The URL can be used to link to this page

2025-07-24 - Police Pension Board - Agenda PacketBuffalo Grove Police Pension Fund 46 Raupp Boulevard, Buffalo Grove, Illinois 60089 Tony Turano Tony Montiel Cody Barker Jeff Feld Kenneth Fox President Vice President 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, July 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.April 24, 2025 Regular Meeting b.Semi-Annual Review of Closed Session Meeting Minutes 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 – Eduardo Leon b.Withdrawals from Fund – Cassandra Arreola and Oliver Sorisho 9.Applications for Retirement/Disability Benefits a.Approve Regular Retirement Benefits – Michael Rodriguez 10.Old Business a.IDOI Annual Statement 11.New Business a.Review/Approve – Actuarial Valuation and Tax Levy Request b.Review/Adopt – Municipal Compliance Report c.Board Officer Elections – President, Vice President, Secretary and Assistant Secretary d.FOIA Officer and OMA Designee 12.Trustee Training Updates a.Approval of Trustee Training Registration Fees and Reimbursable Expenses 13.Communications and Reports a.Active Member File Maintenance 14.Attorney’s Report – Reimer Dobrovolny & LaBardi PC a.Legal Updates b.Disability Update – Derek Hawkins c.Review, Adopt and Publish Decision and Order – Michelle Kondrat 15.Closed Session, if needed 16.Adjournment 1 of 67 MINUTES OF A REGULAR MEETING OF THE BUFFALO GROVE POLICE PENSION FUND BOARD OF TRUSTEES APRIL 24, 2025 A regular meeting of the Buffalo Grove Police Pension Fund Board of Trustees was held 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, 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: Trustees Jeff Feld ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny & LaBardi PC; Molly Barker and Anthony Gedvilas, Lauterbach & Amen (L&A); Finance Director Chris Black and Denise Bocek, Village of Buffalo Grove PUBLIC COMMENT: There was no public comment. APPROVAL OF MINUTES: January 23, 2025 Regular Meeting: The Board reviewed the January 23, 2025 regular meeting minutes. A motion was made by Trustee Montiel and seconded by Trustee Fox to approve the January 23, 2025 regular meeting minutes as written. Motion carried unanimously by voice vote. TREASURER’S REPORT: There was no Treasurer’s Report presented. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the three-month period ending March 31, 2025 prepared by L&A. As of March 31, 2025, the net position held in trust for pension benefits is $100,529,799.96 with a change in position of ($596,952.18). 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 January 1, 2025 through March 31, 2025 for total disbursements of $33,187.16. A motion was made by Trustee Turano and seconded by Trustee Barker to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $33,187.16. 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 February 28, 2025. As of February 28, 2025, the one-month total net return is (0.1%) for an ending market value of $12,934,630,123. The Board also reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the period ending March 31, 2025. The beginning value was $101,338,884.09 and the ending value was $99,173,680.73. The month-to-date net return was (1.93%). 2 of 67 Buffalo Grove Police Pension Fund Meeting Minutes – April 24, 2025 Page 2 of 3 APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership – Christian Reyes: The Board reviewed the Application for Membership submitted by Christian Reyes. A motion was made by Trustee Turano and seconded by Trustee Barker to accept Christian Reyes into the Buffalo Grove Police Pension Fund effective January 21, 2025, as a Tier II participant. Motion carried unanimously by voice vote. Withdrawals from Fund – Cassandra Arreola and Oliver Sorisho: The Board noted that Cassandra Arreola separated service from the Buffalo Grove Police Department on January 8, 2025 and a contribution refund request has not been received to date. The Board also noted that Oliver Sorisho separated service from the Buffalo Grove Police Department on January 20, 2025 and a contribution refund request has not been received to date. Further discussion will be held at the next regular meeting. