fA 4H bq fA 69 VA 4f> ff3 ff3 tq Q N C L a) O O O O O O co M u O O O O O O V V -a C O O O O O O M Cl) O O It y Efl ff} A f= fA EA Efl if} 6f} V Itt LO U) ffl VD- LL C r ° G o .N C i U) (7) O 0) O O Q) 00 00 O O N �+ _ d 0 O O O Il O � D7 O) Cl? 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Cl) 6r, CY) LL LL 0 — _j c; o 0 C\l C\l 0 cyi cyi CY -a 2 2 LL a) C; C; k LL2 2 2U)C 0 (D (L k � \ 00 0 00 (D rl-� 9 rl-� u C\l 0 C\l r- 1- 64 1- 00 00 0 (D ca C 0 u LL E >(D 5 z c!) 7 k U) 17 0 U) CY) 6 cyi 2 CY) cli N C\l / Ci 00 00 co co CY) CY) 64 64 m E E Z Z CL E LU E r CD a) 1- © 1- CN >1 m CN CN U*) E (D m LL cn 0 z to co w Buffalo Grove Fireftighters" Pension Fund Quarterly Disbursement Report All Bank Accotuits September L 2023-Noveniber 30,2023 Check Invoice Check Date Number Vendor Name Amount Amount 09/14/23 30515 IPFA 52-290-25 2023 Fall Seminar Registration 0,010 52-290-25 Gougji,T 4869 200.00 ACH Amount(Direct Deposit) 200.00 09/18/23 30514 Lauterbach& Amen,LLP 52-170-03 #81757 08/273 Accotuiting&Benefits 1,145.00 52-170-06 481757 08/23 PSA 1,180.00 ACH Amount(Direct Deposit) 2,325.00 09/27/23 50174 Sawyer Falduto Asset Management,LLC 52-190-01 Investment Manager/Advisor Fee 1,000.,00 Check Amount 1,000.00 09/30/23 50175 IFPIF 52-195-02 Other Fee&Expenses 7,559.53 52-195-05 Other Expenses 680.14 Check Amount 8,239.67 10/16/23 30521 Lauterbach& Amen,LLP 52-170-03 48269,8 09/23 Accotuiting&Benefits 1,145.0,0 52-170-06 482698 09/23 PSA 1,180.00 ACH Amount(Direct Deposit) 2,325.00 10/31/23 50176 IFPIF 52-195-02 Other Fee&Expenses 5,008.,42 52-195-05 Other Expenses 40.51 Check Amount 5,048.93 11/20/23 30526 Lauterbach& Amen,LLP 52-170-03 484125 101223 Accotinting&Benefits 1,145.00 52-170-06 484125 10/23 PSA 1,180.00 52-170-03 #83364FYF-22MCR. 575.0,0 ACH Amount(Direct Deposit) 2,900.00 11/30/23 50177 IFPIF 52-195-02 Other Fee&Expenses 2,088.08 52-195-05 Other Expenses 48.,02 Check Amount 2,136.10 Total Payments 24,174.70 See Accomitants'Compilation Repoil 71 of 168 11-1 Buffalo Grove Firefighters' Pension Fund Quarterly Deduction Report All Bank Accounts September 1,2023-November 30,2023 Check Invoice Check Date Number Vendor Name Amount Amount 09/29/23 30517 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance-09/23 11,883.10 ACH Amount(Direct Deposit) 11,883.10 09/29/23 30518 Internal Revenue Service 20-230-00 Internal Revenue Service 49,075.98 ACH Amount(Direct Deposit) 49,075.98 10/31/23 30522 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance- 10/23 11,883.10 ACH Amount(Direct Deposit) 11,883.10 10/31/23 30523 Internal Revenue Service 20-230-00 Internal Revenue Service 49,075.98 ACH Amount(Direct Deposit) 49,075.98 11/30/23 30527 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance- 11/23 11,872.78 ACH Amount(Direct Deposit) 11,872.78 11/30/23 30528 Internal Revenue Service 20-230-00 Internal Revenue Service 50,339.51 ACH Amount(Direct Deposit) 50,339.51 Total Payments 184,130.45 See Accountants'Compilation Report 72 of 168 12-1 Buffalo Grove Firefighters' Pension Fund Quarterly Transfer Report All Bank Accounts September 1,2023-November 30,2023 Check Invoice Check Date Number Vendor Name Amount Amount 09/07/23 30513 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 105,976.50 ACH Amount(Direct Deposit) 105,976.50 09/14/23 30516 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 310,616.22 ACH Amount(Direct Deposit) 310,616.22 09/25/23 30519 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 18,000.00 ACH Amount(Direct Deposit) 18,000.00 10/05/23 30520 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 214,934.94 ACH Amount(Direct Deposit) 214,934.94 10/26/23 30524 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 156,173.39 ACH Amount(Direct Deposit) 156,173.39 10/30/23 30525 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 18,300.00 ACH Amount(Direct Deposit) 18,300.00 11/27/23 30529 The Northern Trust Company 13-800-01 Buffalo Grove Firefighters Pension Fund 123,211.50 ACH Amount(Direct Deposit) 123,211.50 Total Payments 947,212.55 See Accountants'Compilation Report 73 of 168 13-1 Quarterly Repairt Buffalo Grove Firefighters' Pension Fund Presented by.: Thomas S. Sawyer, Managing Partner John,J. Falduto, Managing Partner Edward J. Lavin,Chief Investment Officer David M. Harrington, Director of Portfolio Management ESE= Sawyer Falduty Asset Management,LLC 589 S.York:St. Elmhurst,IL 60126 Q:(630)9 41-856D www.sawyerfaiduto.com As of December 31, 2023 74 of 168 EMS= CashFlow and Performance Review ............................................................................................................................................................................... 3 Portfolio Value vs Cumulative Net Investment ............................................................................................................................................................... 4 Holdings ........................................................................................................................................................................................................................... 5 Transactions .................................................................................................................................................................................................................... 6 MarketCommentary ....................................................................................................................................................................................................... 7 There maybe a slight difference in the ending value between this report and the Schwab statement due to accrued income,timing of transactions, and/or rounding.The Schwab statement continues to be the official custodial record for the account. 75 of 168 Buffalo Grove Firefighters' Pension Fund SFAM Page 2 of 10 As of December 31, 2023 EMS= Cash Flow Quarter 4 Year to Date Beginning Market Value $629,935 $489,324 Contributions/Additions $546,520 $2,785,028 Distributions ($704,786) ($2,812,879) Income/Expenses $5,032 $15,227 Ending Market Value $476,701 $476,701 Performancei Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year to Date Index Return Return Return Return Return S&P 500 Composite 7.5% 8.7% (3.3%) 11.7% 26.3% Russell2000 2.7% 5.2% (5.1%) 14.0% 16.9°% IVISCI EAFE Net 8.5% 3.0% (4.1%) 10.4% 18.2% Blended FI 2.9% (0.8%) (2.1%) 5.5% 5.5% M-Star MMF 1.0°% 1.1% 1.2% 1.3% 4.7% Performance 1 Year 3 Year 5 Year 10 Year Index Return Return Return Return S&P 500 Composite 26.3%.. 10.0%... 15.7% 12.0% Russell 2000 16.9% 2.2% 10.0% 7.2% MSCI EAFE Net 18.2% 4.0% 8.2% 4.3% Blended FI 5.5% (2.9%) 1.2% 1.6°% M-Star MMF 4.7% 2.0% 1.7% 1.1% Returns for periods exceeding 12 months are annualized. Disclosures Information in this report was compiled using data from the custodian available as of the publishing date.While we believe the data to be reliable, we do not independently verify pricing and valuation data. Please refer to the official statements provided by the account custodian. All date period references are on a calendar year basis. Fiscal year reports are available upon request. Past performance does not guarantee future investment results. 76 of 168 Buffalo Grove Firefighters' Pension Fund SFAM Page 3 of 10 As of December 31, 2023 EMS= V I qplllllI iii Illy 111 11 !!11 Bu��bG�meFirc�Qhte�' PensinnFund � Accoumvm"e xetWe�trrnm Inception Beginning Market vo|uc $28,366,426 Receipts"fSecurities gO Contributions/Additions $35'139,617 Distributions ($117'315'109) Ending Market Value $476'701 Investment Return $54,205'767 Buffalo Grove Firefighters' Pension Fund SpAxx Page 4ofzu A,of December 3z' 2023 EMS= Moody's S&P Current Annual Weight Description Symbol Rating Rating Quantity Value Yield Income Cash Equivalent .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... Cash i let Cash ivalen 100.0% Schwab Government Money SWGXX $476,701 5.0% $23,835 Fund 78 of 168 Buffalo Grove Firefighters' Pension Fund SFAM Page 5 of 10 As of December 31, 2023 EMS= "uff"do (,irovrE� Flonsion and 1,01'n Soplombel, 3tr, 20,23 k) Docer l� wr ;37, 2023 ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., ...., .Accrued. Trade Date Activity Description Quantity Amount Interest 12/29/2023 Income(Reinvested Schwab Government 2,975.51 $2,976 Dividend) Money Fund 12/29/2023 Income(Reinvested Schwab Government 2.25 $2 Dividend) Money Fund 12/22/2023 Deposit Schwab Government $2,024 Money Fund 12/21/2023 Deposit Schwab Government $22,898 Money Fund 12/19/2023 Deposit Schwab Government $2 Money Fund 12/15/2023 Deposit Schwab Government $10,819 Money Fund 12/13/2023 Deposit Schwab Government $3,404 Money Fund 12/8/2023 Deposit Schwab Government $76 Money Fund 12/7/2023 Deposit Schwab Government $23,190 Money Fund 12/7/2023 Deposit Schwab Government $70,779 Money Fund 12/7/2023 Expense Schwab Government $1,500 (Management Fee) Money Fund 12/7/2023 Withdrawal Schwab Government $210,466 Money Fund 12/6/2023 Deposit Schwab Government $84,453 Money Fund 11/30/2023 Deposit Schwab Government $8,242 Money Fund 11/22/2023 Deposit Schwab Government $525 Money Fund 11/22/2023 Deposit Schwab Government $23,278 Money Fund 11/17/2023 Withdrawal Schwab Government $123,212 Money Fund 11/16/2023 Deposit Schwab Government $95,157 Money Fund 11/15/2023 Income(Reinvested Schwab Government 1,820.83 $1,821 Dividend) Money Fund 11/9/2023 Deposit Schwab Government $23,541 Money Fund 10/26/2023 Deposit Schwab Government $23,693 Money Fund 10/23/2023 Withdrawal Schwab Government $156,173 Money Fund 10/20/2023 Deposit Schwab Government $130,886 Money Fund 10/16/2023 Deposit Schwab Government $262 Money Fund 10/16/2023 Income(Reinvested Schwab Government 1,733.68 $1,734 Dividend) Money Fund 10/12/2023 Deposit Schwab Government $23,292 Money Fund 10/2/2023 Withdrawal Schwab Government $214,935 Money Fund 79 of 168 Buffalo Grove Firefighters' Pension Fund SFAM Page 6 of 10 As of December 31, 2023 Ins Economic Overview 4Q 2023 Key Observations • M acroeco,niomic news sparked investment optimism andl an, equity market rally • Inflation is showing signs of moderating while still above the 2.0% Fecleral Reserve target • Anticipated (Fed F'ulndl Rate cuts have shifted forward in 2024 • Equity markets generated strong performance across a broader range of sectors • Interest rates experienced a imaterial decline froirn the multi-year h,ighis achieved last quarter • Consumer spending will be a key metric for eco,nio,m,ic health going forward Equity Market Performance Trend • Equity market returns acre very sensitive to the "top dlays"in any given firne period • Positive equity maiirket returns often occur during periods of heightened volatility • It is important to stay invested during full market cycles rather than focusing on highs and (lows S&P 5010'TotaIII IlRetUrn - Illrnpact of Top 'Ten ID,aiys December 31,, 20,23 1017,2% 1.00% 80% 74.1% 60% 40% 35,7% 3,3,1% 263% 2111, 20% 0% Clime Year T11hiree1Fear Five)fimir 1111111111111'op'TenlDays 1111111111110uniWative Return • HIistoiry has shown the (longer the time Period,the greater the chances of a positive outcome S&P 500—95 Years of Performance. ImPortance of Holding Pdriteds, One'-Year Perteds Tree-Year Periods, Rve-YearPertods Teni4ear,Perfods,' Positive Years, 70 78 80 81 Negative Years 1 25 15 1 11 1 5 80 of 168 lBuffaila Girove, Firefighters' Pension Fund SFAM Page 7 of 10 As of IDecernber 31, 2023 Ins MENOMONIE= !I � 1 i IN Equity Market Overview Market Observations • Equity market Performance in 4Q was very stiroing driven by improving economic conditions • Mid/Smiall cap stocks led the way in,4Q as the breadth of the equity market rally widened • Equity market gained momenituim from, a decreasing interest rate environiment • Corporate earnings will be ain important catalyst for oingoing equity imarket strength S&P'500 Performance Overview 0 "Magnificent 7"total return, in 4Q was 12.6% continuing to outpace the S&P 500 return 0 349 S&P 500 stocks generated positive returnis for 2023 * Average 2023 S&P 500 stock gain was+30.4% versus an average loss of-11.4% Equity Indices 4Q 2023 2023 3 Year 5 Year 10 Year Annualized Annualized Annualized S&P 500 - US Large Cap +11.69% +26.29% +10.03% +15.70% +12.04% Russell 2000- US Mid/Sini Cap +14.03,% +16.93% +2.23% +9.99% +7.16,% MSCI EAFE-International +10.42% +18.24% +4.03% +8.17% +4.28% 0 Widle dispersion, of S&P, 500 sector performance results S&P ,500 - (Best& Worst IPerfolrmlurn Sectors 202,3 60% 5T8% 45% 423% 30% 15% Worst four performing sectors 2.1% 0.5% 0% MINES FBest four performing sectors -1.4% 7.1% -15% Techi'milogy Coal�imi u n i cati a I'V, COPISUIMeir lindustriials Health Care Consumor stalpiles I utillil limiry 81 of 168 lBuffaila Grove Firefighters' Pension Fund SFAM Page 8 of 10 As of IDecernber 31, 2023 Ins Fixed llincome Overview Market Observations • F'ed Fund Rate was unchanged durinig 4Q ending at 5.50%as the Fed takes a "wait-and-see"approach • Economic data is signaling a slowdown, in inflation,along with,continued strength in,the job Imarlket • The potential for Fed Fund Rate cuts has been accelerated to the spring of 2024 Fixed llincome Yield Overview • Yield curve moved (lower during 4Q as both short-term and long-term yields decreased • Interest rates retreated in 44Q as concerns about inflation, subsided and the economic data was strong • Short term yields increased on,a year-to-date basis while (longer term yields were down slightly • Ten-year yields were volatile during 2023, but ended close to unchanged for the year • Economic data and Federal Reserve pollicy decisions will continue to drive interest rate changes U.S. Treasury Yidd Curve 6.0% 5.5% ........... 4.5% 4.0% 3.5% lim 311NA 611M ly 2Y 3Y sy 7Y loy 30,Y _12/31/2022 ...............................9/30/2023 -12/31/2023 U.S. Treasury - 'Ten Year Yield 5.0% 4.5% 4.0% 01A, 3.5% OVIIr Year-end yield is close to beginning of year yield 3.0% Deter beer 2022 June 2!0123 IDeceurnbeir 2!012!3 82 of 168 lBuffaila Girove, Firefighters' Pension Fund SFAM Page 9 of 10 As of IDecernber 31, 2023 Ins Fixed llncome Overview(continued) Fixed llncome—Broad Market Characteristics • Market yi.........ellds decreased during 4Cp..as inflation moderated and the(Federal Reserve was on hold YT'D Total Market Average Ilindex Duration Return Yield' Coupon RIVen led'Fiixed Income' Benchmark 5.47% 4. 7 4.17 « Barclays U.S.Government 4.09°,gym 6.04 4.09% 2.54°. Barclays U.S.Intermediate Government/Clredit 5.24°✓m 3.72 4.37% 2.89° Looking'Ahead Econorny • Consumer spending continues to be the eniginie that drives U.S.economic growth • Federal l Reserve appears poised)to cut interest rates as soon as(March 2424 • Economic optimism has(pushed recessionary colncernis to the back burner Equity Markets • Equity market performance reflects the hope for lower inflation and (Fed Fund Rate cuts • The blreadlthi of the 4Cp equity Imarket rally provides positive momentum heading into 2024 • The inevitable debate about growth stocks vs.value stocks will gain traiction in the new year Fixed Income Markets • The sharp downward pivot in interest(rates is a caut'ioniary tale of how quickly markets can clhainge • Long-term interest rates show signis of stabilizing at current levels with a slight bias for an,upward movement • Will the 'inverted yielld curve persist or will it become(positively sloped due to declining short-term yields2 83 of 168 Buffalo Grove Firefighters' Pension Fund SFAM Page 10 of 10 As of IDecernber 31, 2023 Buffalo Grove Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) October 2023 2023 YTD Beginning NAVs: Beginning NAV 73,841,565.24 71,443,718.16 Contributions 389,839.72 2,766,127.49 Withdrawals 415,000.00 4,150,000.00 Net Time Weighted Activity -47,945.43 Allocation Balance 73,793,619.81 Allocation Percent 0.96% Income & Expenses: Unrealized Gain/Loss -2,088,523.37 2,802,476.66 Realized Gain/Loss -40,647.63 -2,048,644.21 Dividend Income 28,359.66 406,213.14 Interest Income 79,264.50 632,639.24 Other Income - -4.50 Total Income -2,021,546.84 1,792,680.33 Administrator Expenses (FPIF) - 11,787.66 Other Fee & Expenses (FPIF) 5,008.42 39,849.22 Other Expenses 40.51 2,354.46 Management Fee - 8,725.45 Performance Fee - - Total Fee& Expenses 5,048.93 62,716.79 Net Income -2,026,595.77 1,729,963.54 Ending NAVs: Ending NAV 71,789,809.19 71,789,809.19 Rate of Returns: Return on Invested Capital -2.75% 2.35% Return on Total Assets -2.75% 2.35% Ownership 0.96% Disclaimer/ Important Information: The Plan Total reflects the total of underlying plan balances,and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable,it may contain information provided by third parties or derived from third party information,and/or information that may have been obtained from,categorized or otherwise reported based upon client direction.The Northern Trust Company does not guarantee the accuracy,timeliness or completeness of any such information.The information included in this report is intended to assist clients with their financial reporting needs,but you must consult with your accountants,auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws,regulations and accounting guidance.The Northern Trust Company and its affiliates shall hove no responsibility for the consequences of investment decisions made in reliance on information contained in this report. 84 of 168 NTALMS-20 g� co, CL 0 4) 104 54 0 YH LE Lr Ll: Buffalo Grove Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) November 2023 2023 YTD Beginning NAVs: Beginning NAV 71,789,809.19 71,443,718.16 Contributions 123,268.28 2,889,395.77 Withdrawals 415,000.00 4,565,000.00 Net Time Weighted Activity -222,800.09 Allocation Balance 71,567,009.10 Allocation Percent 0.96% Income & Expenses: Unrealized Gain/Loss 5,210,073.07 8,012,549.73 Realized Gain/Loss 63,459.99 -1,985,184.22 Dividend Income 59,750.65 465,963.79 Interest Income 81,669.22 714,308.46 Other Income 13.90 9.40 Total Income 5,414,966.83 7,207,647.16 Administrator Expenses (FPIF) - 11,787.66 Other Fee & Expenses (FPIF) 2,088.08 41,937.30 Other Expenses 48.02 2,402.48 Management Fee - 8,725.45 Performance Fee - - Total Fee& Expenses 2,136.10 64,852.89 Net Income 5,412,830.73 7,142,794.27 Ending NAVs: Ending NAV 76,910,908.20 76,910,908.20 Rate of Returns: Return on Invested Capital 7.55% 10.08% Return on Total Assets 7.56% 10.09% Ownership 0.96% Disclaimer/ Important Information: The Plan Total reflects the total of underlying plan balances,and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable,it may contain information provided by third parties or derived from third party information,and/or information that may have been obtained from,categorized or otherwise reported based upon client direction.The Northern Trust Company does not guarantee the accuracy,timeliness or completeness of any such information.The information included in this report is intended to assist clients with their financial reporting needs,but you must consult with your accountants,auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws,regulations and accounting guidance.The Northern Trust Company and its affiliates shall hove no responsibility for the consequences of investment decisions made in reliance on information contained in this report. 86 of 168 NTALMS-20 IQ Buffalo Grove Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) December 2023 2023 YTD Beginning NAVs: Beginning NAV 76,910,908.20 71,443,718.16 Contributions 233,084.15 3,122,479.92 Withdrawals 415,000.00 4,980,000.00 Net Time Weighted Activity -115,830.94 Allocation Balance 76,795,077.26 Allocation Percent 0.96% Income & Expenses: Unrealized Gain/Loss 3,429,251.67 11,441,801.40 Realized Gain/Loss 140,303.80 -1,844,880.42 Dividend Income 54,257.10 520,220.89 Interest Income 81,972.61 796,281.07 Other Income - 9.40 Total Income 3,705,785.18 10,913,432.34 Administrator Expenses (FPIF) - 11,787.66 Other Fee & Expenses (FPIF) 10,855.08 52,792.38 Other Expenses 128.45 2,530.93 Management Fee 5,864.68 14,590.13 Performance Fee - - Total Fee& Expenses 16,848.21 81,701.10 Net Income 3,688,936.97 10,831,731.24 Ending NAVs: Ending NAV 80,417,929.32 80,417,929.32 Rate of Returns: Return on Invested Capital 4.80% 15.36% Return on Total Assets 4.80% 15.38% Ownership 0.96% Disclaimer/ Important Information: The Plan Total reflects the total of underlying plan balances,and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable,it may contain information provided by third parties or derived from third party information,and/or information that may have been obtained from,categorized or otherwise reported based upon client direction.The Northern Trust Company does not guarantee the accuracy,timeliness or completeness of any such information.The information included in this report is intended to assist clients with their financial reporting needs,but you must consult with your accountants,auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws,regulations and accounting guidance.The Northern Trust Company and its affiliates shall hove no responsibility for the consequences of investment decisions made in reliance on information contained in this report. 88 of 168 NTALMS-20 z MR 00 41 X ZM (0 LL ef E2 T � 0 0 G) co z Lj H, ui V) w z z 8 8 CL oz zo z 2-L LLJ !Z U) N C5 .11,11, § J) 00 V-4 No 0 V. C w N m N 8 8 Lt2 N cam C66 rl rz J) 1.4 1.4 N Nca 4.