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2025-04-24 - Police Pension Board - Agenda PacketBuffalo Grove Police Pension Fund 46 Raupp Boulevard, Buffalo Grove, Illinois 60089 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 Thursday, April 24, 2025 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 23, 2025 Regular Meeting 5.Treasurer’s Report 6.Accountant’s Report – Lauterbach & Amen 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 – Christian Reyes b.Withdrawals from Fund – Cassandra Arreola and Oliver Sorisho 9.Applications for Retirement/Disability Benefits a.Approve Regular Retirement Benefits – Michelle Kondrat 10.Old Business 11.New Business a.Review Preliminary Actuarial Valuation b.IDOI Annual Statement c.Discussion/Possible Action – Updated Board Rules and Regulations 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.Disability Update – Derek Hawkins 15.Closed Session, if needed 16.Adjournment 1 of 93 MINUTES OF A REGULAR MEETING OF THE BUFFALO GROVE POLICE PENSION FUND BOARD OF TRUSTEES JANUARY 23, 2025 A regular meeting of the Buffalo Grove Police Pension Fund Board of Trustees was held on Thursday, January 23, 2025 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 10:03 a.m. ROLL CALL: PRESENT: Trustees Tony Turano, Cody Barker, Tony Montiel and Ken Fox ABSENT: Trustee Jeff Feld ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny & LaBardi PC; Molly Barker, Lauterbach & Amen, LLP (L&A); Finance Director Chris Black and Denise Bocek, Village of Buffalo Grove PUBLIC COMMENT: There was no public comment. APPROVAL OF MINUTES: October 24, 2024 Regular Meeting: The Board reviewed the October 24, 2024 regular meeting minutes. A motion was made by Trustee Montiel and seconded by Trustee Fox to approve the October 24, 2024 regular 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 Fox 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 Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld TREASURER’S REPORT: Mr. Black noted that the IDOI pensionable salary request process has started and that the tax levy was completed in the fall with the actual contribution being above the recommended contribution. 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, 2024 prepared by L&A. As of November 30, 2024, the net position held in trust for pension benefits is $103,730,170.90 with a change in position of $9,069,574.25. 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, 2024 through November 30, 2024 for total disbursements of $428,248.63. A motion was made by Trustee Turano and seconded by Trustee Montiel to accept the Monthly Financial Report as presented and 2 of 93 Buffalo Grove Police Pension Fund Meeting Minutes – January 23, 2025 Page 2 of 4 to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $428,248.63. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld Additional Bills, if any: There were no additional bills presented for approval. Discussion/Possible Action – Cash Management Policy: The Board reviewed the current cash management procedures and determined that no updates were needed at this time. 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 November 30, 2024. As of November 30, 2024, the one-month total net return is 2.4% for an ending market value of $12,926,086,474. The Board also reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the period ending November 30, 2024. The beginning value was $100,943,583.43 and the ending value was $102,701,201.58. The month-to-date net return was 2.29%. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Revised Regular Retirement Benefits – Janet Freeman and Gregory Schwall: The Board reviewed the revised regular retirement benefit calculation for Janet Freeman prepared by L&A. Officer Freeman had an entry date of April 11, 1994, retirement date of July 9, 2024, effective date of pension of July 10, 2024, 53 years of age at date of retirement, 30 years of creditable service, applicable salary of $126,192.16, applicable pension percentage of 75%, amount of originally granted monthly pension of $7,887.01 and amount of originally granted annual pension of $94,644.12. A motion was made by Trustee Turano and seconded by Trustee Barker to approve Janet Freeman’s revised regular retirement benefit and retro payment in the amount of $1,214.48 calculated by L&A. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld The Board also reviewed the revised 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 $126,192.16, applicable pension percentage of 75%, amount of originally granted monthly pension of $7,887.01 and amount of originally granted annual pension of $94,644.12. A motion was made by Trustee Turano and seconded by Trustee Barker to approve Gregory Schwall’s revised regular retirement benefit and retro payment in the amount of $2,811.61 calculated by L&A. Motion carried by roll call vote. 3 of 93 Buffalo Grove Police Pension Fund Meeting Minutes – January 23, 2025 Page 3 of 4 AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the 2025 Cost of Living Adjustments calculated by L&A. A motion was made by Trustee Fox and seconded by Trustee Montiel to approve the 2025 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld Review Trustee Term Expirations and Election Procedures: The Board noted that there are no trustee terms expiring in 2025. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed 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 2024 with a due date of January 13, 2025. To date, 5 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 City by February 1, 2025. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2025. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Review, Adopt and Publish Decision and Order – Michael Corrigan: The Board reviewed the Decision and Order prepared by Attorney LaBardi. A motion was made by Trustee Turano and seconded by Trustee Barker to approve, adopt and publish the Decision and Order for Michael Corrigan as presented. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld The Board also noted that an application for disability benefits was submitted by Derek Hawkins. A motion was made by Trustee Fox and seconded by Trustee Barker to authorize Attorney LaBardi 4 of 93 Buffalo Grove Police Pension Fund Meeting Minutes – January 23, 2025 Page 4 of 4 to use INSPE for scheduling the independent medical examinations for Derek Hawkins. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney LaBardi discussed 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 Fox to adjourn the meeting at 10:42 a.m. Motion carried unanimously by voice vote. The next regular meeting is April 24, 2025 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 5 of 93 Year-End Close Adjustments For the Fiscal Year Ended December 31, 2024 Included as of the Month Ended March 31, 2025 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 6 of 93 MEMO TO: Members of the Pension Board of Trustees FROM: A.J. Weber RE: Year End Close Adjustments ___________________________________________________________________________________ This memo is intended to inform you of the agreed upon year end close adjustments that were recorded in the current month's financial statements. These are non-cash adjustments and are not related to the portfolio's market value. More precisely,this month adjusting entries from the previous fiscal year end were posted.These adjustments would include accrued interest,due/unpaid expenses,prepaids and any other adjustments necessary to complete the audit workpapers. These closing adjustments occur on an annual basis. The only real affect of these adjustments is to fund balance.A prior year adjustment would update the fund balance to reflect the most accurate position as of the previous year end. Should you have any questions, please feel free to contact A.J. Weber or Susan Hill at 630.393.1483. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP 7 of 93 Reference Account Description Debit Credit Journal: Y/E Adjustments YEadj 20-110-00 YE 1 - to reverse FYE 2023 accruals 3,043.08 0.00 YEadj 52-290-26 YE 1 - to reverse FYE 2023 accruals 795.00 0.00 YEadj 18-100-00 YE 1 - to reverse FYE 2023 accruals 0.00 (795.00) YEadj 52-170-05 YE 1 - to reverse FYE 2023 accruals 0.00 (1,578.08) YEadj 52-170-06 YE 1 - to reverse FYE 2023 accruals 0.00 (1,465.00) YEadj 18-100-00 YE 2 - to record FYE 2024 prepaids 1,575.00 0.00 YEadj 52-170-05 YE 2 - to record FYE 2024 prepaids 0.00 (750.00) YEadj 52-290-26 YE 2 - to record FYE 2024 prepaids 0.00 (825.00) YEadj 52-170-05 YE 3 - to record FYE 2024 due unpaids 497.45 0.00 YEadj 52-170-06 YE 3 - to record FYE 2024 due unpaids 1,510.00 0.00 YEadj 20-110-00 YE 3 - to record FYE 2024 due unpaids 0.00 (2,007.45) YEadj 41-210-00 YE 4 - to reverse FYE 2023 due from municipality 12,394.00 0.00 YEadj 15-600-00 YE 4 - to reverse FYE 2023 due from municipality 0.00 (12,394.00) 19,814.53 (19,814.53) Buffalo Grove Police Pension Fund Year End Close Adjustments Journal As of Fiscal Year Ended December 31, 2024 8 of 93 Monthly Financial Report For the Month Ended March 31, 2025 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 9 of 93 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 Pooled Investment NAV vs Accumulated Net Investments Graph..........................................3-1 Cash Analysis Report............................................................................................................... 4-1 Cash Transfer to/from Consolidated Fund Graph.................................................................... 5-1 Revenue Report....................................................................................................................... 6-1 Cash Analysis Summary Graph............................................................................................... 7-1 Expense Report........................................................................................................................ 8-1 Pension Benefits and Expenses Graph.................................................................................... 9-1 Member Contribution Report.................................................................................................. 10-1 Payroll Batch Report............................................................................................................... 11-1 Quarterly Deduction Report.................................................................................................... 12-1 Quarterly Transfer Report........................................................................................................ 13-1 Quarterly Disbursement Report............................................................................................... 