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits – Michelle Kondrat: The Board reviewed the regular retirement benefit calculation for Michelle Kondrat prepared by L&A. Sergeant Kondrat had an entry date of September 11, 1996, retirement date of December 2, 2020, effective date of pension of March 5, 2025, 50 years of age at date of retirement, 24 years of creditable service, applicable salary of $123,761.60, applicable pension percentage of 60%, amount of originally granted monthly pension of $6,188.08 and amount of originally granted annual pension of $74,256.96. A motion was made by Trustee Montiel and seconded by Trustee Barker to approve Michelle Kondrat’s regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation prepared by L&A. The final report will be reviewed by the Board at the next regular meeting. IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. Discussion/Possible Action – Updated Board Rules and Regulations: The Board reviewed the updated Board rules and regulations prepared by Attorney LaBardi. A motion was made by Trustee Turano and seconded by Trustee Montiel to approve and adopt the updated Board rules and regulations as presented. Motion carried by roll call vote. AYES: Trustees Turano, Barker, Montiel and Fox NAYS: None ABSENT: Trustee Feld 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 all 2025 Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board for their recordkeeping. 3 of 67 Buffalo Grove Police Pension Fund Meeting Minutes – April 24, 2025 Page 3 of 3 Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2025. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Disability Update – Derek Hawkins: Attorney LaBardi gave an update on the disability status of Derek Hawkins and noted that medical records are in the process of being collected. Further discussion will be held at the next regular meeting. 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 Barker to adjourn the meeting at 10:50 a.m. Motion carried unanimously by voice vote. The next regular meeting is July 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 4 of 67 Monthly Financial Report For the Month Ended June 30, 2025 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 5 of 67 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 6 of 67 7 of 67 July 18, 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 June 30, 2025 and the related statement of changes in net position -modified cash basis for the six 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 8 of 67 9 of 67 Assets Cash and Cash Equivalents 373,637.80$ Investments at Fair Market Value Money Market Mutual Funds 604,583.49 Stock Equities 713,488.37 Pooled Investments 106,524,621.11 Total Cash and Investments 108,216,330.77 Prepaids 1,575.00 Total Assets 108,217,905.77 Liabilities Expenses Due/Unpaid 2,007.45 Total Liabilities 2,007.45 Net Position Held in Trust for Pension Benefits 108,215,898.32 Buffalo Grove Police Pension Fund Statement of Net Position - Modified Cash Basis As of June 30, 2025 See Accountants' Compilation Report 2-1 10 of 67 Additions Contributions - Municipal 1,795,267.02$ Contributions - Members 376,327.25 Total Contributions 2,171,594.27 Investment Income Interest and Dividends Earned 310,659.39 Net Change in Fair Value 8,064,830.93 Total Investment Income 8,375,490.32 Less Investment Expense (45,264.89) Net Investment Income 8,330,225.43 Total Additions 10,501,819.70 Deductions Administration 31,065.88 Pension Benefits and Refunds Pension Benefits 3,381,607.64 Refunds 0.00 Total Deductions 3,412,673.52 Change in Position 7,089,146.18 