� 4w LL 0 0 0 0 0 E E LO Ln Ln LO 0 f i 00 0 N N on OF s ciat FaiREFIGF a E PEA'14SJiON ll NVL I'MLNI FUNH) Illinois Firefighters' Pension Investment Fund Monthly Summary August 31, 2023 * Preliminary, subject to change 90 of 168 1111nois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary Encfing August 31,2023 20,0 150 10,0 93 T9 82 E 5-0 4,2 4,2 0 0 1=iffffffffffff�ffffffffffffffffffffffi�, 75 0.0 ................... .....................1001.................... . ........... -50 23 -2,2 -10 0� ,Aug-23 3 Months YTE) I Year jjtllllllj Tolall Fund Composite IFPIF Policy Benchmark Actual vs Target klocation (%) 50,0 40.0 X0 30.9 281 3O i0 29,1 291.0 20.0 4,9 5,01 '[ lm� L 07 0,0 00 1 1 1'I'm III—I I 11IM88888888ML11 I I III I I I I I I I I I I I I I I I I I I I, Fixed Income U.S-Equily Non-U.S.Equity Real A53eb Other Actual 1211211,Policy Returin,Sumirnairy 1 IIIt4oinith Total Return, Totall Fund Composite -2-3% IFPIF Policy Benchmark -2-2% Totall Fund Composite excl.Member Funds -2.3% IFPIF Policy Benchmark -2-2% U.S.Equity Composite -1-9% Russell 3000 -1-9% Nunn-U.a.Equity Composite -4-3% MSCI ACWI ex USA IMI 4_3% Totall Fixed Income Composite -0-7% Bloomberg US Univemal TR 46% Total Real Estate Composite -2.0% Real Estate Custom Benchmark -1-2% 91 of 168 Marquette Associates,Inc Total Fund Composite Asset Allocation Market Value:$7,948.4 Million and 100.0%of Fund lE."inding August 31,202 Asset Class Market Value %of Portfolio Policy% Total Fund Composite $7,948,431,790 100.0% 100.0% Total Fund Composite excl.Member Funds $7,948,431,790 100.0% 100.0% Total Equity Composite $5,269,247,066 66.3% 65.0% U.S.Equity Composite $2,959,578,777 37.2% 36.0% Rhumbline Russell 200 Large-Cap Core $2,104,611,860 26.5% 25.0% Rhumbline Russell Midcap Mid-Cap Core $700,600,865 8.8% 9.0% Rhumbline S&P 600 Small-Cap Core $154,366,053 1.9% 2.0% Non-U.S.Equity Composite $2,309,668,289 29.1% 29.0% International Developed Equity Composite $1,534,597,181 19.3% 19.0% SSGA World ex US Non-U.S.Large-Cap Core $1,308,065,484 16.5% 16.0% SSGA World ex US Small Non-U.S.Small-Cap Core $226,531,696 2.9% 3.0% Emerging Markets Equity Composite $775,071,108 9.8% 10.0% SSGA MSCI EM Emerging Markets $611,243,823 7.7% 8.0% SSGA EM Small EM Small-Cap $163,827,286 2.1% 2.0% Total Fixed Income Composite $2,231,843,343 28.1% 30.0% Rate Sensitive Composite $2,001,115,163 25.2% 27.0% Short-Term Treasury Composite $221,192,810 2.8% 3.0% SSGA Short Treasury Short-Term Govt.Fixed Income $221,192,810 2.8% 3.0% Core Fixed Income Composite $1,779,922,354 22.4% 24.0% Garcia Hamilton&Associates Core Fixed Income $882,910,688 11.1% 12.0% Brown Brothers Harriman&Co Core Plus Fixed Income $897,011,666 11.3% 12.0% Credit Fixed Income Composite $230,728,179 2.9% 3.0% Emerging Markets Debt Composite $230,728,179 2.9% 3.0% SSGA EM Global Diversified EM Fixed Income $230,728,179 2.9% 3.0% Total Real Estate Composite $390,294,751 4.9% 5.0% Core Real Estate Composite $390,294,751 4.9% 5.0% Public Real Estate Composite $163,711,203 2.1% 2.0% SSGA FTSE NAREIT U.S.REIT $163,711,203 2.1% 2.0% Private Real Estate Composite $226,583,548 2.9% 3.0% Principal USPA Fund Core Real Estate $226,583,548 2.9% 3.0% Cash Composite $56,997,310 0.7% 0.0% Transition Composite $49,321 0.0% 0.0% Member Funds Composite 0.0% 92 of 168 2 Marquette Associates,Inc. '` ,a�lttt ,"w Investment Manager Annualized Performance (Net of Fees) Market Value:$7,948.4 Million and 100.0%of Fund Ending August 31,2023 1 MO 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date 11 1l 1 I II J J 1 I J 1 l l l lJl 1 1 l J �{ JJJJ�J III�JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ �lllllllllllllllllllllllllllllllllllll>1�yJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ llill�i 11�I�I �� IFPIF Policy Benchmark -2.2 4.2 9.3 8.2 4.3 5.6 6.9 -1.7 Oct-21 JJ I III 1 JJ J J J I , 1 1 1 ��i'1�'�111 '��I��6' �ri ��111111111111111111111111111111111111111111111111111111111111111111� ��a�� r �11111111111111111111111111111111111111111111111111111111111111111111111111111111��11111111111111111111111��1111111111111111 jj( IFPIF Policy Benchmark -2.2 4.2 9.3 8.2 4.3 5.6 6.9 -3.4 Oct-21 I I JJ J J I l 1� MSCI ACWI IMI Net USD -2.9 6.7 14.2 13.3 7.3 7.0 8.4 -3.2 Oct-21 i I 1 JJ JJ 11 I 11 J J 1 J J I I I � � �Ii��iJi�J �'� ��lultttttttttttttttttttttttttttttttttttt��1 ��jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjl�'1>�tullllllllllllllllllllllllllllllllllllllllllll��lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll��lllllllllllllllllllllllllllllllllllllllllllllllr��111111111111111111111111111111111 ' tttl Russell3000 -1.9 8.5 18.0 14.8 9.8 10.2 12.2 -1.3 Oct-21 Rhumbline Russell 200 -1.2 8.4 21.8 17.8 -- -- -- 0.5 Oct-21 Russell Top 200 -1.2 8.4 21.9 17.8 10.2 12.0 13.5 0.6 Oct-21 Rhumbline Russell Midcap -3.5 8.7 9.4 8.3 -- -- -- -5.2 Oct-21 Russell MidCap -3.5 8.7 9.4 8.4 9.2 7.3 10.0 -5.1 Oct-21 Rhumbline S&P 600 -4.1 9.4 7.2 5.5 -- -- -- -4.5 Oct-21 S&P 600 SmallCap -4.1 9.5 7.2 5.5 12.6 3.8 9.5 -4.5 Oct-21 J1 1 J 1 J J J � J J J MSCI ACWI ex USA IMI -4.3 4.1 8.8 11.6 4.1 3.3 4.5 -5.5 Oct-21 J Jll JJJ,1l1II1 1 1 IIII I I I I J J J J J I l 1 MSCI World ex USA IMI NR USD -3.8 4.0 9.9 15.3 5.8 4.0 5.0 -3.9 Oct-21 SSGA World ex US -3.9 4.0 10.8 16.9 -- -- -- -2.5 Oct-21 MSCI World ex USA -3.9 4.0 10.4 16.4 6.3 4.3 4.9 -2.9 Oct-21 SSGA World ex US Small -3.3 4.1 6.9 9.2 -- -- -- -9.1 Oct-21 MSCI World ex USA Small Cap -3.4 4.1 6.6 8.8 3.0 2.1 5.5 -9.5 Oct-21 a I I 1 J J 1 I1 1 1 J J I I I J �µ+ ,��lyyl�yJJJ �J��1�� g 1�� JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ +�� »y1111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII +++ �II�I�1J�Jt,�111� I �IM�I�I //1 �y1'J�!��lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll(� ��IlCfffffffffffffffffffffffffffffffffffffff�d8"fffffffffffffffffffffffffffffffffffff �lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllt�r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r��r�ltllllllllllllllllllllllllllllllllllllllllllllllll ��lll MSCI Emerging Markets IMI -5.5 4.3 6.1 2.8 0.0 1.6 3.3 -9.4 Oct-21 SSGA MSCI EM -6.2 3.4 4.5 1.9 -- -- -- -10.5 Oct-21 MSCI Emerging Markets -6.2 3.5 4.6 1.3 -1.4 1.0 3.0 -10.5 Oct-21 SSGA EM Small -1.5 9.6 16.0 13.1 -- -- -- -2.1 Oct-21 MSCI Emerging Markets Small Cap -1.4 9.8 16.1 13.0 10.8 6.2 5.4 -2.0 Oct-21 1 II I II II 11 ! 1 I J 11 1 J J 1 1 J J I E l N IIIIIIIIIIIIIIIIIIIIIIIIIII�N�UII� '� ' 1111�1� ��'�� J1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 '�� 'Illllllllllllllllllllllllllllllllllll�ttut1111111111111111111111111111111� ��'tttttttttttttttttttttttttttttttttttttttttttt�'�llllllllllllllllllllllllllllllllllllllllllll��lttttttttttttttttttttttttttttttttttttttttttttttt�� r I fff Bloomberg US Universal TR -0.6 -0.7 1.8 -0.4 -4.0 0.7 1.8 -6.4 Oct-21 11 l 111 I 1 11 1 J 11 J 1 J J J I J J J i J J J Illllllllllllllllllllllllllllllllllllll��r ' ��'111111111111111111111111111111111111111111111111111111111111111� '� '11111111111111111� ��11� rrrrrrrrrrrrrrrr�, 1111111111111111111111111111111111111111111�1�111111111111111111111��11111111111111111111111�' Illlllllllllllllllllllllllllllll �ttt Bloomberg US Aggregate TR -0.6 -1.1 1.4 -1.2 -4.4 0.5 1.5 -6.6 Oct-21 I I 1 1111 1 1 1 1 I I 1 1 1 JI 1 I J J 1 J 1 Bloomberg US Treasury 1-3 Yr TR 0.4 0.2 1.7 1.3 -0.9 1.0 0.8 0.1 Mar-23 SSGA Short Treasury 0.4 0.2 -- -- -- -- -- 0.2 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.4 0.2 1.7 1.3 -0.9 1.0 0.8 0.1 Mar-23 93 of 168 Marquette Associates,Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value:$7,948.4 Million and 100.0%of Fund Ending August 31,2023 1 MO 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date I I II II I J I II J 1 1 I J II I J Il J J J I J I J J I J J J I Bloomberg US Aggregate TR -0.6 -1.1 1.4 -1.2 -4.4 0.5 1.5 -6.6 Oct-21 Garcia Hamilton&Associates -1.0 -2.0 -- -- -- -- -- -2.6 Mar-23 Bloomberg US Aggregate TR -0.6 -1.1 1.4 -1.2 -4.4 0.5 1.5 -1.5 Mar-23 Brown Brothers Harriman&Co -0.4 0.4 -- -- -- -- -- 0.0 Mar-23 Bloomberg US Aggregate TR -0.6 -1.1 1.4 -1.2 -4.4 0.5 1.5 -1.5 Mar-23 I II I J J J J J 1 J I J 1 l J l J 1 I I I I 1 1 1 l l l W�+++� + ��J ��J1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 l��llllllllllllllllllllllllllllllllll J �IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII JP Morgan EMBI Global Diversified -1.5 2.6 4.5 5.8 -4.3 0.5 3.0 -8.2 Oct-21 I J JJ I JJJJJ J J J I J J J I I J I I I J I ! i�i�llll >� r �' ��1�� 1, ��rlllllllllllllllllllllllllllllllllllllllllllll��llllllllllllllllllllllllllllllllllllllllllll�'�111111111111111111111111111111111111111111111'11111111111111111111111111111111111111111111111�� 111111111111111i 111 JP Morgan EMBI Global Diversified -1.5 2.6 4.5 5.8 -4.3 0.5 3.0 -8.2 Oct-21 SSGA EM Global Diversified -1.6 2.4 4.1 5.4 -- -- -- -7.9 Oct-21 JP Morgan EMBI Global Diversified -1.5 2.6 4.5 5.8 -4.3 0.5 3.0 -8.2 Oct-21 I JJJ � I 1 JJJ J I I J J J l 1 Real Estate Custom Benchmark -1.2 0.1 -1.8 -7.0 7.9 5.7 8.1 -0.2 Oct-21 I J J J J I I llllll I J ! J J I I J J I I J J J l IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII� �IIII '� J � 'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII��'�'�1111111111111111111111111111111111�1111111111111111111111111111111111��1�111111111111111111111��111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 � ��r �1111 Real Estate Custom Benchmark -1.2 0.1 -1.8 -7.0 7.9 5.7 8.1 -0.2 Oct-21 I JJJ J J 1 1 J JJ J 1 I I I I 1 FTSE NAREIT Equity REIT -3.1 4.8 5.0 -2.9 7.1 3.7 7.0 -8.0 Oct-21 SSGA FTSE NAREIT -3.1 4.9 5.1 -2.9 -- -- -- -7.9 Oct-21 FTSE NAREIT Equity REIT -3.1 4.8 5.0 -2.9 7.1 3.7 7.0 -8.0 Oct-21 i J J J JJ I JAI J JJ JJ J JJ J J J JJ J, l � JJ J l � �t t 1 i 'il' '�'tttl �i �111111111111111111111111111111111111111111111rr� �i ��1��r� �� 11J��111111111111111111111111111111111111111111111 ��11111111111111111111111111111111111111111111��11111111111111111111111111111111111111111111111111 �� r tt NFI-ODCE Equal Weighted 0.0 -3.1 -6.4 -10.5 7.6 6.1 8.1 4.1 Oct-21 Principal USPA Fund -1.2 -3.2 -6.2 -11.7 -- -- -- 3.9 Oct-21 NFI-ODCE Equal Weighted 0.0 -3.1 -6.4 -10.5 7.6 6.1 8.1 4.1 Oct-21 94 of 168 4 Marquette Associates,Inc. '` ,a�lrt ."w Illinois Firefighters' Pension Investment Fund Fee Schedule Investment Manager Fee Schedule lRhiumbline 0.005%on the Balance SSGA 0.0111%on the Balance Garcia Hamilton&Associates 0 14%on the First$100 million 0.09%on the Next$600 million 0,05%on the Balance Brown Brothers Harriman&Co 017%on the First$250,million 0,13%on the Next$250 million 0.10%on the Balance Principal USPA Fund 0.75%on the Balance En 95 of 168 OF' Marquette Associates,Inc. 5 Illinois IFirefighters' Pension Investment Fund Disclosures Beinctimairk Nstory Total Fund Composite 25%Russell Top 200�9%Russell IMidlCap�2%S&P 600 SmallICap�16%IMSCI World ex USA/3%MSCI Worldi ex USA 4/112023 Present Small Cap!8%MSCI Emerging Markets 12%MSCI Emerging(Markets Small Cap)3%Bloomberg US Treasury 1-3 Yir TR 124%Bloomberg US Aggregate TR 13%JP Morgan EMBI Global Diversified/2%FTSE INAREIT Equfly REIT 13%NFI- ODGE Equal Weighted 25%IRuissell Top 200 l 9%Russell IMidlCap l 2%S&P 600 SmalllCap l 16%IVISCI World ex USA/3%MSCI W orldi ex USA Small Gap/8%MSCI Emerging Mlarkets/2%MISCI Emerging(Markets Small Cap)3%Bloomberg 1-3 Year US TIPS 19% 10VV2021 3/3112023 Bloomberg US Credit lint TR 16%Bloomberg US Treasury Int TR/3%Bloomberg US Treasury Long TR/6%Bloomberg USSecuritized MBSABS,CMBS TRI 3%JP Morgan EMBI Global Diversified/2%FTSE INAREIT Equity REIT)3%NFI- ODCE Equal Weighted Total Real Estate Composite 10/3112021 Present 60%INFI-ODCE Equal Weighted)40%FTSE NAREIT Equity(REIT Performaince IDiisscllosuures Inception Performance Total Fund Composite,(Private(Real Estate Composite,and the Principal)USPA Fund inception performance are based on an,October 1,2021 start-All other account and composite inception performance is based on an October 31,2021 start- NFI-ODCE Equal Weighted Quarterly valued index-Valuie of the quarterly return is recognized in the last month of each quarter- ME 96 of 168 6 Marquiette Associates, Inc. OF D"ISCLOSURE ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Marquette Associates, Inc. ("Marquette") has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward-looking statements, including without limitation any statement or prediction about a future event contained in this presentation,are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions,including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo- political,competitive, and financial risks that are outside of Marquette's control.There can be no assurance that the assumptions made in connection with any forward® looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward-looking statement herein should not be regarded as an indication that Marquette considers forward-looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts,figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2,which is available upon request. 97 of 168 on OF s ciat FaiREFIGF a E PEA'14SJiOr ll NVL I'MLNI FUNH) Illinois Firefighters' Pension Investment Fund Monthly Summary September 30, 2023 * Preliminary, subject to change 98 of 168 1111nois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary El4i Ing September 30,2023 20,0 150 12-5 132 10,0 E 5,3 55 5-0 0 0 75 0.0 .................... .......... -50 _33 -3,6 3.3 _31 _100� Sep-23 3 Months YTE) I Year jjtllllllj Tolall Fund Composite IFPIF Policy Benchmark Actual vs Target klocation (%) 50,0 40.0 3,6,8 3O 0 2912 291.0 20.0 4,9 5,01 11111111_= 11, 01,8 0,0 00 Fixed Income U.S-Equily Non-U.S.Equity Real A53eb Other Actual 1211211,Policy Returin,Sumirnairy 1 Koinith Total Return, Totall Fund Composite -3-6% IFPIF Policy Benchmark 45% Totall Fund Composite excl.Member Funds -3.6% IFPIF Policy Benchmark 45% U.S.Equity Composite 4_8% Russell 3000 4_8% Non-U.a.Equity Composite -3-2% MSCI ACWI ex USA IMI 42% Totall Fixed Income Composite -2-6% Bloomberg US Universal TR -2-4% Total Real Estate Composite -4.4% Real Estate Custom Benchmark 41_0% 99 of 168 Marquette Associates,Inc Total Fund Composite Asset Allocation Market Value:$7,663.2 Million and 100.0%of Fund l[Ending elpteirnbeir 30,2023 Asset Class Market Value %of Portfolio Policy% Total Fund Composite $7,663,206,756 100.0% 100.0% Total Fund Composite excl.Member Funds $7,663,206,677 100.0% 100.0% Total Equity Composite $5,055,057,971 66.0% 65.0% U.S.Equity Composite $2,818,697,352 36.8% 36.0% Rhumbline Russell 200 Large-Cap Core $2,008,060,096 26.2% 25.0% Rhumbline Russell Midcap Mid-Cap Core $665,520,043 8.7% 9.0% Rhumbline S&P 600 Small-Cap Core $145,117,213 1.9% 2.0% Non-U.S.Equity Composite $2,236,360,619 29.2% 29.0% International Developed Equity Composite $1,481,099,174 19.3% 19.0% SSGA World ex US Non-U.S.Large-Cap Core $1,264,379,816 16.5% 16.0% SSGA World ex US Small Non-U.S.Small-Cap Core $216,719,359 2.8% 3.0% Emerging Markets Equity Composite $755,261,445 9.9% 10.0% SSGA MSCI EM Emerging Markets $594,940,463 7.8% 8.0% SSGA EM Small EM Small-Cap $160,320,982 2.1% 2.0% Total Fixed Income Composite $2,174,303,753 28.4% 30.0% Rate Sensitive Composite $1,949,606,190 25.4% 27.0% Short-Term Treasury Composite $221,146,400 2.9% 3.0% SSGA Short Treasury Short-Term Govt.Fixed Income $221,146,400 2.9% 3.0% Core Fixed Income Composite $1,728,459,790 22.6% 24.0% Garcia Hamilton&Associates Core Fixed Income $851,951,553 11.1% 12.0% Brown Brothers Harriman&Co Core Plus Fixed Income $876,508,237 11.4% 12.0% Credit Fixed Income Composite $224,697,563 2.9% 3.0% Emerging Markets Debt Composite $224,697,563 2.9% 3.0% SSGA EM Global Diversified EM Fixed Income $224,697,563 2.9% 3.0% Total Real Estate Composite $373,273,909 4.9% 5.0% Core Real Estate Composite $373,273,909 4.9% 5.0% Public Real Estate Composite $152,583,569 2.0% 2.0% SSGA FTSE NAREIT U.S.REIT $152,583,569 2.0% 2.0% Private Real Estate Composite $220,690,340 2.9% 3.0% Principal USPA Fund Core Real Estate $220,690,340 2.9% 3.0% Cash Composite $60,521,863 0.8% 0.0% Transition Composite $49,181 0.0% 0.0% Member Funds Composite $79 0.0% 0.0% En 100 of 168 2 Marquette Associates,Inc. '` ,a�lttt ,"w Investment Manager Annualized Performance (Net of Fees) Market Value:$7,663.2 Million and 100.0%of Fund 11:.;;;In iiln elptelrnbelr 30,2023 1 MO 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date I» J J J J JJ J II J J J J I l J lJl 11 JJJJ�JJ +�y! 1 IFPIF Policy Benchmark -3.5 -3.1 5.5 13.2 3.8 4.9 6.2 -3.4 Oct-21 i li J I J i JJ I III l JJJ J J J J J III, I l l J II 1 J J J J 1 J J, Jl JJf IFPIF Policy Benchmark -3.5 -3.1 5.5 13.2 3.8 4.9 6.2 -5.1 Oct-21 I I J J J J I I JJJ J I J I II l J I.r 1 IIIIIIIIIIIIIIIIIIIIIIIIIII��MIIIII �'t�l��1��J��llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll� 11111111111111111111111111111111111rr��1� ��r ��1111111111111111111111��111111111111111111111111111111111111111111��11111111111111111111111� �� 111 MSCI ACWI IMI Net USD -4.2 -3.4 9.4 20.2 6.9 6.1 7.4 -5.2 Oct-21 J I I I I I I J I 1 JJ JJ 1J .I I 11 J J 1 ,J 1 J J , � f Russell3000 -4.8 -3.3 12.4 20.5 9.4 9.1 11.3 -3.7 Oct-21 Rhumbline Russell 200 -4.6 -2.6 16.2 23.8 -- -- -- -1.9 Oct-21 Russell Top 200 -4.6 -2.7 16.3 23.9 10.0 10.8 12.6 -1.8 Oct-21 Rhumbline Russell Midcap -5.0 -4.7 3.9 13.4 -- -- -- -7.5 Oct-21 Russell MidCap -5.0 -4.7 3.9 13.4 8.1 6.4 9.0 -7.4 Oct-21 Rhumbline S&P 600 -6.0 -4.9 0.8 10.0 -- -- -- -7.4 Oct-21 S&P 600 SmallCap -6.0 -4.9 0.8 10.1 12.1 3.2 8.1 -7.3 Oct-21 I J I I JJ ! 1 1 J J Jl J J J-J 1 1 J ! IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ' ��t + l��i� 'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�I�lllllllllllllllllllllllllllllll�� I�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 'Illllllllllllllllllllllllllllllllllllllllllll�l�llllllllllllllllllllllllllllllllllllllllllllllll� ��i�'ll. MSCI ACWI ex USA IMI -3.2 -3.5 5.3 20.2 3.8 2.6 3.5 -6.8 Oct-21 I JIJ, II a I JI J J I JJJ,II I I III I J J Jl ) J ! II I I I 11 1 1 11 J Illllllllllllllllllllllllllllllllllllllllllllllllll�l� +�td�ltttt��YN�'III ++ ��J,,�;�J �1111111111111111111111111111111111I�r �� I�JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ �� ttttttttttttttttttttttttttttttttttttttttttttt�f�rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr��f ttttttttttttttttttttttttttttttttttttttttttttt�'ttttttttttttttttttttttttttttttttttttttttttttttt '�rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrl��f f f MSCI World ex USA IMI NR USD -3.5 -4.0 6.0 23.0 5.4 3.1 3.9 -5.5 Oct-21 SSGA World ex US -3.3 -4.1 7.1 24.4 -- -- -- -4.1 Oct-21 MSCI World ex USA -3.4 -4.1 6.7 24.0 6.1 3.4 3.8 -4.5 Oct-21 SSGA World ex US Small -4.3 -3.3 2.2 17.8 -- -- -- -10.8 Oct-21 MSCI World ex USA Small Cap -4.5 -3.5 1.8 17.3 1.8 1.3 4.1 -11.2 Oct-21 I J l i i i I, I a I I I JJ J J J II J J 11 1 1 J J J J J J I J I �� i �i�J �',"�,�� r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r�r��'�ttttttttttttttttttttttttttttttttttttttt ��r11� ��111111111111111111111��111111111111111111111��11111111111111111111111��ttti MSCI Emerging Markets IMI -2.5 -2.1 3.4 13.2 -0.3 1.3 2.4 -10.2 Oct-21 SSGA MSCI EM -2.7 -3.2 1.7 12.2 -- -- -- -11.4 Oct-21 MSCI Emerging Markets -2.6 -2.9 1.8 11.7 -1.7 0.6 2.1 -11.3 Oct-21 SSGA EM Small -2.1 2.5 13.5 22.9 -- -- -- -3.1 Oct-21 MSCI Emerging Markets Small Cap -2.1 2.9 13.7 23.1 10.6 6.5 4.6 -3.0 Oct-21 J J J J J J II I II II , JJJ J J ,11 1 J J I 1 1 J J J J Bloomberg US Universal TR -2.4 -2.9 -0.6 1.6 -4.7 0.3 1.4 -7.3 Oct-21 I I I J J JJl I J JJ J 11 J 1 J Jy I I I I I I I J� r '�� 11111111111111111111111111111111111111111111111111111111111111� �� II�llllllllllllllllllllllllllllllllllllllirllllllllllllllllllllllllllllllllllllllllllllll�lllllllllllllllllllllllllllllllllllllllllllll�llrlr+llr+llr+llr+llr+llr+llr+llr+llr+llr+llr+llr+llr+llr+llr+1��111111111111111111111111111111111111111111111111� 11111111111111111111111111111111 '�ttll Bloomberg US Aggregate TR -2.5 -3.2 -1.2 0.6 -5.2 0.1 1.1 -7.6 Oct-21 i I i IJ I I II J JJJJ 1 1 1 1 1 I 1 JI I J J J�� JJJ � J llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll�!lJ�+++++++++++++++++++++++++++++++++;�I,I I�� Ilf�//l� ��i�rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr��lirglllllllllllllllllllllllllllllllllllllllllllll��11f11fffffffffffffffffffffffffffffffffffffffffffff((�ffffffffffffffffffffffffffffffffffffffffffffff1111111111111111111111111111111111111111111111111f11fffffffffffffffffffffffffffffffffffffffffffffffffff��IIINIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIi�N �Jr Bloomberg US Treasury 1-3 Yr TR 0.0 0.7 1.7 2.4 -0.9 1.0 0.8 0.1 Mar-23 SSGA Short Treasury 0.0 0.7 -- -- -- -- -- 0.1 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.0 0.7 1.7 2.4 -0.9 1.0 0.8 0.1 Mar-23 101 of 168 Marquette Associates,Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value:$7,663.2 Million and 100.0%of Fund 11:.;;;ndiin elptelrnbelr 30,202 1 MO 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date II I I I II 1 1 I III I I JJ J I J J I 1 J IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�iH'1�'"�Illl�ll�' '� �'��'�' 1111111111111111111111111111111111111111111111�1111111111111111�� '11�1111111111111111rrr��1111111111111111111111111111111111111111111111'lllllllllllllllllllllllllllllllllllllllllllll��llllllllllllllllllllllllllllllllllllllllllll��lllllllllllllllllllllllllllllllllllllllllllllllll1111111111111111111111111111111�'I 'll Bloomberg US Aggregate TR -2.5 -3.2 -1.2 0.6 -5.2 0.1 1.1 -7.6 Oct-21 Garcia Hamilton&Associates -3.5 -4.9 -- -- -- -- -- -6.1 Mar-23 Bloomberg US Aggregate TR -2.5 -3.2 -1.2 0.6 -5.2 0.1 1.1 -4.0 Mar-23 Brown Brothers Harriman&Co -2.3 -2.2 -- -- -- -- -- -2.3 Mar-23 Bloomberg US Aggregate TR -2.5 -3.2 -1.2 0.6 -5.2 0.1 1.1 -4.0 Mar-23 I I I I I II I 11 II . I 1 l J 1 l JP Morgan EMBI Global Diversified -2.6 -2.2 1.8 10.0 -4.6 -0.4 2.5 -9.1 Oct-21 I 111 I I I I 11 I JJJJJ I J I J J b I I f r ! i�i�llll >� r �' ��1�' 1111111111111111� ��11111111111111111111111111111111111111111111111111111111111�111111111111111111111��111111111111111111111��11111111111111111111111� �� 111 JP Morgan EMBI Global Diversified -2.6 -2.2 1.8 10.0 -4.6 -0.4 2.5 -9.1 Oct-21 SSGA EM Global Diversified -2.6 -2.3 1.4 9.8 -- -- -- -8.8 Oct-21 JP Morgan EMBI Global Diversified -2.6 -2.2 1.8 10.0 -4.6 -0.4 2.5 -9.1 Oct-21 , I I �I JJ � l I 1 J 1 J JJ I I J I I 1 J I I l I I t l IIIIIIIIIIIIIIIIIIIIIIIIIII�N�U11l�fllll Ir��11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111�'� IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�N �� '111111111111111111111111111111111111111111111�'111111111111111111111111111111111111111111111�111�llllllllllllllllllllllllllllllllllllllllllll�1�1111111111111111111111111111111111111111111111111� lllllllllllllllllllllllllllllllll��l