14-1 10 of 93 11 of 93 April 15, 2025 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 March 31, 2025 and the related statement of changes in net position -modified cash basis for the three months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting.If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP 1-1 12 of 93 13 of 93 Assets Cash and Cash Equivalents 156,208.62$ Investments at Fair Market Value Money Market Mutual Funds 600,270.03 Stock Equities 600,073.03 Pooled Investments 99,173,680.73 Total Cash and Investments 100,530,232.41 Prepaids 1,575.00 Total Assets 100,531,807.41 Liabilities Expenses Due/Unpaid 2,007.45 Total Liabilities 2,007.45 Net Position Held in Trust for Pension Benefits 100,529,799.96 Buffalo Grove Police Pension Fund Statement of Net Position - Modified Cash Basis As of March 31, 2025 See Accountants' Compilation Report 2-1 14 of 93 Additions Contributions - Municipal 471,847.82$ Contributions - Members 206,267.08 Total Contributions 678,114.90 Investment Income Interest and Dividends Earned 136,359.65 Net Change in Fair Value 294,700.92 Total Investment Income 431,060.57 Less Investment Expense (19,317.79) Net Investment Income 411,742.78 Total Additions 1,089,857.68 Deductions Administration 13,869.37 Pension Benefits and Refunds Pension Benefits 1,672,940.49 Refunds 0.00 Total Deductions 1,686,809.86 Change in Position (596,952.18) Net Position Held in Trust for Pension Benefits Beginning of Year 101,126,752.14 End of Period 100,529,799.96 Buffalo Grove Police Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Three Months Ended March 31, 2025 See Accountants' Compilation Report 2-2 15 of 93 16 of 93 17 of 93 04/30/24 05/31/24 06/30/24 07/31/24 08/31/24 09/30/24 10/31/24 11/30/24 12/31/24 01/31/25 02/28/25 03/31/25 Financial Institutions BMO Bank - CK 10,062$241,569 10,150 10,006 167,169 9,989 10,749 10,023 10,087 10,001 10,004 156,209 10,062 241,569 10,150 10,006 167,169 9,989 10,749 10,023 10,087 10,001 10,004 156,209 Schwab - MM 578,494 550,637 881,454 672,270 576,774 652,903 269,495 330,766 423,745 515,579 691,122 600,270 578,494 550,637 881,454 672,270 576,774 652,903 269,495 330,766 423,745 515,579 691,122 600,270 Total 588,556 792,206 891,604 682,276 743,943 662,892 280,244 340,789 433,832 525,580 701,126 756,479 Contributions Current Tax - 146,976 1,172,178 106,257 313,903 1,003,786 126,919 5,569 7,460 - 115,922 355,925 Contributions - Current Year 51,199 52,145 53,259 53,086 79,070 54,150 52,834 53,468 70,587 90,704 57,243 56,071 Contributions - Prior Year 495 498 501 503 760 510 513 516 518 783 525 528 Interest Received from Members 147 145 142 139 204 132 130 127 124 181 117 114 51,841 199,764 1,226,080 159,985 393,937 1,058,578 180,396 59,680 78,689 91,668 173,807 412,638 Expenses Pension Benefits 533,115 533,115 533,115 538,530 540,744 541,216 542,044 542,044 546,586 555,477 555,713 561,751 Refunds/Transfers of Service 11,382 -- --- 402,545 ----- Administration 10,584 8,266 7,511 9,802 23,137 4,679 6,596 14,429 5,864 8,752 14,246 10,189 555,081 541,381 540,626 548,332 563,881 545,895 951,185 556,473 552,450 564,229 569,959 571,940 Total Contributions less Expenses (503,240) (341,617)685,454 (388,347) (169,944)512,683 (770,789) (496,793) (473,761) (472,561) (396,152) (159,302) Buffalo Grove Police Pension Fund Cash Analysis Report For the Twelve Periods Ending March 31, 2025 See Accountants' Compilation Report 4-1 18 of 93 Buffalo Grove Police Pension Fund (600,000) (400,000) (200,000) - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Cash Transfers to/from Consolidated Fund Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund See Accountants' Compilation Report 5-1 19 of 93 Contributions Contributions - Municipal 41-210-00 - Current Tax 355,925.34$471,847.82 355,925.34 471,847.82 Contributions - Members 41-410-00 - Contributions - Current Year 56,071.28 204,018.40 41-420-00 - Contributions - Prior Year 528.21 1,836.41 41-440-00 - Interest Received from Members 114.27 412.27 56,713.76 206,267.08 Total Contributions 412,639.10 678,114.90 Investment Income Interest and Dividends 43-102-09 - BMO Bank - Checking 0.00 221.89 43-252-09 - Schwab - Fixed Income #8061 1,787.59 4,188.72 43-450-09 - Schwab - Stock Equities #8061 0.00 1,557.78 43-800-01 - IPOPIF Consolidated Pool Income 64,924.91 129,964.65 66,712.50 135,933.04 Gains and Losses 44-450-09 - Schwab - Stock Equities #8061 (71,170.16)(61,960.27) 44-800-01 - IPOPIF Consolidated Pool - Unrealized (1,949,125.85)335,385.82 44-800-02 - IPOPIF Consolidated Pool - Realized (68,198.75) 21,275.37 (2,088,494.76)294,700.92 Other Income 49-000-01 - Other Income 61.96 426.61 61.96 426.61 Total Investment Income (2,021,720.30)431,060.57 Total Revenue (1,609,081.20) 1,109,175.47 Buffalo Grove Police Pension Fund Revenue Report as of March 31, 2025 Received Received this Month this Year See Accountants' Compilation Report 6-1 20 of 93 21 of 93 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 526,830.14$1,568,178.63 51-040-00 - Duty Disability Pensions 3,548.30 10,644.90 51-060-00 - Surviving Spouse Pensions 31,372.32 94,116.96 Total Pensions and Benefits 561,750.76 1,672,940.49 Administrative Professional Services 52-170-03 - Accounting & Bookkeeping Services 2,620.00 5,980.00 52-170-05 - Legal Services 1,456.92 1,954.37 52-170-06 - PSA/Court Reporter 1,555.00 4,620.00 5,631.92 12,554.37 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 500.00 52-190-04 - Bank Fees 38.56 95.71 52-195-02 - Administrative Expense (IPOPIF)1,239.54 4,454.06 52-195-03 - Investment Expense (IPOPIF)1,122.25 4,403.19 52-195-04 - Investment Manager Fees (IPOPIF)841.88 9,864.83 3,242.23 19,317.79 Other Expense 52-290-25 - Conference/Seminar Fees 1,315.00 1,315.00 1,315.00 1,315.00 Total Administrative 10,189.15 33,187.16 Total Expenses 571,939.91 1,706,127.65 Buffalo Grove Police Pension Fund Expense Report as of March 31, 2025 See Accountants' Compilation Report 8-1 22 of 93 Buffalo Grove Police Pension Fund - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 Service Duty Disability Surviving Spouse Administrative Expenses 1,568,179 10,645 94,117 33,187 Pension Benefits and Expenses See Accountants' Compilation Report 9-1 23 of 93 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Anderson, Tara E.$227,934.94 4,591.39 0.00 0.00 232,526.33 Augustyniak, Gabriel 30,006.13 3,002.04 0.00 0.00 33,008.17 Baker, Malcolm E.232,804.11 3,416.28 0.00 0.00 236,220.39 Barker, Cody W.79,809.55 3,549.51 0.00 0.00 83,359.06 Bock, Cynthia 163,911.74 3,628.79 0.00 0.00 167,540.53 Broussard, Robert D.186,032.24 4,369.91 0.00 0.00 190,402.15 Budds, Brian J.40,955.13 5,640.46 0.00 0.00 46,595.59 Carlson, Michael D.147,497.92 3,608.97 2,248.68 0.00 153,355.57 Cholewa, Amy L.90,687.44 3,376.65 0.00 0.00 94,064.09 De La Paz, Hector 268,454.43 4,057.78 0.00 0.00 272,512.21 Diaz, Maegan D.33,804.04 2,801.85 0.00 0.00 36,605.89 Dibble, Crystal 167,468.13 3,317.18 0.00 0.00 170,785.31 Dimeler, Daniel D.172,182.07 3,549.51 0.00 0.00 175,731.58 Essig, Michael J.103,992.08 3,317.19 0.00 0.00 107,309.27 Franzen, Taylor A.65,644.89 3,549.51 0.00 0.00 69,194.40 Gasca, Robert Jr.39,259.57 3,549.51 0.00 0.00 42,809.08 Gewargis, Brandon L.14,013.20 2,512.85 0.00 0.00 16,526.05 Hansen, Brian R.136,255.31 3,768.17 0.00 0.00 140,023.48 Hansen, Meghan C.152,481.45 3,694.48 0.00 0.00 156,175.93 Hawkins, Derek T.162,171.75 3,317.19 0.00 0.00 165,488.94 Hill, Gregory R.175,228.57 3,628.79 0.00 0.00 178,857.36 Jigalov, Adrian G.124,407.12 3,549.51 0.00 0.00 127,956.63 Kaiser, Chadd L.160,286.99 3,356.82 0.00 0.00 163,643.81 Kass, Ryan T.100,754.72 3,317.18 0.00 0.00 104,071.90 Khan, Masood A.203,242.32 3,317.19 0.00 0.00 206,559.51 Kreis, Nicholas R.47,162.26 3,169.13 0.00 0.00 50,331.39 Kroski, Timothy M.44,637.58 3,317.19 0.00 0.00 47,954.77 Krozel, Ashley E.158,663.27 3,569.11 0.00 0.00 162,232.38 Lamb, Kevin J.98,700.89 3,549.51 0.00 0.00 102,250.40 Larys, Chad K.23,713.49 3,549.51 0.00 0.00 27,263.00 Lawyer, Robert J. 46,673.70 3,169.13 0.00 0.00 49,842.83 Lowenberg, Kurt D.245,472.06 3,724.39 0.00 0.00 249,196.45 McMillon, Shannon T.166,978.82 3,549.52 0.00 0.00 170,528.34 Mills, Matthew C.206,132.57 3,569.11 0.00 0.00 209,701.68 Nugent, Thomas P.303,990.42 4,591.34 0.00 0.00 308,581.76 Officer, Jonathan D.164,056.23 3,317.19 0.00 0.00 167,373.42 Olague, David 11,303.63 2,512.85 0.00 0.00 13,816.48 O'Neill, Collan W.21,503.89 2,694.19 0.00 0.00 24,198.08 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended March 31, 2025 See Accountants' Compilation Report 10-1 24 of 93 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended March 31, 2025 Reyes, Christian D.0.00 1,638.07 0.00 0.00 1,638.07 Rodriguez, Michael A.263,574.04 4,969.46 0.00 0.00 268,543.50 Rossi, Marc D.168,911.59 3,549.51 0.00 0.00 172,461.10 Rudnick, Joel A.148,000.56 3,549.51 0.00 0.00 151,550.07 Rygiel, Andrew T.76,663.47 3,317.18 0.00 0.00 79,980.65 Sarat, Eric M.61,908.67 3,395.53 0.00 0.00 65,304.20 Shipman, Douglas S.185,512.37 4,057.78 0.00 0.00 189,570.15 Spolar, Brian A.254,062.32 4,969.46 0.00 0.00 259,031.78 Standish, Nicolas J.25,287.92 2,962.36 0.00 0.00 28,250.28 Stephans, Drew M.9,377.91 3,549.51 0.00 0.00 12,927.42 Tijerina, Brian A.88,783.24 3,589.15 0.00 0.00 92,372.39 Tirovolas, Hristos H.24,209.19 3,179.94 0.00 0.00 27,389.13 Turano, Anthony R.181,721.89 4,536.48 0.00 0.00 186,258.37 Valstyn, Ross B.119,198.09 3,549.51 0.00 0.00 122,747.60 Verduzco, Jaime A.175,967.79 3,719.51 0.00 0.00 179,687.30 Wojs, Dawid 44,563.70 3,169.10 0.00 0.00 47,732.80 Wolf, Denys 1,045.49 2,512.85 0.00 0.00 3,558.34 Young, Aeden E.2,690.66 2,319.57 0.00 0.00 5,010.23 Zuk, Edyta W.35,009.92 3,317.19 0.00 0.00 38,327.11 Zuniga, Edwin 14,008.09 2,512.85 0.00 0.00 16,520.94 6,698,771.56 202,435.40 2,248.68 0.00 6,903,455.64 Arreola, Cassandra 2,721.57 602.16 0.00 0.00 3,323.73 Sorisho, Oliver T.5,733.82 980.84 0.00 0.00 6,714.66 Totals 6,707,226.95 204,018.40 2,248.68 0.00 6,913,494.03 Inactive/Terminated Members See Accountants' Compilation Report 10-2 25 of 93 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended March 31, 2025 41-420-00 41-440-00 41-450-00 Prior Year Interest from Other Member Name - Type of Purchase Contributions Members Revenue Total Carlson, Michael D. - Limited Time Transfer - Principal 1,836.41 0.00 0.00 1,836.41 Carlson, Michael D. - Limited Time Transfer - Interest 0.00 412.27 0.00 412.27 Totals 1,836.41 412.27 0.00 2,248.68 Service Purchases See Accountants' Compilation Report 10-3 26 of 93 Duty Disability ***-**0318 100908 Stopper, Lora L. 0 $3,548.30 $3,548.30 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**0318 Subtotal:$3,548.30 $3,548.30 $0.00 $0.00 $0.00 $0.00 $0.00 Duty Disability Subtotal:$3,548.30 $3,548.30 $0.00 $0.00 $0.00 $0.00 $0.00 QILDRO ***-**9818 Q111422 Friend, Cynthia L. 0 $1,714.02 $2,016.88 $0.00 $0.00 $0.00 $0.00 $302.86 ***-**9818 Subtotal:$1,714.02 $2,016.88 $0.00 $0.00 $0.00 $0.00 $302.86 ***-**3789 Q124431 Halverson, Cindy J. 403 $3,085.19 $3,361.19 $0.00 $0.00 $0.00 $0.00 $276.00 ***-**3789 Subtotal:$3,085.19 $3,361.19 $0.00 $0.00 $0.00 $0.00 $276.00 ***-**0531 Q126568 Nelson, Cheryl 0 $2,244.86 $2,406.86 $0.00 $0.00 $0.00 $0.00 $162.00 ***-**0531 Subtotal:$2,244.86 $2,406.86 $0.00 $0.00 $0.00 $0.00 $162.00 ***-**5622 Q126523 Sebo, Linda A. 0 $1,460.93 $2,083.93 $0.00 $0.00 $0.00 $0.00 $123.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-1 27 of 93 Q126523 Payment to Fifth Third Bank, Sebo - 0 $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**5622 Subtotal:$1,960.93 $2,083.93 $0.00 $0.00 $0.00 $0.00 $123.00 QILDRO Subtotal:$9,005.00 $9,868.86 $0.00 $0.00 $0.00 $0.00 $863.86 Service ***-**5875 100922 Aradi, Lester 0 $6,832.59 $9,055.27 $1,387.58 $71.60 $8.12 $0.00 $755.38 ***-**5875 Subtotal:$6,832.59 $9,055.27 $1,387.58 $71.60 $8.12 $0.00 $755.38 ***-**1662 100933 Balinski, Steve S. 0 $10,948.20 $13,848.05 $0.00 $0.00 $0.00 $0.00 $2,899.85 ***-**1662 Subtotal:$10,948.20 $13,848.05 $0.00 $0.00 $0.00 $0.00 $2,899.85 ***-**9343 100934 Bennett, William H. 0 $5,696.83 $5,696.83 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**9343 Subtotal:$5,696.83 $5,696.83 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**9142 111928 Bethge, Roy H. 0 $7,365.38 $9,829.18 $816.19 $42.54 $5.07 $0.00 $1,600.00 ***-**9142 Subtotal:$7,365.38 $9,829.18 $816.19 $42.54 $5.07 $0.00 $1,600.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-2 28 of 93 ***-**8135 100931 Bottenhagen, Donald H. 0 $5,072.46 $6,075.79 $0.00 $0.00 $0.00 $0.00 $1,003.33 ***-**8135 Subtotal:$5,072.46 $6,075.79 $0.00 $0.00 $0.00 $0.00 $1,003.33 ***-**4666 103819 Bourbonnais, Christy R. 0 $4,579.00 $4,817.00 $0.00 $0.00 $0.00 $0.00 $238.00 ***-**4666 Subtotal:$4,579.00 $4,817.00 $0.00 $0.00 $0.00 $0.00 $238.00 ***-**6799 109627 Bourbonnais, Keith T. 0 $4,942.46 $6,924.46 $0.00 $0.00 $0.00 $0.00 $982.00 109627 Payment to Consumers Credit Union, Bourbonnais - 0 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**6799 Subtotal:$5,942.46 $6,924.46 $0.00 $0.00 $0.00 $0.00 $982.00 ***-**3406 100913 Bucalo, Mark W. 0 $8,998.89 $10,442.89 $0.00 $0.00 $0.00 $0.00 $1,444.00 ***-**3406 Subtotal:$8,998.89 $10,442.89 $0.00 $0.00 $0.00 $0.00 $1,444.00 ***-**7567 123324 Casstevens, Steven R. 0 $4,064.25 $4,720.25 $0.00 $0.00 $0.00 $0.00 $656.00 ***-**7567 Subtotal:$4,064.25 $4,720.25 $0.00 $0.00 $0.00 $0.00 $656.