The URL can be used to link to this page

2024-04-15 - Police Pension Board - Agenda Packet 0 Buffalo Grove Police Pension Fund 46 Raupp Boulevard, Buffalo Grove, Illinois 60089 0 Tony Turano Cody Barker Tony Montiel Jeff Feld Kenneth Fox President Trustee Secretary Asst. Secretary Trustee NOTICE OF A REGULAR MEETING OF THE BOARD OF TRUSTEES The Buffalo Grove Police Pension Fund Board of Trustees will conduct a regular meeting on Monday,April 15,2024 at 10:00 a.m. in the Buffalo Grove Police Department located at 46 Raupp Boulevard, Buffalo Grove, Illinois 60089, for the purposes set forth in the following agenda: AGENDA 1. Call to Order 2. Roll Call 3. Public Comment(limit of 3 minutes per person) 4. Approval of Meeting Minutes a. January 16,2024 Regular Meeting 5. Treasurer's Report 6. Accountant's Report—Lauterbach&Amen,LLP a. Monthly Financial Report b. Presentation and Approval of Bills c. Additional Bills, if any d. Discussion/Possible Action—Cash Management Policy 7. Investment Report a. IPOPIF—Verus Advisory, Inc. i. State Street Statements 8. Applications for Membership/Withdrawals from Fund a. Application for Membership—Drew Stephans 9. Applications for Retirement/Disability Benefits a. Approve Temporary Non-Duty Disability Benefit—Maegan Diaz 10. Old Business a. Review Updated Letter of Credit b. Military Buyback—Jaime Verduzco 11. New Business a. Review Preliminary Actuarial Valuation b. IDOI Annual Statement c. Certify Board Election Results—Active and Retired Member Positions d. Review Authorized Agents and Account Representatives 12. Trustee Training Updates a. Approval of Trustee Training Registration Fees and Reimbursable Expenses 13. Communications and Reports a. Affidavits of Continued Eligibility b. Statements of Economic Interest 14. Attorney's Report—Reimer Dobrovolny&LaBardi PC a. Legal Updates b. QILDRO—Timothy Gretz 15. Closed Session,if needed 16. Adjournment 1 of 73 MINUTES OF A REGULAR MEETING OF THE BUFFALO GROVE POLICE PENSION FUND BOARD OF TRUSTEES JANUARY 16, 2024 A regular meeting of the Buffalo Grove Police Pension Fund Board of Trustees was held on Tuesday, January 16, 2024 at 10:00 a.m. in the Buffalo Grove Police Department located at 46 Raupp Boulevard, Buffalo Grove, Illinois 60089,pursuant to notice. CALL TO ORDER: Trustee Turano called the meeting to order at 10:00 a.m. ROLL CALL: PRESENT: Trustees Tony Montiel, Tony Turano and James Yester ABSENT: Trustees Jeff Feld and Ken Fox ALSO PRESENT: Attorney Brian LaBardi,Reimer Dobrovolny&LaBardi PC;Molly Barker, Lauterbach & Amen, LLP (L&A); Finance Director Chris Black, Denise Bocek and Frank Cesario, Village of Buffalo Grove PUBLIC COMMENT: There was no public comment. APPROVAL OF MINUTES: October 18, 2023 Regular Meeting: The Board reviewed the October 18, 2023 regular meeting minutes. A motion was made by Trustee Yester and seconded by Trustee Montiel to approve the October 18, 2023 regular meeting minutes as written. Motion carried unanimously by voice vote. October 18, 2023 Special Meeting: The Board reviewed the October 18, 2023 special meeting minutes. A motion was made by Trustee Montiel and seconded by Trustee Yester to approve the October 18, 2023 special meeting minutes as written. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: The Board discussed the closed session meeting minutes. A motion was made by Trustee Montiel and seconded by Trustee Yester to not release the closed session meeting minutes from the American Express litigation at this time due to pending matters. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox TREASURER'S REPORT: There was no Treasurer's Report presented.; ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the eleven-month period ending November 30,2023 prepared by L&A.As of November 30, 2023,the net position held in trust for pension benefits is $90,854,291.62 with a change in position of $6,538,680.56. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and Quarterly Disbursement Report for the period September 1, 2023 through November 30,2023 for total disbursements of$20,984.36. A motion was made by Trustee Montiel 2 of 73 Buffalo Grove Police Pension Fund Meeting Minutes—January 16, 2024 Page 2 of 5 and seconded by Trustee Yester to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $20,984.36. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox Additional Bills, if any: There were no additional bills presented for approval. Discussion/Possible Action — Cash Management Policy: The Board reviewed the Cash Management Policy and determined that no changes are needed at this time. Discussion/Possible Action — Buffalo Grove B&T Account: The Board discussed the Buffalo Grove Bank & Trust operating account and noted that the account has been closed with the remaining funds being moved to the BMO Bank operating account. No further action is needed. INVESTMENT REPORT: IPOPIF — Verus Advisory, Inc. and State Street Statements: The Board reviewed the IPOPIF Investment Performance Review prepared by Verus Advisory, Inc. for the period ending December 31,2023.As of December 31,2023,the one-month total net return is 4.6% for an ending market value of$10,001,345,755. The Board also reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the period ending December 31,2023. The beginning value was $89,353,344.72 and the ending value was $93,568,520.24. The month-to-date net return was 4.62%. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Gregory Schwall: The Board reviewed the regular retirement benefit calculation for Gregory Schwall prepared by L&A. Officer Schwall had an entry date of September 17, 1984,retirement date of January 3,2024, effective date of pension of January 4,2024, 63 years of age at date of retirement, 39 years of creditable service, applicable salary of $122,066.24, applicable pension percentage of 75%, amount of originally granted monthly pension of$7,629.14 and amount of originally granted annual pension of$91,549.68. A motion was made by Trustee Montiel and seconded by Trustee Yester to approve Gregory Schwall's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox Approve Temporary Non-Duty Disability Benefit — Maegan Diaz: The Board noted that no paperwork has been received to date for the temporary non-duty disability benefit for Maegan Diaz. Further discussion will be held at the next regular meeting. 3 of 73 Buffalo Grove Police Pension Fund Meeting Minutes—January 16, 2024 Page 3 of 5 OLD BUSINESS: Transfer of Creditable Service from IMRF Pursuant to HB-126— Shannon McMillon: The Board discussed Shannon McMillon's transfer of creditable service. A motion was made by Trustee Montiel and seconded by Trustee Turano to accept Shannon McMillon's transfer as paid in full from IMRF to the Buffalo Grove Police Pension Fund and to revise Shannon McMillon's hire date from September 22, 2014 to February 22, 2011. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox Portability Update — Cody Barker: The Board discussed Cody Barker's transfer of creditable service. A motion was made by Trustee Yester and seconded by Trustee Montiel to accept Cody Barker's transfer as paid in full in the amount of$148,031 from the Fox Lake Police Pension Fund to the Buffalo Grove Police Pension Fund and to revise Cody Barker's hire date from August 14, 2023 to June 25, 2016. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox NEW BUSINESS: Refund of Excess Contributions — Shannon McMillon: The Board reviewed the refund of excess contributions request submitted by Shannon McMillon. A motion was made by Trustee Montiel and seconded by Trustee Yester to approve the refund of excess contributions received by the Fund after Shannon McMillon's transfer of creditable service from IMRF in the amount of$792.38 payable directly to Shannon McMillon on December 29, 2023. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the 2024 Cost of Living Adjustments calculated by L&A. A motion was made by Trustee Montiel and seconded by Trustee Turano to approve the 2024 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms currently held by Trustee Turano and Trustee Montiel are expiring in May 2024. Trustee Turano wishes to remain on the Board if nominated. The Board also noted that the retired member term currently held by Trustee Yester is expiring in May 2024. Trustee Yester wishes to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for both of the active member Trustee positions and the retired member Trustee position. 4 of 73 Buffalo Grove Police Pension Fund Meeting Minutes—January 16, 2024 Page 4 of 5 Review Updated Letter of Credit: The Board noted that the Letter of Credit through the Federal Home Loan Bank of Chicago expires February 28, 2024. L&A is in the process of preparing the renewals that will be sent to the Board for their records upon completion. Military Buyback — Nicholas Kreis and Jaime Verduzco: The Board noted that L&A mailed correspondence to Nicholas Kreis regarding his request to calculate the amount of money due to the Buffalo Grove Police Pension Fund to purchase 24 months of military service time and he has declined to move forward with the purchase. No further action is needed. The Board also noted that L&A mailed correspondence to Jaime Verduzco regarding his request to calculate the amount of money due to the Buffalo Grove Police Pension Fund to purchase 24 months of military service time,but no response has been received to date. Further discussion will be held at the next regular meeting. TRUSTEE TRAINING UPDATES: The Board reviewed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses presented for approval. COMMUNICATION AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners in December with a due date of December 31, 2023. To date, four affidavits remain outstanding. L&A will mail second request affidavits to the outstanding pensioners and status updates will be provided to the Board as they become available. Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2024. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2024. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI PC: QILDRO — Timothy Gretz and Gregory Schwall:The Board also noted the QILDRO Order,Calculation Order, Consent to Issuance and $50 processing fee for Gregory Schwall have been received and approved by the Board Attorney with payments to commence with the February payroll cycle. No further action is needed. Attorney LaBardi inforined the Board that the QILDRO for Timothy Gretz is in process. Further discussion will be held at the next regular meeting. Review, Adopt and Publish Decision and Order—Anthony Goldstein, Timothy Gretz and Maegan Diaz: The Board reviewed the Decision and Orders prepared by Attorney LaBardi. A motion was made by Trustee Montiel and seconded by Trustee Yester to approve, adopt and publish the Decision and Order for Anthony Goldstein as presented. Motion carried by roll call vote. 5 of 73 Buffalo Grove Police Pension Fund Meeting Minutes—January 16, 2024 Page 5 of 5 AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox A motion was made by Trustee Montiel and seconded by Trustee Yester to approve, adopt and publish the Decision and Order for Timothy Gretz as presented. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox A motion was made by Trustee Montiel and seconded by Trustee Yester to approve, adopt and publish the Decision and Order for Maegan Diaz as presented. Motion carried by roll call vote. AYES: Trustees Montiel, Turano and Yester NAYS: None ABSENT: Trustees Feld and Fox Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney LaBardi discussed pension fund consolidation, recent court cases and decisions, as well as general pension matters with the Board. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Montiel and seconded by Trustee Yester to adjourn the meeting at 10:47 a.m. Motion unanimously by voice vote. The next regular meeting is April 15, 2024 at 10:00 a.m. Board President or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Molly Barker, Professional Services Administrator, Lauterbach &Amen, LLP 6 of 73 Buffalo Grove Police Pension Fund Monthly Financial Report For the Month Ended February 29, 2024 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 7 of 73 Buffalo Grove Police 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 8 of 73 Accountants' Compilation Report 9 of 73 N.