Real Estate Custom Benchmark -4.0 -4.1 -5.7 -6.7 6.9 4.8 7.3 -2.3 Oct-21 11 1 1 1 11 llllll J J J J J I J J l I JI J J I I � l Real Estate Custom Benchmark -4.0 -4.1 -5.7 -6.7 6.9 4.8 7.3 -2.3 Oct-21 u , , II � �I 11 I l 1 l l 1 1 11 11 1 I I J I J 1 JJ 1 J I I I , 1 1 FTSE NAREIT Equity REIT -6.8 -7.1 -2.1 3.0 5.8 2.8 6.0 -11.0 Oct-21 SSGA FTSE NAREIT -6.8 -7.0 -2.1 3.1 -- -- -- -10.9 Oct-21 FTSE NAREIT Equity REIT -6.8 -7.1 -2.1 3.0 5.8 2.8 6.0 -11.0 Oct-21 11 JI J JJ J l J J l , 1 1 l t t t 'il' '�'tttl �i �111111111111111111111111111111111111111111111rr��r� 1111111111111111r� ��lj��1111111111111111111111'1111111111111111111111��'111111111111111111111�'�111111111111111111111111�1111111111111111111111111111111 r tt NFI-ODCE Equal Weighted -2.1 -2.1 -8.4 -13.1 6.7 5.2 7.5 2.8 Oct-21 Principal USPA Fund -2.6 -3.9 -8.6 -14.3 -- -- -- 2.4 Oct-21 NFI-ODCE Equal Weighted -2.1 -2.1 -8.4 -13.1 6.7 5.2 7.5 2.8 Oct-21 102 of 168 4 Marquette Associates,Inc. '` ,a�lrte."w Illinois Firefighters' Pension Investment Fund Fee Schedule Investment Manager Fee Schedule lRhiumbline 0.005%on the Balance SSGA 0.0111%on the Balance Garcia Hamilton&Associates 0,14%on the First$100 million 0.09%on the Next$600 million 0,05%on the Balance Brown Brothers Harriman&Co 017%on the First$250 million 0,13%on the Next$250 million 0.10%on the Balance Principal USPA Fund 0.75%on the Balance En 103 of 168 OF' Marquette Associates,Inc. 5 Illinois IFirefighters' Pension Investment Fund Disclosures Beinctimairk Nstory Total Fund Composite 25%Russell Top 200�9%Russell IMidlCap�2%S&P 600 SmallICap�16%IMSCI World ex USA/3%MSCI Worldi ex USA 4/112023 Present Small Cap!8%MSCI Emerging Markets 12%MSCI Emerging(Markets Small Cap)3%Bloomberg US Treasury 1-3 Yir TR 124%Bloomberg US Aggregate TR 13%JP Morgan EMBI Global Diversified/2%FTSE INAREIT Equfly REIT 13%NFI- ODGE Equal Weighted 25%IRuissell Top 200 l 9%Russell IMidlCap l 2%S&P 600 SmalllCap l 16%IVISCI World ex USA/3%MSCI W orldi ex USA Small Gap/8%MSCI Emerging Mlarkets/2%MISCI Emerging(Markets Small Cap)3%Bloomberg 1-3 Year US TIPS 19% 10VV2021 3/3112023 Bloomberg US Credit lint TR 16%Bloomberg US Treasury Int TR/3%Bloomberg US Treasury Long TR/6%Bloomberg USSecuritized MBSABS,CMBS TRI 3%JP Morgan EMBI Global Diversified/2%FTSE INAREIT Equity REIT)3%NFI- ODCE Equal Weighted Total Real Estate Composite 10/3112021 Present 60%INFI-ODCE Equal Weighted)40%FTSE NAREIT Equity(REIT Performaince IDiisscllosuures Inception Performance Total Fund Composite,(Private(Real Estate Composite,and the Principal)USPA Fund inception performance are based on an,October 1,2021 start-All other account and composite inception performance is based on an October 31,2021 start- NFI-ODCE Equal Weighted Quarterly valued index-Valuie of the quarterly return is recognized in the last month of each quarter- 30 2023 NFILODGE Equal Weighted not return is preliminary- 104 of 168 6 )Marquette Associates, Inc. D"ISCLOSURE Marquette Associates, Inc. ("Marquette") has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward-looking statements, including without limitation any statement or prediction about a future event contained in this presentation,are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions,including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo- political,competitive, and financial risks that are outside of Marquette's control.There can be no assurance that the assumptions made in connection with any forward® looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward-looking statement herein should not be regarded as an indication that Marquette considers forward-looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts,figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2,which is available upon request. 105 of 168 on OF s ciat FaiREFIGF a E PEA'14SJiO ll NVL I'MLNI t°UNH) Illinois Firefighters' Pension Investment Fund Monthly Summary October 31, 2023 * Preliminary, subject to change 106 of 168 1111nois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary Einding October 31,2'0123 20,0 15,0 100 5,9 163 50 2A �2,6 Of00 . ...... ......................MENIMMUNNOM...................... .......... 0 -5.0 -21 -23 75 = -100 -150 -20 0 OV-23 3 Months YTE) I Year jjtllllllj Tolall Fund Composite IFPIF Policy Benchmark Actual vs Target klocation (%) 50,0 40.0 3,6,8 30.9 28,6 3O 0 267 291.0 20.0 4,9 5,01 1,0 0,0 00 Fixed Income U.S-Equily Non-U.S.Equity Real A53eb Other Actual 121122 Policy Returin,Sumirnairy 1 II oinith Total Return, Totall Fund Composite -2-7% IFPIF Policy Benchmark -2-7% Totall Fund Composite excl.Member Funds -2.7% IFPIF Policy Benchmark -2-7% U.S.Equity Composite -2-6% Russell 3000 -2-7% Non-U.a.Equity Composite -4-3% MSCI ACWI ex USA IMI 4_3% Totall Fixed Income Composite -1-7% Bloomberg US Universal TR -1-5% Total Real Estate Composite -1.3% Real Estate Custom Benchmark -1-7% 107 of 168 Marquette Associates,Inc Total Fund Composite Asset Allocation Market Value:$7,465.3 Million and 100.0%of Fund l[Ending October 31,202 Asset Class Market Value %of Portfolio Policy% Total Fund Composite $7,465,345,588 100.0% 100.0% Total Fund Composite excl.Member Funds $7,465,345,509 100.0% 100.0% Total Equity Composite $4,887,129,484 65.5% 65.0% U.S.Equity Composite $2,745,919,694 36.8% 36.0% Rhumbline Russell 200 Large-Cap Core $1,976,809,132 26.5% 25.0% Rhumbline Russell Midcap Mid-Cap Core $632,311,564 8.5% 9.0% Rhumbline S&P 600 Small-Cap Core $136,798,999 1.8% 2.0% Non-U.S.Equity Composite $2,141,209,789 28.7% 29.0% International Developed Equity Composite $1,415,559,552 19.0% 19.0% SSGA World ex US Non-U.S.Large-Cap Core $1,211,511,694 16.2% 16.0% SSGA World ex US Small Non-U.S.Small-Cap Core $204,047,858 2.7% 3.0% Emerging Markets Equity Composite $725,650,237 9.7% 10.0% SSGA MSCI EM Emerging Markets $572,975,330 7.7% 8.0% SSGA EM Small EM Small-Cap $152,674,907 2.0% 2.0% Total Fixed Income Composite $2,137,049,400 28.6% 30.0% Rate Sensitive Composite $1,915,197,274 25.7% 27.0% Short-Term Treasury Composite $221,870,809 3.0% 3.0% SSGA Short Treasury Short-Term Govt.Fixed Income $221,870,809 3.0% 3.0% Core Fixed Income Composite $1,693,326,465 22.7% 24.0% Garcia Hamilton&Associates Core Fixed Income $831,195,100 11.1% 12.0% Brown Brothers Harriman&Co Core Plus Fixed Income $862,131,365 11.5% 12.0% Credit Fixed Income Composite $221,852,126 3.0% 3.0% Emerging Markets Debt Composite $221,852,126 3.0% 3.0% SSGA EM Global Diversified EM Fixed Income $221,852,126 3.0% 3.0% Total Real Estate Composite $368,381,410 4.9% 5.0% Core Real Estate Composite $368,381,410 4.9% 5.0% Public Real Estate Composite $145,931,980 2.0% 2.0% SSGA FTSE NAREIT U.S.REIT $145,931,980 2.0% 2.0% Private Real Estate Composite $222,449,430 3.0% 3.0% Principal USPA Fund Core Real Estate $222,449,430 3.0% 3.0% Cash Composite $72,736,334 1.0% 0.0% Transition Composite $48,882 0.0% 0.0% Member Funds Composite $79 0.0% 0.0% En 108 of 168 2 Marquette Associates,Inc. '` ,a�lttt ,"w Investment Manager Annualized Performance (Net of Fees) Market Value:$7,465.3 Million and 100.0%of Fund I1:.;..Ad11ln Octolbelr 31,2023 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date > > I 1 IJ J 1J � I J JJ I l J J J 1 I 1 � �� '��'ttt �11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111�� 111111111111111111111111111111111111 �11111111111111111111111111111111111111 '111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111��111111111111111111111111111111111111111111111111� �rrrrrrrrrrrrrrrr��tttl IFPIF Policy Benchmark -2.7 -8.2 2.6 6.3 3.4 5.4 5.6 -4.5 Oct-21 JJ I . I II � l JJJ J JJJ � III, I l l � II 1 J J J 1 l J ��'1�'�111 'i��1��6' �r ��11111111111111111111111111111111111111111111111111111111111111111�'' ��11111111111111111111111111111111111r� ��1111111111111111111111111111111111111111111111111111111111111111111111111111111111��11111111111111111111111� jjjjjjjjjjjjjjjjjjjjjjjjjjjjjt�l 111� IFPIF Policy Benchmark -2.7 -8.2 2.6 6.3 3.4 5.4 5.6 -6.2 Oct-21 J I +I I JJJ I I, I I I J J I ,I 1 l l �{ �I J�J� � ��11111111111111111111111111111111 � � MSCI ACWI IMI Net USD -3.3 -10.1 5.7 9.4 6.5 7.1 6.6 -6.6 Oct-21 J i III 1 JJJ 1 I �11 JJ 1 I J J 1 J 1 1 I I 1 l � 1 �� f� � ��1�� r�(r�1��d �� r✓r✓r✓r✓r✓r✓r✓r✓r✓r✓r✓r✓r✓r✓r✓r� �� Russell3000 -2.7 -9.1 9.4 8.4 9.2 10.2 10.5 -4.9 Oct-21 Rhumbline Russell 200 -1.6 -7.2 14.4 13.2 -- -- -- -2.6 Oct-21 Russell Top 200 -1.6 -7.2 14.4 13.2 10.7 11.9 11.9 -2.6 Oct-21 Rhumbline Russell Midcap -5.0 -12.9 -1.3 -1.0 -- -- -- -9.5 Oct-21 Russell MidCap -5.0 -12.9 -1.3 -1.0 6.0 7.1 8.1 -9.4 Oct-21 Rhumbline S&P 600 -5.7 -15.0 -5.0 -7.7 -- -- -- -9.8 Oct-21 S&P 600 SmallCap -5.7 -15.1 -5.0 -7.7 9.0 4.3 7.1 -9.8 Oct-21 II ! 1 1 J 1 1 J J J l 1 1 l J J J J I 1 I '�� t�'��i(111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111�'�� 1�� 11�1�1111111111111111111111111111111111��11111111111111111111111111111111111111111111��11111111111111111111111��r ��f. MSCI ACWI ex USA IMI -4.3 -11.4 0.7 11.6 3.0 3.5 2.7 -8.6 Oct-21 � I JJ I J JJ J I JIJ,II I I III I 1 II � I J J l J ! II I I I 1 I l 1 J I l II II I � rJ Illllllllllllllllllllllllllllllllllllllllllllllllll�ll �l +�td�htttt��YN�'III ++ ��J,�i�1J �1111111111111111111111111111111111I� � 111111111111111111111111111�I� rrrrrrrrrrrrrrrrIl� rrrrrrrrrrrrrrrIl�ffGttttttttttttttttttttttttttttttttttttttttttttt��1��tttttttttttttttttttttttttttttttttttttttttttttt� d�llllllllllllllllllllllllllllllllll �((f�ttt MSCI World ex USA IMI NR USD -4.5 -11.3 1.3 11.6 5.2 3.9 3.1 -7.4 Oct-21 SSGA World ex US -4.2 -11.0 2.6 13.0 -- -- -- -6.0 Oct-21 MSCI World ex USA -4.2 -11.0 2.2 12.6 6.0 4.3 3.1 -6.3 Oct-21 SSGA World ex US Small -5.8 -12.9 -3.7 6.2 -- -- -- -13.0 Oct-21 MSCI World ex USA Small Cap -5.9 -13.1 -4.2 5.7 0.9 2.1 3.2 -13.5 Oct-21 J � l 1 MSCI Emerging Markets IMI -4.0 -11.6 -0.8 11.7 -2.2 2.3 1.5 -11.6 Oct-21 SSGA MSCI EM -3.7 -12.1 -2.0 11.1 -- -- -- -12.6 Oct-21 MSCI Emerging Markets -3.9 -12.2 -2.1 10.8 -3.7 1.6 1.2 -12.6 Oct-21 SSGA EM Small -4.8 -8.2 8.1 17.1 -- -- -- -5.3 Oct-21 MSCI Emerging Markets Small Cap -4.8 -8.0 8.2 17.2 9.0 7.8 3.7 -5.3 Oct-21 I �I I II II 11 ! 1 I J 11 1 ! 1 I 1 1 1 1 l l J 1, I I II �I l IIIIIIIIIIIIIIIIIIIIIIIIIII�N�UII� '��1111�1��'�� '1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111��ki�llllllllllllllllllllllllllllllllll�'�� ttttttttttttttttttttttttttttttttttttttttttttt�f�rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr��f tttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt�� 111111111111111 I III Bloomberg US Universal TR -1.5 -4.4 -2.1 1.2 -5.0 0.2 1.2 -7.7 Oct-21 i J J 111 I 1 11 1 11 J 1 II I I I l I 1 I r � r L � �'�llr ' ' '�"�� 11111111111111111111111111111111111111111111111111111111111111 � 1111111111111111r�� '1111111111111111111111111111111111� 111111111111111r� �� '�t� Bloomberg US Aggregate TR -1.6 -4.7 -2.8 0.4 -5.6 -0.1 0.9 -8.0 Oct-21 i I i II I I II I 111 1 1 1 1 1 1 I 1 JI 1 ! I J J Bloomberg US Treasury 1-3 Yr TR 0.3 0.7 2.0 2.9 -0.8 1.1 0.8 0.4 Mar-23 SSGA Short Treasury 0.3 0.7 -- -- -- -- -- 0.5 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.3 0.7 2.0 2.9 -0.8 1.1 0.8 0.4 Mar-23 109 of 168 Marquette Associates,Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value:$7,465.3 Million and 100.0%of Fund I1:..:..Ad11ing Octolbelr 31,2023 1 MO 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date II I iu I II J JI J I JI J JJ J J 1 1 1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�iH '1�'�Illi�ll�'� �'��'�' 1111111111111111111111111111111111111111111111� 11111111111111111 , �� ?�11111111111111111 ' 'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII��111111111111111111111111111111111111111111111�'�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�I�llllllllllllllllllllllllllllllll�� 'll Bloomberg US Aggregate TR -1.6 -4.7 -2.8 0.4 -5.6 -0.1 0.9 -8.0 Oct-21 Garcia Hamilton&Associates -2.4 -6.8 -- -- -- -- -- -8.4 Mar-23 Bloomberg US Aggregate TR -1.6 -4.7 -2.8 0.4 -5.6 -0.1 0.9 -5.6 Mar-23 Brown Brothers Harriman&Co -1.7 -4.3 -- -- -- -- -- -3.9 Mar-23 Bloomberg US Aggregate TR -1.6 -4.7 -2.8 0.4 -5.6 -0.1 0.9 -5.6 Mar-23 I II I 1l 11 I 1 J J 1 1 l J 1 I I I � III��l ��i �i� 111111111111111111111111111111111111111111111111�� jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjj��111111111111111111111111111111111111111 �111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111��11111111111111111111111111111111111111111111��111111111111111111111111111111111111111111111111�1�111111111111111111111111111111111 ' tttl JP Morgan EMBI Global Diversified -1.4 -5.4 0.4 8.4 -5.0 -0.2 2.1 -9.4 Oct-21 1 I I1 11 I JJJJJ l J I J J J J J j i�i�llll >� r �' ��l�i�� lllllllllllllllllllllllllllllllllllllllr,llllllllllllllllllllllllllllllllllllllllllllll'111111111111111111111111111111111111111111111��11111111111111111111111111111111111111111111�'�111111111111111111111111111111111111111111111111� 1111111111111111111111111111111111� �11 JP Morgan EMBI Global Diversified -1.4 -5.4 0.4 8.4 -5.0 -0.2 2.1 -9.4 Oct-21 SSGA EM Global Diversified -1.3 -5.4 0.1 8.1 -- -- -- -9.1 Oct-21 JP Morgan EMBI Global Diversified -1.4 -5.4 0.4 8.4 -5.0 -0.2 2.1 -9.4 Oct-21 II 1 JJ J 1 , 1 J JJ J J I I I l 1 1 1 ��11l� Irk'�'�i�11111111111111111111111111111111111111111111111111111111111111�i1�� l�llllllllllllllli�1111111111111111111111111111111111111111111111��11111111111111111111111111111111111111111111�'�111111111111111111111111111111111111111111111'11111111111111111111111111111111111111111111111' ��i � '�1�: Real Estate Custom Benchmark -1.7 -6.8 -7.3 -10.0 6.6 4.7 7.0 -3.1 Oct-21 I1 1 1 � llll II 1 l J J J J I I J I 1 i l 1 I f , ��I '� 1 �11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111�� '�� '��11�1111111111111111111111111111111111111111111111��11111111111111111111111111111111111111111111�'�111111111111111111111111111111111111111111111'llllllllllllllllllllllllllllllllllllllllllllll��r ��ll� Real Estate Custom Benchmark -1.7 -6.8 -7.3 -10.0 6.6 4.7 7.0 -3.1 Oct-21 I ll l 1 1 1 11 11 1 J I I 1 J 1 l l l l I �IY(� '�i" '111� '��i� �'rJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJrJ� �t�I��IlirJ�rJ�rJ�rJ�rJ�rJ�rJ��(� H �� tt1111111111111111111111111111111�'K(�ttti FTSE NAREIT Equity REIT -4.4 -13.6 -6.4 -6.1 5.1 2.5 5.0 -12.5 Oct-21 SSGA FTSE NAREIT -4.4 -13.6 -6.3 -6.0 -- -- -- -12.5 Oct-21 FTSE NAREIT Equity REIT -4.4 -13.6 -6.4 -6.1 5.1 2.5 5.0 -12.5 Oct-21 J 1 J J J JJ I J, 1 l t J I I 'il' '�'tttl �i �1111111111111111111111111111111111111111111111 ��f �� l�ttlllllllllllllllllllllllllllllllllllllllllllll��llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll��llllllllllllllllllllllllllllllllllllllllllllllllll ��i�l r tll NFI-ODCE Equal Weighted 0.0 -2.1 -8.4 -13.1 6.7 5.2 7.5 2.7 Oct-21 Principal USPA Fund 0.8 -3.0 -7.9 -13.1 -- -- -- 2.7 Oct-21 NFI-ODCE Equal Weighted 0.0 -2.1 -8.4 -13.1 6.7 5.2 7.5 2.7 Oct-21 110 of 168 4 Marquette Associates,Inc. '` ,a�lrt ."w t ra,,-,, Illinois Firefighters' Pension Investment Fund Fee Schedule Investment Manager Fee Schedule lRhiumbline 0.005%on the Balance SSGA 0.0111%on the Balance Garcia Hamilton&Associates 0 14%on the First$100 million 0.09%on the Next$600 million 0,05%on the Balance Brown Brothers Harriman&Co 017%on the First$250,million 0,13%on the Next$250 million 0.10%on the Balance Principal USPA Fund 0.75%on the Balance En 111 of 168 OF' Marquette Associates,Inc. 5 Illinois IFirefighters' Pension Investment Fund Disclosures Beinctimairk Nstory Total Fund Composite 25%Russell Top 200�9%Russell IMidlCap�2%S&P 600 SmallICap�16%IMSCI World ex USA/3%MSCI Worldi ex USA 4/112023 Present Small Cap!8%MSCI Emerging Markets 12%MSCI Emerging(Markets Small Cap)3%Bloomberg US Treasury 1-3 Yir TR 124%Bloomberg US Aggregate TR 13%JP Morgan EMBI Global Diversified/2%FTSE INAREIT Equfly REIT 13%NFI- ODGE Equal Weighted 25%IRuissell Top 200 l 9%Russell IMidlCap l 2%S&P 600 SmalllCap l 16%IVISCI World ex USA/3%MSCI W orldi ex USA Small Gap/8%MSCI Emerging Mlarkets/2%MISCI Emerging(Markets Small Cap)3%Bloomberg 1-3 Year US TIPS 19% 10VV2021 3/3112023 Bloomberg US Credit lint TR 16%Bloomberg US Treasury Int TR/3%Bloomberg US Treasury Long TR/6%Bloomberg USSecuritized MBSABS,CMBS TRI 3%JP Morgan EMBI Global Diversified/2%FTSE INAREIT Equity REIT)3%NFI- ODCE Equal Weighted Total Real Estate Composite 10/3112021 Present 60%INFI-ODCE Equal Weighted)40%FTSE NAREIT Equity(REIT Performaince IDiisscllosuures Inception Performance Total Fund Composite,(Private(Real Estate Composite,and the Principal)USPA Fund inception performance are based on an,October 1,2021 start-All other account and composite inception performance is based on an October 31,2021 start- NFI-ODCE Equal Weighted Quarterly valued index-Valuie of the quarterly return is recognized in the last month of each quarter- 30 2023 NFILODGE Equal Weighted not return is preliminary- 112 of 168 6 Marquiette Associates, Inc. D"ISCLOSURE Marquette Associates, Inc. ("Marquette") has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward-looking statements, including without limitation any statement or prediction about a future event contained in this presentation,are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions,including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo- political,competitive, and financial risks that are outside of Marquette's control.There can be no assurance that the assumptions made in connection with any forward® looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward-looking statement herein should not be regarded as an indication that Marquette considers forward-looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts,figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2,which is available upon request. 113 of 168 0 W Ottos,en IDiNolfo Hasenbalg &Caistaldo,, Ltd. 1804 N' Naper Boulevard,SUi(e -350, Naperville, [L 60563 Phone 630.682.0085 * 1;'ax 630.682.0788 + wwwottoscnlaw,uom John I'll. Motylinski Dlirect 708,719.41331 Attorney jmotyfinski(),ottosenlawcom VIA U.S., MIAIL January 111, 2024 Tracie Wells, Legal Assistant Curtin, Whiitcombe LLC 7 2 Flloirsheimi Drive, Suite 1'4 Libertyville, IL 60048 RE Quallified Illinois Domesitiic Relations Order with the Bu'ffallo Grove Firefighters' Pens,ioln Fund The Former Marriage of Pearson Lake County Case No. 00-D-782 Ms. Wells: My firm repriesenits the Buffalo Grove Firefighters' Pension Fund. The Fund received your December 18, 2023, letter enclosung an executed Qualified Illinois Domestic Relations Order ("QILDRO") and s,uipporting, documentation concerning the former marriage of Pearson, We haive analyzed the QILDRO and its supp�oirtinig materials and found them to be in good form. We will therefore recommend that the Board of Trustees of the Buffalo Grove Firefighteirs' Pensioni Fund implemient the QILDRO. If you have any questions, please let me know. Sincerely, OTTOSEN DiN'OLF'O HIASENIBALG &CASTALDO, LTD. Isl John E Motylinski John E. Motylinski Enclosures - Pearson QILDR0 Materials cc: Lt. Dan Pasquarella, Buffallio Grove Firefighters' Pension Fund Molly Weslow,I Lauterbach, & Amen, LLP 114 of 168 urtin thietn LurCn Pattrrer(ret.) Rebe<ca Why iteom!bee Partner iitcornbrraha c�,�rrebe��uvgo�ros.c��rn e N'icoie Sileobe,Associate1i . nSiPbOoa CWq& 2,COM December 19,2023 Bu4Talo Grove Firefighters" Pension Irund. 15 01 1lighland Grove Drive Buffalo Grove, IL 600891 RE: Qualified Illinois Domestic Relations Order Daniel K. Pearson Dear Plan Administnrator.. Please find enclosed a court certified Qualified Illinois Domestic Relations Order, Consent to Issuance of QILDRQ,Notice of Confidential Information Within Court filing and check # 1476, in the amount of$50,00 for,the processing fee.. Please provide written confirmation that this Qualified Illinois Domestic Relations Order meets the plan requirements and is accepted as a Qualified. Illinois Domestic Relations Order.. Your prompt attention is appreciated. Thank you in advance for your assistance.. "eery truly yours, "`raeie wells Legal Assistant 1Fmlosure : ( ) Cc" file Jaclymnn Eiterrnann(w/enclosures via email only) Michael 'Stetler /enclosures via email only) 732 Florshelm D rIve Phone:( )549� 25 Suilte 14 Fait»(847)1782-9224 115 of 168 IN THIE CIRCUIT COUIRT OF''THE _bUNgM JUiDI'C'IAL DIMIC "° + UIN ^S'IL L�INOIIS DANIIEL K P'EARSON Petitioner,, and JIACL YNN T".PEARS ON, Respondent � CONSENT TO ISSUAKE,OF Q LDR0 t rtldpamra Name: Dadel K Pearson, Lit four dlg3s at PaMollpant"'a Soctall Seoudty Flumter, Altemate Pay eWs Naas. JaCJ l rn lea a r o .01 Last lour digib of Aternatar Payee's Social Secudy Number_ I,, D nlel,K,. Pearson � e parlidpaint of they B�u facto Egan, VrsiE re"Auto Funds„ hwby irrw4ocablly con wt to the Issuance of a QuelMed IlWa Domedlo fWatiansu Order. i' umdeMamd that under tine Ordw,i certain bertetlts that,wruou d othaMse be,payable to, me, or to my deMh benefft bevefidaidev of estate,W11 IInstead be payable to� 1 also undenfland that my dght to 91 t Certain tomes of payment of my retimnant benefft or parildpanCs refundmay be Ilmitsd as a rewlt of''the Order. (Date: C Z, zv '3 �lgtrrsdi, 116 of 168 IN THE CIRCUIT COURT OF THE NINETEENTH JUDICIAL CIRCUIT,LAKE COUNTY, ILLMOIS IN RETHE MARRIAGE OF DA'NrEL K. PEARSON, Petitioner, and GEN NO. 2000 D 000782 JACLYNNT. PEARS ON, Respondent. NOTICE OF CONFIDENTIAL INFORMATION WIT111N COURT FILING Pursuant to Illinois Supreme Court Rule 15, the filer of a court record at the time of filing shall include a confidential information form which identifies the full social security numbers for any individuals whose social security numbers are redacted within the Filing. This information wil-I not be available to the public and this document will be stored in a separate locatton from the cast rile. Party/Individual Information., I. Name: DANIEL, K. PEA SON Address: SSN: 2. Name: JAC1,YNN EITERMANN fWa PEARSON Address: SS' : Prepared by: Rebecca Whitcom be Curtin Whitcombe, LLC 732 Florsheirn Dr,, Ste. 14 Libertyville IL 60048 Tel: (847) 549-0253 #6276162 Page I of I 117 of 168 FILED, 12/1/2023 101;41 AM, Errol" 1"Wrl"ight Weinstein Clerkof the Court Lake iColunty, Illinois IN THIE'CIRC!UIIT COURT OF THE til]2ETEENT-H JUDICIAL DISTRICT LAKE—COUNTY, ILLINOIS DANIEL K.PEAR'SO,N,Petitioner, )i and Nio 2000 Q 000782 JACLYNNI T, PEARSON, Respondent. AGREED B'UF'FALO GROVE FIREFIGHTERS'PENSION FUND QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDER THIS CAUSE comingi before the Court for the Purpose of the entry of a Qualified Illinois Doillustla Relations Orde�r under the provisions of Section 1-119 of the 11111nols Pension Code (401 ILGO 511-119), the Court having jurisdiction over the parties and the subject matter hereof-, the Court finding that one of tine parties to this proceeding is a member of'the Buffalo Grove Firefighters' Pension Fund subject to Section 1-119 of the Illinois Pension Code(40 ILCS 5/1-1 191)�thig Order Is entered to ImpIament a division of that plairty"s Interest in,the Buffalo Gmve Firefighters" Pension Fund;and the,Court being fuillly advised; IT IS HEREBY ORDERED AS FOLLOWS: L The deflinillons,ands provisions of Section 1.119 of the,Illincis Pension Code are adapted by, reference and mia,de a part of'thils Order. if. Identification of Retirement System and parties,! Retirement System: Suffallo Grove Firefighiters,"Pension Fund 1051 Highland Grove Drive Buffalo Grove, IL 60,089 iparticipant: gWniLeJK,PaarsW (Malling Address) (Last four digits'of Social Security Number) Alternate Payee: Jady on EftWr"-W@-ft@-ra-q-n)-------.......................... (Narnel 100mommon— (Mailling Address) F''rovided under separate carver. (Last four digits of Social Security Number) The alternate,payee Is the partIcipant'a(check one): 2current or former spouse _child or,other dependent The Buffalo, Grove Firefighters' Pension, Fund shall pay the indicated amounts of the firefighter's retirement benefits to the allemate payee under the 'following terms ands condiltions; Fage 1 118 of 168 °°d""^ir"wwo}�rarFe•caWp�euraa. 