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-3 29 of 93 ***-**3095 100912 Chrobak, Deborah J. 0 $6,143.31 $6,971.43 $0.00 $0.00 $8.12 $0.00 $820.00 ***-**3095 Subtotal:$6,143.31 $6,971.43 $0.00 $0.00 $8.12 $0.00 $820.00 ***-**8149 100904 Clyburn, Richard 0 $7,266.20 $8,303.23 $0.00 $71.60 $8.12 $0.00 $632.31 100904 Payment to Metro Federal Credit Union, Clyburn - 0 $325.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**8149 Subtotal:$7,591.20 $8,303.23 $0.00 $71.60 $8.12 $0.00 $632.31 ***-**6920 127383 Corrigan, Michael J. 0 $1,010.54 $1,010.54 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**6920 Subtotal:$1,010.54 $1,010.54 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**5068 100939 Crimmins, John E. 0 $4,314.79 $4,620.79 $0.00 $0.00 $0.00 $0.00 $306.00 ***-**5068 Subtotal:$4,314.79 $4,620.79 $0.00 $0.00 $0.00 $0.00 $306.00 ***-**7809 115557 Dattilo, Thomas J. 0 $6,953.85 $8,574.85 $0.00 $0.00 $0.00 $0.00 $1,621.00 ***-**7809 Subtotal:$6,953.85 $8,574.85 $0.00 $0.00 $0.00 $0.00 $1,621.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-4 30 of 93 ***-**4155 118269 Derken, Thomas P. 0 $6,668.44 $7,289.44 $0.00 $0.00 $0.00 $0.00 $621.00 ***-**4155 Subtotal:$6,668.44 $7,289.44 $0.00 $0.00 $0.00 $0.00 $621.00 ***-**7862 100937 Dunne, James J. 0 $9,005.77 $11,083.77 $0.00 $0.00 $0.00 $0.00 $2,078.00 ***-**7862 Subtotal:$9,005.77 $11,083.77 $0.00 $0.00 $0.00 $0.00 $2,078.00 ***-**1862 123003 Eisenmenger, Scott D. 0 $7,170.61 $9,022.55 $0.00 $0.00 $0.00 $0.00 $1,851.94 ***-**1862 Subtotal:$7,170.61 $9,022.55 $0.00 $0.00 $0.00 $0.00 $1,851.94 ***-**0402 127118 Freeman, Janet I. 0 $4,872.57 $7,887.01 $1,648.72 $71.60 $8.12 $0.00 $736.00 127118 Payment to Metro Federal Credit Union, Freeman - 0 $550.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**0402 Subtotal:$5,422.57 $7,887.01 $1,648.72 $71.60 $8.12 $0.00 $736.00 ***-**3773 109751 Gallagher, Anthony P. 0 $8,146.99 $9,746.99 $0.00 $0.00 $0.00 $0.00 $1,600.00 ***-**3773 Subtotal:$8,146.99 $9,746.99 $0.00 $0.00 $0.00 $0.00 $1,600.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-5 31 of 93 ***-**3990 125470 Goldstein, Anthony M. 0 $6,778.15 $8,315.15 $0.00 $0.00 $0.00 $0.00 $1,537.00 ***-**3990 Subtotal:$6,778.15 $8,315.15 $0.00 $0.00 $0.00 $0.00 $1,537.00 ***-**3599 125472 Gretz, Timothy J. 0 $6,642.32 $10,229.18 $0.00 $0.00 $0.00 $2,406.86 $1,180.00 ***-**3599 Subtotal:$6,642.32 $10,229.18 $0.00 $0.00 $0.00 $2,406.86 $1,180.00 ***-**7180 100910 Haisley, Stephen D. 0 $7,448.58 $8,195.89 $0.00 $71.60 $8.12 $0.00 $667.59 ***-**7180 Subtotal:$7,448.58 $8,195.89 $0.00 $71.60 $8.12 $0.00 $667.59 ***-**7400 115575 Halverson, David W. 0 $3,504.37 $7,883.93 $643.76 $42.54 $5.07 $3,361.19 $327.00 ***-**7400 Subtotal:$3,504.37 $7,883.93 $643.76 $42.54 $5.07 $3,361.19 $327.00 ***-**4307 115399 Hamelberg, Rollin S. 0 $6,709.30 $8,184.30 $0.00 $0.00 $0.00 $0.00 $1,475.00 ***-**4307 Subtotal:$6,709.30 $8,184.30 $0.00 $0.00 $0.00 $0.00 $1,475.00 ***-**4510 111880 Harris, James A.$1,620.69 $7,658.60 $816.19 $71.60 $8.12 $0.00 $1,142.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-6 32 of 93 0 111880 Payment to Old National Bank, Harris - 0 $3,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 111880 Payment to Metro Federal Credit Union, Harris - 0 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**4510 Subtotal:$5,620.69 $7,658.60 $816.19 $71.60 $8.12 $0.00 $1,142.00 ***-**7216 103818 Heiderscheidt, John J. 0 $3,728.32 $4,593.32 $0.00 $0.00 $0.00 $0.00 $865.00 ***-**7216 Subtotal:$3,728.32 $4,593.32 $0.00 $0.00 $0.00 $0.00 $865.00 ***-**7270 123629 Horbus, Frank S. 0 $6,690.98 $7,363.98 $0.00 $0.00 $0.00 $0.00 $673.00 ***-**7270 Subtotal:$6,690.98 $7,363.98 $0.00 $0.00 $0.00 $0.00 $673.00 ***-**2288 104149 Husak, Steven D. 0 $6,240.64 $8,896.64 $0.00 $0.00 $0.00 $0.00 $2,656.00 ***-**2288 Subtotal:$6,240.64 $8,896.64 $0.00 $0.00 $0.00 $0.00 $2,656.00 ***-**4919 123004 Hyland Jr, Richard J. 0 $5,352.96 $6,979.96 $0.00 $0.00 $0.00 $0.00 $1,627.00 ***-**4919 Subtotal:$5,352.96 $6,979.96 $0.00 $0.00 $0.00 $0.00 $1,627.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-7 33 of 93 ***-**1595 124196 Jamil, Paul M. 0 $6,230.76 $8,357.56 $816.19 $42.54 $5.07 $0.00 $1,263.00 ***-**1595 Subtotal:$6,230.76 $8,357.56 $816.19 $42.54 $5.07 $0.00 $1,263.00 ***-**8755 100916 Kenney, Kerry B. 0 $7,312.98 $7,861.41 $0.00 $0.00 $0.00 $0.00 $548.43 ***-**8755 Subtotal:$7,312.98 $7,861.41 $0.00 $0.00 $0.00 $0.00 $548.43 ***-**8608 128162 Kondrat, Michelle M. 0 $4,902.62 $5,389.62 $0.00 $0.00 $0.00 $0.00 $487.00 ***-**8608 Subtotal:$4,902.62 $5,389.62 $0.00 $0.00 $0.00 $0.00 $487.00 ***-**6583 100920 Kristiansen, Scott A. 0 $6,501.24 $9,413.82 $1,387.58 $0.00 $0.00 $0.00 $1,525.00 ***-**6583 Subtotal:$6,501.24 $9,413.82 $1,387.58 $0.00 $0.00 $0.00 $1,525.00 ***-**4871 118838 Kupsak, Staci M. 0 $2,315.43 $5,854.72 $2,913.84 $120.09 $13.36 $0.00 $492.00 ***-**4871 Subtotal:$2,315.43 $5,854.72 $2,913.84 $120.09 $13.36 $0.00 $492.00 ***-**6427 100936 Lampert, Nelson N.$4,641.59 $5,197.59 $0.00 $0.00 $0.00 $0.00 $556.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-8 34 of 93 0 ***-**6427 Subtotal:$4,641.59 $5,197.59 $0.00 $0.00 $0.00 $0.00 $556.00 ***-**6438 100925 Leake Jr, Robert E. 0 $8,310.87 $9,100.90 $0.00 $0.00 $0.00 $0.00 $790.03 ***-**6438 Subtotal:$8,310.87 $9,100.90 $0.00 $0.00 $0.00 $0.00 $790.03 ***-**3174 120079 Martin, Michael A. 0 $4,708.08 $5,062.08 $0.00 $0.00 $0.00 $0.00 $354.00 ***-**3174 Subtotal:$4,708.08 $5,062.08 $0.00 $0.00 $0.00 $0.00 $354.00 ***-**2925 100935 McCann, Leo C. 0 $8,275.39 $9,371.99 $0.00 $71.60 $0.00 $0.00 $1,025.00 ***-**2925 Subtotal:$8,275.39 $9,371.99 $0.00 $71.60 $0.00 $0.00 $1,025.00 ***-**8222 100930 McGinn, Timothy J. 0 $2,876.10 $6,632.64 $0.00 $42.54 $0.00 $0.00 $914.00 100930 Payment to PNC Bank, McGinn - 0 $1,200.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 100930 Payment to PNC Bank, McGinn - 0 $1,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**8222 Subtotal:$5,676.10 $6,632.64 $0.00 $42.54 $0.00 $0.00 $914.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-9 35 of 93 ***-**1320 100907 Millett, Michael J. 0 $7,400.97 $9,228.32 $0.00 $0.00 $0.00 $0.00 $927.35 100907 Payment to Metro Federal Credit Union, Millett - 0 $900.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**1320 Subtotal:$8,300.97 $9,228.32 $0.00 $0.00 $0.00 $0.00 $927.35 ***-**2798 101806 Montgomery, Bruce M. 0 $5,292.68 $5,677.68 $0.00 $0.00 $0.00 $0.00 $385.00 ***-**2798 Subtotal:$5,292.68 $5,677.68 $0.00 $0.00 $0.00 $0.00 $385.00 ***-**8710 125229 Montiel, Amador A. 0 $1,472.20 $7,683.20 $0.00 $0.00 $0.00 $0.00 $1,211.00 125229 Payment to BMO Harris, Montiel - 0 $4,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 125229 Payment to Metro Federal Credit Union, Montiel - 0 $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**8710 Subtotal:$6,472.20 $7,683.20 $0.00 $0.00 $0.00 $0.00 $1,211.00 ***-**3419 121754 Moran, Anthony M. 0 $4,899.52 $6,633.32 $816.19 $42.54 $5.07 $0.00 $870.00 ***-**3419 Subtotal:$4,899.52 $6,633.32 $816.19 $42.54 $5.07 $0.00 $870.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-10 36 of 93 ***-**1141 111700 Nelson, James A. 0 $6,430.95 $7,549.95 $0.00 $0.00 $0.00 $0.00 $1,119.00 ***-**1141 Subtotal:$6,430.95 $7,549.95 $0.00 $0.00 $0.00 $0.00 $1,119.00 ***-**1445 116724 Newton, James E. 0 $8,227.24 $10,875.93 $1,509.97 $71.60 $8.12 $0.00 $1,059.00 ***-**1445 Subtotal:$8,227.24 $10,875.93 $1,509.97 $71.60 $8.12 $0.00 $1,059.00 ***-**7635 110853 Pakaski, Robert 0 $5,140.05 $7,905.93 $0.00 $0.00 $0.00 $2,016.88 $749.00 ***-**7635 Subtotal:$5,140.05 $7,905.93 $0.00 $0.00 $0.00 $2,016.88 $749.00 ***-**6635 100903 Parets, Stuart B. 0 $5,139.21 $5,496.71 $0.00 $0.00 $0.00 $0.00 $357.50 ***-**6635 Subtotal:$5,139.21 $5,496.71 $0.00 $0.00 $0.00 $0.00 $357.50 ***-**3602 100911 Parkinson, Steven P. 0 $7,151.44 $8,472.44 $0.00 $0.00 $0.00 $0.00 $1,321.00 ***-**3602 Subtotal:$7,151.44 $8,472.44 $0.00 $0.00 $0.00 $0.00 $1,321.00 ***-**1897 113712 Paul, Cliffton A.$6,002.77 $6,337.77 $0.00 $0.00 $0.00 $0.00 $335.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-11 37 of 93 0 ***-**1897 Subtotal:$6,002.77 $6,337.77 $0.00 $0.00 $0.00 $0.00 $335.00 ***-**1242 118284 Positano, Vincent J. 0 $6,037.41 $7,645.41 $0.00 $0.00 $0.00 $0.00 $1,608.00 ***-**1242 Subtotal:$6,037.41 $7,645.41 $0.00 $0.00 $0.00 $0.00 $1,608.00 ***-**3926 100940 Poziwilko, Thomas A. 0 $6,594.90 $6,823.97 $0.00 $71.60 $0.00 $0.00 $157.47 ***-**3926 Subtotal:$6,594.90 $6,823.97 $0.00 $71.60 $0.00 $0.00 $157.47 ***-**6977 117985 Reed, Thomas G. 0 $9,647.93 $10,875.93 $0.00 $0.00 $0.00 $0.00 $1,228.00 ***-**6977 Subtotal:$9,647.93 $10,875.93 $0.00 $0.00 $0.00 $0.00 $1,228.00 ***-**0872 113781 Schulz, Dean R. 0 $7,226.14 $9,098.14 $0.00 $0.00 $0.00 $0.00 $1,172.00 113781 Payment to Metro Federal Credit Union, Schulz - 0 $700.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**0872 Subtotal:$7,926.14 $9,098.14 $0.00 $0.00 $0.00 $0.00 $1,172.00 ***-**6831 126317 Schwall, Gregory R.$5,312.35 $8,123.62 $0.00 -$42.54 -$8.12 $2,083.93 $778.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-12 38 of 93 0 ***-**6831 Subtotal:$5,312.35 $8,123.62 $0.00 -$42.54 -$8.12 $2,083.93 $778.00 ***-**2061 116741 Sepot, John F. 0 $6,793.47 $7,873.19 $0.00 $71.60 $8.12 $0.00 $1,000.00 ***-**2061 Subtotal:$6,793.47 $7,873.19 $0.00 $71.60 $8.12 $0.00 $1,000.00 ***-**3678 100924 Shreeves, Mark L. 0 $5,941.09 $6,483.93 $0.00 $0.00 $0.00 $0.00 $542.84 ***-**3678 Subtotal:$5,941.09 $6,483.93 $0.00 $0.00 $0.00 $0.00 $542.84 ***-**6618 118357 Smith, Randall A. 0 $5,633.23 $6,787.23 $0.00 $0.00 $0.00 $0.00 $1,154.00 ***-**6618 Subtotal:$5,633.23 $6,787.23 $0.00 $0.00 $0.00 $0.00 $1,154.00 ***-**6661 100919 Soucy, Michael S. 0 $7,580.48 $10,462.18 $1,387.58 $71.60 $8.12 $0.00 $1,414.40 ***-**6661 Subtotal:$7,580.48 $10,462.18 $1,387.58 $71.60 $8.12 $0.00 $1,414.40 ***-**1657 101767 Stopper, Jerome P. 0 $6,250.08 $6,813.08 $0.00 $0.00 $0.00 $0.00 $563.00 ***-**1657 Subtotal:$6,250.08 $6,813.08 $0.00 $0.00 $0.00 $0.00 $563.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-13 39 of 93 ***-**9855 124287 Szos, Michael R. 0 $8,203.44 $11,015.44 $0.00 $0.00 $0.00 $0.00 $2,812.00 ***-**9855 Subtotal:$8,203.44 $11,015.44 $0.00 $0.00 $0.00 $0.00 $2,812.00 ***-**3654 100926 Tomaso, James D. 0 $5,708.58 $6,221.50 $0.00 $0.00 $0.00 $0.00 $512.92 ***-**3654 Subtotal:$5,708.58 $6,221.50 $0.00 $0.00 $0.00 $0.00 $512.92 ***-**5283 100938 Urry, William H. 0 $4,563.64 $5,663.64 $0.00 $0.00 $0.00 $0.00 $1,100.00 ***-**5283 Subtotal:$4,563.64 $5,663.64 $0.00 $0.00 $0.00 $0.00 $1,100.00 ***-**1231 100915 Vingan III, George 0 $5,996.43 $6,852.43 $0.00 $0.00 $0.00 $0.00 $856.00 ***-**1231 Subtotal:$5,996.43 $6,852.43 $0.00 $0.00 $0.00 $0.00 $856.00 ***-**9905 100921 Voigt, Arthur J. 0 $9,386.16 $11,400.70 $0.00 $42.54 $0.00 $0.00 $1,972.00 ***-**9905 Subtotal:$9,386.16 $11,400.70 $0.00 $42.54 $0.00 $0.00 $1,972.00 ***-**8420 100923 Wagner, Edward G.