�IVVER,A,1r)A[Y - tlAPERv HJLE,119JJNO8s fi(g?O L,atltffbach & Atn,en� L11-T, . ................. March 25, 2024 Buffalo Grove Police Pension Fund 46 Raupp Boulevard Buffalo Grove, IL 60089 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Buffalo Grove Police Pension Fund which comprise the statement of net position - modified cash basis as of February 29, 2024 and the related statement of changes in net position - modified cash basis for the two 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 fonn 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 10 of 73 Financial Statements 11 of 73 Buffalo Grove Police Pension Fund Statement of Net Position - Modified Cash Basis As of February 29, 2024 Assets Cash and Cash Equivalents $ 15,217.12 Investments at Fair Market Value Money Market Mutual Funds 663,960.26 Stock Equities 487,112.40 Pooled Investments 94,527,815.16 Total Cash and Investments 95,694,104.94 Prepaids 795.00 Total Assets 95,694,899.94 Liabilities Expenses Due/Unpaid 3,043.08 Total Liabilities 3,043.08 Net Position Held in Trust for Pension Benefits 95,691,856.86 See Accountants'Compilation Report 12 of 73 2-1 Buffalo Grove Police Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Two Months Ended February 29, 2024 Additions Contributions -Municipal $ 122,086.40 Contributions -Members 283,283.79 Total Contributions 405,370.19 Investment Income Interest and Dividends Earned 69,333.99 Net Change in Fair Value 1,653,032.47 Total Investment Income 1,722,366.46 Less Investment Expense (7,131.64) Net Investment Income 1,715,234.82 Total Additions 2,120,605.01 Deductions Administration 8,033.08 Pension Benefits and Refunds Pension Benefits 1,068,917.72 Refunds 0.00 Total Deductions 1,076,950.80 Change in Position 1,043,654.21 Net Position Held in Trust for Pension Benefits Beginning of Year 94,648,202.65 End of Period 95,691,856.86 See Accountants'Compilation Report 13 of 73 2-2 Other Supplementary Information 14 of 73 0 LP i��uuuuuuuuuuu uuuuu��igtltl VV0 uuuio ""� � � � u uu tltltltl'u�tltltltltltltltltltltl� u i °" "um uVUVuu Cf W� � !luau uuuuuuuuuuuuuuuuuuuuuuuuuuuu'd�s� N N N � N o orr m � Pvy O N o0 10 01 -7r 00 v)OMO OMO N V0 V) 00 oc O O CC OG O �O , m '0 N o0 O O O M 01 ' \0 In N e� N O O O N N r- oN0 oo0 m 0 N N m 0 M w M 00 DD 00 00 oc h N V) � � Pal N 00 l- W) N N Oa0 O n D, R M O O � 00 O O C1 O O M h O C} M 00 \O ' GO Oc N O M O N M ' N O r-- O ' o0 N oc oc 41 M t*) N M h O M v1 ao M It .--i o0 00 A0 r-- r-- gyp• M N 41 O N N " CO O CO ' O O 00 O ' 00 O v) I m o0 ' N - �.,.� O O O R r- 00 N al r r- N M N N v) 10 O O ll M O m 01 N 00 C1 00 O O 00 V-1 m 00 In In oc V"1 N M O kn � O O N 00 evy om N o N o oM ce� Noc a; oo O1 m t 0t5 R� Vj O G� M V� kr)00 r 14 00 CO 00 G, •r.l CO O 01 N N N �p M l� �0 en 00 l� V) o0 �n l� o0 01 N N N r- V) O N kn l� oo �n G� C M h N r- V0 10 7 �0 N 10 O v) N O M r--: A 00 ^l 00 ' ~ o0 I M ' o0 N Q W N 00 M N N `C N 'T Q1 N CCi amp+ V] 00 O 01 M M N N N l� 01 N O In ' 00 o0 01 I' 00 •-- N m kn N l� M T In go 10 N o0 01 01 00 01 O In In r1l M N C, N N M �D M CO m V) M O CD M N 10 00 h r a) N O 10 N DD M N N O1 N 01 M N M �D �Y �D 10 e� h O 00 00 cr � N 01 C1Ln In O M M M N N N N M 69 C � Qj cli y C � v y x c w � � ri) rn F U O a r10 Q E�- 0 au a� ar mV c, loom 19 u 7Or 4.0 liz- Il o t� ,' -It- MA ram' ("a' j' Buffalo Grove Police Pension Fund Revenue Report as of February 29, 2024 Received Received this Month this Year Contributions Contributions -Municipal 41-210-00-Current Tax $ 120,441.80 122,086.40 120,441.80 122,086.40 Contributions-Members 41-410-00-Contributions-Current Year 77,604.88 133,646.59 41-420-00-Contributions-Prior Year 734.02 65,321.69 41-440-00-Interest Received from Members 229.70 386.11 41-450-00-Other Member Revenue 0.00 83,929.40 78,568.60 283,283.79 Total Contributions 199,010.40 405,370.19 Investment Income Interest and Dividends 43-102-09-BMO Bank-Checking 38.30 403.41 43-252-09-Schwab-Fixed Income #8061 2,395.45 3,574.93 43-450-09- Schwab- Stock Equities #8061 1,332.00 1,332.00 43-800-01 -IPOPIF Consolidated Pool Income 41,317.65 63,861.69 45,083.40 69,172.03 Gains and Losses 44-450-09- Schwab- Stock Equities 48061 41,469.60 71,217.60 44-800-01 -IPOPIF Consolidated Pool-Unrealized 1,914,499.50 1,435,436.64 44-800-02-IPOPIF Consolidated Pool-Realized 76,361.35 146,378.23 2,032,330.45 1,653,032.47 Other Income 45-200-00-Accrued Interest (1,332.00) 0.00 49-000-01 -Other Income 161.96 16196 (1,170,04) 161.96 Total Investment Income 2,076,243.81 1,722,366.46 Total Revenue 2,275,254.21 2,127,736.65 See Accountants'Compilation Report 18 of 73 6-1 M ti O N O ICI Qn Vl O r, W q � z U � N � O O O O O O O O O O O Q1 00 M N Buffalo Grove Police Pension Fund Expense Report as of February 29, 2024 Expended Expended this Month this Year Pensions and Benefits 51-020-00- Service Pensions $ 498,194.68 995,414.73 51-030-00-Non-Duty Disability Pensions 3,661.75 3,661.75 51-040-00-Duty Disability Pensions 3,548.30 7,096.60 51-060-00- Surviving Spouse Pensions 31,372.32 62,744.64 Total Pensions and Benefits 536,777.05 1,068,917.72 Administrative Professional Services 52-170-03 -Accounting&Booldweping Services 1,385.00 2,730.00 52-170-05-Legal Services 0.00 2,328.08 52-170-06-PSA/Court Reporter 1,510.00 2,975.00 2,895.00 8,033.08 Investment 52-190-01 -Investment Manager/Advisor Fees 0.00 250.00 52-195-02-Administrative Expense(IPOPIF) 1,591.49 3,015.30 52-195-03 -Investment Expense(IPOPIF) 2,263.50 3,662.31 52-195-04-Investment Manager Fees(IPOPIF) 104.98 204.03 3,959.97 7,131.64 Total Administrative 6,854.97 15,164.72 Total Expenses 543,632.02 1,084,082.44 See Accountants'Compilation Report 20 of 73 8-1 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended February 29, 2024 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Anderson, Tara E. $ 211,436.52 3,146.64 0.00 0.00 214,583.16 Augustyniak, Gabriel 19,944.18 1,985.77 0.00 0.00 21,929.95 Baker,Malcolm E. 220,728.49 2,316.66 0.00 0.00 223,045.15 Barker, Cody W. 3,879.58 2,271.41 64,101.60 0.00 70,252.59 Bock, Cynthia 151,459.08 2,475.53 0.00 0.00 153,934.61 Broussard, Robert D. 170,461.68 2,950.30 0.00 0.00 173,411.98 Budds,Brian J. 20,890.13 3,761.09 0.00 0.00 24,651.22 Carlson, Michael D. 126,760.01 2,535.00 1,606.20 0.00 130,901.21 Cholewa, Amy L. 78,733.81 2,293.73 0.00 0.00 81,027.54 De La Paz, Hector 253,898.60 2,781.23 0.00 0.00 256,679.83 Diaz, Maegan D. 24,019.93 1,881.95 0.00 0.00 25,901.88 Dibble, Crystal 155,452.41 2,265.16 0.00 0.00 157,717.57 Dimeler, Daniel D. 159,755.12 2,456.15 0.00 0.00 162,211.27 Essig, Michael J. 92,031.92 2,254.09 0.00 0.00 94,286.01 Franzen, Taylor A. 53,684.09 2,254.09 0.00 0.00 55,938.18 Freeman,Janet 1. 231,534.03 2,475.53 0.00 0.00 234,009.56 Gasca,Robert Jr. 26,886.20 2,475.52 0.00 0.00 29,361.72 Gewargis, Brandon L. 5,342.69 1,650.84 0.00 0.00 6,993.53 Hansen, Brian R. 122,928.77 2,458.93 0.00 0.00 125,387.70 Hansen, Meghan C. 139,386.25 2,459.81 0.00 0.00 141,846.06 Hawkins,Derek T. 149,724.83 2,475.54 0.00 0.00 152,200.37 Hill, Gregory R. 162,838.68 2,499.45 0.00 0.00 165,338.13 Jigalov, Adrian G. 111,980.03 2,475.53 0.00 0.00 114,455.56 Kaiser, Chadd L. 148,333.72 2,293.73 0.00 0.00 150,627.45 Kass, Ryan T. 88,778.64 2,265.16 0.00 0.00 91,043.80 Khan, Masood A. 191,288.69 2,254.09 0.00 0.00 193,542.78 Kreis, Nicholas R. 36,497.53 2,095.59 0.00 0.00 38,593.12 Kroski, Timothy M. 32,261.35 2,475.53 0.00 0.00 34,736.88 Krozel,Ashley E. 145,927.46 2,423.90 0.00 0.00 148,351.36 Lamb,Kevin J. 86,262.73 2,475.54 0.00 0.00 88,738.27 Larys, Chad K. 11,307.11 2,475.53 0.00 0.00 13,782.64 Lawyer, Robert J. 36,004.09 2,095.59 0.00 0.00 38,099.68 Lowenberg, Kurt D. 232,651.44 2,423.89 0.00 0.00 235,075.33 McMillon, Shannon T. 154,551.72 2,475.54 0.00 0.00 157,027.26 Mills, Matthew C. 193,400.26 2,375.93 0.00 0.00 195,776.19 Nugent, Thomas P. 287,286.01 3,240.65 0.00 0.00 290,526.66 Officer, Jonathan D. 179,793.77 2,254.09 0.00 0.00 182,047.86 Olague, David 2,791.40 1,650.84 0.00 0.00 4,442.24 See Accountants'Compilation Report 21 of 73 9-1 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended February 29, 2024 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions O'Neill, Collan W. 12,407.01 1,743.95 0.00 0.00 14,150.96 Rodriguez, Michael A. 245,910.40 3,305.54 0.00 0.00 249,215.94 Rossi, Marc D. 156,464.67 2,475.52 0.00 0.00 158,940.19 Rudnick, Joel A. 135,573.46 2,475.52 0.00 0.00 138,048.98 Rygiel,Andrew T. 64,631.15 2,231.94 0.00 0.00 66,863.09 Sarat,Eric M. 50,381.33 2,241.27 0.00 0.00 52,622.60 Shipman, Douglas S. 170,980.98 2,697.29 0.00 0.00 173,678.27 Spolar, Brian A. 236,398.68 3,305.54 0.00 0.00 239,704.22 Standish, Nicolas J. 15,035.23 1,985.77 0.00 0.00 17,021.00 Tijerina,Brian A. 76,371.66 2,475.53 0.00 0.00 78,847.19 Tirovolas, Hristos H. 13,959.81 1,985.77 0.00 0.00 15,945.58 Turano,Anthony R. 165,667.45 3,055.02 0.00 0.00 168,722.47 Valstyn, Ross B. 106,769.56 2,475.52 0.00 0.00 109,245.08 Verduzco,Jaime A. 163,016.22 2,455.21 0.00 0.00 165,471.43 Wojs, Dawid 34,075.79 2,095.59 0.00 0.00 36,171.38 Zuk,Edyta W. 22,939.69 2,364.19 0.00 0.00 25,303.88 Zuniga, Edwin 5,342.69 1,650.84 0.00 0.00 6,993.53 6,196,818.73 132,895.56 65,707.80 0.00 6,395,422.09 Inactive/Terminated Members Schwall, Gregory R. 264,279.04 751.03 0.00 0.00 265,030.07 Totals 6,461,097.77 133,646.59 65,707.80 0.00 6,660,452.16 Service Purchases 41-420-00 41-440-00 41-450-00 Prior Year Interest from Other Member Name- Type of Purchase Contributions Members Revenue Total Barker, Cody W. -Portability -Principal 2,598.94 0.00 0.00 2,598.94 Barker, Cody W. -Portability-Prior Fund Employee 61,502.66 0.00 0.00 61,502.66 Barker, Cody W. -Portability-Prior Fund Employer 0.00 0.00 83,929.40 83,929.40 Carlson, Michael D. - Limited Time Transfer-Principal 1,220.09 0.00 0.00 1,220.09 Carlson, Michael D. -Limited Time Transfer-Interest 0.00 386.11 0.00 386.11 Totals 65,321.69 386.11 83,929.40 149,637.20 See Accountants'Compilation Report 22 of 73 9-2 v N O M N � N X O O O V V V O O co c0 N m O O O r- r- r- U') LO N N N 64 69- fA co co co O O (O (o 0 60- Efl 693 4A fA fl 6c} f d R d 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 L U a) 66q 6q � � � � � (A- 6-1 60, an U d O O O O O O O O O O Q u o O O O O o O O O O J O O O O O O O O O O LL 64 4A 4A 60, ffl 69 4A 61�1 6-1 60, Q N C a) O O O C) C) C:) O C) C) C)N V O O O O O O O O O O O O O O O p O O O O QR EH fA 6q bq Vf 69 fA ff} 613 613 7 C C L G7 O O O O O O O O O O u O O O O O O O O O O d m f& 69- fA (& (& EA ff} fA fA EA = 7 N � � C LL G o C Q G ^' i V) O O CD � LO LO co co O O O N C7 C? C? r': I� I- N N y LL E v v v co co co LO Lo co co N d V Lr O cc cc cl Cr N N O 0) '+ Efl fA fA d} Efl EA fA fA d} Efl � C> }r � ar IL 3 O C) C) o 0 o cmo coo 0 0 o r" 06 ao co v v v P- r-- It v U o N �11 V V V N N N LO W) 0) O W E LO LO LO It V V c0 (o O O 0 j� Q M (h (h M M (h N N Sr' G Z v Y m w d U ❑ O to N © O N U ❑ O N ❑ � N OD A w 00 O) :' co ar co M = L - co ti O L M L O Cl) a ❑� *, U) N❑� *, ❑� *, El *, « p p « � a c O Z d y J > E E m Z m !E U Zco O p� C d m J m U o A O m Q o a)a a Q N > E m w Q cn o �i = N 2 co N N M , 6) In N Cfl l6 O > N LL -_ Q _ cu N L O j O O O O L O � ry 0 � N p O V + J m N z v N O M N � CV m 67 O'7 V V OM, M Cl) Cl) O O N O Cn Cn r r O O M M Cn Cn Cn N N H) Efl y Efl 64 00 69- fA fA Efl 64 C\ C a ({} lb} R d p LL Y V V 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 C'1 p U d O o O O O O O O O O O Q V O O O O O O O O O O O J O O O O O O O O O O O LL 69 69 41> 6f EFT 69 6h 6A V3 60, 60, Q N C d O O O O O O O O O O O N V O O O O O O O O O O O O O O O O N N O O O O QR ff3 69 4A 613 fA 69 64 4A £H f 9 f3 6 3 N C L G7 O O O O O V V O O O O u O O O O O Il ti O O O O 7 N LL G o C Q G ^' i W O O Il- p- O N N O O N I- I� O O Lq Lq 0� 0 y LL E " co co PI- [I- co rn 0) v v oM co N d N N m 0') V I� r- V V Cn Cn O d � � � � � � 2 dW (O CO O M M M M d7 (T O N ��1111 0 M CO coCl) WCl) 0) O cc r- OCl) O U O W co E 1l- � 00 O O CO CO O O ,~ 0 j� Q N N N N 0 CO (O O O L6 LO Sr' _G Z v O O O O Y O O m w d O L L L L L L d L 7 U co N coMCY) N N El CDN O N CD M N W ti tN0 It 1 � 1 v;LO to 00 to Cl) zcod E Z �, y 2 — U c A O N 0 J J N a a w o a c c ., ) co - c w Q z cn Q m m M N N coM � m a a O O O LL En LO CNO U � COO Cl) L O O Ln O f6 to x m v N O M N � N X O O N N V V N O N O O N m N N 00 co Cf) LO N O N (7) 0) LO I- r O - CO co O O Cn fA LO CA CA i LO LO N N C14 C14 m C) C) d d Efl ka EA Efl Efl EA R d p LL Y V V 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 