4�.swra+.wca«Mu�u.+a.r^rea°u•ua:.,+^r�t'v,�nu°�c.epa,rat�..a•. (Al The Buffalo, Girove Firefighters"IPenslon Fund) shall pay the alternate payee pursuant to one,of the following rmethocIv (11)i , 0,1apermonth;or (2) per"l month of this rrmarital portion of said benefit with the rnairitail port,Jon defined using the formula in Section,IX; or (3) _f/ per month of the gross amount of said benefit cailcuilated as of the data the 4frefighter'sit—alternate payee's (check once] benefllt commences (check alternate payee only if the alternate payee will commence benefits after the firefighter commences benefits,e.gi.if the firefighter is receiving retirement benefits at the time this Fader Is entered]. (S) If the firefighters retirement bent has already commenced, payments to this alternate payee rihatl commence eltlrer(choWcompete the ONE option that appllliei (11), x as noon as administratively po�o ible upon this prdleir being received and accepted by the Buffalo Grove Firefighters' Pansionu Fund, or (2) on the data of (enter any benefit date that will occur at least 30,days after the date the Buffalo Grove 'firefighters' Pension 'Fund receives a valid QIILDRO, but ONLY If payment to the alternate payee Is to be delayed to some future date;otherwise check item ('1)above], ( ') If' this flrefightees retirement benefit has not yet commenced, payments to the alternate payee shall commence as of the date the fireflgh�ter's retirement bent commences. (D) Payments, to the ,altemate payee under this Section Ill shall terminate (checklcomplste the ONE option that applies]: (1), X upon the, death of the firefighter or, the death of this alternate payee, wwhichiever Is the first to occur,or (2) after_payments are made to, the alternate payee [enter any set niumber] or uipon this death of the firefighter or the deaths of the alternate payers, awhichiever Is the first to occur. IV. If the fir fighter's retirement benefits are subject to annual post-retirement Increases,, tfhs: alternate payee's share of said benefrts .shallt sJhalll not [check one] be recalculated or Increased annually to Include a proportlloinate shaire of the applicable aninuall Increases,. V, The Suffrello Grove Firefighters' Pension Fund) shisill pay to the alternate payee the Indicatedl amounts of any, refund) upon termination or any lump, sum, retirement men+t benief t that becomes, payable to the fireflghler, under the(allowing terms and condlitionw, (A,) The Buffalo Grove Firefighters'Pension Fund shall pays the alternate payee pursuant to one of the following methods(complete the ONE optlon that applies): (1), [enter amount);or (2,) §Q % (enter percentage] of the market portion of the rafuind air,liurmp suimi ratiromenk benefit, with the marital portion dlefiined using the, formula In Slectloin IX;or (a) %(enter percentage] of the gross, amount of this refund or Ilurmp, sum, retirement benefit, wilculated when, the firefigihter's refund or Ilurnp sum ratire:ment benefit is paild. Page 2 119 of 168 n W#,�9W+7tlli�jaW CItl IIM"$IVrdC�IILJe 1."1'J4I1 W771'�"dluNW't++^*A'4'1"'IJ"'�W'�w�"'WI�A"'V'�/'VJ^AC I'Wd U,�d',.R" (13) The amount payable to an alternate payee under Section V( «)( :) or V(A)(3)i shall Include any applicable Interest that would otherwise be, Payable to the firelighter unid'er the: ruilies of the,Buffalo Grove Firefighters,' Pension Fund. (C') The alternate payee's share of the refund or lump sum retirement bienefit under this Section V shell be pald uvhen the firefiughter"s refund or luirnip surru retirement benefit.IS paid. Vh The Buffalo Grave Firefighters"Pension .Fund shall pay" to the alternate payee the indicated) amounts of any partiai refund that becomes payable to the, firelighter under the, followings terms,and conditllonis': (A) The Buffalo Grove F"irefig,hters'P'enstcin Funid shall l pay the alternate payee piursuant to one of the following methods [corrtplste the ONh E option that auppliies], �'"t) (enter aaniou.unt],or ) sun % (enter percentage] of the marital portion of said benefit, varith the marital portiion defined using the formula in Section, IX;or (g) % [enter percentage] of the gross amount of the benefit calculated when the firefighter's refund Is paid. (B) The amount payable to an alternate payee under Section VI ( )( ) or VI( )( )shall include any applicable Interest that would otherwise be payable to the firefighter under the rules of the Buffalo Grove Firefighters' Pension Fund. (C) The alternate: payee's share of they refund under this Section VI 'shall be psid when the fireffghter's refund is paid. VIII. The Su�ffato Grove, Firefighters' Pension Fund shall pay to the alllemate payee the indicated amounts of any dlaath benefits that become pauyable, to the firefighter's death benefit beneficiaries or estate,under the following terms and conditions: (A:) To the extent aind only to the extent, required to effectuate this Section Vlil„ the alternate' payee shall be designiauted as and considered to be a, beneficlaary of the firefighter at the time of the firefighters death and shall receive(compl'ate,ONE of the follouvin,g optloins]I; (11) $ [enter amount],or ( ':) 10 (enter percentage)of the marlilall portion of death benefits„with the marital l portion definedl uusingi the formula In Section IX„or O 11 , [enter percentage] of the gross amount of death benefits calculated when said benefits become payable. (0), The amount paya�bia to an alternate payee under Sootion VII(A)O air VII(A,)1(3) shall Include any applicable interest payable to the death benefit beneficiaries under the rules of the Buffaai'la Grove Fllrefighters"Penslion,Fund. (C)i The alternate payee's,share of death befits under this Section.Vll shall i be paid l as. soon as administratively possible after the firefiiglhter's death, Villll. If this Order Indicates that the alternate payee is to receive a percentage cf any retirement benefit or refund, upon receipt of the Information required to be provided by the Buffalo trove Firefighters" Pension Fund l under a'ecJoni 1»11191 of the Illinois pension Code (40, IiLCS 6'11- 119), the calculations required shall be performed by the firefighter, by the alternate payee,or by their designated representatives or designated experts. The results of than calculations shall be provided to the Buffalo Grove Firefighters" Pension Fund via a C ILDR0 Calculation Court Order In accordance With Section 11"1119 of the illlrraois Pensfan Code.. Pagel 3 120 of 168 , u,�wrw„�rruc",r,xa,wys�+u. ,rr:rur�.aacrnsr�ru�+w-^ "a°win-.�a�"w.�a�rw,�rau.w.rM,r I17t. Marital Portion Benefit Calculation Formula (Option to catculate benefit in Items I11(A)(2), VI(A)(2'),and VII(l )( ) above), If In the Section "other"is circled In the definition of A, S, or tom,then a supplemental order must be entered simultaneously with thls t ILDRO clarifying the Intent of the parties or the Court as to that Item. The supplemental order cannot require thie Buffato Grove Ftrefighters'Pension Fundl to take any action not permitted under Illinois law air this, 9'uffailo Grove Firefighters" Pension Fund's administrative rules. To the extent that the supplemental order does not conform to Illinois law or theBuffalo Grove Firefighters' Pension Fund's administrative rules, It shall not be binding on the Fundl. (11) The amiount of the altermate payee's benefit shall be the, result of (PA) x C x C where, "N'equals the number of monithis of regular/ regular plus perrnissivel other(check o ervice tlral- refighter accumulated Ifni the Buffalo G"r ve" i"'refighters'Pension Fund from the date of marriage enter date Mfutlf CJNY'YYI to the date of divorce MlMllDONY". This number of mmonths of service shalt/ be calculated as wholle months after recelipt of Information requtred from the Buffalo Grove Firefighters' Pension Fund pursuant to Section, 1.11i9 of the Illinois Pension Cods (40 ILCS bl11-119), "a"'equals the number of months of regular/ regular plus permissive/ other[check ci�jy Cana( service that the firefighter accumulated Ini the Buffalo Grove! FIIrefighters Pension Fund fro i the tIme: of initial membership In the Fund l through,the,hrehglhter's effective date of retirement. The nuiimdber of month's shall be, calculated as whole monithis after receipt of informautlon required from the Buffalo, Grove Firefighters' Pension Fund pursuant to Section 1I.1191 of thus Illlliinols Pension Code(alp US 11-1191), "C"equals lho gross amount of (I) the ilrefigihtees monthly retirement bienieafit (Section Illl('A)) calculated as, of this firsfigihter"s effective date of relliremvent„�CllncludlnQL— not I'nicluudY'n/ ter (check only oniel Permissive service, upg�rad'es purchasad,, and ether benefit formula enhancements;� (iii) the firefighter"s refund payable upon termination, or lump sum retirement benefit that becomes payable" including any parable Interest(Section V( () calculated/as of the fume siaiid refund becomes payable to the firefighter; (iiit) the firefghteea partial refund„ilnicludllnigi any ,payable interest(Scohon VIII( )) calculated l as of the fllm�e nal'd partial refund becomes payable to, to firenfigihteir; or (iv) this deiath benefit payable ito, the firefighter's death beneltt blainieficlaries or estate, including) any pauyaulote Interest (Section Vtll(,r ))calculated as of(hie time said benefit becomes payaiblie to the firefigihter's beneficiary; whichever are applicable purrsuant to Section IIII, V', V'l, or At of this Order, 'These gross amounts shall be provided by the Buffalo Grove Firefighters' Pension Fund pursuant to,Section,1-1119 of the Illlinols Pension Code(40 ILO S 5,11-11119). "Di" equals the percentage mated In Sectlon IIII(A)(2), V(A)(22), VI(A)1(2), or VII(A)(2), whichiever are applicable. (2) Thai alternate payee's btnelit under this Section iX shall be paid In accordaunce with all Sections of this Orderthat apply, X In a�ccordarnce with,subsection 0), of Sedan, 1-111191 of this Iltllinaiis Pension Cade(440 IILCS 5/1- Paige 4 121 of 168 �' µAti1wB�pu.�.a°uGC7lW�1Rn IY.h,. tlCNrYWnYr4"1SS'—YJGWJ�r'"Vrtlf"W'"47C.A'L,Gp""HW j rw'I1°.r i'Y'U�A�f.e.. 119), so long as this QILDRQ Is in effect. the firefighter may not elect a fonnn of payment of the retirement benefit that has the effect of diminishing the annount of the payment to vu+Inlch the alternate payee Is entitled, unless the alternate payee has consented to the election in writing, the consent has been notarized, and the consent has been filed with the Buffalo Grove Firefighters' Pension, Fund. X11. If this firefighter began participating In the Buffalo Grove Firefighters' Pension, Fund Ibiefore July 1, 19139, this Order shell not take effect unless atconvanted by the written consent of the firefighter,as required sunder auubsect;ion (m) of Section 1-119 of the Illinois Fenslon Code (40 ILCS 5f1-1191)� X'II. The,Court retains Juirisdllctlon over thds mafrter for all of the following purposes: (1) To establish or maintain this tinder as a Qualified Illinois Domestic relations Order. (2) To enter amended QILU,ROs and QIILDRO Calculation Court birders to conform to the parties" Mantal Seatement greument, or Agreement for legal Separation ("Agreement"), to tier parll ' Judgment for dissolution of Marriage or Judgment for Logal Separation (",fud9mont°'), to any modifications of the par"tles' Agragm unt or Judgment, or to any supplements!orders entered to clarify the parties'Agreement or Judgment. (3)1 To enter supplemental orders to clarify the Intent of the,parties or the Court regarding the benefits allocated,herein In accordance with the parties' Agreement or Judgment, with any modifications of the parties' Agreement or Judgment, or with any supplemental orders entered) to clarify the parties' Agreement or Judgment, supplemental order,many not requlre the Buffalo Grove Firefighters' Pension Fund to take any auction not permitted under Illinois law or the Fund°'s an4ministrative rules. To the extent that the supplemental order does not conform to Illinois law or administrative rule,, lit shall not be (binding upon the Ruffailo Grove Firefighters' Pension Fund, Kato, Signed: Pua tgnature) AGREED: oPIEL "R0 l l DATE �r ouvra T. n`914 aANN (fka pEAR'SON) DATE Prepared by: Rebecca Ji.Whitcombie curthn'Wuhhniltcombe LLC 732 Florshnelrm Drive„Suil'te 14 Libertyvll'hlla,IL 60048 'Telephone.. (647)6449-0253 rmall;mhItcaimildmaxorn ARtDC No' 6276162 Page,g 122 of 168 MARKEV ULLICO ORGANIZED LABOR PROTECTION GROUP, LLC a voluntary membership organization operating pursuant to the Liability Risk Retention Act of 1986 and whose principal office is: 1625 Eye Street NW,Washington,DC 20006 GOVERNMENTAL FIDUCIARY LIABILITY INSURANCE BINDER In accordance with your instructions and in reliance upon the statements made in your application(s),insurance is effected as follows: DATE ISSUED: 12/27/2023 BOUND WITH: Markel American Insurance Company under Master Number MGL 2300000-000 BINDER PERIOD: 01/01/2024 to 01/31/2024 BINDER NUMBER: MGL 0014163-08 RENEWAL:Y INSURANCE REPRESENTATIVE: Ullico Casualty Group,LLC 8403 Colesville Road, 13t"Floor Silver Spring,MD 20910 PRODUCER: Arthur J. Gallagher Risk Management Services Inc(CO) ADDRESS: 6300 S.Syracuse Way,Suite 700 Centennial,CO 80111 TRUST(S)OR PLAN(S): Village of Buffalo Grove Firefighters Pension Fund ADDRESS: c/o The Village of Buffalo Grove Village Hall 50 Raupp Blvd Buffalo Grove,IL 60089 POLICY PERIOD: 01/01/2024 to 01/01/2025 PRIOR&PENDING LITIGATION DATE: 04/13/2015 LIMITS OF LIABILITY: (a) $2,000,000 Limit of Liability for all Loss(Aggregate) (b) $200,000 Voluntary Compliance Program Expenditure Sub-Limit: Aggregate Limit of Liability for all Voluntary Compliance Program Expenditures (included within and not in addition to the maximum Aggregate Limit of Liability set forth in Item 04(a)of the Policy Certificate) SELF-INSURED RETENTION: $0 each Claim GOV-1000-B(10/2012) Page 1 of 2 123 of 168 COVERAGE,: Govenunental Fiduciary Liability Insurance Claims-Made Policy GOV-1000 (11/2014), Claims Expenses Inclusive PREMIUM: (a) $8,195.00 Basic Premium (b) $0.00 Tax/Other (c) $8,195.00 'Total CONDITIONS/COVERAGE SUBJECT TO: Nothing else required THE FOLLOWING ENDORSEMENTS WILL XTTACH TO THE POLICY- END NO./REF NO. ENDORSEMENT 1. MIL 1214(09/17) Trade or Economic Sanctions 2. TFjA(06/15) Cap on Losses Froin Certified Acts of Terrorism 3. MPIL 11 13-IL(04/18) Notice To Policyholder Illinois Important Notice 4. GOV-IL(09/15) Illinois Aniendatoty Endorsement 5. GOV-003(05119) Removal of Statutory Indeinnification Endorsement 6. GOV-004(031-11) Renewal Guarantee 7. GOV-005b(06/15) Additional Insured Natural Person andlor Organization 8. GOV-007(05/19) Trustee Claims Expense Endorsement 9. GOV-049'a (05/16) National Conference on Public Employment Retirement Systenis Endorsement 10. GOV-054(05/16) Modification Endorsement THE TERMS AND CONDITIONS OF THIS INSURANCE BINDER MAY NOT COMPLY WITH THE SPECIFICATIONS SUBMITTED FOR CONSIDERATION.PLEASE READ THIS CAREFULLY AND REVIEW THE POLICY FOR THE ACTUAL COVER-AGES PROVIDED. MARKEL AMERICAN INSURANCE COMPANY Authorized Representative Wfico Organized Labor Pr otectiori Group,LLC'is adwiTaytered b'v W C hro 6sualo�Groups aA LLC -la Ullico li,isiti-a nc,eA,gei,ic.i,, LLCiriC.,4. CALiceri,y,e#OH86O3OaTidFL(C)-aigAt7i,eyoii)License 4AO08437 GOV-1000-B(10/2012) Page 2 oft 124 of 168 Buffalo Grove Firefighters' Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2024 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Alexander, Joseph S. Service 10,151.52 304.55 10,456.07 125,472.84 Anderson, Mark E. Service 8,128.76 243.86 8,372.62 100,471.44 Anderson, Russell L. Service 8,661.02 259.83 8,920.85 107,050.20 Andres, Lawrence E. Service 7,957.72 238.73 8,196.45 98,357.40 Barna, Brian S. Service 9,867.46 296.02 10,163.48 121,961.76 Barry,Philip J. Service 3,461.79 103.85 3,565.64 42,787.68 Belfield, Gary Service 9,890.54 296.72 10,187.26 122,247.12 Bills, Wendill E. Service 8,407.05 252.21 8,659.26 103,911.12 Bird, Glenn A. Service 6,938.81 208.16 7,146.97 85,763.64 Boyd, Michael J. Service 6,842.79 205.28 7,048.07 84,576.84 Brecht,William K. Service 7,235.65 217.07 7,452.72 89,432.64 Brown, John M. Service 6,242.95 187.29 6,430.24 77,162.88 Buttliere, Randall J. Service 4,305.02 129.15 4,434.17 53,210.04 Buttliere, Randall J. - QILDRO QILDRO 3,200.10 96.00 3,296.10 39,553.20 Calibraro,Deborah A. Spouse 2,761.61 0.00 2,761.61 33,139.32 Cantwell, Alfred W. Service 7,957.72 238.73 8,196.45 98,357.40 Ciecko,Peter J. Service 11,306.62 339.20 11,645.82 139,749.84 Dean, Robert J. Jr. Service 6,316.75 189.50 6,506.25 78,075.00 Domar, John Duty Disability 5,075.09 81.42 5,156.51 61,878.12 Durkin, Wendy L. Service 10,351.98 310.56 10,662.54 127,950.48 Geniesse, Gerard R. Jr. Service 7,990.98 239.73 8,230.71 98,768.52 Gilleran, John T. Service 6,582.06 197.46 6,779.52 81,354.24 Gough, Thomas E. Duty Disability 6,297.79 148.77 6,446.56 77,358.72 Hanley,Mitchell D. Service 5,770.09 173.10 5,943.19 71,318.28 Hauber,James P. Service 5,042.42 151.27 5,193.69 62,324.28 Hauber,Kimberly J. Spouse-NT 8,462.44 0.00 8,462.44 101,549.28 Jason, John H. Service 7,004.76 210.14 7,214.90 86,578.80 Karol, Thad J. Service 6,485.78 194.57 6,680.35 80,164.20 Kelly,David P. Service 6,505.14 195.15 6,700.29 80,403.48 Lezon,Deborah A. Service 6,467.59 194.03 6,661.62 79,939.44 Lezon,Lawrence M. Service 7,701.83 0.00 7,701.83 92,421.96 Lillig, George J. Service 5,302.15 159.06 5,461.21 65,534.52 Mahan, David S. Service 8,027.42 240.82 8,268.24 99,218.88 Mussario, Mark J. Service 5,020.44 150.61 5,171.05 62,052.60 Newkirk, Jeffrey E. Duty Disability 5,649.98 110.06 5,760.04 69,120.48 Oeltgen, Mark E. Service 1,800.19 0.00 1,800.19 21,602.28 Olsen, Scott J. Service 8,631.84 258.96 8,890.80 106,689.60 Paleka,KurkP. Duty Disability 5,169.36 0.00 5,169.36 62,032.32 Pearson, Daniel K. Service 11,027.31 330.82 11,358.13 136,297.56 Peebles, John W. Service 6,573.28 197.20 6,770.48 81,245.76 Page 1 125 of 168 Buffalo Grove Firefighters' Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2024 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Postma, Julie A. Spouse 9,186.87 0.00 9,186.87 110,242.44 Pound, Clark J. Service 7,397.62 0.00 7,397.62 88,771.44 Sashko, Timothy E. Service 11,004.90 330.15 11,335.05 136,020.60 Schiradelly, Richard K. Service 7,135.72 214.07 7,349.79 88,197.48 Schwarz, Scott R. Service 5,723.56 171.71 5,895.27 70,743.24 Shurba,Anthony J. Jr. Service 6,510.74 195.32 6,706.06 80,472.72 Skalla, Donald W. Service 6,018.02 180.54 6,198.56 74,382.72 Smith,Rebecca Spouse 2,901.08 0.00 2,901.08 34,812.96 Swieca, Larry K. Service 9,890.54 296.72 10,187.26 122,247.12 Tallas,Karl S. Service 4,958.88 148.77 5,107.65 61,291.80 Tierney,Paul N. Service 9,521.82 285.65 9,807.47 117,689.64 Two Bulls, Ronald S. Jr. Service 8,459.55 0.00 8,459.55 101,514.60 Wagner,William J. Service 10,722.95 321.69 11,044.64 132,535.68 Wieser, Joseph G. Jr. Service 9,746.99 292.41 10,039.40 120,472.80 Wisniewski, Thomas E. Service 7,959.20 238.78 8,197.98 98,375.76 Zarnecki, Kenneth P. Service 8,316.88 249.51 8,566.39 102,796.68 Totals 402,029.12 10,275.20 412,304.32 4,947,651.84 Page 2 126 of 168 Buffalo Grove Firefighters' Pension Fund Summary of Benefit Changes and Notes Effective as of January 1, 2024 Amount of New Monthly Pensioner Reason Date Change Benefit Lezon,Lawrence M. Initial Increase 11/1/2024 1,001.24 8,703.07 Pound, Clark J. Initial Increase 12/1/2024 221.93 7,619.55 Oeltgen, Mark E. Initial Increase 1/l/2027 234.02 2,034.21 Two Bulls, Ronald S. Jr. Initial Increase 2/l/2027 1,142.04 9,601.59 Paleka,KurkP. Initial Increase l/l/2028 2,016.05 7,185.41 Notes 1. None Page 3 127 of 168 moi 03 Oit't'oSen DiNIoitfoi Hasenbalig &Castaldo, Ltd. 1804 North Naper Boullevaurdl, Suite 350, NapervRl''le, IIL 60563 Phiome 630.682.01085 * Fax 630.6 2'.0788 * wwww.ottosentawr.conni Januiary 2.9, 2024 Board)of Truis�tees, Buffalo Grove Firefighters' Pension Fund 50 R'aupip Boulevairdl Buff llo Grove, IL 69018'91 RE: Engagement Letter for Legal