$10,326.62 $12,414.62 $0.00 $0.00 $0.00 $0.00 $2,088.00 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-14 40 of 93 0 ***-**8420 Subtotal:$10,326.62 $12,414.62 $0.00 $0.00 $0.00 $0.00 $2,088.00 ***-**9324 100932 Weidner, Charles E. 0 $6,407.51 $7,031.14 $0.00 $0.00 $0.00 $0.00 $623.63 ***-**9324 Subtotal:$6,407.51 $7,031.14 $0.00 $0.00 $0.00 $0.00 $623.63 ***-**5019 100906 Wenckebach, Gary 0 $5,001.37 $6,025.37 $0.00 $0.00 $0.00 $0.00 $1,024.00 ***-**5019 Subtotal:$5,001.37 $6,025.37 $0.00 $0.00 $0.00 $0.00 $1,024.00 ***-**5453 101836 Yester, James R. 0 $6,001.77 $6,893.77 $0.00 $0.00 $0.00 $0.00 $892.00 ***-**5453 Subtotal:$6,001.77 $6,893.77 $0.00 $0.00 $0.00 $0.00 $892.00 Service Subtotal:$431,889.13 $526,830.14 $14,143.79 $1,048.79 $98.60 $9,868.86 $69,780.97 Surviving Spouse ***-**7313 101575 Gozdecki, Lynn A. 0 $3,845.43 $5,852.06 $693.77 $42.54 $5.07 $0.00 $1,165.25 101575 Payment to Metro Federal Credit Union, Gozdecki - 0 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**7313 Subtotal:$3,945.43 $5,852.06 $693.77 $42.54 $5.07 $0.00 $1,165.25 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-15 41 of 93 ***-**4729 100909 Heer, Catherine T. 0 $4,465.67 $6,010.67 $0.00 $0.00 $0.00 $0.00 $785.00 100909 Payment to Metro Fed CU, Heer - 0 $760.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**4729 Subtotal:$5,225.67 $6,010.67 $0.00 $0.00 $0.00 $0.00 $785.00 ***-**4888 100927 Quid, Carol M. 0 $6,659.90 $7,315.44 $0.00 $42.54 $0.00 $0.00 $613.00 ***-**4888 Subtotal:$6,659.90 $7,315.44 $0.00 $42.54 $0.00 $0.00 $613.00 ***-**6196 100928 Senese, Jennifer L. 0 $3,912.36 $3,912.36 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**6196 Subtotal:$3,912.36 $3,912.36 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**6661 100918 Soucy, Michael S. 0 $1,911.89 $2,359.10 $0.00 $0.00 $0.00 $0.00 $447.21 ***-**6661 Subtotal:$1,911.89 $2,359.10 $0.00 $0.00 $0.00 $0.00 $447.21 ***-**3627 100905 Szos, Susan C. 0 $5,012.10 $5,922.69 $0.00 $0.00 $0.00 $0.00 $910.59 ***-**3627 Subtotal:$5,012.10 $5,922.69 $0.00 $0.00 $0.00 $0.00 $910.59 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro See Accountants' Compilation Report 11-16 42 of 93 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro Surviving Spouse Subtotal:$26,667.35 $31,372.32 $693.77 $85.08 $5.07 $0.00 $3,921.05 See Accountants' Compilation Report 11-17 43 of 93 Batches 75646 Buffalo Grove Police Pension Fund SSN Family ID Employee Name Alt Payee Name ACH Check # Net Amount Member Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Multiple Batch Report Check Date 3/31/2025 1 Retro Totals ACH Flag Payments Net Payment Total Gross Health Insurance Dental Insurance Vision Insurance QILDRO Deduct Federal Tax Yes No 92 1 93 $468,024.59 $3,085.19 $471,109.78 $568,258.43 $3,361.19 $571,619.62 $14,837.56 $0.00 $14,837.56 $1,133.87 $0.00 $1,133.87 $103.67 $0.00 $103.67 $9,868.86 $0.00 $9,868.86 $74,289.88 $276.00 $74,565.88 See Accountants' Compilation Report 11-18 44 of 93 Check Invoice Check Date Number Vendor Name Amount Amount 01/31/25 30556 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 01/25 15,531.33 20-220-00 Dental Insurance 1,218.95 20-220-00 AFLAC 119.91 ACH Amount (Direct Deposit)16,870.19 01/31/25 30557 Internal Revenue Service 20-230-00 Internal Revenue Service 72,819.88 ACH Amount (Direct Deposit)72,819.88 02/28/25 30560 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 2/25 14,837.56 20-220-00 Dental Insurance 1,218.95 20-220-00 AFLAC 119.91 ACH Amount (Direct Deposit)16,176.42 02/28/25 30561 Internal Revenue Service 20-230-00 Internal Revenue Service 73,186.88 ACH Amount (Direct Deposit)73,186.88 03/31/25 30570 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 03/25 14,837.56 20-220-00 Dental Insurance 1,133.87 20-220-00 AFLAC 103.67 ACH Amount (Direct Deposit)16,075.10 03/31/25 30571 Internal Revenue Service 20-230-00 Internal Revenue Service 74,565.88 ACH Amount (Direct Deposit)74,565.88 Total Payments 269,694.35 Buffalo Grove Police Pension Fund Quarterly Deduction Report All Bank Accounts January 1, 2025 - March 31, 2025 See Accountants' Compilation Report 12-1 45 of 93 Check Invoice Check Date Number Vendor Name Amount Amount 01/30/25 30558 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 41,900.00 ACH Amount (Direct Deposit)41,900.00 02/27/25 30564 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 40,600.00 ACH Amount (Direct Deposit)40,600.00 03/13/25 30567 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 355,400.00 ACH Amount (Direct Deposit)355,400.00 03/28/25 30572 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 35,000.00 ACH Amount (Direct Deposit)35,000.00 Total Payments 472,900.00 Buffalo Grove Police Pension Fund Quarterly Transfer Report All Bank Accounts January 1, 2025 - March 31, 2025 See Accountants' Compilation Report 13-1 46 of 93 Check Invoice Check Date Number Vendor Name Amount Amount 01/17/25 50353 Wall Capital Group, Inc 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 01/21/25 30555 Lauterbach & Amen, LLP 52-170-03 #99333 12/24 Accounting & Benefits 1,385.00 52-170-06 #99333 12/24 PSA 1,510.00 ACH Amount (Direct Deposit)2,895.00 01/22/25 50352 BMO Bank 52-190-04 Bank Fee 36.14 Check Amount 36.14 01/31/25 50354 IPOPIF 52-195-02 Administrative Expense 2,090.59 52-195-03 Investment Expense 1,076.69 52-195-04 Investment Manager Fees 2,153.59 Check Amount 5,320.87 02/10/25 30559 Lauterbach & Amen, LLP 52-170-03 #100236 01/25 Accounting & Benefits 1,425.00 52-170-06 #100236 01/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 02/18/25 30562 Lauterbach & Amen, LLP 52-170-03 #100739 FYE24 1099s 550.00 ACH Amount (Direct Deposit)550.00 02/18/25 30563 Reimer Dobrovolny & Labardi, PC 52-170-05 C2045 F31445 Legal Service 497.45 ACH Amount (Direct Deposit)497.45 02/24/25 50355 BMO Bank 52-190-04 Bank Fee 21.01 Check Amount 21.01 02/28/25 50356 IPOPIF 52-195-02 Administrative Expense 1,123.93 52-195-03 Investment Expense 2,204.25 52-195-04 Investment Manager Fees 6,869.36 Check Amount 10,197.54 Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts January 1, 2025 - March 31, 2025 See Accountants' Compilation Report 14-1 47 of 93 Check Invoice Check Date Number Vendor Name Amount Amount 03/10/25 30565 IPPFA 52-290-25 2025 Illinois Pension Conference Registration 0.00 52-290-25 Turano, A #SFN68NYKBHT 510.00 52-290-25 Barker, C #49NY4YTFMQM 510.00 ACH Amount (Direct Deposit)1,020.00 03/10/25 30566 Reimer Dobrovolny & Labardi, PC 52-170-05 C2045 F31528 Legal Service 1,456.92 ACH Amount (Direct Deposit)1,456.92 03/17/25 30568 Lauterbach & Amen, LLP 52-170-03 #101430 02/25 Accounting & Benefits 1,425.00 52-170-06 #101430 02/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 03/17/25 30569 IPPFA 52-290-25 2025 8hr Online Training Registration 0.00 52-290-25 Montiel,T #QTNVS8JNWBF 295.00 ACH Amount (Direct Deposit)295.00 03/24/25 50357 BMO Bank 52-190-04 Bank Fee 38.56 Check Amount 38.56 03/31/25 30573 Lauterbach & Amen, LLP 52-170-03 #102459 FYE24 Workpapers 1,195.00 ACH Amount (Direct Deposit)1,195.00 03/31/25 50358 IPOPIF 52-195-02 Administrative Expense 1,239.54 52-195-03 Investment Expense 1,122.25 52-195-04 Investment Manager Fees 841.88 Check Amount 3,203.67 Total Payments 33,187.16 Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts January 1, 2025 - March 31, 2025 See Accountants' Compilation Report 14-2 48 of 93 49 of 93 50 of 93 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: February 28, 2025 Performance Return Calculations Data Source Manager Line Up Manager Inception Date Data Source Manager Inception Date Data Source RhumbLine Russell 1000 Index Fund 3/15/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street SSgA Non-US Developed Index Fund 3/10/2022 State Street Ares Institutional Loan Fund 3/1/2024 Ares SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Principal USPA 4/6/2022 State Street WCM International Small Cap Growth Fund 3/1/2024 WCM SSgA REITs Index Fund 3/10/2022 State Street LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA US Treasury Index Fund 5/1/2024 State Street SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street SS g A Emer g in g Markets ex China E q uit y Index Fu n 5/1/2024 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA US TIPS Index Fund 3/17/2022 State Street ARGA Emerging Markets Ex China Equity 12/1/2024 Cash 3/22/2022 State Street SSgA High Yield Corporate Credit 3/18/2022 State Street Custom Benchmark Composition Benchmark Time p eriod Com p osition Polic y Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI IMI (Net ) and 30% Bloomber g Global Multiverse. S p liced SS g A EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index S p liced SS g A EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index S p liced SS g A U.S. Hi g h Yield Index 12/1/2022 - Present 100% ICE BofA US Hi g h y ield Master II Constrained Spliced SSgA U.S. High Yield Index 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index S p liced Ca p ital Grou p EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year. Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to, differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the p ricin g methodolo g ies and an y difference in valuation. ARGA 51 of 93 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: February 28, 2025 Polic y Index Com p osition As of 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 11/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23.0% 39.7%Russell 1000 23% 39.7% Russell 2000 5.0%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19.0% 32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5.0%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Markets ex Chin a 6.0%10.3%MSCI Emer g in g Market s 0.7% 1.2% Bloomber g US Corporate Hi g h Yield Inde x 7.0%43.8%MSCI Emer g in g Markets ex Chin a 5.3% 9.2% JPM EMBI Global Diversified Inde x 6.0%37.5%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% Credit Suisse Levera g ed Loan Index 3.0%18.8%JPM EMBI Global Diversified Inde x 6%37.5% NFI-ODCE Equal-Wei g hted Index 2.0%33.3%Credit Suisse Levera g ed Loan Index 3%18.8% Dow Jones US Select REIT Inde x 4.0%66.7%NFI-ODCE Equal-Wei g hted Index 2%33.3% Bloomber g US A gg re g ate Index 3.0%15.0% Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US Treasur y Inde x 3.0%15.0% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10.0%50.0% Bloomber g US Treasur y Inde x 3%15.0% Bloomber g US TIPS 0-5 Yea r 3.0%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% 90 Da y US Treasur y Bill Inde x 1.0%5.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% 90 Da y US Treasur y Bill Inde x 1%5.0% As of 10/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 9/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 0.8%1.4%MSCI Emer g in g Market s 1.5% 2.6% MSCI Emer g in g Markets ex Chin a 5.2%9.0%MSCI Emer g in g Markets ex Chin a 4.5% 7.8% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% Credit Suisse Levera g ed Loan Index 3%18.8%Credit Suisse Levera g ed Loan Index 3%18.8% NFI-ODCE Equal-Wei g hted Index 2%33.3%NFI-ODCE Equal-Wei g hted Index 2%33.3% Dow Jones US Select REIT Inde x 4%66.7%Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US Treasur y Inde x 3%15.0% Bloomber g US Treasur y Inde x 3%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 1%5.0% As of 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 2%3.4%MSCI Emer g in g Market s 3% 5.2% MSCI Emer g in g Markets ex Chin a 4%6.9%MSCI Emer g in g Markets ex Chin a 3% 5.2% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% Credit Suisse Levera g ed Loan Index 3%18.8%Credit Suisse Levera g ed Loan Index 3%18.8% NFI-ODCE Equal-Wei g hted Index 2%33.3%NFI-ODCE Equal-Wei g hted Index 2%33.3% Dow Jones US Select REIT Inde x 4%66.7%Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US Treasur y Inde x 3%15.0% Bloomber g US Treasur y Inde x 3%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 52 of 93 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: February 28, 2025 Polic y Index Com p osition As of 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 4%6.9%MSCI Emer g in g Market s 5% 8.6% MSCI Emer g in g Markets ex Chin a 2%3.4%MSCI Emer g in g Markets ex Chin a 1% 1.7% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% Credit Suisse Levera g ed Loan Index 3%18.8%Credit Suisse Levera g ed Loan Index 3%18.8% NFI-ODCE Equal-Wei g hted Index 2%33.3%NFI-ODCE Equal-Wei g hted Index 2%33.3% Dow Jones US Select REIT Inde x 4%66.7%Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US Treasur y Inde x 2%10.0% Bloomber g US Treasur y Inde x 1%5.0% Bloomber g 1-3 Year Gov/Credit Inde x 11%55.0% Bloomber g 1-3 Year Gov/Credit Inde x 12%60.