e» e» e» 69- e» 6q e» 6» e» 6p, e» C'1 p U d O O O O O O O O O O O Q v O O O O O O O O O O O J C O O O O O O O O O O O LL 64 69 4A 613 60, 60, 69 4A 663 60, Cfl Q N C d N N CD C) C) C:) O (D C) C) C:)N V O O O O O O O O O O O (T O O O O O O O O O O p R t» lb� 61� ss e» 69- 6-1 61�1 ss 3 U) C L (D _ _ O O O O O O O O O u O O O O O O O O O (D i LO CD CD C) CD CD C) C) C)2 EA ffl EF} 69, Efl EA fA EA Efl U) (f} 03 � � C LL G o C Q G ^' i U) 6) C7) Cl) Cl) O O 00 O co Cl) Cl) W S N N 07 OJ OJ I- I- I� O Il I� I� Q •� O N N 00 00 CO Co N CDN co co 00 00y G) LO LO 00 00 (D Co IT T r O V d W r_ CC) U') C) C)0 (D cc - - Uf C) LO � r O M M M N N CO CO Co O CO Cb C6 U O N �11 O V V 00 00 V V Co C) m Cl) co �y E CO Co V V I� C) 1- C) O 0 ^ Q I- V V V V V L 6) 0') _G Z v O O O O O m w Y L 7 a, U El N El C) N ❑ CDN ElO ElC) N ❑ O N 01 0�0 t~O Cl) U 2 � L t R E _ 0 U Y o o f° c v u U - Y z Z o CD m ca o m GOiof m c c m a) R c wQ m m° co m° a D m N 2 co 0 ti Cl) A a? o Cl) rn rn C) CD m r E O O O O O LL (n V M CO m CD L 6) 00 V O M m v N O M N � O O O V V N m N N CO CO M O M O O N N N _ Cb cn Cfl (6 N O N Cfl Cfl I\ r t6 co co O O CMO Efl co O O I- 0') y ffl 64 ff} 69 fA � ff} Efl � EA Efl R d p LL Y t) V O O O O O O 0 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 f» f» f» f» f» 69, f» f» f» f» f» C'1 p U d C) 0 0 0 0 0 0 0 0 0 0 Q v C) 0 0 0 0 0 0 0 0 0 0 J C O O O O O O O O O O O LL 69 ff3 4A 6f3 6f3 fA 613 40- 60- 60, fA Q N C R d O 0 N_ N I— C) � CD C) C) C)C) O O O O O O O O O O O O M O M O O O O d R 69 64 fA 4fl I- 69 fA 4H 693 V9 p 3 61�F bq U) C L tv O O O O O O O O O O O u O O O O O O O O O O O d i O 0 O O O O 0 O O O O = ffl 6% ff} ffl EF} EA 6% ff} ff} EF} ff} 7 � � C LL G o C Q G ^' i U) I- I` co co O O (7) O O O O N I- I� M M Cl? O M N N 7 7 y •� LL E O co O O O O H3 c0 00 O N N N d Lo Cn C) 0 V V coM O � '+ Efl EA fA fA EA fA fA fA d} EA � V p d m Lq 0 (q o Oo o Ccl� 0 cq o v v m m CDV) ui C) C) Il- r` U o N �11 co co CC) Cl) N Cn 00 O N N �y E 0) to O (D C) co coCn Cn 0 j� Q M M In In I� 69, I-: V V I- I� Sr' i.i H} U), ff} U> H} U), ff} U> H} H} _G Z v 3 ` w O O O O O Y m d L L L L L a) L 7 U El to El C) Lf)to El0 El 0 to El C) to El C) to t0 m t0 O M 00 � � LL = L o w E co o m m U z Z u c E d 0 0 d > Yui o o a ++ T w Q U U U aU U M N 2 v N v v rn 1- CD A E N O O O O Lo LL (n CWO m V COO O a) Lo CDCD00 L U N + « m v N O M N � N X 67 O'7 U') LO M (a � � U') LO r H LO LO LO LO LO LO 07 OD r r OJ N _ 4 -4 4 -4 O O Lri Lri O O 6 R cocoO O LO LOr-LO LO r- C)y r r In LO d � � EA Efl Efl EA EA EA EA L4 LL p Y u 0V O O O O O O O O O O O O O O O O O O O O O I- L O O O O O O O O O O O6 U y (» (» e» 69- e» e» (» cs), e» e» (o N C'1 p N E9 U m O o O O O O O O O O O Q u O o O O O O O O O O O J O O O O O O O O O O O LL 69 69 4A 613 60, 60, 69 4A 663 60, fA Q N C d C) O O C) C) C) O O C) C) C)N V O O O O O O O O O O O O O O O O O O O O O O QR bq 69 4A 4f3 ffl 69 69 4A 4H 613 69 7 C C L G7 O O O O O O O O O O O u O O O O O O O O O O O d i O O O O O O O O O O O = Ef} 6% ff} f q I q Ef} fo% 6q f q I q Ef} 7 � � C LL G o C Q p Vl 'IT 'ITLO LO O C) LO LO OJ �+ D N O? Lq Lq 7 7 O1 Q •� LL E O I- r- O M N N coM V N d C) O I— r- CD CDV V M M to r O d � � - - � S9 � � S9 � S UY fA O W V 'ITO) 07 O O M Cl) C) CD 3 LO d � Cl) Cl) O) O) N N CD CD V O N N (O (O L6 Up I� t` 6 O M U O N �11 O � I- M M (O (O O C) r- W E V V 1— t` co co O O LO In N 0 j� Q CO CO 00 OJ CO CO I- Il r- r- CO Sr' _G Z 3 ` w O O O O O Y m d L L L L L a) L () D O N El C) N El C) N El O N El CDN In (NO (NO 1- co 00 Q1 M M o a � a o d d y U O O E co � �_ Z f° o E Q C: y d d co c' E d m a) o R aa) E N H a a L c (i ni E w Q o M w N 2 O) I- Cl) O N N O) C) I 1 V 't E O N O N N r r LL to LO co co r- C) LO � V co co M M M� r m v N O M N � V V V V N O O N O N m W (f) LO 6) 6) W OJ O? O O OJ 00 6) r� r 6 6 M M O O m CD co 64 (D (A C0 r � fA fA � Efl EA EA EA EA L4 60 p Y t) V O O O 6) O 0 O O O O n O O N N N O O O O O O L O6 O O M M O O O O O O U y (0 6s e» co (o (» (» e» (» (» (» N N N C'1 p N M M (f} (f} V> U d o 0 0 0 0 0 0 0 0 0 0 Q v o 0 0 0 0 0 0 0 0 0 0 J O O O O O O O O O O O LL 69 69 41> V> 613 69 69 41> 4A V> (A Q N C a) O I- I- N N O 0 O O O 6) N V O 6) 6) O O O 0 O O O O O M M 6 6 O O N O O N p R3 Ef3 fA ff3 64 � to ff3 00 3 N C L 0 O O O Cl) Cl) O O CD CD_ _ u CD O (fl (q O O O O d i O O O (6 (o O O m O O = Efl 69 (A Efl Efl ^ 6q fA CD co r- U) EA EA EA 69 � � C LL G o C Q G ^' i U) N r- � O O N N Cl) O O Cl) N 6) M M 6) 67 U� O O L y •� LL E O V LO (() LO LO V V M (A 6q co N d co0 m (o (o 6) 6) V V O V 4 a° m r_ � cc (o I o 0 LO o o � o M (O L6 o) 6) N N (o O O (O U O N �11 O O O N N (o O O (O �y E N N N V V N N 6) O V) T OL a Q (O P� M M (O (O M LO Sr' _G Z u O O O O O m w Y 0 L L L L L 0 L U CDN O N 1:1O N O N O CDEl O) co O O Q Y C (0 m U 0 X O LL1 o m m z Q a) S o Q 0 0 a) z z pcnO a N as o R � _ a a 7 > E EY E m as m `o co m m w Q = _ _ = n- 0- 2 o U') 0') 0 0 0 CD A o u CY) 00 00 00 LL (n 0_ O O m LO I� ti V V U N N m v N O M N � N X C6 (6 N N M Cl) 6) O M N m Cl) M O O I- r- LO LO I-- r- V N 4 -4 N N M M 00 00 of (n LO 00 00 M M N N i ' (D (D O O O O N N d d � C\i (Ni ({} EA EA EA R d p LL Y t) V 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 (A (A (A (A (A (A (A 69), (A (A (A C'1 p U m O o O O O O O O O O O Q v O o O O O O O O O O o J C O O O O O O O O O O O LL 69 69 4A fA fA fA 69 4A 46, fA fA Q N C d C) O CD CD CD C) O O N N C)N V O O O O O O O O O O O O O O O O O O O O 6 O Q R fA 69 4A 4fl ffl V9 69 49- � fA 3 fA C L (D O O O O O O O O _ _ O u O O O O O O O O O d C O O C) CD CD CD CD If) 6 C)_ (A 6% (f} f q (A (A 6% (f} I- 1- (A U) (A fA � � C LL G o C Q O ^' i Vl Cl) M 00 00 (6 (0 V V V W S N LO LO 0') 0') LO LO (O (D V y •� C 6 6) M M I� r-_: (O (O V V N N I.L co r— � co(6 (6 I- r" M O V V I� Iq OJ 0J C6 (6 06 co � '+ EA EA fA fA EA EA fA fA fA EA EA � V 4.0 p d W 7 47 47 N N O0 LC5 LO Cl) co LO Lo O N �11 O O 00 00 C) C) (6 (O (6 (6 co U O �y E CDO (O (6 C) C) C) O C)- 0 Q ¢ � (» EA fA fA EA EA EA fA fA fA fA � O Z 3 C Jx O O O O O m w Y d L L L L L L 7 7 7 () D O N El C) N D O N D O N El O N OLO El � 00 - Q) N N N IA E C6 o L ao z z a o > LL o R N D co CL a a -0c W N 2 c rn m v (6 (0 , 00 (NO 00 47 d7 � •E O N O N N O LL to O O1- 00 O m LO LO N N N 0 LO r-- r-- I- N V 00 V N + x m V N O M N t` N X M O') 0) O O V V co co co OO CV m V LO LO 6) (7) I- r- O O r- r- OM 06 M M O O N N O O N N V 00 00 O O (7) O (C) co y �_ �_ f!) Cf} Efl 69 fA 69 60- Efl 0) � � EA EA R 0) p LL Y t) V O O O O O O O O O O O 0) � � O O O O O O O O O O O L 6 O O O O O O O O 60 O U �y e» 6s e» 69- e» 6q 6s e» 6q e» 69, C'1 p U d O O O o O O O O o O O Q v O O O O O O O O O O O J O O O O O O O O O O O LL 69 69 4A 613 613 69 69 4A 6c3 60, ffl Q N C N C) O O N N C) O O C) C) C)N V O O (D V V O O O O O O O O O I-� n O O O O O O 0) R 69 69 VA co M 69 69 VA 4H 613 69 p U) C C L 0) O I- I` of of O O O O O O u O O O O O O O O O d i O M co I_ r CD C) C) C) C)= Cf} V V (D co H} Efl 69 6q I q 6q 7 'a N N N � � C Efl fA fA Ffy 3 u. G o C Q G ^' i U) V CO Cl) N N O O Cl) Cl) co OJ W S N 'IT (.0 co I- I- N N 00 00 C) C) Q •� O N W 6) V V CO CO Cn Cn N N N I.L E i co Cl) T to to V V M M ccco �+d co co 00 C) O 00 00 C) C) O d rL 66 a tC L6 L6 L6 tb tx 0) + E6fl EA f6A d} EA EA Efl fA fA d-.} E-.A � U 4.0 p d W 3 CDO O N N � W CD C) oc V N N 6) 6) co M W) W) 6) 6) U O N �11 co N N V V C) O V V 6) 6) �y E CD N N V V Cn Cn C) C) CO (O O ^ Q I� CO Co N N V V 00 0 V V S ii H} Ef3 ff} U> H} H} Uf l ff} U> H} H} _G Z v O O O O O O m w Y L 7 7 7 7 U CDN C) N 1:1CD CD 1:1C) N 1:1CD tt( OM0 r- N co ti ti to 00 't V = 00 to w to Cl) Q d z ui E U a) �_ o Z m a) O d N (n Z U T r m t0 co Q (D C a a 0 .� N o_ E m m W Q Y Y J J N 2 O co co L") 0 , 0) 00 0) 0 o E O O O ON C.0 R LL to co ti N OMO ti a) CO V CVO CVO M L U co N m v N O M N � NX O O V O O V LO O L O H O O Cl) O O C`') M O M o? D? M _ L6 In O O O O O h M M R O O 00 U) U) 00 0) m cq Cl) CV)f1l) Efl 64 (!) 60- Efl L4 LL p 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 e» 6s e» 61> e» 6-1 61) e» 61> e» 66, an U d O o O O O O o O O O O Q u O o O O O O o O O O O J O O O O O O O O O O O LL 69 69 4A V> fA 69 64 61> 603 6f ffl Q N C N LO C) C) LO O C) C:)V O O O O O O O O O a M M M O O M V O O O p R bq 69 4A ffl 6�h Ncfl fA ffl 64 7 C C L G7 O O O O O O co O C) O O u O O O O O O V O V O O d i O O C) C) C) CD a) CD 0) C) C)= Efl 6-> 61> fA EA Efl M 61> M H3 Efl U) EPr EA � � C LL G o C Q G ^' i W N N CD O O CO co O Cl) W S N O O V O O V Lq O LQ M M y .� O O W m C) C) 0) 0 CD 0') N N I.L E i 0) 0) M 6q Vf Cl) In N fA LO �+d C) O It V O O LO V) O d � � � � V dW 3 CD C? C? O N O N U� U� O O O LO C) O In 00 C) 00 00 00 U O N �11 C) O C) O O C) I- C) 1— Cl) co�y E C) O 1l- N M In I- O co 0 j� Q OJ OJ N U7 CO 61> P- L6 L Sr' _G Z 3 ` O O O O Y m w dEl L L L L L 7 n ) 7 U O N OEl C) El C) (14 ElOEl C) C) OND CNi N M ti Q ❑, NI ❑, ❑, ❑, aI ❑, ❑, ❑, N L iL) U U Y Y N C C N CO Co LL O U E E U Z Z �� m Z Z N E LL LL L d J O O U 0.0 N � � O 0) 0) a) .- 0 E +-' U U N N = m O w Q a 1 a 1 a U N 2 Ln O O O C �_` � 0 m � 0 m W Cfl � •E O O O O O O O LL co (n N NC\j ON 0')L N 00 M N m v N O M N � N X N O O N O O M M co co M CV m Cl) O O Cl) O O V V LO Ln OJ M _ O O O O O O 6 6r r 6 R 64 } co W O O O O r d Efl 69-61) f 69 _ _ _ _ 69 EA EA lb} Efl R d p LL Y V 0V O O O O O O O O O O M d O O O O O O O O O O L O O O O O O O O O O O6 U _j y e» e» es e» e» e» e» e» e» e» V) C'1 p rn U d O O O O O O O O O O O Q u O O O O O O O O O O o J O O O O O O O O O O O LL 69 69 4A e» 60, 64 64 e» 66, e» fA Q N C d O O (D O V) V) O O O O O N V O O O O 6) 6) O O O O O O O O O vi vi O O O O O G7 R 64 64 fA ffl 69 4A 4H 6q 69 p 3 E� 6h N C L G7 O O O O Cl) Cl) O O O O O u O O O O U� U� O O O O O d i O O O O to to O O O O O � � C LL G o C Q O ^' i Vl.� O O CD O N N Lt 7 LO CO CO CO W S N N O O N Cl? C7 O O CO y C M O O co M Cl) O CD 6) 0') Cn N I.L E y co 64 fA W M co Cl) M Cn V) �+d co (000 to Cl) M Cn Cn M O d � � � U> ef} ^� O M OJ O O co O O N N Cl) co O O d W 3 M O O co 6) 67 O (O CO CO O N �11 O m O O O M m T V Cl) Cl) OJ U O �y E mIn LO 6) Il- � N N V) In 6) O Q Q Y O Z CC� u 3 C O O O O Y m w dEl El L L L L � L 7 7 7 7 � U O O El O El O El O El O LO El 00 M co d = " _ o ° 0 Q w E -0 g a, z m m m 0 Z E o o.o c E m �° 0 Q E Q o a) c Y O cC N 47 N .� C 0 o ul a s c E E-0 m m E O co 6 N O N N co w aU z z a N 2 rn rn rn v o v M N N N ti Ln , W E LO LO N N N N Cfl R LL LO (n O O V V co a) V V O N M I� m v N O M N � NX M O O V V LO U) I- r- (O H 00 LO LO Cl) Cl) I� f� I� I� V V M y - 6co Cl) N N c 6co O O f!) Efl d O) � Eff Ef} Ef3 Ef3 R LL p Y u 0V M O O O O O O O O O O 0) � � O O O O O O O O O O L 06 O O O O O O O O O O U y LO 6q e» 61) 60, 6q 69 esa tq 6p� 6q C'1 U d O o O O O O o O O O O Q u O o O O O o o O O O O J C O O O O O t7 0 O O O O LL 69 69 4A 613 613 69 69 4A 6-3 60, ffl Q N C 0) C) O CD CD CD C) O O C) I— I- N V O O O O O O O (D O 0) O O O O O O O O O O M M OJ t0 69 69 4A 6f 693 69 69 VA 4H I� t1 p 3 61�F 6h fA C L O) O O O O O O O O O O O u O O O O O O O O O O O d i O O O O O O O O O O O 7 � � C LL G o C Q O p- r- r- r- Cl) Cl) W D•� N (O t0 CD CO CO I� � N N I y 0 O CD LO LO co N N LO LOI.L E i I- coM N N N V) LO N N N N d c0 Cl) M N N V V CO c0 O � '+ Ef} Ef3 fA SA Ef} Ef} Ef} fA fA Ef} Ef} � u p 0 +r O r r co co (fl (fl 00 00 Imo d C? M 1.��111.111 0 O 0) C) C) co mr r_ co coU p W E O CA 0) 0) 0) 00 07 t` Cl) M --� OL Q Q U' v v Ufl U- Uri u'i Uri U> U- U' � 64 Ef3 ff} 64 64 64 EA ff} ft} 64 64 � O z CC� u Y m w L 7 7 7 7 7 CDN El C) to ❑ C) N El CDN ❑ C) 04 to ❑ CDN M O m N M tD w to 00 N m c9 Q a Q d ( m R E m 0 Q z z m cn 0 o o Y T O R uS c U 3 a a Y =5 N w Q a a a ° ° a a N 2 M N V C) 00 E O O r O LL to M O m V N w M O N M� r r U N x + « m v N O M N � N X Cl) M O O O I� � O O V V N m N N Cl) O Cl) 00 00 O O co OO �..