Services The Lawn Firm of OTTCSLNI DIN:0LFO HASIENBAILG & CASTALIDO, LTD:, 1is pilleased to, confirm our understanding of the terms and objectives of our engagement, and the nature and the limiitations of the legal services the Firm's attorneys will proviidled for the BOARD OF TRUSTEES OF THE BUFFALO GROVE FIREFIGHTERS' PENSION, FUND.. CLIENT: The client for purposes of this Agreement iilll be the BOARD O,F TRUSTEES OF THE BUFFALO GROVE FIREFIGHTERS' 1PFNISiONI FUND ("thie Client.") SCOPE: The Client does hereby r'etaiini,the law firm of O!tt'osem DiiNlcIfo Hasenbalg Gas'taldo, Ltd. (the "Fiirm�"), comprised of attorneys licensed to practice law, in the State of Illinois„ to serve as the legal counsel' for the Client, While serving as Ilegail counsel, the Firm shall represent the Client in all legal' smatters and shall be responsible to attend to various miscelllaneous legal nieeds of thie Client, indolldliing„ but not limited toi, communications with, thie CRllent and, its, staff„ aittending, meetings, preparing or reviewriing documents, conducting legal res,ea,rchi, h�a�ndllingi hearings, amdl repiresentin�g the Client iin matters, before adlministrative agencies and courts of law. The Client may agree to explaind or Limit the scope of the Firm's repr'eisenta,tioin of the Client in. other legal' matters, froim time to, tiime, however, any expansion or limitation miust be confirmed !in writing by the Client to the Firm. DUTIES OF THE PARTIES: The Firm agrees to provide leig�aR services within, the standard of care of attorneys practicing law writhiin the State of Rllinois. The Client agrees to be truthful with the Firm, to coioperate, to keep thie Firm informed of developments, affecting the representabon of the Client:, to abide by the terms of this Agreement, to pay the Firm's Mills on time, ands to keep thie Firm,advised of airy change to its address and, other contact!information,. TERM: This Agreement shallbe iin effect from FEB:RUTARY 1, 201241 uur ill DBCEMI:BER 31, 2025. Either the Client, or the Firm, may terminate the, Firmi's engagernent at any time for any reason with tens (191) days' notice to the other; however„ the Fiirm"s right to terminate may be limited by the apipli'cabRe provisions of the Illinois Ruileisi of Professional Responsibilit"y. In the evenit the Firm terminates thiiis,Agreement„ the Firm will take such, steps asi may be reasonably practicable to protect the Client's interests, If a court or rad'irniniistratiive agency requires perrnissiion fair withdrawal, the Firm will promptly apply for that permiission, and the CRiient wil'R engage successor counsel' to represent the Clli'ent, Elilbuirm 630-365.6441 * Hornewrood 708A78.6105 128 of 168 Ottosen ClNolfoi Hasenbalig, &Castaldo, Ltd. .......... ...................................... ............... ...... .......... ..... Pagie Two January 29, 20124 Buffalo Grove Firefighters" Pension Fund PERSONNEL: Carolyni Welch Clifford, a Senior Partner, wili be the principal attorney responsible for handling the (legal services for the Client. The Firm shall have reasonablle discrefion, to delegate portions of the legal work and respoinsibillities to other attorneys aridi/or staff employed by the Firm. In addition, if in the opinion of the Firm,, it !is necessary for the timely or proper hiainidliing, of a, matter, the Firm may on behalf of the Client,, with, the, Chenit's consent, retain court reporters, expert witnesses or advisors. FEES:! The legal fees associated with the work under, this Agreement wiill be based on, the time spent on matters, ftlu6ng reasonabdle trav,e�l timie. The Firm's hourly Ibiilllinig rates for attorneys providling the legal services hereunder shailli be $275 per hour for Shia reholders / Senior Partners and 250 per hquir for Partners I Associates. The Firmi"s hourly bflling rates for non-attorneys providing Illegal services hereuncleir shall be $165 per hour for adrnilniistrative staff and paralegailis and 175, per hour for Iliaw clerks. The Fiirm may adjust these billi,nig rates from, time to time, typically on a biannual basis. The Firm wiill, notify thie Client of any such required adjustment, and Client wrwiilll be responsible for paying the rates in effect following any such notice, The miniMiUM billinigi increment of time to be billed by the attorney performing seMces shall be one-tenth, of any hour. Communications by telephone, e-mail or messagiing shall be billed at no less thain three-tenths of an hiour; written correspondence shall be billed at no less than five- tenths of an hour, COSTS, AND EXPENSES: In the coursie of providing legall services for the Client, the Firm miay iniclur costs and expenses, Thie Cllient agrees to pay for all costs, disbuirsernients and expenses in addition to the homily fees set forth in this,Agreement. Such costs anid expenses may include, but are limited toi, fees, fixed by llaiw or assessed Iby third partues, suchi as, publlic agencies (includingi fees imposed by the courts or administrative agencies for such items ais recording or c:eirtifyinig documents, and filling fees); process servers; couriers, messengers, overnight delivery, and other delivery fees; witnesses and expert witnesses; IME physicians and related mediicali testing; court reporters,* postage; document fees; and photocopying and other reproduction costs. These expenises, may also, inictude, but acre not limited to,, charges for electroiniic legal research, train scripts, and investigations, The Firm shiaill bfll thie Client for such costs as they are accrued, or forward the invoices fair such services to the Client fair direct paymienit to a third party. BILLING: The Firm shall submit billings on a morifty basis. Alil bilifingig shall be due ands payable in, accordance with the Local Government Prompt Payment Act (50, ILCS 505/11 et seq.). CONFLICTS: Whienever the Firm shiall report to, thie Client that it has a conflict of interest with respect to, ainy, matter, the Client shall either aippolint a special counsel to represent the Client at its expense ini connection with, such matter, or waive the conflict ands direct the Firm to repiresenit the Client notwithstanding the conflict. Aniy waiver of a conflict, or possibility of conflict, or appearaince of conflict shall be made by and with thie approval of the Board, However, 129 of 168 Ottos,en DiNolfoi t k C to Vi N Ltd. Pagle Three January 29, 2024 Buffalo Grove Firefighters' Pension Fund it sliall not constitute a breach of this Agreement for the Firm to decline to represent the Client on any matter which the Firm, has a conflict of Interest which cannot be waived under the applicable standards of legal ethics„, the Code of Professional Responslbllity adopted by the Illinois Suprerne Court, or rules of any court in which the matter may be pending,, and which the Firm cannot eliminate or avoid at such finne. INFORMATION PROTEGTIl The firm ecknowledgles that, pursuant to Section 4 '(b), of the Illinois Personal Information Protection Act ( 1' IILCS 0/4 (b)), it is obligated to implement .and maintaiin reasonable security measures to protect personal information from unauthorized access, acgiuisition dles'Vuction uise, modification" or disclosu.tre,. ACKNOWLEDGEMENT.-EDGE SENT.- This Agreement sets out: the entire agreement and understanding between the Client and the Firm with respect to the representation ands supersedes and cancels arry prior corn mun!cations understandings and agreements, both written and verbal„ between the parties with respect to this,Agreement. Please indicate your acceptance Of the above understanding and terms of thus' Agreement by signing below, The FIrm appreciates the opportUnfty to provide legal services' to, the BUFFALO GROVE,FIREFIGHTERS' PENSION FUND and looks forward to working)with you. Very truily yours, OTTO'SFN D,INIOLFO HA 'ENRALG, & CASTALD,O, LTD. ...fit.... _.. .. t5ne o _s Sharehoilders T RIMS OF 'ENGAGEMENT FETTER APPROV'M This ILeg'aI Services Engagement Letter correctly sets forth the understanding of the BOARD,OF TRUSTEES OF THE BUFFALO, GROVE. FIREFIGHTERS'" PENSION FUNID, Date; .. ,. y• Priunit; Tiitlle'. ___.................................. -� 130 of 168 N "I'Mil rrrru N S I G H T S 111111111 11111111 First Quarter 2024 New Case Law Affecting Public Pension Funds from, 2023 Freedoms of Information Act ("(FOIA") Brewer v. City of Chicago, 2023 IL App (1st) 220059-U: The City denied a FOIA request for unireclacted records it has Iplrevliously produced in a redacted foirmiat, despite the subject consenting to disclosure of her persoinal information in the second request. Plaintiff argued that FOIA allows Ipelrsolnall information to Ibe disclosed if consented to in writing by the individual subjects of the information. However, the court clarified that telephone numbers are "private information"which fall under a distinct exemption to FOIA than "personal information," and private information need not be disclosed even with consent from the subject individual. Takeaway: Public bodies should remember that consent is an exception only to the "personal) information" exemption to F'OIA. Public bodies need not disclose "private information" even if a subject individual consents to the disclosure. Public bodies should also take care to redact both personal and private information and remember that the two are distinct exemptions to FOIA. Open Meetings Act ("OMA") Better Government Association v. Chicago City Council, 2023 IL App (1lst) 210765-U: The Better Government Association (BGA) alleged that three teleconferences held by the City viollated the OMA. BGA requested t'he court to order the release of the written minutes and all recordings for the meeting and enjoin the City from refusing to comply with the OMA in the future. The circuit court found that BGA's claims were time-barred for two of the meetings and moot for the third because a recording of the third meeting was released to the public. On appeal, the court reversed the dismissal of the claims for the third meeting because the recording that was released to the public was a leaked audio recording, and not an official recording and minutes that the City is required to keep in accordance with the GIVIA. Takeaway: Public bodies must adhere to the requirements imposed on them by the OMA, regardless of whether information is made available to the public by other means. Unofficial releases of recordings and minutes does not relieve a public body of its statutory obligations under the OMA. Consolidation Arlington Heights Police Pension Fund v. Fritzker, 2023 IL App (2d) 220198: Plaintiffs alleged that Public Act 101-610, which consolidated all existing Article 3 and 4 pension fund assets into two statewide police and firefighter pension investment funds, violated the pension (protection clause of the IIlllilnois Constitution in that lit impaired the membeirs:' right to vote in the election of board members, diminished or impaired their pension benefits by requiring them to )pay for the startup costs of the new funds, and that the Act violated the takings clause of the Illinois Constitution. The court upheld the grant of summary judgment to defendants because voting for board members is a procedure regarding who handles investments but is not a protected benefit of participating in the fund, local funds are already required to pay administrative costs of local funds, and plaintiffs offered no evidence that administration of the new funds would have greater costs. Although plaintiffs have a constitutional right to Irecelive pension benefits, they do not have a property right in any particular assets or level of funding. Takeaway: While P.A. 101-610 brought changes to the administration of police and firefighter pension funds across the State, the consolidation law has withstood constitutional challenges, and courts view it as a requirement for pension funds to transfer assets to another type of fund in a way that does not diminish the rights of those who will receive pension benefits from the new funds. (Note that the Illinois Supreme Court heard oral arguments in the case in Noveirribeir 2023 and a decision is stilll pending. (1ft�:),s,4.an IDiNdfo 11 fasen1l:uI[g& C,asfali(ic.), 1l td Q,..)2024 131 of 168 Calculation of Benefits City of East Peoria v. Board of Trustees of Police Pension Fund of the City of East Peoria, 2023 IL App (4th) 220816: An East Peoria police sergeant who served as deputy chief for three months before reassuming rank as sergeant and then later resigning within the year requested his pension benefits be calculated based on his highest rate of pay in the last year. The officer's pay had been increased to reflect an annual longevity adjustment after he reassumed rank as sergeant. The board approved his pension benefits based on his position as deputy chief pursuant to Section 3-111(a) of the Illinois Pension Code. On appeal, the court found the proper reading of Section 3-111(a) would be not to base pension benefits on the highest rank within the last year or an average salary within the last year, but rather to account for the salary attached to the ranks of deputy chief and sergeant as well as his 24 years of service. Takeaway: When an officer changes ranks within the last year of their employment, pension benefits under Article 3 of the Illinois Pension Code should not be calculated based on the highest salary received within the last year or an average of the salaries within the last year if an officer gets demoted or returns to a lower rank. Rather, benefits should be calculated based on each salary the officer received in the last year as well as their length of service. Note that the Illinois Supreme Court denied the petition for leave to appeal this case. Medical Examinations for Disability Benefits City of East Peoria v. Melton, 2023 IL App (4th) 220281: A pension board awarded a firefighter an occupational disease disability pension after suffering a stroke due to service as a firefighter. The City sought administrative review, arguing the board had erroneously determined the stroke resulted from the defendant's firefighting duties because only one of his stroke risk factors may have been related to firefighting, and because the examining physicians did not physically examine the firefighter. The court upheld the board's decision, finding that nothing in Section 4-112 of the statute requires physicians to personally examine the firefighter and the evidence in the record supported the board's decision. Takeaway: This case serves as a reminder that a reviewing court generally will affirm the finding of the administrative agency so long as the record contains evidence supporting the agency's decision. A firefighter is not required to prove that a duty-related accident or illness is the primary cause of disability, but that it aggravated, contributed to, or exacerbated the disability. Luciano v. Retirement Board of Policemen's Annuity and Benefit Fund of the City of Chicago, 2023 IL App (1st) 221364-U: A police officer injured his wrist while in the line of duty, and later injured his knee while performing an exercise at physical therapy for his wrist. At his disability hearing, the board awarded disability benefits for his wrist but denied them for his knee, finding that the injury to his knee did not render him disabled and did not occur while performing an act of duty. On appeal, the officer argued that the board erred in finding that his knee injury was not disabling because he was still in continuing treatment. However, the appellate court said the officer presented this argument to the board and it is up to the board to weigh the officer's testimony. Furthermore, it was the officer's burden to establish that he was entitled to disability benefits; the officer should have postponed the hearing or ask for a continuance. The board can base its decisions only on the evidence presented to it at the time. Takeaway: This case emphasizes that pension boards are entitled to weigh the evidence presented to them, and it is the responsibility of the employee—not the board—to establish through evidence that they are entitled to disability benefits. Szymala v. Romeoville Firefighters' Pension Fund, 2023 IL App (3d) 220093-U: Firefighter Szymala was injured during a training drill at the fire station but returned to work a week later. He was later promoted to lieutenant but subsequently demoted. The firefighter filed an application for disability benefits with the board, initially claiming several conditions related to the injury but later narrowing his claims to PTSD and major depressive disorder. The board concluded he did not have PTSD and his depression stemmed from his demotion rather than his injury during the training drill. The firefighter appealed the lower court's affirmation of the board's decision, taking issue with the fact that the board relied on the opinion of one IME but not the others,. However the court found that the board's decision was not against the manifest weight of the evidence. OUoseim II:IilPNrca fo 11�asenlba llg&C a Lallldo, II..:WL CO 2024 132 of 168 Takeaway: This case emphasizes that Section 4-112 of the Illinois Pension Code allows a board to select three physicians to examine plaintiffs for disability pension claims, but the opinions of these physicians need not be unanimous, and the board can agree with the minority finding. Further, the board is allowed to accept the opinion of just a single examiner over the others if there is sound basis for doing so in the record. The board may also consider other evidence besides the opinions of the examiners. Disability Benefit Determinations Cox v. Board of Trustees of Kankakee Police Pension Fund, 2023 IL App (3d) 220213-U: A police officer filed for a line of duty disability pension premised on a right shoulder injury he sustained while restraining an individual at a hospital while on duty. However, the board found the officer's testimony about the injury conflicting and confusing. The board ultimately found the officer was disabled, but that injury was not casually connected to an act of duty. The court found that the board's decision was not against the manifest weight of the evidence. Takeaway: This case is a reminder that when the question presented is one of fact regarding whether the evidence in the record supports granting or denial of a plaintiff's application for a disability pension, the standard is whether the board's decision was against the manifest weight of the evidence. Leudtke v. Board of Trustees of City of Bloomington Police Pension Fund, 2023 IL App (4th) 221072-U: The court reversed a pension board's decision to award a non-duty disability pension instead of a line-of-duty disability pension because the board's finding that the officer's disability was not the result of an act of duty was against the manifest weight of the evidence. The officer had some previous injuries to his knee but was able to work despite these injuries. Then, he injured his knee during an altercation with a suspect while on duty, sought treatment, and underwent two surgeries. The board found officer presented no evidence that he was injured on the date in question due to some inconsistencies in his testimony, but the three evaluating physicians all said that the officer's explanation of the disability was consistent with their findings, and all said his disability was either caused by the incident on duty or an aggravation of preexisting injury due to the incident. Takeaway: This case is a reminder that a court will overturn a board's decision when it is not supported by the evidence. Where a board determines that its IME physicians' determinations do not align with other evidence in the matter, it is incumbent on the board to properly explain why it found the other evidence more persuasive than the conclusions of the IME physicians. Mahan v. Marion Police Pension Board, 2023 IL App (5th) 210426: An officer had been awarded a line-of- duty disability pension, but the board determined the officer was no longer disabled based on a report from an independent medical examiner. However, that examiner's report contained no actual finding that he was no longer disabled; it did not discuss how the officer had recovered or how he was now able to perform duties as a police officer. The appellate court reversed the board's decision, and also commented on the board's lawyer's conduct. The board's attorney represented the board at the disability termination hearing in an adversarial manner, while also acting as the hearing officer. The attorney was also present during the board's deliberations, and prepared the decision and order of the board. The appellate court agreed this would not violate the pensioner's due process rights, but speculated that it might be better to have one attorney act as the hearing officer and another present evidence and question witnesses in support of the termination of the disability benefits. Takeaway: Courts frown upon situations where the board attorney takes an adversarial —as opposed to a neutral—role in a benefit termination matter. Valkov v. City of Northlake Police Pension Fund, 2023 IL App (1st) 211432-U: After being denied a disability pension, a police officer sought review by the circuit court and sought leave to supplement the administrative record with 150 pages of physical therapy records or, in the alternative, remand the cause to the pension board for consideration of the additional evidence. The circuit court denied the motion, and the appellate court affirmed the board. Section 3-110 of the Administrative Review Law states that, when reviewing an agency decision, "[n]o new or additional evidence in support of or in opposition to any finding, order, determination or decision of the administrative agency shall be heard by the court." (735 ILCS 5/3-110) OUoseim II:IilPNrca fo 11�asenlba llg&C a Lallldo, II..:WL CO 2024 133 of 168 Because the physical therapy records were omitted from the