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 1%5.0% As of 4/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 3/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.18% 31.0% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 6%10.3%MSCI Emer g in g Market s 7% 12.1% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 8.5%53.1% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% Credit Suisse Levera g ed Loan Index 3%18.8%Credit Suisse Levera g ed Loan Index 1.5%9.4% NFI-ODCE Equal-Wei g hted Index 2%33.3%NFI-ODCE Equal-Wei g hted Index 2%33.3% Dow Jones US Select REIT Inde x 4%66.7%Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 13%65.0% Bloomber g 1-3 Year Gov/Credit Inde x 13%65.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 1%5.0% As of 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 18% 36.0% Russell 2000 5%8.6%Russell 2000 5% 10.0% MSCI World ex U.S.18%31.0%MSCI World ex U.S.15% 30.0% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 10.0% MSCI Emer g in g Market s 7%12.1%MSCI Emer g in g Market s 7% 14.0% Bloomber g US Corporate Hi g h Yield Inde x 10%62.5%Bloomber g US Corporate Hi g h Yield Inde x 10%62.5% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% NFI-ODCE Equal-Wei g hted Index 2%33.3%NFI-ODCE Equal-Wei g hted Index 2%33.3% Dow Jones US Select REIT Inde x 4%66.7%Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US A gg re g ate Index 7%25.0% Bloomber g 1-3 Year Gov/Credit Inde x 13%65.0% Bloomber g 1-3 Year Gov/Credit Inde x 15%53.6% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g US TIPS 0-5 Yea r 3%10.7% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 3%10.7% 53 of 93 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: February 28, 2025 Polic y Index Com p osition As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation Russell 3000 23%46.0% MSCI ACWI ex USA IM I 20%40.0% MSCI Emer g in g Markets IM I 7%14.0% Bloomber g US Corporate Hi g h Yield Inde x 10%62.5% 50% JPM EMBI GD/50% JPM GBI EM G D 6%37.5% NCREIF Propert y Inde x 2%66.7% Dow Jones US Select REIT Inde x 4%33.3% Bloomber g US A gg re g ate Index 7%25.0% Bloomber g 1-3 Year Gov/Credit Inde x 15%53.6% Bloomber g US TIPS 0-5 Yea r 3%10.7% 90 Da y US Treasur y Bill Inde x 3%10.7% 54 of 93 dŚŝƐ ƌĞƉŽƌƚ ĐŽŶƚaŝŶƐ ĐŽŶĨŝĚĞŶƚŝaů aŶĚ ƉƌŽƉƌŝĞƚaƌǇ ŝŶĨŽƌŵaƚŝŽŶ aŶĚ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƚĞƌŵƐ aŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ŽŶƐƵůƚŝŶŐ AŐƌĞĞŵĞŶƚ͘ /ƚ ŝƐ ďĞŝŶŐ ƉƌŽǀŝĚĞĚ ĨŽƌ ƵƐĞ ƐŽůĞůǇ ďǇ ƚŚĞ ĐƵƐƚŽŵĞƌ͘ dŚĞ ƌĞƉŽƌƚ ŵaǇ ŶŽƚ ďĞ ƐŽůĚ Žƌ ŽƚŚĞƌǁŝƐĞ ƉƌŽǀŝĚĞĚ, ŝŶ ǁŚŽůĞ Žƌ ŝŶ Ɖaƌƚ, ƚŽ aŶǇ ŽƚŚĞƌ ƉĞƌƐŽŶ Žƌ ĞŶƚŝƚǇ ǁŝƚŚŽƵƚ ǁƌŝƚƚĞŶ ƉĞƌŵŝƐƐŝŽŶ ĨƌŽŵ sĞƌƵƐ AĚǀŝƐŽƌǇ, /ŶĐ͘, ;ŚĞƌĞŝŶaĨƚĞƌ sĞƌƵƐͿ Žƌ aƐ ƌĞƋƵŝƌĞĚ ďǇ ůaǁ Žƌ aŶǇ ƌĞŐƵůaƚŽƌǇ aƵƚŚŽƌŝƚǇ͘ dŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ĚŽĞƐ ŶŽƚ ĐŽŶƐƚŝƚƵƚĞ a ƌĞĐŽŵŵĞŶĚaƚŝŽŶ ďǇ sĞƌƵƐ aŶĚ ĐaŶŶŽƚ ďĞ ƵƐĞĚ ĨŽƌ aĚǀĞƌƚŝƐŝŶŐ Žƌ ƐaůĞƐ ƉƌŽŵŽƚŝŽŶ ƉƵƌƉŽƐĞƐ͘ dŚŝƐ ĚŽĞƐ ŶŽƚ ĐŽŶƐƚŝƚƵƚĞ aŶ ŽĨĨĞƌ Žƌ a ƐŽůŝĐŝƚaƚŝŽŶ ŽĨ aŶ ŽĨĨĞƌ ƚŽ ďƵǇ Žƌ ƐĞůů ƐĞĐƵƌŝƚŝĞƐ, ĐŽŵŵŽĚŝƚŝĞƐ Žƌ aŶǇ ŽƚŚĞƌ ĨŝŶaŶĐŝaů ŝŶƐƚƌƵŵĞŶƚƐ Žƌ ƉƌŽĚƵĐƚƐ͘ dŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ŚaƐ ďĞĞŶ ƉƌĞƉaƌĞĚ ƵƐŝŶŐ Ěaƚa ĨƌŽŵ ƚŚŝƌĚ ƉaƌƚǇ ƐŽƵƌĐĞƐ ƚŚaƚ sĞƌƵƐ ďĞůŝĞǀĞƐ ƚŽ ďĞ ƌĞůŝaďůĞ͘ tŚŝůĞ sĞƌƵƐ ĞǆĞƌĐŝƐĞĚ ƌĞaƐŽŶaďůĞ ƉƌŽĨĞƐƐŝŽŶaů ĐaƌĞ ŝŶ ƉƌĞƉaƌŝŶŐ ƚŚĞ ƌĞƉŽƌƚ, ŝƚ ĐaŶŶŽƚ ŐƵaƌaŶƚĞĞ ƚŚĞ aĐĐƵƌaĐǇ ŽĨ ƚŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌŽǀŝĚĞĚ ďǇ ƚŚŝƌĚ ƉaƌƚǇ ƐŽƵƌĐĞƐ͘ dŚĞƌĞĨŽƌĞ, sĞƌƵƐ ŵaŬĞƐ ŶŽ ƌĞƉƌĞƐĞŶƚaƚŝŽŶƐ Žƌ ǁaƌƌaŶƚŝĞƐ aƐ ƚŽ ƚŚĞ aĐĐƵƌaĐǇ ŽĨ ƚŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌĞƐĞŶƚĞĚ͘ sĞƌƵƐ ƚaŬĞƐ ŶŽ ƌĞƐƉŽŶƐŝďŝůŝƚǇ Žƌ ůŝaďŝůŝƚǇ ;ŝŶĐůƵĚŝŶŐ ĚaŵaŐĞƐͿ ĨŽƌ aŶǇ ĞƌƌŽƌ, ŽŵŝƐƐŝŽŶ, Žƌ ŝŶaĐĐƵƌaĐǇ ŝŶ ƚŚĞ Ěaƚa ƐƵƉƉůŝĞĚ ďǇ aŶǇ ƚŚŝƌĚ ƉaƌƚǇ͘ EŽƚŚŝŶŐ ĐŽŶƚaŝŶĞĚ ŚĞƌĞŝŶ ŝƐ, Žƌ ƐŚŽƵůĚ ďĞ ƌĞůŝĞĚ ŽŶ aƐ a ƉƌŽŵŝƐĞ, ƌĞƉƌĞƐĞŶƚaƚŝŽŶ, Žƌ ŐƵaƌaŶƚĞĞ aƐ ƚŽ ĨƵƚƵƌĞ ƉĞƌĨŽƌŵaŶĐĞ Žƌ a ƉaƌƚŝĐƵůaƌ ŽƵƚĐŽŵĞ͘ ǀĞŶ ǁŝƚŚ ƉŽƌƚĨŽůŝŽ ĚŝǀĞƌƐŝĨŝĐaƚŝŽŶ, aƐƐĞƚ aůůŽĐaƚŝŽŶ, aŶĚ a ůŽŶŐͲƚĞƌŵ aƉƉƌŽaĐŚ, ŝŶǀĞƐƚŝŶŐ ŝŶǀŽůǀĞƐ ƌŝƐŬ ŽĨ ůŽƐƐ ƚŚaƚ ƚŚĞ ŝŶǀĞƐƚŽƌ ƐŚŽƵůĚ ďĞ ƉƌĞƉaƌĞĚ ƚŽ ďĞaƌ͘ dŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ŵaǇ ďĞ ĚĞĞŵĞĚ ƚŽ ĐŽŶƚaŝŶ ĨŽƌǁaƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵaƚŝŽŶ͘ ǆaŵƉůĞƐ ŽĨ ĨŽƌǁaƌĚ ůŽŽŬŝŶŐ ŝŶĨŽƌŵaƚŝŽŶ ŝŶĐůƵĚĞ, ďƵƚ aƌĞ ŶŽƚ ůŝŵŝƚĞĚ ƚŽ, ;aͿ ƉƌŽũĞĐƚŝŽŶƐ ŽĨ Žƌ ƐƚaƚĞŵĞŶƚƐ ƌĞŐaƌĚŝŶŐ ƌĞƚƵƌŶ ŽŶ ŝŶǀĞƐƚŵĞŶƚ, ĨƵƚƵƌĞ ĞaƌŶŝŶŐƐ, ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ, ŽƚŚĞƌ ŝŶĐŽŵĞ, ŐƌŽǁƚŚ ƉƌŽƐƉĞĐƚƐ, ĐaƉŝƚaů ƐƚƌƵĐƚƵƌĞ aŶĚ ŽƚŚĞƌ ĨŝŶaŶĐŝaů ƚĞƌŵƐ, ;ďͿ ƐƚaƚĞŵĞŶƚƐ ŽĨ ƉůaŶƐ Žƌ ŽďũĞĐƚŝǀĞƐ ŽĨ ŵaŶaŐĞŵĞŶƚ,;ĐͿ ƐƚaƚĞŵĞŶƚƐ ŽĨ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ƉĞƌĨŽƌŵaŶĐĞ, aŶĚ ;ĚͿ ƐƚaƚĞŵĞŶƚƐ ŽĨ aƐƐƵŵƉƚŝŽŶƐ, ƐƵĐŚ aƐ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ ƵŶĚĞƌůǇŝŶŐ ŽƚŚĞƌ ƐƚaƚĞŵĞŶƚƐ͘ ^ƵĐŚ ĨŽƌǁaƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵaƚŝŽŶ ĐaŶ ďĞ ŝĚĞŶƚŝĨŝĞĚ ďǇ ƚŚĞ ƵƐĞ ŽĨ ĨŽƌǁaƌĚ ůŽŽŬŝŶŐ ƚĞƌŵŝŶŽůŽŐǇ ƐƵĐŚ aƐ ďĞůŝĞǀĞƐ, ĞǆƉĞĐƚƐ, ŵaǇ, ǁŝůů, ƐŚŽƵůĚ, aŶƚŝĐŝƉaƚĞƐ, Žƌ ƚŚĞ ŶĞŐaƚŝǀĞ ŽĨ aŶǇ ŽĨ ƚŚĞ ĨŽƌĞŐŽŝŶŐ Žƌ ŽƚŚĞƌ ǀaƌŝaƚŝŽŶƐ ƚŚĞƌĞŽŶ ĐŽŵƉaƌaďůĞ ƚĞƌŵŝŶŽůŽŐǇ, Žƌ ďǇ ĚŝƐĐƵƐƐŝŽŶ ŽĨ ƐƚƌaƚĞŐǇ͘ EŽ aƐƐƵƌaŶĐĞ ĐaŶ ďĞ ŐŝǀĞŶ ƚŚaƚ ƚŚĞ ĨƵƚƵƌĞ ƌĞƐƵůƚƐ ĚĞƐĐƌŝďĞĚ ďǇ ƚŚĞ ĨŽƌǁaƌĚͲůŽŽŬŝŶŐ ŝŶĨŽƌŵaƚŝŽŶ ǁŝůů ďĞ aĐŚŝĞǀĞĚ͘ ^ƵĐŚ ƐƚaƚĞŵĞŶƚƐ aƌĞ ƐƵďũĞĐƚ ƚŽ ƌŝƐŬƐ, ƵŶĐĞƌƚaŝŶƚŝĞƐ, aŶĚ ŽƚŚĞƌ ĨaĐƚŽƌƐ ǁŚŝĐŚ ĐŽƵůĚ ĐaƵƐĞ ƚŚĞ aĐƚƵaů ƌĞƐƵůƚƐ ƚŽ ĚŝĨĨĞƌ ŵaƚĞƌŝaůůǇ ĨƌŽŵ ĨƵƚƵƌĞ ƌĞƐƵůƚƐ ĞǆƉƌĞƐƐĞĚ Žƌ ŝŵƉůŝĞĚ ďǇ ƐƵĐŚ ĨŽƌǁaƌĚ ůŽŽŬŝŶŐ ŝŶĨŽƌŵaƚŝŽŶ͘ dŚĞ ĨŝŶĚŝŶŐƐ, ƌaŶŬŝŶŐƐ, aŶĚ ŽƉŝŶŝŽŶƐ ĞǆƉƌĞƐƐĞĚ ŚĞƌĞŝŶ aƌĞ ƚŚĞ ŝŶƚĞůůĞĐƚƵaů ƉƌŽƉĞƌƚǇ ŽĨ sĞƌƵƐ aŶĚ aƌĞ ƐƵďũĞĐƚ ƚŽ ĐŚaŶŐĞ ǁŝƚŚŽƵƚ ŶŽƚŝĐĞ͘ dŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ĚŽĞƐ ŶŽƚ Đůaŝŵ ƚŽ ďĞ aůůͲŝŶĐůƵƐŝǀĞ, ŶŽƌ ĚŽĞƐ ŝƚ ĐŽŶƚaŝŶ aůů ŝŶĨŽƌŵaƚŝŽŶ ƚŚaƚ ĐůŝĞŶƚƐ ŵaǇ ĚĞƐŝƌĞ ĨŽƌ ƚŚĞŝƌ ƉƵƌƉŽƐĞƐ͘ dŚĞ ŝŶĨŽƌŵaƚŝŽŶ ƉƌĞƐĞŶƚĞĚ ƐŚŽƵůĚ ďĞ ƌĞaĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ aŶǇ ŽƚŚĞƌ ŵaƚĞƌŝaů ƉƌŽǀŝĚĞĚ ďǇ sĞƌƵƐ, ŝŶǀĞƐƚŵĞŶƚ ŵaŶaŐĞƌƐ, aŶĚ ĐƵƐƚŽĚŝaŶƐ͘ sĞƌƵƐ ǁŝůů ŵaŬĞ ĞǀĞƌǇ ƌĞaƐŽŶaďůĞ ĞĨĨŽƌƚ ƚŽ ŽďƚaŝŶ aŶĚ ŝŶĐůƵĚĞ aĐĐƵƌaƚĞ ŵaƌŬĞƚ ǀaůƵĞƐ͘ ,ŽǁĞǀĞƌ, ŝĨ ŵaŶaŐĞƌƐ Žƌ ĐƵƐƚŽĚŝaŶƐ aƌĞ ƵŶaďůĞ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚΖƐ ŵaƌŬĞƚ ǀaůƵĞƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ƌĞƉŽƌƚ ŝƐƐƵaŶĐĞ, sĞƌƵƐ ŵaǇ ƵƐĞ ƚŚĞ ůaƐƚ ƌĞƉŽƌƚĞĚ ŵaƌŬĞƚ ǀaůƵĞ Žƌ ŵaŬĞ ĞƐƚŝŵaƚĞƐ ďaƐĞĚ ŽŶ ƚŚĞ ŵaŶaŐĞƌΖƐ ƐƚaƚĞĚ Žƌ ĞƐƚŝŵaƚĞĚ ƌĞƚƵƌŶƐ aŶĚ ŽƚŚĞƌ ŝŶĨŽƌŵaƚŝŽŶ aǀaŝůaďůĞ aƚ ƚŚĞ ƚŝŵĞ͘ dŚĞƐĞ ĞƐƚŝŵaƚĞƐ ŵaǇ ĚŝĨĨĞƌ ŵaƚĞƌŝaůůǇ ĨƌŽŵ ƚŚĞ aĐƚƵaů ǀaůƵĞ͘ ,ĞĚŐĞ ĨƵŶĚ ŵaƌŬĞƚ ǀaůƵĞƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ aƌĞ ƉƌŽǀŝĚĞĚ ďǇ ƚŚĞ ĨƵŶĚ ŵaŶaŐĞƌ Žƌ ĐƵƐƚŽĚŝaŶ͘ DaƌŬĞƚ ǀaůƵĞƐ ƉƌĞƐĞŶƚĞĚ ĨŽƌ ƉƌŝǀaƚĞ ĞƋƵŝƚǇ ŝŶǀĞƐƚŵĞŶƚƐ ƌĞĨůĞĐƚ ƚŚĞ ůaƐƚ ƌĞƉŽƌƚĞĚ EAs ďǇ ƚŚĞ ĐƵƐƚŽĚŝaŶ Žƌ ŵaŶaŐĞƌ ŶĞƚ ŽĨ ĐaƉŝƚaů ĐaůůƐ aŶĚ ĚŝƐƚƌŝďƵƚŝŽŶƐ aƐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͘ dŚĞƐĞ ǀaůƵĞƐ aƌĞ ĞƐƚŝŵaƚĞƐ aŶĚ ŵaǇ ĚŝĨĨĞƌ ŵaƚĞƌŝaůůǇ ĨƌŽŵ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚƐ aĐƚƵaů ǀaůƵĞ͘ WƌŝǀaƚĞ ĞƋƵŝƚǇ ŵaŶaŐĞƌƐ ƌĞƉŽƌƚ ƉĞƌĨŽƌŵaŶĐĞ ƵƐŝŶŐ aŶ ŝŶƚĞƌŶaů ƌaƚĞ ŽĨ ƌĞƚƵƌŶ ;/ZZͿ, ǁŚŝĐŚ ĚŝĨĨĞƌƐ ĨƌŽŵ ƚŚĞ ƚŝŵĞͲǁĞŝŐŚƚĞĚ ƌaƚĞ ŽĨ ƌĞƚƵƌŶ ;dtZZͿ ĐaůĐƵůaƚŝŽŶ ĚŽŶĞ ďǇ sĞƌƵƐ͘ /ƚ ŝƐ ŝŶaƉƉƌŽƉƌŝaƚĞ ƚŽ ĐŽŵƉaƌĞ /ZZ aŶĚ dtZZ ƚŽ ĞaĐŚ ŽƚŚĞƌ͘ /ZZ ĨŝŐƵƌĞƐ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ŝůůŝƋƵŝĚ aůƚĞƌŶaƚŝǀĞ ƉaŐĞƐ aƌĞ ƉƌŽǀŝĚĞĚ ďǇ ƚŚĞ ƌĞƐƉĞĐƚŝǀĞ ŵaŶaŐĞƌƐ, aŶĚ sĞƌƵƐ ŚaƐ ŶŽƚ ŵaĚĞ aŶǇ aƚƚĞŵƉƚƐ ƚŽ ǀĞƌŝĨǇ ƚŚĞƐĞ ƌĞƚƵƌŶƐ͘ hŶƚŝů a ƉaƌƚŶĞƌƐŚŝƉ ŝƐ ůŝƋƵŝĚaƚĞĚ ;ƚǇƉŝĐaůůǇ ŽǀĞƌ ϭϬͲϭϮ ǇĞaƌƐͿ, ƚŚĞ /ZZ ŝƐ ŽŶůǇ aŶ ŝŶƚĞƌŝŵ ĞƐƚŝŵaƚĞĚ ƌĞƚƵƌŶ͘ dŚĞ aĐƚƵaů /ZZ ƉĞƌĨŽƌŵaŶĐĞ ŽĨ aŶǇ >W ŝƐ ŶŽƚ ŬŶŽǁŶ ƵŶƚŝů ƚŚĞ ĨŝŶaů ůŝƋƵŝĚaƚŝŽŶ͘ EĞƚͲŽĨͲ&ĞĞƐ ZĞƚƵƌŶƐ ŵĞaŶ ŐƌŽƐƐͲŽĨͲĨĞĞƐ ƌĞƚƵƌŶƐ ƌĞĚƵĐĞĚ ďǇ ĨĞĞƐ aŶĚ ĞǆƉĞŶƐĞƐ ĐŚaƌŐĞĚ ďǇ ƚŚŝƌĚͲƉaƌƚǇ ŝŶǀĞƐƚŵĞŶƚ ŵaŶaŐĞƌƐ ŽŶ ƚŚĞ ƉƌŽĚƵĐƚƐ ŽĨ ƐƵĐŚ ŵaŶaŐĞƌƐ ŚĞůĚ ďǇ ĐůŝĞŶƚ͘ EĞƚͲŽĨͲ&ĞĞƐ ZĞƚƵƌŶƐ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ a ƌĞĚƵĐƚŝŽŶ ŽĨ ƌĞƚƵƌŶƐ ĨŽƌ sĞƌƵƐ͛ ŝŶǀĞƐƚŵĞŶƚ ŵaŶaŐĞŵĞŶƚ aŶĚ ĐŽŶƐƵůƚŝŶŐ ĨĞĞƐ, Žƌ ŽƚŚĞƌ ĞǆƉĞŶƐĞƐ ŝŶĐƵƌƌĞĚ ďǇ ƚŚĞ aƐƐĞƚ ŽǁŶĞƌ, ĨƵŶĚ Žƌ ƉůaŶ͘ sĞƌƵƐ ƌĞĐĞŝǀĞƐ ƵŶŝǀĞƌƐĞ Ěaƚa ĨƌŽŵ /ŶǀDĞƚƌŝĐƐ, ĞsĞƐƚŵĞŶƚ AůůŝaŶĐĞ, aŶĚ DŽƌŶŝŶŐƐƚaƌ͘ tĞ ďĞůŝĞǀĞ ƚŚŝƐ Ěaƚa ƚŽ ďĞ ƌŽďƵƐƚ aŶĚ aƉƉƌŽƉƌŝaƚĞ ĨŽƌ ƉĞĞƌ ĐŽŵƉaƌŝƐŽŶ͘ EĞǀĞƌƚŚĞůĞƐƐ, ƚŚĞƐĞ ƵŶŝǀĞƌƐĞƐ ŵaǇ ŶŽƚ ďĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŽĨ aůů ƉĞĞƌ ŝŶǀĞƐƚŽƌƐͬŵaŶaŐĞƌƐ ďƵƚ ƌaƚŚĞƌ ŽĨ ƚŚĞ ŝŶǀĞƐƚŽƌƐͬŵaŶaŐĞƌƐ ƚŚaƚ ĐŽŵƉƌŝƐĞ ƚŚaƚ ĚaƚaďaƐĞ͘ dŚĞ ƌĞƐƵůƚŝŶŐ ƵŶŝǀĞƌƐĞ ĐŽŵƉŽƐŝƚŝŽŶ ŝƐ ŶŽ ƐƚaƚŝĐ aŶĚ ǁŝůů ĐŚaŶŐĞ ŽǀĞƌ ƚŝŵĞ͘ ZĞƚƵƌŶƐ aƌĞ aŶŶƵaůŝǌĞĚ ǁŚĞŶ ƚŚĞǇ ĐŽǀĞƌ ŵŽƌĞ ƚŚaŶ ŽŶĞ ǇĞaƌ͘ /ŶǀĞƐƚŵĞŶƚ ŵaŶaŐĞƌƐ ŵaǇ ƌĞǀŝƐĞ ƚŚĞŝƌ Ěaƚa aĨƚĞƌ ƌĞƉŽƌƚ ĚŝƐƚƌŝďƵƚŝŽŶ͘ sĞƌƵƐ ǁŝůů ŵaŬĞ ƚŚĞ aƉƉƌŽƉƌŝaƚĞ ĐŽƌƌĞĐƚŝŽŶ ƚŽ ƚŚĞ ĐůŝĞŶƚ aĐĐŽƵŶƚ ďƵƚ ŵaǇ Žƌ ŵaǇ ŶŽƚ ĚŝƐĐůŽƐĞ ƚŚĞ ĐŚaŶŐĞ ƚŽ ƚŚĞ ĐůŝĞŶƚ ďaƐĞĚ ŽŶ ƚŚĞ ŵaƚĞƌŝaůŝƚǇ ŽĨ ƚŚĞ ĐŚaŶŐĞ͘ Disclosure 55 of 93 BUFFALO GROVE POLICE PENSION FUND Month Ended: March 31, 2025 $99,173,680.73 $99,173,680.73 Market Value Summary: ($1,800,000.00) $472,900.00 $100,032,876.97 ($600,000.00) $390,400.00 $101,338,884.09 Year to DateCurrent Period Ending Balance Withdrawals Contributions Beginning Balance Unrealized Gain/Loss ($1,949,125.85) N/AN/A5.80%0.45%(1.93%) Five YearsThree YearsOne YearYTDMTD Performance Summary: 6.71% Inception to Date 0.45% QTD Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org $335,385.82 Net of Fees: Participant Inception Date 05/02/2022N/A Ten Years $129,964.65$64,924.91Income Realized Gain/Loss ($68,198.75)$21,275.37 $0.00$0.00Transfers In/Out Investment Expense ($1,122.25)($4,403.19) Administrative Expense ($1,239.54)($4,454.06) Investment Manager Fees ($841.88)($9,864.83) IFA Loan Repayment $0.00 $0.00 Adjustment $0.00 $0.00 Returns for periods greater than one year are annualized Page 1 of 3 56 of 93 BUFFALO GROVE POLICE PENSION FUND Month Ended: March 31, 2025 IPOPIF Pool 8,366,971.186 $99,173,680.73 $99,173,680.73 $11.852997$11.852997Period Ending Net Asset Value per Unit $11.800246$12.086761Period Beginning Net Asset Value per Unit (150,094.739) 39,879.840 8,477,186.086 (50,363.942) 33,047.056 8,384,288.073 Year to DateCurrent Period Unit Sales from Withdrawals Unit Purchases from Additions Unit Value Summary:Market Value Summary: ($1,800,000.00) $472,900.00 $100,032,876.97 ($600,000.00) $390,400.00 $101,338,884.09 Year to DateCurrent Period Ending Balance Withdrawals Contributions Beginning Balance Unrealized Gain/Loss ($1,949,125.85) N/AN/A5.80%0.45%(1.93%) Five YearsThree YearsOne YearYTDMTD Performance Summary: 7.59% Inception to Date 0.45% QTD BUFFALO GROVE POLICE PENSION FUND Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org $335,385.82 8,366,971.186Ending Units Beginning Units Net of Fees: Participant Inception Date 05/18/2022N/A Ten Years $129,964.65$64,924.91Income Realized Gain/Loss ($68,198.75)$21,275.37 Fund Name: $0.00$0.00Transfers In/Out Investment Expense ($1,122.25)($4,403.19) Administrative Expense ($1,239.54)($4,454.06) Investment Manager Fees ($841.88)($9,864.83) IFA Loan Repayment $0.00 $0.00 Adjustment $0.00 $0.00 Returns for periods greater than one year are annualized Page 2 of 3 57 of 93 Statement of Transaction Detail for the Month Ending 03/31/2025 BUFFALO GROVE POLICE PENSION FUND Trade Date Description Amount Unit Value UnitsSettle Date IPOPIF Pool 03/13/2025 355,400.00Contribution 11.805873 30,103.661103/14/2025 03/14/2025 (600,000.00)Redemptions 11.913285 (50,363.9424)03/17/2025 03/28/2025 35,000.00Contribution 11.891031 2,943.394903/31/2025 Page 3 of 3 58 of 93 59 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Pension Calculation Worksheet Retirement 20-50 REVIEWED AND APPROVED BY PENSION FUND: Trustee:Date:______________Name: ____________________ Signature: _________________________ Treasurer:Date:______________Name: ____________________ Signature: _________________________ Member Name Member Entry Date 09/11/96 Member Retirement Date 12/02/20 Member Effective Date of Pension 03/05/25 Member Age at Effective Date of Pension 50 Years (Y) of Creditable Service Earned Y 24 Applicable Salary $123,761.60 Applicable