� O M In O L6 N N O O N N O O f!) O O O O y Ef> 69 �_ fA 6q � Efl EA EA Efl EA EA L4 LL p Y t) 0V O O O O O I) 0 O O O O tU � � O O O O O O O O O O O L O O O O O M M O O O O U y t» t» U3, 69- 6q I- r� e» 69- es> 69, rn � p N N tf> Ef> U d O o O O O O o O O O O Q V O O O O O O O O O O O J O 0 O O O O O O O O O LL 69 69 613, V> 60, 69 6`> V> V> 60, 60, Q N C tU O O O O O O O 6) 6) O O N V O O O O O O O O O O O O O O 6 O O O N N O O 0) R 69 69 4f> 6-1 ff> 69 69 tb tb 64 69 p 3 «> 6<> U) C L d O O O O O M M Cl) Cl) O O V O O O O O OJ OR O O C O O O O O V V 0') m O O U) ffl 69 (f> V> � � C LL G o C Q G ^' i U) Cfl Cfl LO CDLO 'IT I- Il- p- tp OO W S N O 7 7 7 OJ OR O O y •� O O 0') M CD 0) 0 M M L6 L I.L E i LO Cn M H) co N N V V 0) O N d LO Cn 00 coCfl coCO CO N N O 0 0 � � � 1 � � � Ef} EA Q M Cl) co U') O U) I- r- U') LO 'IT V N d W a O 6) 00 O tb (D O 6) 6) N N O ,� ��1111 O N N 1� O O O Nco cc (D LO N U p �y LO E co co co co 6) O i.i H} Ef> ff> H} H} Ef> ff> U> H} H} _G Z v O O O O O m w Y d L L L L L L 7 7 7 7 7 U O N ❑ O ❑ O N ❑� o N ❑ O N ❑ O N f� ti Cl) t0 r- O) CO w O to m a� N N LL 7 ai y U O U J Y tE6 co co m LL m Z Z E ns 0 c 0) .0 L T O H p C p U-r' 0 N mE N Q d 7 -a � � � w N L > L f? w Q fr cn a U in cn cn N 2 I-co v A E � � N (o o LL (n I-- I` M O � L (.0 CDO ON M m v N O M N � N m O O V V Ln Ln �t 7 O O O Lr) M O O CO 07 r r O O O M Cl) L0 V) In lf) f!) fA O i � � M M r � EA EA EA EA EA EA EA R d p LL Y t) V 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 (A sn cA fA fA EA e» 6» fA fA fA C'1 p U d O O O O O O O O O O O Q v O O O O O O O O O O O J O O O O O O O O O O O LL 64 69 40- fA fA fA 64 4A 40- fA fA Q N C tU C) O 6) 6) C) CD CD CD CD CDN V O O O O O O O O O O O O O N N O O t7 O O O O tU R 64 69 co 07 fA 69 69 4A 4H ffl 69 p 3 6q 6q N C L tU O O V V O O O O O O O t) O O O O O O O O O = i ({} 6% M Cl) EA EA 6% (19 (A fA EA 7 N LL G o C Q G ^' i U) V V (D O V V I- � O) O O W S N Lo L0 V V (C (o V V N N (o y •� O O W V V I� O O M LL E " W 00 T � co coV V O y"iy N tU to In CO O co M O O V O d �/♦1 � � O O � O O � � ' d V UY V 4 Q Mm t9 cc Cl) Cl) V (D O 6) 6) O M ILW 3 V V N N 6) O N N (D O O O M M CO M O O O O W U p N �11 In In V V M M O C) V V O �y E V V Cl) Cl) C) C) O C) O O co 0 j` Q In In P- P- ( (6 OJ 00 (O ( V Sr' i.i EA EA fA U> H} H} EA fA U> H} H} _G Z v O O O O O m w Y d L L L L L L 7 7 7 7 () D O 00 El CDN D C) N El O N El O N El t0 to to tom() CD to tG t0 w 00 to 00 M a o Z m m m Z r mcoE tU y O U 0) co O N Q co Q d 7 O� O E WQ (n ( Cn <n H D N 2 1 rn PI- co co E C) o N o 0 LL U) O O � � Cl) a O (D (D O M (n� r m v N O M N � N X O W 00 O O O O co co N N N m O V V LO LO O O (O O r- r M O (O (O O O M M -4 -4 O 600 4 00 O) O C) O co (D O C) � � Efl Efl Efl EA EA Efl EA R d 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 (» (» (» (» e» (» (» (» C'1 p U m O o O O O O o O O O O Q u O o O O O o o O O O O J C O O O O O O O O O O O LL 69 69 4A 613 613 69 69 4A 6-3 60, ffl Q N C d C) O CD LO (n C) O O C) C) C)N V O O (D 0) 6) O O O O O O O O O M M O O O O O O QR ff3 64 fA � Vf 64 fA £H ffl 64 3 fA C L G7 O O O O O O O O O O O u O O O O O O O O O O O d i O O C) C) C) CD CD CD C) C)_ 69, ffl EA fq 61) 691 Efl (f} 6q 69- EF} 7 � � C LL G o C Q O ^' i Vl N V V V V M W S N (O 07 OJ (O (O O O C? Cl? OJ OJ y •� C W N N 00 00 co co C0 O O I.L E " O LO LO (O c0 LO LO N N V V N d V (O co O O O O 00 00 00 00 O IL //11 � � � - - � � 4a . O (00 (a M 0) 0) co co04 04 LO LO O M C ILLY11 O O r r 00 00 co N N In In W E co 00 00 Or Or O O 00 co ON ON 00 � --� OL Q Q v U (ri a� - a� U� (o (o v v � 64 Ef3 ff} U 64 4 64 EA ff} ft} 64 64 � O Z CC� u 3 C Jx O O O O O O m w Y L 7 7 7 7 d, U CDIn El O N ❑ CDN El CDN ❑ CD I-* El CDN co M O N N _ U) Q u.i Q � a N °'E E oco co Z Z w w a > >° N 2 In M N (O CD A E O O O O O Cfl R r r r r r LL (n M C) ON N O a) N O L � m v N O M N � N X O O O LC) O LO O O H O O O N O N O _ N N 6) O Ln O N L6 00 00 O O ffl (fl 00 00 (NO y Efl 69 Ln 61) Vy ff} LO Efl k& L6 d ff} p LL rn Y d O 0 O O O O O O O U � ea � � � to 6-1 � � U d o 0 0 0 0 0 0 0 0 0 Q u 0 0 0 0 0 0 0 0 0 0 J O O O O O O O O O O LL 69 63 63 6'3 613 6c3 6s 6-1 V3 60, Q N C CV O 0 O N O N 0 O O LO N V O 0 N O O O 0 (D O 6) O O In 6) O 6 O O O M QR ff3 64 O H4 � Ef3 4A f3 4 't 3 6-1 LA C fA L d O O Ln LO O LO O O O O V O O V 00 O 00 O O O O CV m Ef} 6% CD LO ff3 co 6% 69} ffl EF} 2 Ln co to .a y 6q Efl LL G o C Q G ^' i U) O 00 00 C.6 O Cfl r- O p- V N 6) W (D O O O (0 O CO V y •� LL E Oy 6) 0) 0) LNC) H) LO o 69 CD 0 LO y d coLD r C C) 00 O O M r O d � S9 � � S�> C> •0 M w' 00 00 V V O V cc O C0 CD � Ln a. W a 6) 6) 00 6) CD 0) LO CD LO Cl) O �11 C O OCD 0 O Cb O Cb C6 O C6 0i U p > W E co CO CC) O 6) V � ON (00 0 Q LL) U5 C`') 63F C`J V 613 LL) C6 Z G Z �» v 3 ` w O O O O Y m d 3 3 3 U O M d OEl O M OEl O 0 El O N V N Cl) V.- LO � V a� U C7 U C3 N N N LL N LL y Q O H O E co CU > Z E J O O t O p co co N a a) O c� a) > a`) a Q >- U a U = a= 0 N 2 (.0 LO LO 0') 0') � _, �_ W � � E O O O O O O � R — — — F F F LL N Z3 O U) co c m co En LO M N 00 LO ti V V U 00 N + x m v N O M N � N X O O O O 6) LO O N m r O O N N LO LO M 00 N O O r O O R d p LL Y d O O O O O O O O L U y � 66q 6q 6q � 6q 609 6cy C'1 p QV O O O O O O O O J C O O O O O O O O LL (A 64 V} fA 60- ffl 613 69 Q N C R V O O O O O O O m M O O O O O O G7 R �t Ef3 03- 4H ff3 Vf 69 N p 3 6h 63 U) C L G) O O O O O O O LC) u O O O O O O O O7 cc U) E � � C LL G o C Q G W V (O (D CDC) O 6) N O N V co co (O (O co •C LL E Oi (n N_ N LO LO N N n N d M O O M M O O M r O d SO (f} fA (f} EA Efl (f} M yc3 U 64 •0 ar OM M C? OJ W CD CD Lf') �O M C ILLY11 O O N N O O (O --� 0 j� Q (O M M L6 Lf) (O Sr" ii H} Ef3 H} U> U> H} H} NU), _G Z v O O O O O m w Y L 4 L L L U 7 U co co cn O to El CD — O ti a) = v m to Cl) oa U *, ❑� * ❑� * ❑1 * N Q a) cn J d y (n C N U Z Z C C U U_ N T a a c o w Q (n Cn Cn N 2 OJ OJ Ln CD A E o 0 0 cfl R r r r LL O N (n 6] (O N L U N m Cl) 0 x Cl) \ F- (D Cl) 'IT 40 40 (D aLL 0). ® 6LL 0 — _j cyi CY) (D 0 LL C5 C LL 2 2< U) C C C ra o6 o 00 �j CY) 64 CY) U) LL 0 c 0 0 in. E (D 0 (L cy� cy� (D 40 0 40 4.0 M 0 C\i C\i 0 0 64 64 u E 0 c!) z 0 0 co CD 'IT U) 17 0 C\l U) a6 6 .Z 0 t--�co 0 'I C\lT 4) co C6 I,.: Ln co 64 0? co 11:V) co cy� -a co 40 (0 cq C\! 69. t- V)co E >1 m E E Z Z CL E LU ECD CY)co co CN m E LL (n 0 0 o F— LL z co co V) co Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts December 1,2023-February 29,2024 Check Invoice Check Date Number Vendor Name Amount Amount 12/11/23 30478 Lauterbach &Amen,LLP 52-170-03 485005 11/23 Accounting&Benefits 1,345.00 52-170-06 #85005 11/23 PSA 1,465.00 ACH Amount(Direct Deposit) 2,810.00 12/31/23 50335 IPOPIF 52-195-02 Administrative Expense 2,351.21 52-195-03 Investment Expense 1,088.86 52-195-04 investment Manager Fees 2,859.35 Check Amount 6,299.42 O1/10/24 50336 Wall Capital Group,Inc 52-190-01 Investment Manager/Advisor Fee 250.00 Check Amount 250.00 O1/22/24 30485 Reimer Dobrovolny& Labardi, PC 52-170-05 C2045 F29959 Legal Service 2,328.08 ACH Amount(Direct Deposit) 2,328.08 O1/30/24 30488 Lauterbach &Amen,LLP 52-170-03 485929 12/23 Accounting&Benefits 1,345.00 52-170-06 #85929 12/23 PSA 1,465.00 ACH Amount(Direct Deposit) 2,810.00 O1/31/24 50337 IPOPIF 52-195-02 Administrative Expense 1,423.81 52-195-03 Investment Expense 1,398.81 52-195-04 investment Manager Fees 99.05 Check Amount 2,921.67 02/12/24 30489 Lauterbach &Amen,LLP 52-170-03 486713 01/24 Accounting&Benefits 1,385.00 52-170-06 #86713 01/24 PSA 1,510.00 ACH Amount(Direct Deposit) 2,895,00 02/29/24 50338 IPOPIF 52-195-02 Administrative Expense 1,591.49 52-195-03 Investment Expense 2,263.50 52-195-04 Investment Manager Fees 104.98 Check Amount 3,959.97 Total Payments 24,274.14 See Accountants'Compilation Report 40 of 73 1 1-1 Buffalo Grove Police Pension Fund Quarterly Deduction Report All Bank Accounts December 1,2023-February 29,2024 Check Invoice Check Date Number Vendor Name Amount Amount 12/29/23 30480 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance- 12/23 13,650.36 20-220-00 Dental Insurance 1,207.36 ACH Amount(Direct Deposit) 14,857.72 12/29/23 30481 Internal Revenue Service 20-230-00 Internal Revenue Service 70,117.52 ACH Amount(Direct Deposit) 70,1 17.52 01/31/24 30483 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance-01/24 12,859.72 20-220-00 Dental Insurance 1,171,24 ACH Amount(Direct Deposit) 14,030,96 01/31/24 30484 Internal Revenue Service 20-230-00 Internal Revenue Service 71,111.34 ACH Amount(Direct Deposit) 71,111.34 02/29/24 30490 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance-02/24 12,175.30 20-220-00 Dental Insurance 1,138.17 ACH Amount(Direct Deposit) 13,313.47 02/29/24 30491 Internal Revenue Service 20-230-00 Internal Revenue Service 70,200.20 ACH Amount(Direct Deposit) 70,200.20 Total Payments 253,631.21 See Accountants'Compilation Report 41 of 73 12-1 Buffalo Grove Police Pension Fund Quarterly Transfer Report All Bank Accounts December 1,2023-February 29,2024 Check Invoice Check Date Number Vendor Name Amount Amount 12/14/23 30479 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 518,000.00 ACH Amount(Direct Deposit) 518,000.00 12/26/23 30482 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 79,000.00 ACH Amount(Direct Deposit) 79,000.00 01/22/24 30486 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 211,000.00 ACH Amount(Direct Deposit) 21 1,000.00 01/29/24 30487 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 16,000.00 ACH Amount(Direct Deposit) 16,000,00 02/28/24 30492 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 193,500.00 ACH Amount(Direct Deposit) 193,500.00 Total Payments 1,017,500.00 See Accountants'Compilation Report 42 of 73 13-1 ................. PT II. § !-� § -R C C CC) 15 N cl� Ni* q�) 'N qN 4 -t z, CN Iluull 'N c-6 T 6 c;a Lo PI) 't. OD tr co L-o Lo Lo co cn M 0) � co � CO Ira C14 CN '4 Z6 1111614 . . . -�t. . r< �4 I�t m -t CD �o (;,� 0� 0� CN m CN C14 CN CN CN C 5 IO II m wIIIiIli LO (p cm r— cd R ct, ��t '0 Cd Cb c, Z, m LO CD C14 '7 0 m cra m It m Ca LO cq *It C'j CN m M C14 CN m CN co CN CN IIUWI., M C6 1�0 C14 N t- CD C� OD O r— O m CN M CN r— P- t- m cn m cn co cd cyy .0 o� IUVi Z, Lo L6 M cr? = .0 wrY UU co co CA Co m eo Lo C) LL C) CO Go CV) (D CO 't So r4� ram r4, M C') h C> CO CO LO m CV) q C:5 CO CN CN cn m 0) HCV CV N NIIMU C,7 Lx� Ld U.� Ld C) C) LO U- Cd Cal Cal N. cc INuo m CN x m co co C) Oq 17 (P C6 0� C.6 Vl i, CN ^. U-)r C, U% 0) ce -2Oiiiu — g 8 Qc� 0�. cc7. a cc7. CN CN 04 uJ 0� U- cu cl) m > m co cc co QQ E P zo zo C=Q Lu i i 'R E 2 -0 At co co w co co 0- C', CL CL CN CIS Itt CO VU1 m Co -�t --t LO Lc) r R maLO c 5 spa m C r -4 cz co r �^- ca ca ca ca 91 04 u.? �o ua 4c-j ua �D 75 LL LO �x a � ^ r� WI 5 Im lon Cam] uuuuNOR CO —+ HIMIN � O W �I" N c00 O V LO I'll O o 0 0 UNUNUNU 0 U M Nan No p O C C 3 N N> o 0 C O ry C U N r tF c ^ $71 O C O N N p N N N N N 0 0 0 0 0 0 1�1 O O a r V I�O O`n N (p O O O C VAJI � "' R VMM�MMMM U' M�M�� U am c — (� tP E 1 C�In h4)I��h�[7 t0N�M U Rm N E 0 0� LL a o -0ox x s M a��,V } 2 5 s �v o -o ��i ac o-> Er ��°� mom o�x- E o a x o E o >_ m-ooc m o x U P r-I o n �(7 m o a -0 0 ~ o xaN0oo9�"E»�»(7w�F a �H�H N Q Npp N 6I 616I 61—W�(n a y �} a T y lu) O OEaoOOOO UUU o o o 0 Un V7 -(/7 0)!n R N fn(n fn W LL'-OmUaUUU7U QfYK��mO mO mO mO az3rn o o =� a > `m C7 C7 m m c c 2 m m Q d W W x m E 10 0 0 o R o ¢ m E L 00 0 .N U CO rl rL w °o T @ w ^L �� N(p0 O Um U O to E K a> � n ummmm mm m c c N R N O m N m N m N m CO o \ \\ O O o 0 0 R a Om(n m Un m(n VJ - N -O L N p N p UI N UI p d M N M N C p R. C O M N V O M N V m - p i4 in in in in in c 3 - a` -a` 0 - Y c 0 o o �° m E � R E E o p ^ N N Il b,.�L. t 0 O C t0 M C (O M j 0 N VV «y N N N 0 O N O N N p R p E - ONNNNNNN L L o o� •O � � � d� u N > 7 ° •« N O O O W 6).6 �ON (O O y N M N N N > m L M M M V V N N O O N 0 Im m v m v m O U 0 ° O o 0 0 �\\o a\\o a o 0 0 N R y U N Ln M L(J I�M M p M C(J N V V N O r r N O M CO N V M rr c R c W a a U xo a� X. w Y Y E ® m (i iiLLa acM _c d x c d m Y E E d � nE maxim- R.�E n d"t �-� dar U cric a� U1 1E R c-(n m L d U c U= m a a a U= m a c E m m M M m M °? m Y m - 1,6 Y\ _ -o -o16 R oo an(n `o E R 'o min max= o'lino x- m R R 1 o �c0.i3 ot�Y a (�y ao'i U' op >M�°� m ap'iU o��-xooam m S S R n w oox U o20 a-- N m `0 a(7T • ° m ° w0�mmm-o �� QYUFa3~ m N Sp�QYUF-r~ m E WW 00 -._ M -W c",�UN o W E N x t�mt�(gm p W 4J m Q Q ¢¢• .o =.. fY fYSS� o�Y coo p»-»C7w KF N p mo»-»� aCL U N L N O O'O"6 N 2)0 W pl—W.(n o W fl(n- x U) ) ZT ) ^ o o i `m a,a,a,of (� (� (�(� vaao `o¢ E N ° ° E a�a�m U>> M M U E 0 `o 0 0� >> 10 U U 0)U zz wS u)==��w �p m @ in=¢w-�Dan'i m E N p--- E E E E W O N p-- E E E E a-w t m 0^L m m m m a� 3 3 0 0 0 o o 0 o ff_-Cl o 3 U U o 0 0 0 gy m❑ c ._ y N N n RL t(n U7 UUJ(n N U)co U) O O O OaLL O R Un C5 O.2.2.2 Q U r^^+11 n +> ^20L(if wU <w w Qif[Y�itii mm mm z W':3:3m mm m inz rn m d En 0) (n U) wti,.. f l /„71r 2 � ® ® ` ) / ƒ > d E� c »/ N 7 0 �Ea ° o / / 3 \ _ k t a \ 0 ® g 0 / k § � 7 \ z k e � E \ < ] ; § Eco ) m \ � 3 \ 7 z 2 / § j \ \ . o \ \ 8 \ \ C / 7 / / \ 7 / \ - \ k \ \ \ - \ \ \ \ \ \ § 2- e 3 Ja g a a $ g %§ o y/ o ' e It m \ & & / \ 2\ e ¥ - \ U� g E R@ 6 m m / o o@ S / a) 2 a o R o Q ® R ' ' w a a « k j \ Cl) cl�^ / \ 3 3 / \ \ \ \ k / \ / \ \ k & _\ / \ J 2 2 \ / = o / / z - k u § % a L E/ ° \ / £ \ / § \ _ § m - u E@ § a m @ j> \ \ m m0 2 / ] E _ \ / ! § ) LL s k / \ \ G 2 2 E 2 o } C k ® \ [ \ Z t \ { / co § 2 ow \ \ / s < \ \ / < } \ / 0 - 5 = 5 c j 0 0- z CO O N Cl) r- / O O CA OD m � (ar coTCD h I- O O M M (D LO O7 O coII� 0) 00 co O O / O 00 CL coO [O O O 00 W Q 00 aI a7 Ll U L o a3 O a C a O 0 V LF cq N M O M p V I- N Ln O O O c LLO O N a O O (D 7 O O C W a L 00 Q N c z O Z) .