disability hearing, the circuit court was prohibited from considering them. On appeal, the officer bore the burden of providing a complete record for review, but the record on appeal did not contain a report of proceedings from the hearing on the motion to supplement. Absent such a report, the reviewing court must presume the circuit court acted in conformity with the law. Takeaway: This case is a reminder that the evidentiary record presented at an administrative hearing is the record that will be reviewed by the circuit court. On appeal, no new evidence may be presented as part of the administrative review of the board's decision. Public Safety Employee Benefits Act ("PSEBA") Ivetic v. Bensenville Fire Protection District No. 2, 2023 IL App (1st) 220879: Firefighter Ivetic was awarded a line-of-duty disability pension after the pension board determined his acts of duty were either the cause or a contributing cause of his cancer. Ivetic then applied for health insurance premium benefits for him and his wife under the Public Safety Employee Benefits Act (820 ILCS 320/10). The District denied his request, concluding that cancer was an illness rather than injury and Ivetic had not established he was injured in the course of responding to what he reasonably believed was an emergency. The circuit court determined the District had to pay Ivetic's health insurance premiums. The appellate court affirmed because where a pension board awards a line-of-duty disability pension, the recipient has suffered a catastrophic injury as a matter of law. Because the parties moved for summary judgment on plaintiff's declaratory judgment action, they agreed that no factual issues existed, so the appellate court refused to analyze whether Ivetic's cancer was a disease rather than an injury. The court also noted that the board found Ivetic's exposures to carcinogens occurred while he was responding to emergencies and said it was not necessary for him to prove that he was injured during an emergency or that this injury was the sole cause of his cancer. Therefore, Ivetic was entitled to health insurance premium benefits from the District. Takeaway: This case emphasizes that, as a matter of law, a "catastrophic injury" and a line-of-duty disability benefit are treated synonymously under PSEBA (820 ILCS 321/10(a)). Further, it is not necessary for a public safety employee to demonstrate that response to an emergency was the sole cause of the catastrophic injury. Thomsen v. Village of Bolingbrook, 2023 IL App (3d) 220365: A firefighter was awarded a line of duty disability pension after he injured his back when he slipped on ice exiting an ambulance while responding to an emergency traffic call, and later aggravated the injury and injured his elbow while testing chain saws back at the station that day. The firefighter then applied for payment of his health insurance premiums under the Public Safety Employee Benefits Act (820 ILCS 320/1), but the hearing officer denied his application and the appellate court affirmed. All of the incident reports created after plaintiff reported his injuries listed the pulling of the chainsaw as the cause, as did the firefighter's medical records. Therefore, his injury, while undisputed that it was catastrophic under Section 10(a) of PSEBA, did not occur as a result of what the firefighter reasonably believed to be an emergency as required under Section 10(b). Takeaway: This case serves as a reminder that the requirements under Section 10(a) and (b) of PSEBA are distinct. Although well-settled that an injury that results in a line-of-duty disability pension is a catastrophic injury for purposes of Section 10(a), where there is a catastrophic injury, PSEBA benefits are also contingent on whether that catastrophic injury occurred as a result of response to a fresh pursuit, what the employee reasonably believed to be an emergency, and unlawful act perpetrated by another, or during the investigation of a criminal act. Surviving Spouse Benefits Anderson v. Sullivan, Taylor, $ Gumina, P.C., 2023 IL App (1st) 221796-U: The plaintiff agreed to enter a settlement agreement in her divorce because she was told by her legal counsel that she would receive death benefits from her ex-husband's firefighter pension if he predeceased her. Counsel said they would file a QILDRO once the settlement agreement was entered to give effect to the provision of the agreement entitling her to the death benefit. The plaintiff later learned from the pension fund that she was ineligible to receive the death benefit because only a surviving spouse or dependent could receive the death benefit. The plaintiff called her attorney to inquire about the QILDRO, which had never been filed; her attorney finally filed it nine years after the settlement agreement. The plaintiff filed a malpractice claim against her attorney, which was OUoseim II:IilPNrca fo 11�a einlba llg&C a Lallldo, II..:WL CO 2024 134 of 168 initially dismissed. However, the appellate court reversed and remanded the case because the plaintiff adequately alleged that her counsel purposely failed to file the QILDRO because they knew it would reveal their negligent advice to her. Takeaway: While this case is about legal malpractice and statutes of repose that might time-bar a plaintiff's claim, this case serves as a reminder that a former spouse does not qualify as a "surviving spouse"for the purposes of pension death benefits. Claxton v. Board of Trustees of City of Alton Firefighters' Pension Fund, 2023 IL App (5th) 220200: Gary and Davi, a married couple, entered a prenuptial agreement stating that if they divorced, they each relinquished all claims to maintenance and the others' retirement accounts or employment pensions. Gary retired from the fire department and began receiving retirement pension benefits. The couple subsequently divorced, and Gary died in 2017. Davi then filed a motion to vacate the judgment of dissolution, which was eventually granted in 2019. Davi sent the pension board the Memorandum of Settlement which declared the prenuptial agreement void, vacated the dissolution of marriage, restored the marriage, and deemed Davi as Gary's surviving spouse entitled to receive pension benefits, but the pension board denied the surviving spouse benefits. The appellate court affirmed the pension board's denial of pension benefits to Davi because Davi's counsel did not advise the board of her motion to vacate the judgment of dissolution of marriage. The appellate court also found it concerning that the marital estate attempted to execute a settlement agreement naming Davi as a surviving spouse without involving the pension board. Takeaway: For a former spouse to be eligible for pension benefits as a surviving spouse where dissolution of marriage has been judicially set aside after the firefighter's death, Section 4-114 of the Illinois Pension Code requires that: (1) the judicial proceedings are filed within 2 years after the date of dissolution of marriage and within one year of the firefighter's death, and (2) the board is made a party to the proceedings to set aside dissolution. Ottos n DiNolfo INHasenbagg& astaldo, t..td.. 1864 INorth INalpaur I13oulllavar , Sulite 350, 114aperviflIde, Illlllllllirwolis 66563 1:3: (630) 682 0085 F::: (680) 682 0788 www ottoser lllaw,corn OUosei n IDiilNrca fo 11 Kasen lba llg&C a Lallldo, II..:WL CO 2024 135 of 168 �B 0 A R NSIGHTS january 2024 Revisitin Penis!on 'Trustee Training Requirements Article 3 and 4 Ipension trustees are required by law to complete certain training requirements (40 IILCS 5/1- 109.3; 1-113.18). Section 1-109.3 of the Illinois Pension Code requires a 16-hour iinitiall certification training for new trustees, as well as eight hours of annual continuing education training for alll trustees (40 IIILCS 5/1- 109.2). Section 1-113.18 of the Illinois Pension Code requires eight hours of annual ethics training for all trustees(40 IILCS 511-113.18). Given the focus of recent compliance audits on whether trustee training has been properly completed and certified, it,is a good time for pension boards to revisit their processes for ensuring their trustees are meeting the requirements and the pension board is properly documenting that the training has Ibeen completed. Iiii I I ii Jig 1 iii 1 All elected and appointed Article 3 and 4 trustees must participate in a mandatory trustee certification training course that consists of at least 16 hours at a training facility that is accredited and affiliated with a State of Illinois certified college or university. This training must be completed within the first year that a trustee is elected or appointed, in accordance with Section 1-109.3. Section 1-109.3 states that any Ipeinsion trustee who was serving in that capacity prior to August 13, 2009 (the original effective date of Section 1-1093 of the Illinois Pension Code) is exeirl from the initial 16-hour trustee certification training. For a trustee who was serving in that capacity prior to August 13, 2009, but left the pension board and was subsequently re-elected or re-appointed, the Illinois Department of Insurance (ID01) has opined that such trustee would not be required to take the initial training course, but it would be best practice for the trustee to do so. �Besides the 16-hour initial certification training, alll Article 3 and 4 pleinsion trustees must annually participate in a minimum of eight hours of continuing education each year after the first year that the trustee is elected or appointed under Section 1-109.3 of the Illinois Pension Code. Additionally, all board members of a pension fund are required to attend at least eight hours of training in ethics, fiduciary duty, investment issues, and any other curriculum that the pension board establishes as important for the administration of the fund, under Section 1-113.18 of the Illinois Pension Code. Note that this provision in the Illlllinois Pension Code is applicable to alll trustees serving any public pension fund or system in the State of Illinois. Section 1-113.18 provides that fulfillment of the requirements of Section 1-109.3 satisfies t'he requirements of Section 1-113.18. In other words, courses taken to satisfy the 16-hour initial certification training, or the 8- hour annual continuing education training, can be applied to imeet the 8-hour ethics training requirements, so long as the couirsework involves ethics, fiduciary duty, investment issues, or other curriculum the pension board deems as important. Under Section 1-109.3, the 16-hour initial trustee ceirtification training must include: • Duties and liabilities of a fiduciary with respect to the,administration and Ipaymeint of pension (benefits • Adjudication of pension claims 136 of 168 BOARD INS I G HTS January 20124 Page 2 • Trustee ethics • Illinois Open Meetings Act • Illinois Freedom of Information Act However, Section 1-109.3 further provides that any trustee, who has completed the training required under Section 1.05 of the Illinois Open Meetings Act (5 IIILCS 120/1.05) is not required to participate in additional Open Meetings Act training. �Note that Section 1-109.3 does not specify topics that imust Ibe included in the, 8-hour annual continuing education training. However, Section 1-113.18 specifies that, the, 8-hour ethics training must include ethics, fiduciary duty, and investment issues, as well as any topics the pension board finds important for administration of the fund. iii i IN I�IN I Training courses are sponsored throughout the year by various statewide pension organizations, fire aind police service organizations, municipal organizations, and unions. For example, the Ullinois Iuinicipal League (EMI-)offers the 16-hour initial certification training online to all trustees at no charge and can also be used for the 8-hour annual training requirement. The Rlinois IPulbllic Pension Fund Association (IRPFA) offers online and in-person options for the 16-hour initialll trustee training and the 8-houir continuing education requirement for a fee. The IIlllinois Professional Firefighters' Association (IPFA), the Illinois Association of Fire Protection Districts (1AFPD), the Northern Illinois Alliance of Fire Protection Districts (NIAFPD), the Associated Fire Fighters of Illinois (AFFI), the Illinois Government Finance Officers Association (IGFOA), and the Ullinois Public Pension Advisory Committee (IRPAC) all offer in-persoin training programs throughout the year to meet the annual 8- hour training requirement. In addition, pension boards imay devote time at each board meeting for training, which any professional advisor (e.g., an investment advisor, accountant, auditor, attorney, or other knowledgeable person) can provide. 'Trustees who have training irequirements as pairt of their profession that are also related to topics of interest for pension fund administration may be able to count such training to meet the 8-hour requirement by providing documentation of the completed training to the pension board. Section 1-1093 specifically provides that the 16-hour initial certification training and the 8-hour annual continuing education training will be paid for Iby the pension fund. Trustees may seek reimbursement for other training expenses Iby board pollicy. Pension boards should have a policy in place for reimbursement procedures, including the process for approving training costs, obtaining reimbursement, and identifying which expenses are eligible,for reimbursement. �Note that the IDOI monitors the reasonableness of training costs through the DOI Annual Statement interrogatories, and such costs will also be audited through the ongoing compliance audits being handled by the Firefighters" Pension Investment Fund of Illinois (FPIF) and Illinois Police Officers" Pension Investment Fund (IPOPIF)(40 IILCS 5/1A-104). The required 16-hour init;iall certification training under Section 1-109.3 imust be completed within the first year that a trustee is elected or appointed under an Article 3 or 4 pension fund. The required 8-hour annual continuing education training under Section 1-109.3 imust take place, each year after the first year that the trustee is elected or appointed. 137 of 168 BOARD INS I G HTS January 2024 Page 3 The eight hours of ethics training required under Section 1-113.18 must be completed each year; kelep in mind that the training under Section 1-109.3 can also be applied to this ethics training requirement. While the statutory provisions imply that the trustee training aligns with each individual trustee's term (which are typicallly initiated sometime between May or July each year), the certification of the training occurs through the DOI Annual Statement, which aligns with the 'fiscal year of each pension fund. Thus, for the purposes of tracking trustee training, the pension fund's fiscal year seems most practical. !I! 1 11 1 R Yes. Under Section 1-109.3, any trustee who does inot timely imely co�mplllete the training required is ineligible to serve as a trustee of an Article 3 or 4 pension fund, unless the board member completes the missed training within six months of the date the member failed to complete the required training. In these circumstances, it is incuimbeint upoin the Ipensioln board to provide notice and ain opportunity to be heard to the trustee ahead of any action to be taken to remove them. Section 1-1093 further provides that in the event a trustee faills to complete the training, a successor shall be appointed or elected, as applicable, for the unexpired term. Any successor elected under these circumstances must be elected at a special election called Iby the board and conducted in the same manineir as a regular election under Article 3 or 4, as applicable. Note that the DOI has opined that oince a trustee completes training previously missed within the required timeframe or grace Ipelriod, that,trustee may not be removed thereafter by the Ipenslion board. 1 111 1 El i. l Trustees can receive paid time off to attend the 16-houir initial ceirtification training. Section 1-109.3(a) of the Illinois Pension Code states that elected or appointed trustees of ain Article 3 or 4 pension fund who are police officers, firefighters, or are employed by the municipality shall be permitted time away from their duties to attend the required initial certification training without a reduction in accrued leave or benefit time. Note that the Illinois Pension Code does inot provide for paid time off to complete the ainnual continuing education training or ethics training. 11111111111pill DOI! !ill 1 011! Ill MEN 111 l�� Each pension board will be respoinsible for maintaining board members" training records throughout the year. Under Section 1-113.18, boards must annually certify to the IDOI in its Annual Statement that trustees have completed their required ethics training for the fiscal year. Section 1-109.3 does not specify who or how trustees should document their initial certification training or continuing education training, but auditors for FPIF and IIPCPIF will examine whether trustees have completed required training when audifing pension funds for potential fiduciary noncompliance. 'Therefore, trustees and funds should maintain a careful system of documenting and certifying training completion,. I M 1530ttosen DiNolfo MN Haseiibalg&Castaldo, i..td. '1804 Mcirtli IN Bcnfllevaird, Suite 350, IN allpervillie, 1111111iniciis 60563 R� (630)682--0085 F (630) 682--0788 www.loi,k�tci,seinllaw,coii,ii,i (Akos,en IIFAINdfo Haseinbalg& Lited ()2024 138 of 168 PENSIONPOINrERS If1110 pp I i c'a nt s for disability pension About the Authors:Carolyn Welch Clifford is a senior partner with Ottosen Dilllalfo flasenbalg benefits often lament that the &Castaldo,Ltd.in Naperville,Illinois,Ms.Clifford'concentratesherpractice in the representation process to obtain these benefits of Illinois firefighter and police pension funds, as well as fire and police commissions and fire is slow, particularly where the applicant protection districts. She currently serves as the Chair of the public Safety Affinity Croup for the is no longer receiving salary or has been National Association of Public Pension Attorneys(KAPPA).Sheisa frequent speaker at fire service terminated from employment h i I e and public pension conferences in Illinois and nationally and contributes regularly to several publications.Ms.Clifford earned her&S'.and 1l).degrees from the University of Illinois in Urbana- application.shearing on their pending Champaign.You can contact her atcclifford ottosen►awvcom. application. Recently, a Chicago police officer seeking disability benefits from the Policemen's Annuity and Benefit Fund of Taylor, the Retirement Board routinely property without due process. sue Chicago filed a federal lawsuit grants applicants temporary disability process,the court explained,involvesboth the City of against the Retirement Board federal of Fund, benefits without prejudice, pending a substantive and procedural components. claiming he had been deprived procedural full hearing on the disability application. Taylor specificallyr stated in his complaint lays in processing his However,in his case,the Retirement Board that he was deprived of procedural due due process for de in application in violation the Fourteenth instead held an initial hearing at the end process. This required that he prove Amendment the ionU.S Constitution.The of July 2022 and voted to defer a decision that (1) he was deprived of a protected court,however,disagreed. on temporary benefits for the officer, property interest, and (2) there had In Taylor t✓ usage d. Board of the Pending a full hearing can his disability been insufficient procedural protections Policemen's nTaylniy Retirement oaradvfthe application.Taylor's attorneysent multiple surrounding that deprivation. Taylor City e en'sAnnuity No. 22-cv-C1 Benefit ndof he requests to the Retirement Board,asking alleged that he has a protected property City of Chicago, No.Sept 2.5"2023),0420 3 WL for the application to be set for a full interest in a duty disability benefit,stating police officer Livid Taylor had been hearing atthe Retirement Board's August, that the City of Chicago and the Fund'sIME involved officer an on-duty shooting in lbe n September,October,and November 202.2 physician agreed that he is disabled and involved with meetings,and each request was denied„ that his PTSD was caused by the on-duty 2018 aumatic stress disorder ('and subsequently diagnosed with th An employee oftee Fund advised Taylor's shooting incident in 2018. postAfter physicians recommended that he attorney that the Retirement Board was However"the cou rt noted that Section not return to ans re aylortooka one-year '"not ready to hear"the application and it 5-156 of the Illinois Pension Code(40 ILCS medicalrntowfabsenlortookaoneentar was'"gathering more evidence" 5/5-15C)provides that there are conditions applied for disability benefits in April of As a result of the delayed process, onan applicant's entitlementtoadisability applied foren the City benefits hicago moved him Taylor filed a complaint against the pension benefit.Besides being evaluated 2022 -pay status,"which left him without Retirement Board in the U.S.District Court by at least one IME physician appointed to a salary. for the Northern District of Illinois. He by the Retirement Board" the Board is As part of its process" the Fund had alleged that the Retirement Board had expressly authorized to require other the officer evaluated process, an independent deprived him of due process by failing to such evidence of disability;to make such the ler evaluated in by an independent give him an appropriate hearing on his determination, the Retirement Board physician concluded Taylor was disabled disability application and failing to award must make factual findings on the cause as the result ofPTCtiandunabletoreturn him benefits.. of disabilityand whetherit isduty related. as work a the result