Pension Percentage (APP)60.00% Amount of the Original Monthly Pension Granted to Member $6,188.08 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 03/05/25 Original Benefit (prorated)5,389.62 5,389.62 04/01/25 Original Benefit (full month)798.46 6,188.08 74,256.96 04/01/30 Initial Increase 928.21 7,116.29 85,395.48 01/01/31 Annual 3% COLA 213.49 7,329.78 87,957.36 01/01/32 Annual 3% COLA 219.89 7,549.67 90,596.04 01/01/33 Annual 3% COLA 226.49 7,776.16 93,313.92 01/01/34 Annual 3% COLA 233.28 8,009.44 96,113.28 01/01/35 Annual 3% COLA 240.28 8,249.72 98,996.64 01/01/36 Annual 3% COLA 247.49 8,497.21 101,966.52 01/01/37 Annual 3% COLA 254.92 8,752.13 105,025.56 01/01/38 Annual 3% COLA 262.56 9,014.69 108,176.28 01/01/39 Annual 3% COLA 270.44 9,285.13 111,421.56 01/01/40 Annual 3% COLA 278.55 9,563.68 114,764.16 Personal Data Kondrat, Michelle M. Pension Calculation History Description printed: 3/5/202560 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Pension Calculation Worksheet Retirement 20-50 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 01/01/41 Annual 3% COLA 286.91 9,850.59 118,207.08 01/01/42 Annual 3% COLA 295.52 10,146.11 121,753.32 01/01/43 Annual 3% COLA 304.38 10,450.49 125,405.88 01/01/44 Annual 3% COLA 313.51 10,764.00 129,168.00 01/01/45 Annual 3% COLA 322.92 11,086.92 133,043.04 01/01/46 Annual 3% COLA 332.61 11,419.53 137,034.36 01/01/47 Annual 3% COLA 342.59 11,762.12 141,145.44 01/01/48 Annual 3% COLA 352.86 12,114.98 145,379.76 01/01/49 Annual 3% COLA 363.45 12,478.43 149,741.16 01/01/50 Annual 3% COLA 374.35 12,852.78 154,233.36 01/01/51 Annual 3% COLA 385.58 13,238.36 158,860.32 01/01/52 Annual 3% COLA 397.15 13,635.51 163,626.12 01/01/53 Annual 3% COLA 409.07 14,044.58 168,534.96 01/01/54 Annual 3% COLA 421.34 14,465.92 173,591.04 01/01/55 Annual 3% COLA 433.98 14,899.90 178,798.80 01/01/56 Annual 3% COLA 447.00 15,346.90 184,162.80 01/01/57 Annual 3% COLA 460.41 15,807.31 189,687.72 01/01/58 Annual 3% COLA 474.22 16,281.53 195,378.36 01/01/59 Annual 3% COLA 488.45 16,769.98 201,239.76 01/01/60 Annual 3% COLA 503.10 17,273.08 207,276.96 01/01/61 Annual 3% COLA 518.19 17,791.27 213,495.24 01/01/62 Annual 3% COLA 533.74 18,325.01 219,900.12 01/01/63 Annual 3% COLA 549.75 18,874.76 226,497.12 01/01/64 Annual 3% COLA 566.24 19,441.00 233,292.00 01/01/65 Annual 3% COLA 583.23 20,024.23 240,290.76 01/01/66 Annual 3% COLA 600.73 20,624.96 247,499.52 01/01/67 Annual 3% COLA 618.75 21,243.71 254,924.52 01/01/68 Annual 3% COLA 637.31 21,881.02 262,572.24 01/01/69 Annual 3% COLA 656.43 22,537.45 270,449.40 01/01/70 Annual 3% COLA 676.12 23,213.57 278,562.84 01/01/71 Annual 3% COLA 696.41 23,909.98 286,919.76 01/01/72 Annual 3% COLA 717.30 24,627.28 295,527.36 Description Pension Calculation History - Continued printed: 3/5/202561 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Basic Information Worksheet Retirement 20-50 Entry Date Termination/Retirement Date Creditable Service Earned Additions to Creditable Service Reductions to Creditable Service Total Creditable Service Additions (Days) Creditable Service 09/11/96 12/02/20 Years 24 24 Reductions (Days) Printed: 3/5/202562 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Benefit Calculation Worksheet Retirement 20-50 Applicable Salary $123,761.60 Rank @ Last Day of Service Sergeant Years Total Creditable Service 24 Creditable Service Years 1 to 20 x 2.5%50.00% Creditable Service (# of Years 21 to 30) x 2.5%10.00% Total (Maximum = 75%)60.00% Original Annual Pension $74,256.96 Monthly $6,188.08 Age @ Effective Date of Pension 50 Date of Initial Increase 04/01/30 Amount of Initial Increase (monthly)$928.21 Required Information Applicable Pension Percentage Amount of Originally Granted Pension Increases in Pension Subsequent COLA increases are granted every January in the amount of 3% of the current benefit. Benefits granted to Survivors do NOT receive COLA Increases. The amount of the initial increase is equal to 1/12 of 3% of the original monthly benefit, times the number of full months that have elapsed since the pension began. The initial increase is granted on the latter of: The month after the member turns 55 OR The month after the member has been retired for one full year. Printed: 3/5/202563 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Pension Taxability Calculation Worksheet Retirement 20-50 Effective Date of Pension 03/05/25 Member Date of Birth Spouse's Date of Birth N/A Member Age @ Effective Date of Pension 50 Spouse Age @ Effective Date of Pension N/A Combined Age of Pensioner and Spouse 50 After - Tax Portion of Contributions $2.00 Personal Data IRS Notice 98-2 "The Simplified Method" The simplified method must be used by annuitants and by pension funds to report the taxable portion of pension payments on Form 1099-R. Under the simplified method the pensioner recovers his or her investment in the pension in level amounts over the expected number of monthly payments determined from the table. The new table applies to distributions with annuity starting dates after December 31, 1997. The portion of each monthly pension payment that is excluded from gross income is a level dollar amount determined by dividing the investment in the pension by the number of annuity payments according to the table. The employee's investment in the pension is generally the total amount of after-tax contributions made to the pension plan by the employee. The dollar amount to be excluded from taxable income does not change, even when the amount of the pension payment changes. For example the amount to be excluded from each pension payment does not change with COLA increases or on account of reduced survivor annuity after the death of the pensioner. Printed: 3/5/202564 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Pension Taxability Calculation Worksheet Retirement 20-50 Age of Annuitant Expected Number of When Annuity Begins Monthly Payments 55 and Under 360 56 - 60 310 61 - 65 260 66 - 70 210 71 and Over 160 Combined Age of Pensioner and Spouse Expected Number of When Annuity Begins Monthly Payments 110 and Under 410 111 - 120 360 121 - 130 310 131 - 140 260 141 and Over 210 After - Tax Portion of Contributions $2.00 Expected # of Monthly Payments from the Table 360 Tax Free Portion of Monthly Pension = After - Tax Contributions / Expected # of Monthly Payments $0.01 Tax Free Portion of Annual Pension = Tax Free Portion of Monthly Pension x 12 $0.12 Partial Year = # of Months x Tax Free Portion of Monthly Pension Expected # of Payments Table - Single @ Time of Retirement Expected # of Payments Table - Married @ Time of Retirement Taxability Calculation Printed: 3/5/202565 of 93 BUFFALO GROVE Kondrat, Michelle M. POLICE PENSION FUND Pension Taxability Calculation Worksheet Retirement 20-50 For year ending:Box 2a should be this much less than Box 1After-tax Contribution Balance: 2.00 2025 0.09 1.91 2026 0.12 1.79 2027 0.12 1.67 2028 0.12 1.55 2029 0.12 1.43 2030 0.12 1.31 2031 0.12 1.19 2032 0.12 1.07 2033 0.12 0.95 2034 0.12 0.83 2035 0.12 0.71 2036 0.12 0.59 2037 0.12 0.47 2038 0.12 0.35 2039 0.12 0.23 2040 0.12 0.11 2041 0.11 0.00 2042 0.00 0.00 2043 0.00 0.00 Once all after-tax contributions are "used", Box 2a should equal Box 1 on the 1099R form. (this amount goes in Box 5) 1099R Reporting Printed: 3/5/202566 of 93 Buffalo Grove Police Pension Fund Reporting For the Contribution Year Ending December 31, 2025 for Funding Purposes For the Fiscal Year Ending December 31, 2024 for Financial Statement Reporting Presented by: Anthony Gedvilas, ASA, MAAA, Actuarial Consultant 67 of 93 68 of 93 69 of 93 70 of 93 Demographic Changes Page 13-14 in Report •There were 5 Members who were hired during the year. This increased the Recommended Contribution by approximately $41,300. •There were 3 Members who retired during the year. This increased the Recommended Contribution by approximately $36,600. •There was 1 previously deferred Member who transferred their Member Contributions to a different Pension Fund during the year. This decreased the Recommended Contribution by approximately $18,500. •There were 71 inactive Members who continued to collect benefits. This increased the Recommended Contribution by approximately $47,100. •Other demographic changes experienced during the year were minimal. 5 71 of 93 72 of 93 73 of 93 Assumption Changes Page 14 in Report •In the current valuation, the following assumptions were changed: •Inflation Rate (CPI-U) •Individual Pay Increases •Retirement Rates •Termination Rates •Disability Rates •Mortality Rates •Mortality Improvement Rates •Duty Death Probability •In the current valuation, the individual pay increases assumption has been updated based on a review of the wage schedule between the Village of Buffalo Grove, Illinois and the Metropolitan Alliance of Police, Buffalo Grove Patrol Officer Chapter #672 for the period January 1, 2024 through December 31, 2024. 8 74 of 93 75 of 93 76 of 93 77 of 93 78 of 93 Actuarial Certification •The valuation results summarized in this presentation are from the January 1, 2025 Actuarial Funding Report & January 1, 2024 GASB 67/68 Report, which have been reviewed by Actuarial Consultants that meet the Qualification Standards of the American Academy of Actuaries. •This report is not intended for purposes other than determining the Recommended Contribution, under the selected Funding Policy, and the Alternative Contribution. •This report contains the full description of the data, assumptions, methods, and provisions used to produce these actuarial results. •For any rounded figures shown in this presentation, please refer to the Actuarial Funding Report for more exact figures. 13 79 of 93 Organization: Year: 2025 Hours Completed Date Completed Cert on File 1 8 5/7-5/9 2 3 4 5 6 Hours Completed Date Completed Cert on File 1 8 5/7-5/9 2 3 4 5 6 Hours Completed Date Completed Cert on File 1 8 2 3 4 5 6 Hours Completed Date Completed Cert on File 1 2 3 4 5 6 Hours Completed Date Completed Cert on File 1 2 3 4 5 6 Kenneth Fox Hours Required Type of Training 8 Jeff Feld Hours Required Type of Training 8 8 IPPFA Online Training Tony Montiel Hours Required Type of Training Hours Required Type of Training 8 IPPFA Illinois Pension Conference Cody Barker Certified Trustee Training Buffalo Grove Police Pension Fund Anthony Turano Hours Required Type of Training 8 IPPFA Illinois Pension Conference Page 1 of 1 80 of 93 81 of 93 82 of 93 83 of 93 84 of 93 85 of 93 2025 IPFA SPRING PENSION SEMINAR Friday May 2, 2025 Red Shift Empress Banquets 200 East Lake Street Addison, IL 60101 630-279-5900 IN-PERSON SEMINAR REGISTRATION FORM Municipality, (please print or type) District, or Firm: _____________________________________________ Address: _________________________________________________ City: ____________________________________________ , IL Zip: ____________ Phone: _____________________________ SEMINAR FEES: IPFA Members: $ 230.00 Non - Members: $ 320.00 Walk-In Registration: $ 340.00 Avoid the walk-in surcharge – register on or before Monday, April 28, 2025 Registration opens at 07:00, event begins at 08:00, & ends at 16:00 First Name: Last Name: e-mail Address: Member Non-Member ____________________ _________________________ ____________________________________ $_______.___ $_______.____ ____________________ _________________________ ____________________________________ $_______.___ $_______.____ ____________________ _________________________ ____________________________________ $_______.___ $_______.____ ____________________ _________________________ ____________________________________ $_______.___ $_______.____ ____________________ _________________________ ____________________________________ $_______.___ $_______.____ TOTAL CHECK ENCLOSED $_______.