Net Position Held in Trust for Pension Benefits Beginning of Year 101,126,752.14 End of Period 108,215,898.32 Buffalo Grove Police Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Six Months Ended June 30, 2025 See Accountants' Compilation Report 2-2 11 of 67 12 of 67 13 of 67 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 04/30/25 05/31/25 06/30/25 Financial Institutions BMO Bank - CK 10,006$167,169 9,989 10,749 10,023 10,087 10,001 10,004 156,209 9,979 10,149 373,638 10,006 167,169 9,989 10,749 10,023 10,087 10,001 10,004 156,209 9,979 10,149 373,638 Schwab - MM 672,270 576,774 652,903 269,495 330,766 423,745 515,579 691,122 600,270 675,256 602,421 604,583 672,270 576,774 652,903 269,495 330,766 423,745 515,579 691,122 600,270 675,256 602,421 604,583 Total 682,276 743,943 662,892 280,244 340,789 433,832 525,580 701,126 756,479 685,235 612,570 978,221 Contributions Current Tax 106,257 313,903 1,003,786 126,919 5,569 7,460 - 115,922 355,925 16,861 212,582 1,093,976 Contributions - Current Year 53,086 79,070 54,150 52,834 53,468 70,587 90,704 57,243 56,071 55,945 56,053 56,134 Contributions - Prior Year 503 760 510 513 516 518 783 525 528 531 534 537 Interest Received from Members 139 204 132 130 127 124 181 117 114 111 109 106 159,985 393,937 1,058,578 180,396 59,680 78,689 91,668 173,807 412,638 73,448 269,278 1,150,753 Expenses Pension Benefits 538,530 540,744 541,216 542,044 542,044 546,586 555,477 555,713 561,751 562,549 572,709 573,409 Refunds/Transfers of Service --- 402,545 -------- Administration 9,802 23,137 4,679 6,596 14,429 5,864 8,752 14,246 10,189 12,721 16,736 13,686 548,332 563,881 545,895 951,185 556,473 552,450 564,229 569,959 571,940 575,270 589,445 587,095 Total Contributions less Expenses (388,347) (169,944)512,683 (770,789) (496,793) (473,761) (472,561) (396,152) (159,302) (501,822) (320,167)563,658 Buffalo Grove Police Pension Fund Cash Analysis Report For the Twelve Periods Ending June 30, 2025 See Accountants' Compilation Report 4-1 14 of 67 15 of 67 Contributions Contributions - Municipal 41-210-00 - Current Tax 1,093,976.36$1,795,267.02 1,093,976.36 1,795,267.02 Contributions - Members 41-410-00 - Contributions - Current Year 56,134.40 372,151.13 41-420-00 - Contributions - Prior Year 536.78 3,438.14 41-440-00 - Interest Received from Members 105.70 737.98 56,776.88 376,327.25 Total Contributions 1,150,753.24 2,171,594.27 Investment Income Interest and Dividends 43-102-09 - BMO Bank - Checking 0.00 221.89 43-252-09 - Schwab - Fixed Income #8061 2,126.79 10,517.91 43-450-09 - Schwab - Stock Equities #8061 0.00 3,386.66 43-800-01 - IPOPIF Consolidated Pool Income 55,425.34 273,115.90 57,552.13 287,242.36 Gains and Losses 44-450-09 - Schwab - Stock Equities #8061 55,762.95 49,626.19 44-800-01 - IPOPIF Consolidated Pool - Unrealized 2,770,457.75 7,223,415.44 44-800-02 - IPOPIF Consolidated Pool - Realized 352,552.04 791,789.30 3,178,772.74 8,064,830.93 Other Income 49-000-01 - Other Income 2,876.38 3,302.99 49-000-03 - IPOPIF Transition Cost Reallocation 20,114.04 20,114.04 22,990.42 23,417.03 Total Investment Income 3,259,315.29 8,375,490.32 Total Revenue 4,410,068.53 10,547,084.59 Buffalo Grove Police Pension Fund Revenue Report as of June 30, 2025 Received Received this Month this Year See Accountants' Compilation Report 6-1 16 of 67 17 of 67 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 538,488.67$3,172,083.92 51-040-00 - Duty Disability Pensions 3,548.30 21,289.80 51-060-00 - Surviving Spouse Pensions 31,372.32 188,233.92 Total Pensions and Benefits 573,409.29 3,381,607.64 Administrative Professional Services 52-170-01 - Actuarial Services 0.00 3,390.00 52-170-03 - Accounting & Bookkeeping Services 4,075.00 12,905.00 52-170-05 - Legal Services 1,040.51 3,377.64 52-170-06 - PSA/Court Reporter 1,555.00 9,285.00 6,670.51 28,957.64 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 