� C ul j Q O o ( a2 a7 N Q N -a N a) Z E E E ¢ N a to Z3 � z 2 'o U) rn 0 o °C' Z L N ca 'E o) 2 - } Q w cu C a U > Z co W 0m 0) _0 _0 L a }, C 'c 'c � cmO O • 0) D D _0 p DI n0 W d d w o ri y C NCD O 00 O CO OM M O O N � 1,0 O O r w co OC O � W M O � � M V O O O 00 CD M O Ln I� c N Ln V O 'Al Ln LL a C Ll M O O Ln O O Ln O (O y a 0J O 00 O rq � In O O O C7 In o CO O O � O O O In z W O O Efl M .4 En fA CO O Vl O Ln CD M Lo N O- M d O co _ N O 2 N 64 V O U 16� C � 4 � H 0 LL N V Z LL O Z z coi O W LU d 00 O U W U- rn Li E J G J d N N U) a) N <n 0 O p 0 x C coJ d C D a Cn W � C > o c U) W O W -0 U 0 �, O m a C as U O ro O LL o c c (m -0 Sco U C�7 m 3 m .� E E C N m N O m o E m a) _O O C 0 N E C fn fn J .N O m i m w c o >L L��a o > > Q 5 o� L Q LL_ V Z L LL C U > H C Q C C L.L Q C O LL O w LL 3 O cu 00 w U m z U m LL � d 00 - LO \ Cl)/ �$ } / c g 2 \ \ \ @ R / 2 2 / \ / k / / Cl) � / % / 0 c / S ( / _ \ � \ / \ \ / \ e LL 5 z \ m ° 3 3 % 3 d / \ £ E / _ 0')\ $ d j } \ / = E } > ® E 0 o j \ \ / ° o K \ 2 LL / \ \ n \3 m _ February 2024 Statement Supplement IPOPIF Total Monthly Asset Flows New Asset Transfers Cash Contributions Cash Withdrawals Zero $35.99 million $44.7 million IPOPIF Total Monthly Expenses Paid Administrative Investment Investment Expenses Expenses Manager Fees $170,504.45 $242,500.38 $11,247.00 • Expenses are paid from the IPOPIF Pool and allocated proportionately by member value. • Investment expenses exclude investment manager fees. IPOPIF Investment Pool Details Date Units Value Unit Price 01/31/24 927,715,440.0322 9,948,139,061.19 10.723266 02/29/24 926,904,588.2057 10,157,018,083.52 10.957997 A spreadsheet with complete unit and expense detail history is linked on the .ittii_cJ1..e_ ..._Fu!md..._R..e2gqLpagg as -L O LF T.r.u.s..t.-...F.u..n..d U.nil NAV and Receivable Calculations Under Development The IPOPIF II_uu_ t.J.P..im alma_C 0st IF�_UII_ , AR-2022-01, stipulates that the Net Asset Value (NAV) for each Participating Police Pension Fund will include receivables representing proportionate amounts due from late-transferring pension funds for all Costs, IFA Loan Repayments, and interest. These calculations are underdevelopment. Resources • Monthly statement overview: Ih. • Monthly financial reports: ht IPs.://�nr A.,ii..IP...2.IPJf.®mlirkP.2!1. /L! ai iiiP ........................ll / • Monthly and quarterly investment reports: I .u..0 //www„iip®pii girg/ir iru:s/inve.s.u�ir�r�eirnt- ir ..P oirIL.s • IPOPIF Board Meeting Calendar: Ih tpP .;:// Irv,iipq.p.ii. .airg/inrneetlin s/calleirndair/ • Daily value and transaction information for Participating Police Pension Funds is available to account representatives via the NRS reporting portal. 49 of 73 ............................... "8 N,RIVER ROAD � NAPERVILLE,ILLINOIS 60,563 Lauterblach & Amen, LLP ............... PHONE,SX3911483 - FAX 630s :,2516 wwwllauh�rbacharnl OCR T I FlIED PUB a I C AC COUNTANIS POLICE NEW HIRE ACTIVE MEMBER INFORMATION SHEET ThAs is N10T in appheaflon flut-Membership In order to complete the Active Member Information For the Annual ]DO[ statement, please provide a copy of the member's application or compllete the following infonnatiow Pension Fund Name: &'AU� D�" la-viLL Members Name: � ................... ........... ........ Initiall) (Last Namel)i Jr Sri Street Address: Cy State:IN_ zipw Home Phone Number: N Cell Phone Number, ................ Email. Address,(Please,Print Clearly): Social Security4, Gender;--V—/ M F Date of Birth Diate of Hire (Entry [)late!): 03 2()2 / All members must be classified as Tier I or Tier 11. A Tier 11 Member is anyone who: 0 Was hired on or after January 1, 201 l with a Poliice!/Article,3 Pension Fund, AND 0 Has NO Creditable Service prior to January 1, 20,11 with a Police/Article 3 Pension Fund All other members are classified as "l'ier 1. Tier Classification (check one): Tier I Name of Prior Fund: ................................................ (With Tier I Creditable Service) Date of I lire (Entry Date): Termination Datl — I am currently receiving a monthly retirement benefit from this,pension fund. Tier U I have NO, Creditable Service with a Police/Article 3 Pension Fund prior to, January 1, 20111. I HAVE Creditable Service with a Police/Article 3 Pension Fund after January 1,, 2011, Narn,c of Prior Fund.- (With Tier If Creditable Service) Date of Hire (Entry Date): Termination Date: f am currently receiving a monthly retirement benefit from this pension fund. By signing I-. ....... hat the information above is accurate to the best of my knowledge: Signature: Date:. 03- 2 a-Z"( Print Name: 0 e6 Phone Number: 50 of 73 BUFFALO GROVE POLICE PENSION FUND Diaz,Maegan D. Pension Calculation History Worksheet TIER 2-Non Duty Disability REVIEWED AND APPROVED BY PENSION FUND: Trustee: Date: Name: Signature: Treasurer: Date: Name: Signature: Pension Calculation Data Name Diaz, Maegan D. Social Security Number xxx-xx= Birth Date _ Entry Date 12/18/20 Disability Date(Last Day Worked) 04/30/23 Effective Date of Pension 05/01/23 Age at Disability Date Y 35 M 11 Years of Creditable Service Earned 2 Applicable Salary $87,882.08 Amount of the Originally Granted Monthly Pension $3,661.75 Pension Calculation History Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 05/01/23 Original Benefit 3,661.75 3,661.75 06/01/23 Benefits Cease 1st Full Month (3,661.75) 0.00 0.00 51 of 73 Page 1 printed:211512024 BUFFALO GROVE POLICE PENSION FUND Diaz, Maegan D. Basic Information Worksheet TIER 2 - Non Duty Disability Creditable Service Entry Date 12/18/20 Disability Date (Last Day Worked) 04/30/23 Years of Creditable Service Earned 2 Plus - Specify Less - Specify Total Creditable Service 2 Salary for Pension Calculation Salary $87,882.08 Rank @ Last Day of Service Officer Applicable Pension Percentage Non Duty Disability 50.00% Amount of Originally Granted Pension Original Monthly Benefit = Applicable Salary x Percentage $3,661.75 Date of Initial Increase Granted on (the Latter of:) 1/1/2048 January After Member Turns 60 1/1/2048 January After Member Has Been Receiving Disability For One Year 1/1/2024 Spousal / Partrtier Information Status Married If Married / in Civil Union at Date of Retirement Spouse's/ Partner's Name Diaz, Jose R. Spouse's/ Partner's Social Security Number xxx-xx Spouse's/ Partner's Date of Birth Date of Marriage/ Civil Union 09/01/16 Page 2 printed:'315'2024 DocuSign Envelope ID:968832DA-702C-46F2-A62A-8FE59D5FB163 FHLBank Chicago FEDERAL HOME LOAN BANK OF CHICAGO IRREVOCABLE LETTER OF CREDIT NUMBER: 272079 Date: 02/29/2024 Buffalo Grove Police Pension Fund 46 Raupp Boulevard, Buffalo Grove,IL Buffalo Grove, IL 60089 To whom it may concern: At the request and for the account of BMO Bank National Association, a depository institution having its principal offices in Chicago, IL (the "Member"), the Federal Home Loan Bank of Chicago (the "Bank") hereby establishes in your favor as beneficiary (the "Beneficiary") this Irrevocable Letter of Credit No. 272079 (the "Letter of Credit") pursuant to which, subject to the terms and conditions contained herein, the Bank authorizes you to draw on the Bank from time to time up to the maximum amount specified below ("Credit Amount"), at any time from the date hereof until the close of the Bank's business on 03/03/2025 ("Expiration Date"). The Credit Amount shall be US $3,000,000.00. This Letter of Credit is for the benefit of the Beneficiary and it is intended to collateralize deposit accounts that Beneficiary has established at the Member, which accounts are Public Unit Deposit accounts. Demands for payment hereunder honored by the Bank shall not exceed the Credit Amount, as such Credit Amount may have been reduced pro tanto by a previous demand for payment honored by the Bank. The amount available hereunder may be reinstated by the Bank at its option. Such reinstatement or pro tanto reduction after demand for payment honored by the Bank shall be accomplished by written notice. Funds under this Letter of Credit are available to you hereunder upon your presentation to the Bank, at the address of the Bank set forth below,prior to the Expiration Date, of your certificate in the form of Exhibit A hereto demanding payment in an amount which does not exceed the Credit Amount (as such amount may from time to time have been reduced and reinstated), referring therein to the number of this Letter of Credit. If presentation of your certificate demanding payment is made on or prior to 4:30 p.m. (Central Time) on a Business Day, payment of the amount demanded will be made by means of federal wire transfer or automated clearing house credit, initiated by the Bank from the Bank's own immediately available general funds to the account designated in such certificate by 12:00 noon (Central Time) within three Business Days thereafter. Demands received after 4:30 p.m. (Central Time) shall be deemed to have been received on the next Business Day. If a demand for payment made by you hereunder does not, in any instance, conform to the terms and conditions of the Letter of Credit, the Bank shall give you prompt notice that the purported Federal Home Loan Bank of Chicago 433 West Van Buren Street,Suite 501S•Chicago,TL 60607 (312)565-5700•www.fhlbc.com (02/2021) 53 of 73 Docul'Sign::Envelope IICm 968832DA-702C-46F2-A62A-8FE59D5FB163 Buffalo Grove Police Pension Fund Letter of Credit No. 272079 Page 2 demand was not effected in accordance with the ternis and conditions of this Letter of Credit, stating the reasons therefore and that the Bank is holding any demand at your disposal or is returning the same to you. as the Bank may elect. Upon being notified that the purported demand was not effected in accordance with this Letter of Credit, you may attempt to correct any such nonconforining demand for payment if, and to the extent that. you are entitled(without regard to the provisions of this sentence) and able to do so. Any resubmission of your certificate demanding payment shall be treated as a new demand. To the extent not inconsistent with the express terms hereof this Letter of Credit shall be governed by, and construed in accordance with, the terms of the International Standby Practices. International Chamber of Commerce Publication no. 590 (the "ISP"). As to matters not governed by the ISP. this Letter of Credit shall be governed by and construed in accordance with the internal laws of the State of Illinois, including without linlitation the Uniform Conmiercial Code as in effect in the State of Illinois. This Letter of Credit is neither transferable nor assignable either in whole of in part, except with the express written consent of the Bank. All documents presented to the Bank in connection with any demand for payment hereunder. as well as all notices and other cominunications to the Bank in respect of this Letter of Credit. shall be in writing and addressed and presented to the Bank, at 433 West Van Buren Street, Suite 501S, Chicago, Illinois 60607, Attention: Meniber, Transaction Desk. and shall make specific reference to this Letter, of Credit. Such documents, notices and other conuminications shall be personally delivered to the Bank or may be sent to the Bank by facsinille transmission to the following number: (312) 552-1220. This Letter of Credit sets forth in full our undertalc-ing, and shall not in any way be modified, amended, arriplified or limited by reference to any document, instrument or agreement referred to herein except only the certificates referred to herein.