____ Payment must accompany this Registration Form and be received in our office on or before April 28, 2025 to qualify for lower rates. Reservations received after the above date will be charged walk-in registration fee. Requests for refunds must be received on or before Monday, April 28, 2025 for full fee credit. No credits of seminar fees after this date. Please mail the completed form to IPFA, 188 Industrial Drive, Suite 134, Elmhurst, IL 60126-1608, fax it to 630-833-2412, or scan & e-mail to ipfa@aol.com. Any questions, call 630-833-2405. For Tax Reporting Purposes our Federal I.D. Number is: 36-2650496. The Illinois Pension Statute requires continuing education for all pension board trustees. This seminar provides up to 8 hours of credits. For IPFA Office Use: Date: ___________ Check #: ___________ Amount: _____________ Payer: ________________________________________ ___________________________________________________________________________ 86 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 1 Volume 26, Issue 2, April 2025 Legal and Legislative Update Disability Claim Remanded to Pension Board Despite Failure to Treat Petersen v. The Bd. of Trustees of the Oak Lawn Police Pension Fd., 2025 IL App (1st) 240591-U Plaintiff originally applied for duty disability benefits after injuring his shoulder responding to two separate domestic incidents. Plaintiff underwent surgery to repair a partial rotator cuff tear and a “SLAP” tear in his right shoulder. Following surgery and physical therapy, Plaintiff returned to light-duty, yet he continued to experience problems with his right shoulder. Plaintiff sought several doctors’ opinions as to his post-surgical medical condition. Ultimately, he was diagnosed with an intrasubstance rotator cuff tear and an intrasubstance supraspinatus tear. Surgery was recommended by all doctors making this diagnosis. Notably, those doctors expected Plaintiff to make a full recovery given his age and physical fitness. Nevertheless, Plaintiff chose not to have surgery. After Plaintiff was taken off light duty and stripped of his police powers, he was involved in an off-duty altercation where he intervened in a possible domestic incident in Westchester. Plaintiff wrestled a male subject to the ground, tackling and pinning him using both arms and knees to restrain the subject until police arrived. Body camera videos of the incident were made available to the Pension Board. At the hearing, Plaintiff amended his application to alternatively request a non-duty disability. The independent medical examiners (“IMEs”) evaluated the evidence and gave conflicting opinions as to disability but also gave unanimous opinions as to surgery returning Plaintiff to full duty. One doctor opined Plaintiff was able to work In This Issue… 1 Disability Claim Remanded to Pension Board Despite Failure to Treat 2 Firefighter Awarded PSEBA Benefits After Patient Transfer Injury 4 Trial Court Upholds Tier 2 Classification for Judges with Prior Service 5 Chicago Annuitants Again Denied Increased Insurance Benefits 6 Suggested Agenda Items for July 2025 7 RDL News 87 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 2 full, unrestricted duty as demonstrated by his conduct during the incident in Westchester. The other two doctors found Plaintiff to be disabled, but both recommended surgery, finding it had a high potential for improvement and would restore functionality at a high probability level between 80-90%, respectively. The Pension Board concluded Plaintiff failed to establish he was disabled based on the opinion of one of the IMEs, along with the videos showing his actions during the Westchester incident. The Board also found Plaintiff’s testimony was not credible as it was inconsistent with the videos, and thus, rendering unpersuasive the opinions of those doctors finding him to be disabled. Also, the Pension Board found Plaintiff’s refusal to obtain further medical treatment was unreasonable and a superseding cause of his disability. After Plaintiff sought administrative review in the Circuit Court, he tried to introduce additional medical evidence of his current condition by asking the court to remand the matter back to the Pension Board for further hearing. However, the Circuit Court refused to remand the matter back to the Board, instead reversing the Pension Board’s decision and awarding Plaintiff duty disability benefits. On appeal, the Appellate Court concluded the motion to remand should have been granted by the Circuit Court, finding the new medical evidence was discovered after the Pension Board rendered its decision, the Pension Board could not have obtained this evidence during the hearing, and the evidence was material to the issue. Accordingly, the Appellate Court vacated the Circuit Court’s and the Pension Boad’s decisions and remanded the matter back to the Pension Board for further evidentiary proceedings. Pension Board’s should carefully consider whether to move forward with disability claims if the officer/firefighter is continuing to treat. It is understandable to want to proceed quickly to a hearing so as to provide benefits to an injured officer/firefighter, but this case shows potential pitfalls of doing so. Since future medical treatment may impact the Pension Board’s decision, applicants should complete all treatment before proceeding to hearing.  Firefighter Awarded PSEBA Benefits After Patient Transfer Injury Ford v. Village of Northbrook et al., 2025 IL App (1st) 231952-U Regular readers may recall that, while PSEBA benefits are not administered by the pension fund, there is an intersection between line of duty disability benefits and PSEBA awards. PSEBA benefits are the award of health insurance benefits to an injured first responder. While other criteria may apply, in general to be eligible for PSEBA, a first responder must be 1) catastrophically injured 2) in response to what was reasonably believed to be an emergency. The Illinois Supreme Court has held the award of line of duty disability pension benefits meets the definition of “catastrophically injured” under the PSEBA statute. For a first responder who is found to be line of duty disabled, this means they need only show their disability resulted from what was reasonably believed to be an emergency. This inquiry can be surprisingly complicated as illustrated in this recent appellate case. The plaintiff was employed as a firefighter/paramedic for the Village of Northbrook. He was dispatched to the home of a person “feeling weak”. According to the testimony of the plaintiff, the call was considered “non-fire emergent”. Upon arrival at the call, the firefighter found an obese patient unable to stand. Together with the other firefighter/paramedics on the call, plaintiff moved the patient from the bathroom to an ambulance cot in the living room. The patient was transported to the hospital via ambulance. During transport, plaintiff provided the patient with “basic life support”. The purpose was to monitor the patient and keep her comfortable while she was being transported to the hospital. Plaintiff testified the patient had no urgent medical issues and, while she stated she was in pain, refused medication. 88 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 3 Upon arrival at the hospital, plaintiff transferred the patient from the ambulance cot to an emergency room bed. While lifting the patient for this transfer, plaintiff felt a pop in his right shoulder. Subsequent x-rays and MRI revealed plaintiff suffered from a narrowing of his cervical spine in some areas. Plaintiff sought and was awarded line of duty disability benefits from the pension board due to his inability to use his right shoulder. After he was awarded line of duty disability benefits, plaintiff applied to the village for PSEBA benefits. In addition to the evidence submitted to the pension board, plaintiff provided the village with the reports from the incident generated by the dispatch center. It showed the dispatch center coded the call as “1 Emergency” and dispatched both an ambulance and a fire truck. Because plaintiff had been awarded a line of duty disability benefit, the village conceded the only issue was whether he had been injured during the course of what he reasonably believed to be an emergency. The village denied the application for PSEBA benefits finding the firefighter was not injured during the course of what he believed to be an emergency because, at the time the lifting injury occurred at the hospital, no emergency existed. On review, the appellate court reversed the village’s decision and awarded the firefighter PSEBA benefits. The appellate court’s analysis revolved around the meaning of the word “emergency”. Citing the seminal Illinois Supreme Court decision in Gaffney, the court applied the definition as, “an unforeseen circumstance involving imminent danger to a person or property requiring an urgent response.” This definition was subsequently expanded by the appellate court to removal of road debris by police officers in the Springborn case to find an emergency can include, “a distressing event or condition that can often be anticipated or prepared for but seldom exactly foreseen.” Applying these standards to the lifting of the patient from the ambulance cot to the emergency room bed, the appellate court found plaintiff was injured in response to what he could reasonably believe to be an emergency. The court found the coding of the call as an emergency by dispatch, combined with the multiple health problems being experienced by the patient which precluded a definitive diagnosis, to support the conclusion plaintiff reasonably believed he was faced with an emergency. In finding for plaintiff, the appellate court distinguished a similar prior case which found a citizen lift assist call was not an emergency under PSEBA. (Wilczak v. Vill. of Lombard, 2016 IL App (2d) 160205). This court distinguished that case by noting that call was coded as a non-life-threatening emergency and the firefighter determined on the scene there was no emergency, only a fall requiring assist and not transportation to the hospital. According to the reasoning of the appellate court, the firefighter’s belief there was an emergency in Wilczak was not reasonable while the plaintiff in this case, could reasonably believe there was an emergency due to the need to transport to the hospital and lack of definitive diagnosis for the problems being experienced by the patient. Certainly, one of the conclusions from this PSEBA case is that they are highly factually dependent. Similar circumstances may result in different conclusions. Trial Court Upholds Tier 2 Classification for Judges with Prior Service Kievlan et al. v. Judges Retirement System of Ill. et al., Cook Co. Case No. 2024 CH 1708 In an action for administrative review, two Illinois state court judges - one active, one retired - challenged their designation as "Tier 2" participants in the Judges Retirement System of Illinois ("JRS") for purposes of calculating their pension benefits. Their four- issue complaint was rejected by the Cook County Circuit Court, after a thorough analysis using a de novo standard of review. JRS is one of five state-funded pension systems for state employees. The other four are the General Assembly Retirement System 89 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 4 ("GARS"), the State Employees' Retirement System ("SERS"), the State Universities Retirement System ("SURS"), and the Teachers' Retirement System ("TRS"). The litigation was prompted after the JRS informed both judges their judicial pension benefits would be calculated as Tier 2 pensions, notwithstanding the fact that both had previously been employed in the public sector and gained status as Tier 1 beneficiaries in other retirement systems. In 2010, the Illinois General Assembly enacted certain reforms to the state-funded pension systems by passing Public Act ("P.A.") 96-0889. Pertinent here, the