of the bleto return Under the Fourteenth Amendment, Until the Retirement Board makes such incident in July of 2818. According to individuals may not be deprived of Controlled on page 23 139 of 16 22 THE Fa:RE CALL I 2 3 www.iafpd..org I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I Pension Pointers iinclludiing the IIllinois Supreme Court's him of the financial means to support Continued from page 22 decision in the case of Marconiv.Chicago himself was not the same as a situation Heights Police Pension Board, 225 III1.2d where a person is"on the very margin of determiiniati on,Taylor did not have a claim 497 (2006). Ilan Marconi, nearly five years subsistence"when assessiing due process. of present entitlement to the disability had elapsed in a pension fund"s process The court concluded that Taylor had benefit under Section 5-1154ofthe Illllliinois to adjudicate a police officer's application not pleaded a plausible claim that the Pension Code(40 ILCS 5I5-154)1. for disability benefits. (Despite the delay in this case had risen to the"level Further, the court noted that there extraordinary delay, the Illinois Supreme of egregiousness required to state a due was nostatute,regullationorrullerequirinq Court held a duce process violation had processclairn."' the (Retirement Board to accept the not occurred,reasoning thiat.a briglhtdine The takeaway from Taylor is that, iity's or the physic ians'opiiinions when rule on when such (hearings must occur while there may not be a"bright(line"test making disability determination.To the "coulld lead to uinclue pressure to make as to(how expediently a pension board is contrary,the Illinois Pension Code"vests a decision in a complex case."Thus, the expected to conduct a disability hearing the board with 'exclusive jurisdiction' Illinois Supreme Court found that a case- process, the facts and ciilrcumstainces of to decide applications for duty-rellated by-.case assessment must be made to each application will determine whether disability benefits" and "authorizes the determine whether—under the specific proper procedural due process is being board to request add itiainaI evidenceiiin its facts and circumstances of any particular provided to an applicant. While pension discretion beforedeciding adutyclisability matter—an applicant has been deprived boards should engage in thoughtful and benefit claim:" of due process. thorough processes to carry out their Similarly, the court determined The Taylor court agreed that it had fiduciary duty to provide benefits only to that the officer had not shown he had a "no wayof assessing the legal and factual those applicants who qualliify, this duty property interest in a temporary disability complexity of Taylor's duty disability includes being cognizant of the need to benefit pending a full Iheariing before beinefit application based on his federal betimely in processing those applications the Retirement Board. As iiin, the case of complaint"The Retirement Board had not in amannerthatisfundamentallhyfaiirand making afinall determination on Taylor's provided any insight into whatadditioinal reasonable„without u n necessarily creating entitlement to disability benefits,thecourt evidence it was seeking, and Taylor's hardslhiipsfor its members.Appl ica nts,as noted there was no statute,regulation or attorney "essentially (hit a brick wall well, need to be encouraged to submit ruffle that Iliiimiting the Retirement Board's asking what additional information the applications in a timely maniner-before discretion to grant or deny a temporary board needs"IHowever,the court further paid time off lhas lbeen exhausted-so that benefit pending a full(hearing.As a result, explained that because disability claims they are not placed in a fiinaniciall crisis due the court found the officer had not made do not depend on the applicant's finaincial to their own delay in application.11lllllll a Iplausible claim that the had a protected need, the allegation by Taylor that the property interest in a temporary benefit. delay in holding thie(hearing was depriving Next, the court observed that due process challenges are"premature"where a plaintiff has not exhausted possible state remedies.In this case,Taylor did not "; argue that llllllinois'proceduresfor hearing, 2021,1 �� (NZ; determination, and judicial review of �l � fur^ M"mE�"iG�,rc��ir�urto�.uH" �nk'h dl�ro oa m r Capplications for disability benefits are C � tekl istale inadequate. The court determined, accorcliinglly, that Taylor's due process claim based on a deprivation of benefits was premature, as his remedy wound be through the state's administrative review law,ratlherthan a federal lawsuit. As for the delay in holding a hearing, the court observed due process usually 1 only has"a Ilimited role to play in protecting against oppressive delay." However, the court did acknowledge that due On process"requires provision of a hearing W " c,� at a meaningful time"At some point, aor ''' delay in Iholldiiing a hearing becomes a constitutional viollation. The court reviewed previous case law iinvollving dellays in hearing processes, www.iafpd.org 2023 'HAWCA L 23 2024 IL 129471 IN THE SUPREME COURT OF THE STATE OF ILLINOIS (Docket No. 129471) THE ARLINGTON HEIGHTS POLICE PENSION FUND et at., Appellants, v. JAY ROBERT"J.B." PRITZKER, Governor, et al., Appellees. Opinion filed January 19, 2024. CHIEF JUSTICE THEIS delivered the judgment of the court, with opinion. Justices Neville, Overstreet, Holder White, Cunningham, Rochford, and O'Brien concurred in the judgment and opinion. OPINION ¶ 1 Plaintiffs filed a complaint against defendants in the circuit court of Kane County seeking, inter alia, a finding that Public Act 101-610 (eff. Jan. 1, 2020) (Act), which amended portions of the Illinois Pension Code (40 ILCS 511-101 et. seq. (West 2020)), violated article XIII,section 5, of the Illinois Constitution (Ill. Const. 1970, art. XIII, § 5), commonly known as the pension protection clause, 141 of 168 and/or article I,section 15,of the Illinois Constitution(Ill. Const. 1970,art.1, § 15), commonly known as the takings clause. The circuit court granted summary judgment in favor of defendants. The appellate court affirmed. 2023 1L App (2d) 220198, ¶20. For the following reasons, we also affirm. ¶2 BACKGROUND ¶3 On January 1, 2020, Public Act 101-610 became effective and amended, in pertinent part,portions of the pension code to consolidate all applicable local police and firefighter pension fund assets into two statewide pension investment funds, one for police and the other for firefighters. Pursuant to the Act, the local pension ftmds were required to transfer custody and investment responsibility for their fund assets to the respective statewide funds, which are now tasked with collectively investing and administering the pooled assets. The Act provided a transition period that ended on June 30,2022,for the transfer of securities, assets, and the investment function from the local funds to the statewide investment funds. See 40 ILCS 5/22B-120, 22C-120 (West 2020). ¶4 Under the Act, each local fund retains a separate account in the respective statewide fund. Those assets are dedicated solely to paying benefits to the local fund's members and to covering operating expenses.Id. §§ 1-109; 22B-118(c), (e); 22C-118(c), (e). The Act specifies that the "operations and financial condition of each participating pension fund account shall not affect the account balance of any other participating pension fund."Id. §§ 22B-118(c), 22C-118(c). The returns on the investments in the statewide funds are then"allocated and distributed pro rata among each participating pension fund account in accordance with the value of the pension fund assets attributable to each fund."Id. ¶ 5 The purpose of the Act is "to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring more money is available to fund pension benefits for the beneficiaries of the transferor pension funds." Id. §§ 22B-114, 22C-114. The two investment fund boards created by the Act are composed of nine members: three officers or executives from participating municipalities, three active participants of the local funds who are elected by active - 2 - 142 of 168 participants, two beneficiaries i from the local funds who are elected by beneficiaries of the funds,and one member recommended by the Illinois Municipal League who is appointed by the governor and confirmed by the Senate.Id. §§ 2213- 115(b), 22C-I 15(b). In addition,the Act authorizes the Illinois Finance Authority (IFA)to lend money, if requested by the local funds,to pay the necessary transition costs to the new statewide funds.Id. §§ 2213-120(h), 23C-120(h). Any such loans are to be repaid with interest.Id. ¶ 6 There are approximately 650 local police and firefighter pension funds for municipalities in Illinois with populations between 5000 and 500,000, and the Act does not eliminate any of them. See id. §§ 3-103,4-103. These local funds continue to be governed by five-member boards composed of two appointed members, two members elected by active members, and one member elected by and from the beneficiaries. Id. §§ 3-128, 4-121. The Act specifically provides that these local boards retain exclusive authority to adjudicate and award retirement and other benefits. The new statewide investment funds "shall not have the authority to control, alter, or modify, or the ability to review or intervene in, the proceedings or decisions" of the local pension boards. Id. §§ 3-124.3, 4-117.2. Therefore, the enactment of the Act had no impact on the local pension boards' responsibility to determine the retirement, disability, and death benefits payable to fund members and other beneficiaries. ¶ 7 In February 2021, plaintiffs, 36 individual active and retired beneficiary members from a small number of suburban and downstate police and firefighter pension funds, filed a three-count complaint against Governor Jay Robert "J.B." Pritzker; Christopher Meister, executive director of the IFA; Dana Severinghaus, acting director of the Illinois Department of Insurance; the Board of Trustees for the Police Officers' Pension Investment Fund; and the Board of Trustees for the Firefighters' Pension Investment Fund. Plaintiffs sought declaratory, injunctive, and other relief, including a finding that the Act violated the pension protection clause of the Illinois Constitution(Ill. Const. 1970, art. XIII, § 5) (count 1) and/or 'The fund board for localpolice has two members directly from the population of beneficiaries; the fund board for firefighters has one beneficiary member and one member recommended by the statewide labor organization representing firefighters from at least 85 municipalities, who is then appointed by the governor and confirmed by the Senate.See id. § 22C-115(b)(3),(5). - 3 - 143 of 168 the Illinois Constitution's contracts clause (id. art. I, § 16) (count II) and/or the Illinois Constitution's takings clause (id. § 15) (count III).2 ¶ 8 Plaintiffs' complaint alleged that the Act diminishes and impairs their pension benefits because, (1) prior to the Act, the local funds could "exclusively manage and control their investment expenditures and income"; (2) their"voting power and thereby an effective say in the selection of investment managers, investments, risks, rates of return, costs and expenses" was diluted by the participation of members of other local funds; and (3) the local funds must bear the costs associated with the Act's transition process, including repayment of any IFA transition loans. ¶9 On cross-motions for summary judgment,the circuit court entered judgment in favor of defendants and against plaintiffs.3 As to count I, the circuit court found that precedent from this court instructs that the "benefits"protected by the pension protection clause are limited to those that affect the value of a member's pension benefit.The circuit court found the Act did not violate the clause because plaintiffs were not denied a "benefit" that could be tied to a change in the value of their retirement payments. As to count II1, plaintiffs' takings clause claim, the circuit court found that,because the clause applies only to government action against real property, which is not at issue here, the Act did not implicate that constitutional provision. ¶ 10 On appeal,plaintiffs only challenged the circuit court's ruling as to counts I and III of the complaint. 2023 IL App (2d) 220198, ¶ 5. Concerning count 1, the appellate court rejected plaintiffs' contention that voting rights are protected benefits under the pension protection clause. Id. ¶ 14. The court found that benefits outside of pension payments that have been held to constitute benefits for purposes of the clause are generally only those that affect a participant's continued participation in a pension system or their ability to increase their service credits, thereby affecting the calculation of eventual benefit payments. Id. ¶ 12. The 2The complaint also named as plaintiffs 18 locaIpolice or firefighter pension funds.The circuit court dismissed these plaintiffs for lack of standing.This ruling was not challenged in the appellate court,nor is it raised in this court. 3 Prior to the filing of plaintiffs' countermotion for summary judgment, the circuit court dismissed count II of the complaint after finding that plaintiffs failed to state a cause of action under the contracts clause. -4 - 144 of 168 appellate court concluded that the ability to vote in elections forlocal pension board members is not such a benefit,nor is the ability to have local board members control and invest pension funds.Id. ¶ 14. ¶ 11 The appellate court also rejected plaintiffs' argument that the Act impairs and diminishes their benefits by requiring local funds to pay startup and administrative costs, as well as transition costs, for the new statewide pension investment funds. Id. ¶ 15. The court found that plaintiffs failed to explain how such costs impair or diminish payment of their benefits. Id. Additionally, the court noted that the Act does not require the local funds to borrow money to pay for the costs or for them to spend any specific amount. Id. ¶ 12 As to count III,the appellate court held that,because plaintiffs have no property right in any particular assets or level of funding and are entitled only to present or future payments from the funds, they could not establish the private property requirement for their takings clause claim. Id. ¶ 18. The court concluded that plaintiffs do not own the funds that are to be transferred to the new statewide funds. Id. ¶ 13 For these reasons, the appellate court held that the circuit court correctly ruled that summary judgment in defendants'favor was appropriate on counts I and III of the complaint. Id. ¶20. ¶ 14 This court granted plaintiffs' petition for leave to appeal. Ill. S. Ct. R. 315(a) (eff. Oct. 1, 2021). This court also allowed the Illinois Municipal League and the Associated Firefighters of Illinois leave to file amicus curiae briefs in support of defendants' position. Ill. S. Ct. R. 345(a) (eff. Sept. 20, 2010). ¶ 15 ANALYSIS ¶ 16 We first address plaintiffs' contention that the circuit court erred in granting defendants' motion for summary judgment because the Act violates the pension protection clause of the Illinois Constitution (Ill. Const. 1970, art. XIII, § 5). Plaintiffs assert that the Act does not conform to the requirements of this clause because it impairs the rights of members to vote in the election of local police and - 5 - 145 of 168 firefighter pension boards and to have those boards control and invest the local pension funds. ¶ 17 Summary judgment is warranted where there is no genuine issue of material fact and the moving party is entitled to judgment as a matter of law. 735 ILCS 5/2- 1005(c) (West 2020). By filing cross-motions for summary judgment, the parties invite the court to decide the questions presented as a matter of law. Carmichael v. Laborers' & Retirement Board Employees' Annuity & Benefit Fund of Chicago, 2018 IL 122793,¶21.We apply a de novo standard of review to summary judgment rulings. Id. ¶ 18 L Pension Protection Clause ¶ 19 Article XIII,section 5,of the Illinois Constitution provides that "[m]embership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefit of which shall not be diminished or impaired." Ill. Const. 1970, art. XIII, § 5. ¶20 This clause of our constitution has been construed by this court on numerous occasions. We have repeatedly held that the pension protection clause means precisely what it says: "if something qualifies as a benefit of the enforceable contractual relationship resulting from membership in one of the State's pension or retirement systems, it cannot be diminished or impaired."Kanerva v. Weems, 2014 IL 115811, ¶38; id. ¶ 40 (holding that subsidized health care provided to state employees was a benefit of membership in a state retirement system protected by the pension protection clause). The protections afforded to pension benefits by article XIII,section 5, attach once an individual first embarks upon employment in a position covered by a public retirement system, not when the employee ultimately retires. In re Pension Reform Litigation, 2015 IL 118585, ¶46. Those benefits therefore cannot be later unilaterally diminished or eliminated by the legislature. Id. ¶ 46 n.12. ¶21 Accordingly,once an individual begins work and becomes a member of a public retirement system, any subsequent changes to the Pension Code that would diminish the benefits conferred by membership in the retirement system cannot be - 6 - 146 of 168 applied to that individual.Id. ¶46. "The primary purpose of article XIII,section 5, was to eliminate any uncertainty surrounding the payment of public pension benefits and to clarify that state and local governments were obligated to provide pension benefits to their employees." Matthews v. Chicago Transit Authority, 2016 IL 117638, ¶57. ¶22 This court has further explained that the pension protection clause " `protects all of the benefits that flow from the contractual relationship arising from membership in a public retirement system.' " Williamson County Board of Commissioners v. Board of Trustees of the Illinois Municipal Retirement Fund, 2020 IL 125330, ¶ 32 (quoting Matthews, 2016 IL 117638, ¶ 54). The benefits protected include"those benefits attendant to membership in the State's retirement system, such as subsidized health care, disability and life insurance coverage, and eligibility to receive a retirement annuity and survivor benefit [citations], along with the right to purchase optional service credit in the state pension system for past military service." Carmichael, 2018 IL 122793,¶25. ¶23 Plaintiffs claim that the lower courts failed to appreciate this precedent and the breadth of the phrase "any benefit" contained in our pension protection clause. Plaintiffs argue that their voting rights are impacted by the Act and that voting rights are a benefit that cannot be altered. They assert that prior to the adoption of the Act they had the right to vote and exercise greater control over locally managed boards and pension funds. The Act,according to plaintiffs, "substantially impacted and diluted" their voting rights and their rights to control the management of the funds. Consequently, plaintiffs claim it was erroneous for the lower courts to find that these rights were not the kind of benefits protected by our constitution. ¶24 In support of this argument, plaintiffs rely heavily upon Williamson County. There, the plaintiffs were elected members of the Williamson County Board of Commissioners and had satisfied the requirements of the Pension Code to participate in the Illinois Municipal Retirement Fund (IMRF). Williamson County, 2020 IL 125330, ¶5. The Pension Code was subsequently amended to add a requirement for a county board to adopt an IMRF participation resolution within 90 days of each election when a member of the county board is elected or reelected. Id. ¶ 8. The Williamson County Board failed to adopt such a resolution within the - 7 - 147 of 168 required time frame, and the plaintiffs' participation in IMRF was terminated.Id. ¶ 12. ¶25 This court found that the amendment to the Pension Code was unconstitutional because the legislature's unilateral decision to create the provision contained in section 7-137.2(a) (40 ILCS 5/7-137.2(a) (West 2016)) imposed a new requirement for continued IMRF participation that did not exist when the plaintiffs began their public employment. Williamson County, 2020IL 125330, ¶47. The defendants did not contest the plaintiffs' assertion that they would qualify for continued participation in the fund but for the new requirement that all county boards certify within 90 days of each general election that their county board members are required to work sufficient hours to meet the applicable hourly standard. Id. ¶26 Plaintiffs' reliance on Williamson County is misplaced. There, the newly created requirement in the Pension Code could eliminate the monetary benefits of members and did not exist when the plaintiffs began their public employment and participation in IMRF. Therefore, in marked contrast to the instant case, the constitutional violation in the new legislation in Williamson County was specifically tied to its effect of eliminating monetary benefits for existing members. ¶27 Generally, as the appellate court below recognized, the benefits outside of pension payments that have been found to constitute benefits for purposes of the pension protection clause are those that affect a participant's ability to continue participation or increase service credits, thereby negatively affecting calculation of eventual benefit payments. See, e.g., Carmichael, 2018 IL 122793, ¶65 (holding that amendment to the Pension Code that eliminated the ability of the plaintiffs to purchase service credit during a leave of absence to work for a local union was