- and any such reference shall not be deenied to incoij)orate herein by reference any document,instrument or agreement except for such certificates. Sincerely, FEDERAL HOME LOAN BANK OF CHICAGO 0...Sxr d by: By: E 24er,A Name: Nell Gallagher Title: manager (02/2021) 54 of 73 Buffalo Grove Police Pension Fund Board of Trustees Notice of Election Results April 2024 Election Active Member Positions Nominations are closed and have resulted in: Tony Turano and Cody Barker running unopposed for the positions of: Active Member Trustees Two-Year Terms Expiring May 12, 2026 Tony Turano and Cody Barker have accepted the positions as members of the Board of Trustees and have agreed to uphold the duties required. Elections conducted by Molly Barker, Professional Services Administrator Lauterbach&Amen, LLP 55 of 73 Buffalo Grove Police Pension Fund Board of Trustees Notice of Election Results April 2024 Election Retired Member Position Nominations are closed and have resulted in: Tony Montiel running unopposed for the position of: Retired Member Trustee Two-Year Term Expiring May 12, 2026 Tony Montiel has accepted the position as a member of the Board of Trustees and has agreed to uphold the duties required. Elections conducted by Molly Barker, Professional Services Administrator Lauterbach&Amen, LLP 56 of 73 Certified Trustee Training Organization: IBuffalo Grove Police Pension Fund I Year: 12024 AnthonyTurano Hours Date Hours Re uired Type of TrainingCompleted Completed Cert on File 1 8 2 OMA Training X 3/18/2024 Yes 3 4 5 6 Cody Barker Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 3 4 5 6 Tony Montiel Hours Date Hours Re uired Type of TrainingCompleted Completed Cert on File 1 16 2 OMA Training 3 FOIA Training 4 5 6 Jeff Feld Hours Date Hours Re uired Type of TrainingCompleted Completed Cert on File 1 8 2 3 4 5 6 Kenneth Fox Hours Date Hours Re uired Type of Training Completed Completed Cert on File 1 8 2 3 4 5 6 Page 1 of 1 57 of 73 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: yy.::li..l2.p ..::Virg/ ; ii. ii .Iliii ..- � 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 58 of 73 16-hour Certified Trustee Programs* offered thromh IPPFA IIPIPFA ONLINE Certified Trustee Program COST: IPPFA MEMBER: $ 550.00 IPPFA NOWMEMBER: $1,100.00 Registration its oniline at the IIIPIPFA website, www.....ip 1! E :fin ... ...... ....PIU.S.21JOI It.[ .. 1.22.-:2 29. . ......................................... ..............a IPPFA In-Person Certified Trustee Program WHEN: April 2, 2024 - April 3, 2024 WHERE: NIU Outreach, Campus 1120 E. Diehl Rd., Room 266, Naperville, IL 60563 COST: IPPFA MEMBER: $500.00 IPPFA NON-MEMBER: $1,000.00 *01n December 18,, 2019, Governor J.B., Pritzker signed SB 1300, making it Public Act 101-0610. This act will consolidiate, all Article 3 and 4 pension fuind'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 tralininig. 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. 59 of 73 15 0 WmF dvp bh Xj 'A LO e:5 ALA C"'L ari Ck. ej� CY ol Cl "w" "rok 0 f,) (A .............. qA 1A fli cl, 03 ("N 4.1 0b 4-1 W c": ), IM > 4-1 rty Gil AIJ $11 r't� 4 -4 kl ra Qf Weva CY, C) V A) 41 J'J (J WJ ) QJ T 0 IM > rl�b 0 f Ul F? 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 make a Y oorri 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 61 of 73 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 62 of 73 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. 63 of 73 -------------------------- Volume 25,Issue 2,April 2024 Laal and LEgislative Update, Illinois Supreme Court Finds In This Issue... Consolidation Legislation Valid 1 Illinois Supreme Court Finds Arlington Heights Police Pension Fd. et al. v. Consolidation Legislation Valid Pritzker, et al., 2024 IL 129471 3 Due Process Requirements in On January 19, 2024, the Illinois Supreme Court Pensionable Salary Matters filed its opinion on the lawsuit filed by several 4 Village Violates Litigation and police and fire pension funds and their Bargaining Exceptions to Open representatives challenging the constitutionality of Meetings Act Public Act 101-610 (ef£ Jan. 1, 2020). Plaintiffs made two arguments before the Court. Plaintiffs 6 Reciprocity Does Not Apply to Non- argued the Act violated Article XIII, Section 5, of Duty Disability Benefits the Illinois Constitution, commonly known as the "Pension Protection Clause", and Article I, Section 7 DOI Issues Siren Regarding Local 15, of the Illinois Constitution, commonly known Money Market Accounts as the "Takings Clause". The Circuit Court of Kane County granted Defendants' Motion for Summary Judgment. The Second District 8 Email Service of Administrative Appellate Court and Illinois Supreme Court Decision Not Sufficient affirmed. On January 1, 2020, the Act became effective and 9 Suggested Agenda Items for July amended the Illinois Pension Code ("Code") to Meeting consolidate all Article 3 and 4 pension investment funds.Per the Act, all Article 3 and 4 Pension funds 9 RDL News were required to transfer custody and investment responsibility for their fund assets to their ©2024 REIMER DOBROVOLNY& LABARDI PC 1 64 of 73 respective statewide funds, who would invest and and eligibility to receive a retirement annuity and administer these two consolidated funds. Once survivor benefit, along with the right to purchase transferred, each fund retains a separate account in optional service credit in the state pension system the respective statewide fund that is dedicated for past military service." solely to paying benefits to the local fund's members and covering operating expenses. The Conversely, the Court held the Pension Protection returns on the consolidated investments are Clause does not protect the ability to vote in distributed pro rata among each participating fund. elections for local pension board members or the ability to have local board members control and The Court noted the stated goal of the Act was to invest pension funds. This Clause does not protect streamline investments and eliminate unnecessary the adequacy of the funding to pay for benefits or a and redundant administrative costs. Despite particular level of funding. Instead, in its simplest consolidation, pension funds retain exclusive form, the Clause protects a members' right to authority to adjudicate and award retirement and receive his or her promised pension benefit. The other benefits. The consolidated funds will not be Court held local pension funds have no involved in the adjudication and award of benefits. constitutional right regarding who invests their assets, just as they have no constitutional right to In February 2021, Plaintiffs filed a three-count how their funds are funded or the adequacy of complaint against Defendants. They alleged the funding. Lastly, the Court held the startup costs do Act diminished and impaired their pension benefits not impair or diminish Plaintiffs' pension benefits. because (1) it deprived them of their exclusive In fact, the Court noted the consolidated funds are ability to manage and control their investment intended to streamline investments and eliminate expenditures and incomes; (2) it diluted their unnecessary and redundant costs. voting power in the selection of investment managers, investments,risks,rates of return, costs, The Court then addressed Plaintiffs' argument and expenses through the participation of other concerning the Takings Clause of the Illinois local funds; and (3) the local funds bear the Constitution. Plaintiff argued they had to transfer transition costs. The Circuit Court of Kane County their private property, consisting of securities, granted the Defendants' Motion for Summary funds, assets, monies, and cash reserves, to the Judgment. Plaintiffs appealed only two of the three consolidated funds and bear the transition costs in counts. The Second District Appellate Court violation of the Takings Clause. The Taking Clause affirmed the Circuit Court. The Illinois Supreme of the Illinois Constitution states, "[p]rivate Court affirmed the Appellate Court. property shall not be taken or damaged for public use without just compensation as provided by law. The Court first addressed Plaintiff's argument Such compensation shall be determined by a jury concerning the Pension Protection Clause of the as provided by law." Illinois Constitution. That Clause states, "[m]embership in any pension or retirement system The Court held Plaintiffs have a property right to of the State, any unit of local government or school receive their promised benefits but do not have a district, or any agency or instrumentality thereof, property right in the source of funding for those shall be an enforceable contractual relationship,the payments. The Court noted the Act does not impact benefit of which shall not be diminished or Plaintiffs right to receive pension benefits. Instead, impaired." The Illinois Supreme Court interpreted the Act simply transfers control and management that Clause to protect all benefits that flow from the of the local pension funds' assets from one contractual relationship arising from membership government-created pension fund to another such in a public pension system. Specifically, they fund. The Court held the Circuit Court properly include"those benefits attendant to membership in granted summary judgment in favor of the the State's retirement system, such as subsidized Defendants.❖ health care, disability and life insurance coverage, ©2024 REIMER DOBROVOLNY& LABARDI PC 2 65 of 73 Due Process Requirements in witnesses testified. The Board voted to table the Pensionable Salary Matters decision to a later date. Ibrahim v. Bd. of Trustees of Romeoville On January 11, 2022, The Board reconvened and Firefighters' Pension Fund, 2024 IL App (3d) voted unanimously to deny Ibrahim's request. It 230215-U issued a written Findings and Decision, which reiterated the reasoning set forth in the Board In a recent unpublished Rule 23 order, the Third President's earlier letter to Ibrahim. Thereafter, District Appellate Court analyzed the due process Ibrahim filed a complaint for administrative review required for pension decisions. The court in the Will County circuit court arguing the Board examined when due process must be given and failed to provide him with proper notice or an what the substance of that due process needs to be. opportunity to be heard, violating his right to due process. Ibrahim, a deputy chief for the Village of Romeoville Fire Department was awarded an After briefing, the circuit court remanded the case increase in his salary from $125,000 to $150,000 back to the Board for "a full de novo hearing on by the Village Mayor in September of 2018 and issues, with Ibrahim permitted to call and cross retired less than one month later. His last paystub examine witnesses." While Ibrahim had raised reflected the recently increased salary. additional substantive issues in his complaint, the appeal was limited to these due process issues as Ibrahim then filed for a retirement pension on the Board filed a petition for leave to appeal under March 10, 2021. The Pension Board initially Illinois Supreme Court Rule 306(a)(6), which reviewed his application on April 7, 2021, and allows for review of an order remanding an approved the application in "an amount to be administrative decision for de novo hearing. determined with calculations made by the village management." No specific amount was approved On appeal, the Board argued the circuit court erred by the Board at the meeting and no written decision in remanding the matter for a de novo hearing. The was published at that time. Appellate Court applied an abuse of discretion standard of review, which both parties agreed was The Village Finance Director emailed Ibrahim a appropriate. An abuse of discretion occurs when copy of his final pension calculations based on an the circuit court's decision is arbitrary, fanciful, or annual salary of $125,052.46, which Ibrahim unreasonable. disputed. The Village Finance Director forwarded Ibrahim's calculations to the Pension Board. The Appellate Court then addressed what, if any, due process Ibrahim was entitled to. First,the court On May 21, 2021, the Board President sent a letter noted that the timing of access to due process only to Ibrahim denying his request to adjust his requires that it be afforded before the final retirement calculations for three reasons. determination by an administrative agency or Importantly,the letter also included an invitation to board is rendered, not at the initial stage or at any Ibrahim to the next Board meeting to review the particular point. The Appellate Court stated that decision. notice in an administrative proceeding must be reasonably calculated to apprise interested parties