legislation created a two-tier pension structure for all public pensions. Focusing on the JRS system, the Court explained that Tier eligibility in JRS depends on when the participant "first serves as a judge." A participant who "first serves as a judge" before January 1, 2011, is considered a Tier 1 member. By contrast, a participant who "first serves as a judge" on or after January 1, 2011, is considered a Tier 2 member. The benefits for Tier 1 are substantially greater than Tier 2 in many respects. As opposed to JRS and GARS, the other three state- funded systems set eligibility and benefits depending on when one first becomes a participant in "any retirement system or pension fund" under the Pension Code. Under the statutory language, JRS determinations are based on when a participant “first serves as a judge”. The Court also examined relevant statutory language from the Reciprocal Act, where participants in certain pension systems can combine their service credits across systems. Relevant here, individuals who have participated in multiple participating systems may choose to have their service credits combined and then receive a separate pension from each system. Each participating system then calculates its own proportional annuity “in accordance with the formula or method prescribed by each participating system which is in effect at the date of the employee's latest withdrawal from service covered by any of the systems in which he has pension credits which he elects to have considered under this Article.” First, Plaintiffs argued that Defendants' decision violates the Illinois Constitution's Pension Protection Clause and the Reciprocal Act. Plaintiffs contend that when they joined other public pensions in 1997 and in 2005, respectively, they acquired constitutionally protected benefits of membership in those systems and in JRS as a reciprocal system. They maintained they should be classified by JRS as Tier 1 judges, even though both Plaintiffs first served as judges on or after January 1, 2011. The Pension Protection Clause of the Illinois Constitution provides strong contractual protection of pension benefits. The Clause does not, however, specify the particular benefits of membership in any one retirement system. Rather, "the scope of the pension protection clause's application is 'governed by the actual terms of the contract or pension." According to the actual terms of the JRS pension, a participant who "first serves as judge" on or after January 1, 2011 is eligible for benefits under the Tier 2 judge formula. Plaintiffs claim that notwithstanding this provision, they had a "future right to move to other covered pension systems— including JRS—while maintaining consistent benefits" under the Reciprocal Act. The court found this argument wholly unsupported by either case law or statutory language. According to the Court, the Plaintiffs improperly conflated the concept of credit with the concept of benefits. The Reciprocal Act, according to the ruling, addresses the timing of benefits over multiple pension systems, not the actual benefits. For the computation of the benefit itself (here, the proportional retirement annuity), the Reciprocal Act leaves that to each participating system. The court also recognized that this provision acknowledges the potential for different computation methods in each participating system, and it does not dictate the formula for any system. Plaintiffs attempted to rely on the often-cited concept that the courts have an obligation to liberally construe the language of pension statutes in favor of the rights of the pensioner. While acknowledging 90 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 5 the obligation, the Court pointed to fundamental principles of statutory construction that prevent the judiciary from adding concepts or interpretations that are contrary to the plain language of a statute when the legislative intent is clear. Plaintiffs second argument claimed violations of the Equal Protection Clauses of the United States and Illinois Constitutions and the Special Legislation Clause of the Illinois Constitution. The Court first pointed out the analysis of both equal protection and special legislation clauses use the same standards. Under equal protection analysis, legislation will be found unconstitutional if a statutory classification is based either on a `suspect' class, such as race, or impinges on a fundamental constitutional right. Because neither of these standards was implicated, the Court will uphold legislation’s constitutionality if it finds that a “rational basis” for the legislation exists, i.e. if it "bears a rational basis to a legitimate state interest." The Court found that the addition of Tier 2 classification did have a “rational basis,” notwithstanding the Plaintiffs’ claim that it only provided minimal benefit to the overall pension system. Further, the General Assembly did not act arbitrarily in treating members of JRS and GARS differently from members of the other three state pension systems. In its analysis, the Court found that setting a cutoff date is entirely rational, based on prior cases. Additionally, the Court reasoned that "[a]dvancement of the State's economic goals clearly is a legitimate rationale for legislation." Further, the distinction was not arbitrary. Judges and legislators receive "more favorable Tier 1 benefits rules than members of other systems" including higher multipliers and higher caps on retirement annuities; higher average salaries and retirement annuities than participants in other state- funded systems; and at the time of the challenged reforms, JRS and GARS were "by far the smallest state-funded systems, [and] had the worst funded ratios."' These formed, according to the Court, a rational basis for enacting the reforms to protect the health of JRS and GARS while still attracting quality candidates for public office. In their third argument, Plaintiffs argued their designation as Tier 2 judges violated the legislative intent of Public Act 96-0889 notwithstanding the statutory language. To meet their burden, Plaintiffs must show ambiguity in the statute as well as clearly expressed legislative intent that participants who joined JRS on or after January 1, 2011, from a reciprocal system should be deemed Tier 1 judges. The court found the Plaintiffs did not meet their burden. First, the Court did not find the pertinent statutory provisions ambiguous. Secondly, a review of the complete relevant record showed that the legislature’s intent was in fact to create and implement the plain and unambiguous language used. As their final argument, Plaintiffs maintained the statute’s enactment violated the Three Readings Clause of the Illinois Constitution. Based on clear Supreme Court precedent, this claim was denied as well based on the “enrolled-bill doctrine.” Under that legal rule, once the Speaker of the House of Representatives and the President of the Senate certify that the procedural requirements for passing a bill have been met, a bill is conclusively presumed to have met all procedural requirements for passage." The certification was made in this situation. Based on binding precedent, Plaintiffs' argument failed as a matter of law. Plaintiffs have appealed the Circuit Court’s ruling and this case is presently pending in the First District Appellate Court. Chicago Annuitants Again Denied Increased Insurance Benefits Underwood v. City of Chicago, 2025 IL App (1st) 231132 This opinion (Underwood V) is one of many in a series concerning insurance benefits for annuitants of various retirement funds of the City of Chicago. The previous decision concerned Chicago while this decision concerns the various funds, including the Chicago police and fire funds. 91 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 6 At issue is the Plaintiffs’ belief the funds’ healthcare options are insufficient. In Underwood III, Justice Mikva held “the plaintiffs have no right to receive—and that neither the City nor the Funds have any obligation to provide—any additional monetary contributions or to guarantee affordable healthcare” in excess of what is already provided. As background, the City of Chicago previously provided annuitants with fixed-care healthcare subsidies. The Illinois Pension Code was amended in 1983 to include these subsidies for police officers and firefighters and again amended in 1985 to include municipal employees, laborers, and retirement board employees. Chicago announced in 1987 that it would stop paying the subsidies effective 1988. Litigation ensued, but the parties reached an interim 10-year settlement. The parties reached a second interim settlement prior to the expiration of the first. The Pension Code was amended to reflect both interim settlements. The parties reached a final settlement on April 4, 2003. Nonetheless, Plaintiffs filed a lawsuit against Chicago in 2013, which is the present litigation. While numerous issues were raised, this appeal primarily concerned whether the trial court properly granted summary judgment in favor of Defendants. The Appellate Court affirmed the grant of summary judgment, holding, “Plaintiffs cannot dispute that the Funds have provided healthcare options for eligible annuitants. Nor can Plaintiffs dispute that the Funds have made, and are making, the subsidy payments required by the 1983 and 1985 amendments.” In short, the Court found that while Plaintiffs continue to argue they are entitled to money and healthcare guarantees, the Court’s prior rulings have found they have no such right. Specifically, the Court pointed out it found in Underwood III, “It is absolutely law of the case that the plaintiffs have no right to receive—and that neither the City nor the Funds have any obligation to provide—any additional monetary contributions or to guarantee affordable healthcare.” The trial court denied Plaintiffs’ motion to amend their complaint to include a breach of fiduciary duty count. The Appellate Court affirmed, holding the trial court did not abuse its discretion. It held the most important consideration is whether the amendment would further the interests of justice. Here, the Appellate Court held it cannot find the trial court abused its discretion given the litigation has been ongoing for 10 years, and Plaintiffs were given six prior opportunities to amend their complaint. Finally, the Appellate Court affirmed the trial court’s denial of attorney’s fees, holding Plaintiffs’ attorney reused an argument previously rejected by the Appellate Court. Underwood V illustrates relitigating identical issues with identical facts is unlikely to result in a favorable ruling from the Appellate Court. Further, annuitants are not entitled to benefits not provided for in the Illinois Pension Code. Suggested Agenda Items for July (or 3rd Quarter) • Semi-annual review of closed executive session minutes to determine what needs to remain confidential. • Election of Board Officers. (e.g. President, Secretary, etc.) • Potential selection of independent enrolled actuary for recommended tax levy. • Review status of Trustees’ annual training requirements. 92 of 93 © 2025 REIMER DOBROVOLNY & LABARDI PC 7 REIMER DOBROVOLNY & LABARDI PC NEWS Legal and Legislative Update Volume 26, Issue 2, April 2025 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 15 Spinning Wheel Road, Suite 310, Hinsdale, IL 60521 (630) 654-9547 Fax (630) 654-9676 www.rdlaborlawpc.com Unauthorized reproduction prohibited. All rights reserved. • March 18-19, 2025, RDL partners Rick Reimer and Vince Mancini presented at the IPPFA Certified New Trustee Training at the NIU campus in Naperville. • May 2, 2025, RDL partner Brian LaBardi will attend and present at the IPFA Spring Pension Conference in Addison. • May 7-9, 2025, RDL attorneys will attend and present at the IPPFA Spring Conference in Galena. 93 of 93