an improper new requirement placed on pension benefits); Buddell v. Board of Trustees, State University Retirement System, 118 Ill. 2d 99, 106-07 (1987) (holding that change to employees' right to purchase optional service credit for time spent in military service was an improper new requirement placed on pension benefits). In Carmichael, we also listed, as examples of the benefits protected by the pension protection clause, "subsidized health care, disability and life insurance coverage, and eligibility to receive a retirement annuity and survivor benefits." Carmichael, 2018 IL 122793, ¶25. - 8 - 148 of 168 ¶28 In contrast, the ability to vote in elections for local pension board members is not such a constitutionally protected benefit, nor is the ability to have local board members control and invest pension funds. See Kanerva, 2014 IL 115811, ¶48 (holding that the pension protection clause was aimed at protecting the right to receive the promised retirement benefits,not the adequacy of the funding to pay for them); McNamee v. State, 173 Ill. 2d 433, 444 (1996) (holding that the pension protection clause does not create a contractual basis for participants to expect a particular level of funding but only a contractual right that they would receive the money due them at the time of their retirement). ¶29 It is axiomatic that,if plaintiffs have no constitutional right in how their local pension funds are funded or the adequacy of that funding, they similarly have no constitutional right regarding who invests local fund assets. The Act does not change plaintiffs' right to elect members of their local funds' boards or the local boards' authority to determine the amount of benefits plaintiffs are entitled to receive. It only changes the local boards' power to invest the assets of the local funds. Simply put, the 2020 amendment to the Pension Code has no impact on plaintiffs receiving their promised monetary benefits. ¶30 Plaintiffs further argue that the Act impairs and diminishes their benefits in violation of the pension protection clause by requiring local funds to pay start-up, administration, and operation costs for the new funds, plus interest if any amount is borrowed from the IFA. Plaintiffs argue that the appellate court ignored this concern by stating that the funds must already pay administration costs and that there is no evidence that the costs of the new funds would be any greater. Plaintiffs assert that these liabilities and encumbrances did not exist before the Act and constitute a further violation of the pension protection clause. ¶31 This contention also lacks merit. Plaintiffs do not explain how the payment of the startup costs impairs or diminishes payment of their pension benefits. The Act does not require the borrowing or the spending of any specific amount for the startup or administrative costs of the funds.Additionally,as previously noted,the two new statewide funds are intended to streamline investments and eliminate unnecessary and redundant costs,thereby ensuring that more money is available to fund local police and firefighter pension benefits. See 40 ILCS 5/2213-114, 22C- 114 (West 2020). - 9 - 149 of 168 ¶32 For these reasons, we find the circuit court properly granted summary judgment in defendants' favor on count I of the complaint. ¶33 IL Takings Clause ¶34 We next turn to plaintiffs' claim that the circuit court erred in granting defendants' motion for summary judgment because the Act violates the takings clause of the Illinois Constitution(Ill. Const. 1970, art. I, § 15). Plaintiffs contend that,because the Act requires them "to fully transfer all of their private property, comprised of their securities, funds, assets, monies, and cash reserves" to the statewide pension investment funds,and because the Act requires them to bear the financial costs of transition, as well as to pay the costs and expenses incurred in the operation and administration of the funds, their private property has been taken and/or damaged in violation of the takings clause. ¶35 Article I, section 15, of the Illinois Constitution provides that "[p]rivate property shall not be taken or damaged for public use without just compensation as provided by law. Such compensation shall be determined by a jury as provided by law." Id. We have defined a taking as "a physical invasion of private property or the radical interference with a private property owner's use and enjoyment of the property." Tzakis v. Maine Township, 2020 IL 125017, ¶45. "One of the principal purposes of the Takings Clause is `to bar Government from forcing some people alone to bear public burdens which, in all fairness and justice, should be borne by the public as a whole.' " Northern Illinois Home Builders Assn v. County of Du Page, 165 Ill. 2d 25, 31-32 (1995) (quoting Dolan v. City, of Tigard, 512 U.S. 374, 384 (1994)). ¶36 As the appellate court correctly concluded, the Act does not take any of plaintiffs' private property. As participants in a defined benefit plan, they have a right to receive their promised benefits but do not somehow have a private property right in the source of funding for those payments. Plaintiffs claim that the Act requires them to fully transfer ownership of their private property, comprising the securities and other fund assets. The Act does not operate in that manner. It simply changes the control and management of the local funds' assets from one government-created pension fund to another type of government-created pension fund.As defendants assert,although plaintiffs have a constitutional right to receive - 10 - 150 of 168 the benefit payments promised to them, which the Act does not change,they do not have a property right to any particular level of assets used to pay those benefits or in the way those assets are held or invested. ¶37 Plaintiffs have failed to identify any property right under Illinois law that is affected by the 2020 amendment to the Pension Code.It is undisputed that the Act does not impact the pension payments that plaintiffs are entitled to receive. Additionally, as defendants recognize, plaintiffs' takings claim must also fail because even if they had a property right in the local funds' assets, which they do not,the Act would not constitute a taking of that property for the government's use. The Act simply changes how local fund assets are managed and invested without affecting the ultimate use of those assets to pay the benefits of local fund members. ¶38 Consequently, the circuit court properly granted summary judgment in defendants' favor on count III of the complaint. ¶39 CONCLUSION ¶40 For the foregoing reasons, we affirm the judgment of the appellate court affirming the circuit court's order granting summary judgment in defendants'favor and against plaintiffs. ¶41 Judgments affirmed. - 11 - 151 of 168 I-fl N GS nip�� mluuumu G� to 000 " MC Q �T3 coCL40 (0), 0" / r " RE 0,, � OMMba 0 �"'' uuuuuuuuiiiill�� IIIIII)I ■ i//// i// / /1% i///% pit ua rL U 0 w � � tU ur W 47 Wk W. 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Meeting Location 50 Rau pp II BuffAlo Grove,IL Phone I Fax (847)537-0995/(847)537-7370 Administrative Assistant Molly WeslIow Lauterbach&Amen mweslowolauterbacharnen.corn DOI Security Administrator Art Malinowski F0lA10MA Officer Art Malinowski Authorized Signers Dan PasquardHa, Josh Hirnmelspach, Chris BlIack ((Resolution No. 2020-11,June 3,2020� Cash Management Schwab Money Market Account Minimum$436,00101/Maximum$529,000 BMO Harris Checking Account Minimum$101,000 1 IMaximurni$25,0100 (Updated October 30, 2023) MENEM= mommommom President Dan Pasquairella Acfive (2024} dipasguarellaOyba.gra (708)822-8271 (Cell) Trustee Tom Gough Refired(2026) goughhomebuilders(agmail.clarn (847)875-6802 (Cell) Trustee VACANT Appointed(2023) 1 Trustee Larry Stainley A 6inted(2023) 1 LarrystanleV1215(Mgmail.com (847)323-8768 Secretary Josh Himmd1spach Acfive(2026 hirnme1sr)achCdvba.or a (847)909-11655 (Cell) Attorneys Otto,sen DiNdIfo HasenbAlg &Cast4ld,o,LTD. Carolyn Welch Clifford Meganne TirelIa cclifford(d)ottosenlaw.corn rntrela(Mottosenlaw.corn (630 614-76119 (630)614-7614 �Director of Finance Chris Black cbIackavbQ.oro (847)459-2500(work) (847)772-4658(ceUl) Actuary Todd Schroeder tschroeder(cDlauterbachamen.com Lauterbach&Amen (630)393-1483(Work) Accountant Lauterbach&Amen Village Auditor Laiaterbach&Ainien Fund Auditor I Casella&Co. (815)331-8 122 I SiI ksmithaedeircasella.com jj Staff Liaison Steve Zahn-CHef Op rating Officer 1 (630)785-2567 sczahn@iI Authorized Agents Dan Pasquarella and Josh Hirnmelspach GCMI Portal Accountt,Representatives Dan Pasquarella,Josh Himmelspach, Chiris I I CalIgaro Resolution No.2021-3(November 17, 20211) GCMI Recurrina Withdrawal Instructions $436,000 per month(Updated October 30,2023) Last Information Update 10/23 Buffalo Grove FPF/General I Client Information Sheet 2023 1523643 156 of 168 BUFFALO GROVE FIREFIGHTERS PENSION FUND 12/31/210,22 12/3112021 12/31/ZO20 1213,1/ZO19 12/31/2018 12131/ZQ27 12/3112016 219, 23" 243 27r K'A-) 439 2 35" w 30" 29" 23'19 '15 Inactilyu Pa rtild panu 55 52 540 AE P' 43639 '1-1 SdaninfounaWn A orra Ee Ac U ve 5 a I a r y P 110,789, 107,6 7 2 F '104,6F4 Irl LES2 101,881"99,748 l9a,009 Tal.1 4al.,v Sng 1,40 2 5;q7'1'9n r,�'I,1,2,8 5.7 a a-,,3q I 5,601,482`5'!qS5'aqQ "5,39,0,50B Minter O:f Pw siorar's 55, 51, 4S r. 43 9 `3 Avi,ra go Cun ent Setieff t a 5,260 82,660, 18'7 q4 77,00 1 7331154,10 67167 4 4 4 4 4,74 14 Number Of Dutv 01sabi lity 4r. 4r. 4 4 4 14 114 N,mber Of N-dty N-bd ty 01 OF IF n 11 A T) Airribo Of Q-upatou�jail CAsablllMV 0 Oa " 01 06 Fl Aver a g o Di s a b I I i ty Ve In efl ts r^ 65'556 56'ln IF 56,f18 4 'h"lfsl Ben fi D, - -vVce leenMoners N.rober Of SnvILL,Prsloners 46 42 41 38 33 r.10 Average Current Benefits, sf6':306 81,91s, 78,234'/6,937 '5'1'9n Benefit Data-DefeTre A Peagiprigrz Nurrrbor Of Doftrroil P+m onort I I t I Average Beginning 8enIefi*3 34,421 21,a()i1 it 21"a02 z 1'6'�2 21 602"11 602 1.1;09 actigariM VwWation Awtua,141 VaIue0fAsw,5 76'58m 79.it 69,1122,450 54,16 1,6:�1 61,1310,094 e59,554,144 ",6,506,737 ActuAdial VAlug W.Liabilltja& 01 96,1,11,163 it 02,721,207 85,095,810 83,934,337 57,466,533 '71114p18 ActuaTufl run,dIng Position iu 0 il 1,455,SWj" p)'888')5)) g24,3)8,203) u24"24%}lv'saz'33Fi 1331 Actuarijal Fundin2 NrLenit N.14 1976%IF 71,n 2,69% 73 64 5,56,98 Ammm'I Cash,NOVq,MQn,.y Mu,h t 614,976 P 2,335,787v 1,481,349° 7 63,34 E 42,47�%06,M '173,23D Nod D r 2'S,863,0a5, 24,449,529F 25,20 7,504 r 23.6919,W"23,283,349 Equities 71,443,718', s 0,04"i'6 59' r .14,18 7,509 l 7,5,5 1,152 0 132,1902,a4f$ RsI;,eivables 166,417, liss"126o, 13E,335o 172,252- 174,5616 16L,301 S77,471 Caber Asset� ()r Q"o" m` w, I'b 112,4 1 Z To ta 11 AL 5 ou 7 316,40135' 77 L14 895 63 000 tB4O01 1, 40 1(f,50F GO Z, 'r,_4:LL lg 2 ................................i4 LiAll(V- ............... 25,027....... Z11817 37 7"1;5 4 0 lio iss NeLPrcmsantk,5nb-LMNrl(,elV,due 77,213.46 f1r 86'398_5787 77_099,972 58,06L%345 61,562,470 54,178,444 ko'came Ffolin Murl'i'llpai Ly 2,4 1 P,584 2,371,TIM ra 1'9E3'Z50 1,915,1&1 2.wrv,wn ram W,,rnI �54,144 5d5'9'59' 54U1 5 5'41'vf4"k2o'122 "i 16,42 2 Other Revoi,,Qe 48.5 5 1) 5,649 7'6 r�2 r 2 al c 14 049 M59 ram_.. .... 'low I Rtvee o '598, 2,496,5 4-5-87 2, 5,065 2,�45,551'w .......... 2,410,242 2,673,342 bUUwMWLlTKA= 4,eajj4ed jnVe$troI 1 (12,03,767) 1,0,13,4 45 3,24 2,081) 2,94 0,167 9 2,440,81kfk 549,114 '1,507,M 0rimalireel lllve5tmentlncome/Go) 9"b'2,u 16 7,313i,719r 8'2Ff9'122" I I S,3 8(1%,V 2,4 9 2 42,049,388 Las s I ry es,L-flE nt fees 10 L02 9 v 102,992 163.345.r 154,293"146,186, "1 l?,4)S Net I nvn traml vt onk, ,584,412 10A�SA07 11,066456 7,931,79 5IS�6 24'a" Pei,,1 o i.a rad t3.,,e F Ls, 4'412_-a34 4,176,500" 1,823,483v 1,445:o92 2,940,77312,540,912 '2,22,5,410 Nofes"Joral Sel"vIces, 49,306' 50,865", 134,37U 92"146 64,92343,810 '134,580 0. her an l" t4,$I74# %7785 9,45$ 'i-"l 14 -m4 Tow I ExpPiLsoI ...... ............................ ............................1,.S.97,631................... ...................... I " ,,14,1r 7!,'V t 5)"yZ'I a 4,�)I, 'S'a 8l r) ""'I'mr ir hna'dw) "'prL,td,n ihr Rivrrn,rw r,r flIe)cpI,rIr,,wv r imJ,r LIQ ILL-;"JIA 400. A-80 157 of 168 Certified Trustee Training Organization: IBuffalo Grove Fire Year: I2024 Dan Pas uarella Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 3 4 5 6 Josh Himmelspach Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 3 4 5 6 Tom Gough Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 3 4 5 6 Larry Stanley Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 3 4 5 6 Hours Date Hours Required Type of Training Completed Completed Cert on File 1 2 3 4 5 6 Hours Date Hours Required Type of Training Completed Completed Cert on File 1 2 3 4 5 6 Page 1 of 1 158 of 168 2024 IPPFA Trustee Training Opportunities IPPFA ONLINE SEMINAR COURSE WHEN: Ongoing • Online 8 hr. seminar (Recorded from the 2023 MidAmerican Pension Conference) WHERE: IPPFA Website: �n .::l2.p / / i�.ir .. V . i .li .. � sss./ COST: IPPFA MEMBER: $285.00/seminar IPPFA NON-MEMBER:$570.00/seminar This online seminar agenda includes: • School's in Session - How to Ace your Fund Administration • Retirement Healthcare Funding • Private vs. Public Pensions • Pension Funding Policy • Legal Updates and Recent Court Cases • Ask Your Attorney • Fiduciary Liability Insurance vs. Directors and Officers Insurance • Benefit Enhancements to Attract and Retain Public Safety Officers • Consolidation Update • The Wonderfully Weird World of Administrative Review -this online seminar satisfies 8 hours of the required continuing pension trustee training 159 of 168 16-hour Certified Trustee Programs* offered through IPPFA IPPFA ONLINE Certified Trustee Program COST: IPPFA MEMBER: $ 550.00 IPPFA NON-MEMBER: $1,100.00 Registration is online at the IPPFA website ....u„[. „ „aa„irg uu ; pair) rust -„I ircu Hirt„ir *On December 18, 2019, Governor J.B. Pritzker signed SIB 1300, making it Public Act 101-0610. This act will consolidate all Article 3 and 4 pension fund's investment assets. Under Public Act 101-0610,training requirements have now been reduced from 32-hours to 16-hours of new trustee training, however all pension trustees will still need 4-hours of mandatory consolidation transition training. All Article 3 & 4 Pension Trustees elected or appointed are required to complete the 16-hour trustee certification course within 18 months of election or appointment to the board. 160 of 168 IFPFA |D^nN^s 11clYs^ml C8lif^rcMcc. oo/o `u. �o4 �.uonw /oou�v 444Ea&RkdoeD�Jve,Ga�ena |L61O36 w|ieCuv May�7_ 10, 2024 Registration is not open atthkxme� E^g,�o Ridge Resort 444Eag|eQidseDrive Galena,IL81036 Room rates surhng at$149 per nightfo,sunda�(A2 queen courtyard view. Onc and two bcdrwomvi||as available gauingaL$169pnrnigit, Thnebed,00mvi||asyta',inoat$249 per night Gm �,,IiUas star Ling at$41.9we� n�� m make,00m,eservation,p|easeoU1'80O-892'2269,option l.memion|PPRt on|ineresematio^swiU not be accepted,ycmmustca||the,esoft AGENDA XTAGLANCE Tuesday,May 7th12D0pin Homes Fami|v Fund CharityGo|f Outing,t,Uowodbvanmenirgreception WednesdauIMav8th Pension I�usLor �aininm1:O0pmio4:OOpm[p||owc.dbvawr|cwmei ecptioo |hursdax May 9dh Pension T,ustreDaininm&QOamto5�OOpm Frida«May 1Offi 9�0O win tn13:OUpm R 0 10 M a rrksU Di'ive,Unco Ins h I ie,I L&Y'D69 Z lJ M11C,C'my REGISTRATION IS NOI OPEN Al-I I]HIS IME. 7he Nfidl(nerkin Fls,,rwon Clonfefence kv lhepe�te,:Vmy to?complete"youl 8 hours Ofpension tm5tee tfatffin& Odude dyaamii-speakers,lt�fcvmaeive(.�khth(M wd nmoynetvvotking oppoP-tuldties. Fof-Ove/ Oyt-�x,.the WFA theve(y be5t t7ainhlgln elhh-'S.f7du"'fdl yf"5;ponSibflWs,S. updates,'r/1.1 5 COVETO'eVe,t Y/,aSpeCt Ofj.�ellSil tl-�c5tEe N- ,'aini i d At i. A.1-1. Pensioll o ce * The 2024 fAidAnqei isan F1,,.,gskjn Conference,will be field sr(he f',Iarrlott II IncoInshbe,Resort * Septc i aber 24--27 2024 * -r Ire f1PFA roorn raie,tarts at$189,00 pe rifight,pli,is k�axes and fees * Check: i 4 00 )rri,Check csuL 12 OiD prri * To imake a Y oorrw reservailon call'I(E1,00)228-9290 and mentlon IFIPFA Room Block (--j'o Itregristratim is not. open at Lhis time. Please check back Tuesda,f,SejXeniber 24,2024 Oane's L.ancflng Golf clul.) 10 Mai r�cqL DrNe L!i,ncol nshl re,0 L.60069 $130 per golfer,$500 per foursome 162 of 168 �N 4UIlk Iv i 3 � 7 dl i n i I 11A I,, t- co I Immi ii111i Ic i/I ro FEB2-3119 2024 „f Alnlnounciing our 31st Alrllrnuall Conference Dedicated to Education 'The Westin Chicago Lombard 70 Yorktown Shopping Center,Lombard,IIIL 60146 Please join uis for two days of education programming to provide your Fire District. Trustees, Chief officers,, Administrative staff, Commissioners wind Pension Board Trustees an, opportunity to exchainge ideas in a relaixed atmosphere. Trustees coin earn continuing education hours for their alnnual tralining requirements. Pension Board Trustees have an opportunity to complete 8 hours for their annual traiining requirements chose to home. I hook forward to seeing all of your in, February at our 31St Annual) Conference. Bonnie Kayser NlAIFPD-- Presidlent 4M===z= Registration is to Ibe madle online at niaflpd.org Payment can be made by check or credit card Hotel) Reservatlions Registration Due Date: 'Thursday,January 16,2024 (After this date an additionail $25 will be added to the registration fee) Speciall Meal Needs are Available for Luncheons Upon Request NIAMD Scholarship IProgrom Application Forms Available Online NO REFUNDS FOR CANCELIUTIICnNS a piY i r Conference Cost Rogistration Doscription 75.00 Full Conference-- Two rays Lodging Separate Two[gays of Workshops;, Lunches and Reception 250.00 Friday Workshop Only Dodging Separate One Day of Workshops on Friday Only 200. „0 Saturday Workshop only Lodlg'ing Separate One Daly of Workshops on Saturday only iVon-Member Cost and Guest aptioa�s For More Information Contact. Gina aegleffettli, Executive Director ' adminCtDniafpd.orcg O G O O 00 O C N voi `a O 0 N �O Z ff} Et} {9} (f} 69- >_ tLo �q o o N o co W � w w co O LD U (j) L V � Z° 4) Z a c Y o O L '� O ff} bF} ff} (f} V ui a LI = O a) N U. o W a? m ca I.f N M �+ CD az J L CO y Q M � CoQ 0 0 00 Z to 0 H o N o d � C:) C C r N o G O p CN WsT O p = Nx a� coco o � 0-= a to - to Z m � QC Z Ri O o0 Co ff - Y.1 QoO N C4 y Cl) Cfl W `OCfl Q f n O Q O J N 2? N N O aoQ W o N i o � M L L N � J d � = � c = Q C 0 LU Q (, M f E o Cl) Z •ca C = a) a) z CX Q }+ O N o > Q 0 O N � E W N o 0 aLiN W ;;co � � � ° a d L az L L a) O oo = U�o - co N M a- E _ < +- N o �i � a- o 0 o o � � ayi Z m E � i vs o = ox •� CD 0 — M 6. t� w a- a• m o W J � .�Q� CD W i � " o � m Q) r U O LL m a� N CO) O Q E 3MMo o a z o0Eo = U 2) O M d U y" m — _ W CB � m O O Cl) E _ a- � O U E a) O L �+ E a r ARTICLE 3 A , PENSION TRUSTEE CERTIFICATION All elected and appointed Article 3 (police) and Article 4 (firefighters) local pension board trustees are required to participate in state-mandated trustee certification training. WHAT 15 THE FIRST YEAR CERTIFICATION REQUIREMENT? The trustee certification training requirement for a first year trustee is at least 16 hours. REQUIREMENT?WHAT IS THE ANNUAL CERTIFICATION Annually, all trustees must complete a minimum of eight hours of continuing trustee education. WHERE CAN TRUSTEEIS RECEIVE THEIR TRAINING? j[hgJll1ui tw I u i 1 a ut ,. u« a es_ i ertifi More inforniationys availableat ImLoT r1silontriustlees. Trustee certification training is provided online and in accordance with all statutory requirements. If you have questions regarding pension trustee certification, please contact us by email at taenYlo, intt,!Gnmenclnnl raCul. HOW MUCH DOES THE TRAINING COST? $0. The Illinois Municipal League provides,this certification training at no charge. Really— it's free = no charge. WHAT ARE SOME TRUSTEE EDUCATION TOPICS? • Articles 3 and 4 Pension Disability Pension Overview • Duties and Ethical Obligations of a Pension Fund Fiduciary • Board Oversight of Cyber Risk: Before a Breach • Illinois Public Employee Disability Act and Public Safety Employee Benefits Act • Developments and Potential Changes in Federal and Illinois Labor and Employment Laves • Qualified Domestic relations Order • Pension Plan (Funding 101 • Pension Plan Assumptions 101' • Freedom of Information Act and Open Meetings Act • Cyber Security Best Practices • Managing Generational Differences and unconscious. Blias in the Workplace • Hove to Identify, Address and Prevent Sexual Harassment and Discrimination • Let Me Ask You a Question • Public Pension Fund Accounting Principles I RA 1 4*� EA "[°' ,NI,,I,,,I,fNC, I w.. 1° P .' `' in partnershipwith RLIN015 MUNICIPAL LEAGUI 500 Fnsn Copin l Avenue l P.O.Box 5180(Springfield,IL 62705.5180(Pli:21 7.525.12201 Fx:217.525.74381 im ikorrg 166 of 168 ARTICLE 3 AND ARTICLE 4 Pension Trustee (ertification All elected and appointed Article 3 (Police) and Article 4 (Firefighters) local pension board trustees are required to participate in state-mandated trustee certification training that consists of at least 16 hours in their first year as a trustee. In addition, trustees must complete a minimum of eight hours of continuing trustee education annually thereafter. The Illinois Municipal League provides this certification training at no charge to all trustees. 0111clk II Hire to II lii u a liir Il enslii iii tuirustee fair lii uii liii u This training is provided online and in accordance with statutory requirements. III° Iiisill Ili 'l"Illrus'tee Certiflcatlloii IF:::ac't' Sheet in I RA I partnership with A— ILLINOISMUNICIPAL LEAGUE EASTERN If you have questions regarding Article 3 or Article 4 pension trustee certification, please contact us by email at p. ,i0,J; .0infir,u_ V�,a„,es.( ,ii!1n)j,,.irg. 167 of 168 0 co C 2 0 0 cu 0 0 p U E t � C) _ d � c cp En 0 c va " ,. w c 2 0 LL H U Qa a) C) � u N c N +0 (1) M = 6 QJ tm 0—z 0 u) . an Z o 0 d) L v 0 L3 ar p 1 v va` m�. o c CD w � mZ (AZ CL0 di cc ' -p cu = crcc _ a c LL. LL 4) 0 cv CD w ci 0 E4U '. (N 0 U CCL D 0 C1� C] cum