On August 17, 2021, the Board held a board of the contemplated action and to afford the meeting where the agenda listed a possible action interested parties an opportunity to present their item of reviewing Ibrahim's pension request. objections and that it was clear that Ibrahim had Ibrahim attended this meeting with his attorney, notice of the meeting.It also noted that the Findings who gave a brief presentation arguing why Ibrahim and Decision in this case serve as the actual final should receive the increased salary benefit. No decision, and Ibrahim received notice before that decision was made. ©2024 REIMER DOBROVOLNY& LABARDI PC 3 66 of 73 After disposing of the timing element in its witnesses,the Court noted Ibrahim's failure to even analysis, the Appellate Court then addressed attempt to subpoena any witnesses or otherwise whether Ibrahim also had a sufficient opportunity question members of the Board. The Board cannot to be heard when his attorney presented his position later be found to have deprived Ibrahim of a right and objections on his behalf at a Board meeting. A when he chose not to exercise that right in the first full evidentiary hearing is not necessarily required place. to afford a party due process. An affected party must have an opportunity to present objections to The Appellate Court found the Board did not the administrative board's actions, but there are no violate Ibrahim's due process rights. Ibrahim other formal requirements. received notice of the Board meeting where he could explain his position that he should receive a In deciding whether a party was afforded a higher pension. He was present, with an attorney, meaningful opportunity to be heard, the Appellate and argued before the Board prior to the issuance Court used a three-part test. First, it considers and of the Board's Findings and Decision. Thus, weighs the private interest affected by the action. Ibrahim received notice and an opportunity to be Second, the risk of an erroneous deprivation of a heard prior to the Board's decision on a pension protected right through the procedure used, as well amount. Accordingly, the circuit court abused its as any additional safeguards that could be discretion in remanding the matter back to the employed. Third, the government's interests, Board for a new hearing and its order was reversed. including any burdens that additional safeguards would entail. While noting that Ibrahim clearly had a significant private interest in receiving his It should be noted that while the Appellate Court pension, the Court also noted the Board's found die process had been satisfied,the underlying fundamental interest in protecting the fiscal issue of the amount of Ibrahim's pensionable salary integrity of the pension fund by ensuring its was not adjudicated. The matter was remanded to participants do not receive benefits to which he or the circuit court for consideration of the remaining she are not entitled. issues.4- As for the second factor, the risk of an erroneous Village Violates Litigation and decision was mitigated by procedural safeguards. Bargaining Exceptions to Open Meetings The Court found the Board took several steps to Act mitigate this risk. It notified Ibrahim of its preliminary assessment of the situation, explained Intl Assn ofFire Fighters Loc. 4646 v. Vill. of Oak the analysis the Boards attorney took to reach the Brook, 2024 ILA 3d 220466 conclusion Ibrahim should not receive the pp increased pension, and invited Ibrahim to the next In a recent Third District case, the Appellate Court Board meeting to further discuss the matter. After Ibrahim indicated he wished to attend the next reiterated important issues and rules public bodies meeting, the Board placed him on the agenda. At must follow when conducting public meetings in that meeting, the Board afforded him and his light of the Freedom of Information and the Open attorney the opportunity to voice their objection Meetings Acts. The take-away is that Pension and provide argument to support their position. The Boards, like all other public bodies conducting public business, must follow these strict rules Board's procedural safeguards in this case were sufficient to substantially reduce any risk of an regarding closed sessions or face significant penalties. erroneous decision. While Ibrahim also argued he did not receive his As background, on December 8, 2020, the Village full procedural due process rights because he was of Oak Brook Board of Trustees conducted a public not given the opportunity to subpoena and question hearing to consider its proposed 2021 budget. By ©2024 REIMER DOBROVOLNY& LABARDI PC 4 67 of 73 a vote of 6 to 0, the Village trustees voted to close (2) "when the public body finds that an action is a portion of the meeting, purportedly to discuss probable or imminent." When a public body finds subjects described in subsections (c)(2) [collective that an action is probable or imminent, "the basis negotiating matters] and (c)(11) [probable or for the fording shall be recorded and entered into imminent litigation] of section 2 of the Open the minutes of the closed meeting." Discussions Meetings Act. The closed session lasted slightly about the "potential" for future litigation or of less than three hours and included, among others, "plausible" litigation cannot satisfy the exception the Village's regular attorney and its labor counsel. for probable or imminent litigation. When the After resuming the open session, the Village litigation exception justifies a closed meeting, adopted its 2021 budget. relevant topics include discussions about legal theories, claims, or defenses, or possible The International Association of Fire Fighters approaches to litigation. Even if a meeting is Local 4646 (Union) sued the Village of Oak Brook lawfully closed, a public body violates the Act (Village) on the grounds that the Village held a when it considers topics beyond the scope of the closed meeting in violation of the Open Meetings topics that justified the closed meeting. Act and denied its request for records pertaining to that meeting in violation of the Freedom of The Appellate Court took to task the Village's Information Act(FOIA). claim it was allowed to enter closed session for any of its proposed grounds. First, it found the claim it The Union filed a motion for summary judgment was discussing collective bargaining was on both claims, which the trial court granted, unsupported. The Village conceded it was not in ordering the Village to disclose the requested active negotiations with a collective bargaining unit records, denying the Village's request to redact when it conducted its closed meeting. The Court portions of the records sought by the Union on the found the Village's reliance on a prior Attorney ground those portions contained privileged General opinion was not warranted. That opinion attorney-client communications and ordering the addressed the question"whether a public body may Village pay reasonable attorney fees to the Union. meet unilaterally to consider its negotiating The Village appealed all three rulings. response to collective negotiating topics." While the cited Attorney General opinion supported the The Appellate Court first presented basic principles notion the Village could hold a closed session to of law related to the Open Meetings Act. First, all unilaterally discuss matters pertaining to an active meetings of public bodies shall be open to the negotiation, it did not support holding a closed public unless excepted in subsection (c) and closed session to discuss matters pertaining to an in accordance with the Act. Two exceptions under anticipated or hypothetical negotiation. section 2(c) were at issue in this appeal: the collective-negotiating-matters exception and the The purpose of the Village's closed session was to litigation exception. The exceptions are to be choose one of two budget proposals, and the strictly construed, extending only to subjects possibility of future negotiations was merely a clearly within their scope. factor it considered. The purpose was not to discuss a response to collective negotiating topics. There Under section 2(c)(2), a public body may hold a was no purported collective negotiating demand by closed meeting to discuss"[c]collective negotiating the bargaining unit and, as the Village makes clear, matters between the public body and its employees the Union indeed refused to engage in mid-term or their representatives, or deliberations concerning bargaining. salary schedules for one or more classes of employees." Under subsection (c)(11), a public Taken to its logical conclusion, the Village's body may hold a closed meeting to discuss argument would lead to an untenable end-run litigation in two circumstances: (1) when an action around the Act. Because there was no active or has been filed and is pending,or,as is claimed here, imminent collective bargaining when the Village ©2024 REIMER DOBROVOLNY& LABARDI PC 5 68 of 73 held its closed session, the Appellate Court 2021, Wessel applied for a non-duty disability concluded the Village did not satisfy the collective- pension with the Lake Villa District Firefighters' negotiating-matters exception. Pension Board(Lake Villa Board). The Lake Villa District intervened in the proceedings. The Village also claimed its closed meeting was necessary to discuss "probable or imminent" On May 15, 2021, Wessel filed a separate litigation. This claim relied on predicted litigation application for a non-duty disability pension with if it chose a budget that violated the collective the Wilmette Fund. Wessel's hearing was bargaining agreement then in place. However, the scheduled, and he was given notice of the hearing. Village failed to argue that it had reasonable The Wilmette Board decided Wessel was not grounds to believe a lawsuit was more likely than eligible for non-duty disability benefits. not at the time it entered the closed session, as its Specifically, it found Wessel was no longer stated purpose was to discuss different proposed employed by Wilmette Fire when he applied for budgets. Accordingly, the Village had no disability benefits. discernable basis to conclude that a lawsuit was more likely than not. On February 1, 2022, Wessel filed his complaint in the circuit court for declaratory judgment and The Village had conceded that a violation of the administrative review. On June 24,2022,the circuit Open Meeting Act would necessarily implicate a court dismissed the declaratory judgment count. On violation of FOIA, as it had refused to tender March 3, 2023, the circuit court granted summary requested recording under FOIA based on the judgment to the Wilmette Fund. On March 28, closed session exceptions under the Act. Because 2023, Wessel filed his timely notice of appeal. On of these violations, the Village was also ordered to appeal, the Appellate Court interpreted the pay a portion of the Union's attorney's fees. meaning of§4-111 and §4-109.3(n). Again, the exceptions to the presumed public hearing requirements are to be narrowly used and §4-109.3(n) states in pertinent part: must be supported by actual existing facts and (n)If a firefighter who elects to make contributions circumstances. This case stands for the under subsection (c) of Section 4-118.1 for the fundamental principle that these exceptions cannot pension benefits provided under this Section be used as a carte blanche tool to keep important becomes entitled to a disability pension under and necessarily public information and discussions Section 4-111 [40 ILCS 5/4-111], the last pension out of the public eye. Violation of this fundamental fund is responsible to pay that disability pension, principle will add significant and wholly provided that the firefighter has at least 7 years of unnecessary costs to the Fund. ❖ creditable service with the last pension fund. Reciprocity Does Not Apply to Non-Duty Public Act 95-1036 amended §4-109.3(n) to Disability Benefits include the following language: Wessel v. Wilmette Firefighters' Pension Fund, In the event a firefighter began employment with a 2024 IL App (1st) 230565 new employer as a result of an intergovernmental Firefighter Michael Wessel applied for non-duty agreement that resulted in the elimination of the disability benefits from the Wilmette Firefighters' previous employers fire department,the firefighter Pension Fund ("Wilmette Fund"). Wessel worked shall not be required to have 7 years of creditable for the Wilmette Fire Department ("Wilmette service with the last pension fund to qualify for a Fire") from September 27, 2010 until January 31, disability pension under Section 4-111. Under this 2020. Wessel then began working for the Lake circumstance, a firefighter shall be required to have Villa Fire Protection District ("Lake Villa 7 years of total combined creditable service time to District") on February 1, 2020. On February 1, qualify for a disability pension under Section 4- 111. The disability pension received pursuant to ©2024 REIMER DOBROVOLNY& LABARDI PC 6 69 of 73 this Section shall be paid by the previous employer subsection (m) diverges greatly from that of and new employer in proportion to the firefighter's subsection (n); thus, the Appellate Court held the years of service with each employer. legislature intended each subsection to mean something different. The Appellate Court held Section 4-109.3(n) concerns two scenarios. The first scenario provides Wessel demonstrates that under Article 4 of the the last pension fund is responsible for the non-duty Illinois Pension Code,reciprocity does not apply to disability pension and that an employee is entitled non-duty disability benefits. If a firefighter to that non-duty disability pension if the firefighter transfers from one department to another,he or she has at least seven (7) years of credible service at will lose his or her eligibility for non-duty disability that fund. Wessel agreed Lake Villa was his "last benefits except for very limited circumstances. ❖ pension fund." Because he had less than seven (7) years of credible service with the Lake Villa DOI Issues Siren Regarding Local Pension Fund, he was not entitled to non-duty Money Market Accounts disability benefits from Lake Villa. The second scenario provides a firefighter can In the wake of consolidation of Article 3 and 4 stack his credible service from multiple funds only pension fund assets,the newly created consolidated if "a firefighter began employment with a new funds recommended local boards keep three employer as a result of an intergovernmental months of benefits and expenses on hand in a local agreement that resulted in the elimination of the account. Now that most funds have been previous employer's fire department." In that successfully transferring monies to and from instance, a firefighter will not need to have seven POPIF or FPIF for some time, most local funds (7) years of credible service with his "last pension have decreased their local account balance to about fund" to qualify for disability benefits under §4- one month of benefits and expenses. Many funds 111. Wessel did not leave the Wilmette Fire have chosen to keep their local cash in a money because of an "intergovernmental agreement that market account rather than a low or non-interest resulted in the elimination" of Wilmette Fire. bearing checking account. While use of this type Instead, he quit because he wished to work at the of account is clearly contemplated by the Statute, the Department of Insurance (DOI) was asked to Lake Villa District. opine whether these are permissible vehicles for The Appellate Court also relied on §4-109.3(m) Article 3 and 4 funds to use. when limiting the scope of the second scenario. §4- In response to this inquiry, the DOI issued a Siren 109.3(m) concerns occupational disease disability and specifically states in pertinent part that "each on February 8 2024,opining money market mutual pension fund to which the firefighter has made funds are permissible but adding they should only contributions under subsection (c) of Section 4- be used to make benefit payments or cover other 118.1 must pay a portion of that occupational reasonable expenses. They further suggested the disease disability pension[.]" It further states "[a] amount of money a local fund may retain in a local firefighter who has made contributions...for at account is limited and that amounts not least 5 years of creditable service shall be deemed "imminently" needed for payments should be sent to have met the 5-year creditable service to the respective consolidated fund and not requirement..., regardless of whether the maintained in a money market. To ensure firefighter has 5 years of creditable service with the compliance, the Siren suggested local funds (1) last pension fund." The Appellate Court noted communicate with the consolidated fund about subsection(m) explicitly requires a pension fund to local cash needs and observe guidance provided by stack a firefighter's credible service from multiple the consolidate fund for cash management and (2) departments when determining eligibility for consider a local bank account for cash kept locally. occupational disease disability. The language in ©2024 REIMER DOBROVOLNY& LABARDI PC 7 70 of 73 Investment or brokerage fees are generally not typically disability or retirement decisions made by appropriate. the board. While a money market mutual fund is permitted by In this case, the Court wrestled with the issues of the Statue for local cash needs, the Statute does when to start the 35 day clock on a plaintiff who limit the amount a fund may keep in that local was not a party to the administrative proceeding, account. While there is no bright line rule whether the method of service chosen by the indicating a specific dollar figure, the Statute does administrative agency was valid,and,in light of the require any money kept locally be tied to the preceding questions, whether the plaintiffs necessity to pay benefits and expenses. The complaint was filed within the 35 day time amount is not limitless. From a fiduciary and limitation of the Administrative Review Law. regulatory standpoint, our suggestion is boards review their cash position/policy at every meeting The underlying administrative decision in this case to ensure they are maximizing return on was the Illinois Health Facilities & Services investment. Balances kept in a local account Review Board decision to approve a certificate to should be tied to a specific dollar figure in relation establish a hospital in Quincy. The decision of the to a number of months of benefits/expenses the board was issued via a permit letter. The letter fund typically expends. For example, many of our stated it was emailed but did not include an email clients have elected to keep one month of address, fax number, or proof of service. While benefits/expenses in a money market account with plaintiff Blessing Hospital was not a party to that any amount accruing in excess of that target administrative proceeding, they had standing to automatically transferred to the consolidated fund. seek administrative review claiming they would be If they have not already done so, Funds should also adversely affected by the decision. (Much like case consider setting up an automatic monthly deposit law establishes a municipality may challenge the from the consolidated fund in the amount of decision of a pension board even if they fail to monthly benefits/expenses. intervene in the underlying administrative hearing). The defendants filed a motion to dismiss the Management of local accounts should be an complaint for administrative review arguing it was ongoing discussion between vendors and the board. not filed in a timely manner. While we cannot advise on the proper amount of cash to keep on hand, should you have any Inasmuch as plaintiff to this case was not a party to questions on the statutory requirements, please do the administrative proceeding,the first question the not hesitate to contact your RDL attorney. ❖ appellate court dealt with was when the 35 day period commences on a party that was not entitled Email Service of Administrative Decision to be served with the administrative decision in the Not Sufficient first place. While the court conceded this is an unusual situation when the party charged with Blessing Hospital v. Illinois Health Facilities & filing the appeal of the administrative decision Services Review Bd. et al., 2024 IL App (4th) within 35 days of service is not the party served,the 230282 law clearly indicates the 35 days runs from the date of service on the party to the administrative By statute, administrative decisions made by proceeding. As such, Blessing Hospital's 35 days Article 3 and 4 pension boards are subject to the to appeal the administrative decision to which they Administrative Review Law. That means they are were not a party began to run on the date of service subject to review in the circuit courts as long as a to the hospital that was a parry to the proceeding. complaint is filed within 35 days from the date of The next step in the analysis was to determine what service of the administrative decision. In the type of service was required for the 35 day period context of pension boards, these decisions are to begin to run. The Administrative Review Law ©2024 REIMER DOBROVOLNY& LABARDI PC a 71 of 73 provides that, if no method of service is provided writing should be served upon the parties to the in the laws governing procedure for the administrative proceeding preferably via U.S. mail administrative agency, a decision is "served"when with proof of mailing. In an ideal world, it should either a copy of the decision is personally delivered be sent via certified mail or using some form where or when it is deposited in the U.S. mail. In this delivery can be confirmed. ❖ case, the Administrative Code governing the proceeding provided the board's decision must be Suzzested Azenda Items for July (or 3rd sent certified mail or personally served on all uarter parties. Here, the only indication was the decision was emailed to the parties and proof of service of Semi-annual review of closed executive any mailing or personal service was not provided. The court found email service was not authorized. session minutes to determine what needs to remain confidential. In short, while the 35 day time period as to a non- . Election of Board Officers. (e.g. President, party would begin to run upon the date of service on a party,in this case that time did not begin to run Secretary, etc.) because the only method of service identified . potential selection of independent enrolled (email) was not authorized by either the statute or law governing proceeding before the agency. actuary for recommended tax levy. Personal service or service by certified mail with Review status of Trustees' annual training accompanying proof of service would have been required to commence the 35 day administrative requirements. review period. As a result, the motion to dismiss for failure to timely commence the action granted by the trial court was reversed by the appellate court. How does all this apply to your pension fund? First, it illustrates the importance of memorializing decisions of the pension board in writing. That REIMER DOBROVOLNY & LABARDI PC NEWS • April 2, 2024, RDL managing partner Rick Reimer will present at the IPPFA certified trustee training at NIU in Naperville. • May 3, 2024, RDL partner Brian LaBardi will present at the IPFA spring pension seminar in Addison. • May 7-10, 2024, RDL attorneys will attend and present at the IPPFA Illinois Pension Conference in Galena. Legal and Legislative Update Volume 25, Issue 2, April 2024 This publication constitutes advertising material. Information contained herein should not be considered legal advice. Legal and Legislative Update is published periodically. Questions may be directed to: REIMER DOBROVOLNY&LABARDI PC A Public Safety Law Firm 15 Spinning Wheel Road,Suite 310,Hinsdale,IL 60521 (630)654-9547 Fax(630)654-9676 vy o�......�k�tn......a en to Unauthorized reproduction prohibited. All rights reserved. ©2024 REIMER DOBROVOLNY& LABARDI PC 9 72 of 73 uuuuii STAY INFORMED .1 just scan below to receive updates from Lauterbach & Amen about topics such as, Service Transfer & Purchase Opportunities * Statutory Benefit Changes * Tier 2 Annual COLA / Salary Cap Amounts * IRS Mileage Reimbursements * Tax Liabilities for I oyed Pensioners * Actuarial Funding and Reporting Requirements * 11301 Report Filings and Compliance Audit Changes * Training Opportunities * Records Retention, Member Workshops, & Other Services POLICE FIRE saw.0 0000 saw .0 o... imiuiuiuiu Lauterbacb & Amen, LLP CERMWD PUBUC ACCOUNTANTS lauterbachamen,corn