1,000.00 52-190-04 - Bank Fees 25.66 174.35 52-195-02 - Administrative Expense (IPOPIF)1,304.34 9,647.95 52-195-03 - Investment Expense (IPOPIF)2,559.58 9,980.64 52-195-04 - Investment Manager Fees (IPOPIF)3,125.80 24,461.95 7,015.38 45,264.89 Other Expense 52-290-25 - Conference/Seminar Fees 0.00 1,315.00 52-290-27 - Travel Expense 0.00 793.24 0.00 2,108.24 Total Administrative 13,685.89 76,330.77 Total Expenses 587,095.18 3,457,938.41 Buffalo Grove Police Pension Fund Expense Report as of June 30, 2025 See Accountants' Compilation Report 8-1 18 of 67 19 of 67 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Anderson, Tara E.$227,934.94 8,526.96 0.00 0.00 236,461.90 Augustyniak, Gabriel 30,006.13 5,422.88 0.00 0.00 35,429.01 Baker, Malcolm E.232,804.11 6,237.48 0.00 0.00 239,041.59 Barker, Cody W.79,809.55 6,370.71 0.00 0.00 86,180.26 Bock, Cynthia 163,911.74 6,497.01 0.00 0.00 170,408.75 Broussard, Robert D.186,032.24 8,029.40 0.00 0.00 194,061.64 Budds, Brian J.40,955.13 10,475.14 0.00 0.00 51,430.27 Carlson, Michael D.147,497.92 6,477.19 4,176.12 0.00 158,151.23 Cholewa, Amy L.90,687.44 6,197.85 0.00 0.00 96,885.29 De La Paz, Hector 268,454.43 7,501.90 0.00 0.00 275,956.33 Diaz, Maegan D.33,804.04 5,183.01 0.00 0.00 38,987.05 Dibble, Crystal 167,468.13 6,138.38 0.00 0.00 173,606.51 Dimeler, Daniel D.172,182.07 6,497.01 0.00 0.00 178,679.08 Essig, Michael J.103,992.08 6,138.39 0.00 0.00 110,130.47 Franzen, Taylor A.65,644.89 6,417.73 0.00 0.00 72,062.62 Gasca, Robert Jr.39,259.57 6,417.73 0.00 0.00 45,677.30 Gewargis, Brandon L.14,013.20 4,650.32 0.00 0.00 18,663.52 Hansen, Brian R.136,255.31 6,949.07 0.00 0.00 143,204.38 Hansen, Meghan C.152,481.45 6,906.48 0.00 0.00 159,387.93 Hawkins, Derek T.162,171.75 6,138.39 0.00 0.00 168,310.14 Hill, Gregory R.175,228.57 6,497.01 0.00 0.00 181,725.58 Jigalov, Adrian G.124,407.12 6,417.73 0.00 0.00 130,824.85 Kaiser, Chadd L.160,286.99 6,225.04 0.00 0.00 166,512.03 Kass, Ryan T.100,754.72 6,178.02 0.00 0.00 106,932.74 Khan, Masood A.203,242.32 6,178.03 0.00 0.00 209,420.35 Kreis, Nicholas R.47,162.26 5,726.50 0.00 0.00 52,888.76 Kroski, Timothy M.44,637.58 6,138.39 0.00 0.00 50,775.97 Krozel, Ashley E.158,663.27 6,579.11 0.00 0.00 165,242.38 Lamb, Kevin J.98,700.89 6,417.73 0.00 0.00 105,118.62 Larys, Chad K.23,713.49 6,417.73 0.00 0.00 30,131.22 Lawyer, Robert J. 46,673.70 5,726.50 0.00 0.00 52,400.20 Leon, Eduardo 0.00 1,306.54 0.00 0.00 1,306.54 Lowenberg, Kurt D.245,472.06 6,894.30 0.00 0.00 252,366.36 McMillon, Shannon T.166,978.82 6,417.74 0.00 0.00 173,396.56 Mills, Matthew C.206,132.57 6,543.95 0.00 0.00 212,676.52 Nugent, Thomas P.303,990.42 8,492.81 0.00 0.00 312,483.23 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended June 30, 2025 See Accountants' Compilation Report 10-1 20 of 67 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 June 30, 2025 Officer, Jonathan D.164,056.23 6,138.39 0.00 0.00 170,194.62 Olague, David 11,303.63 4,566.30 0.00 0.00 15,869.93 O'Neill, Collan W.21,503.89 4,878.14 0.00 0.00 26,382.03 Reyes, Christian D.0.00 3,807.35 0.00 0.00 3,807.35 Rossi, Marc D.168,911.59 6,417.73 0.00 0.00 175,329.32 Rudnick, Joel A.148,000.56 6,417.73 0.00 0.00 154,418.29 Rygiel, Andrew T.76,663.47 6,129.57 0.00 0.00 82,793.04 Sarat, Eric M.61,908.67 6,263.75 0.00 0.00 68,172.42 Shipman, Douglas S.185,512.37 7,474.99 0.00 0.00 192,987.36 Spolar, Brian A.254,062.32 9,195.05 0.00 0.00 263,257.37 Standish, Nicolas J.25,287.92 5,471.19 0.00 0.00 30,759.11 Stephans, Drew M.9,377.91 6,417.73 0.00 0.00 15,795.64 Tijerina, Brian A.88,783.24 6,457.37 0.00 0.00 95,240.61 Tirovolas, Hristos H.24,209.19 5,816.75 0.00 0.00 30,025.94 Turano, Anthony R.181,721.89 8,196.74 0.00 0.00 189,918.63 Valstyn, Ross B.119,198.09 6,417.73 0.00 0.00 125,615.82 Verduzco, Jaime A.175,967.79 6,805.73 0.00 0.00 182,773.52 Wojs, Dawid 44,563.70 5,726.46 0.00 0.00 50,290.16 Wolf, Denys 1,045.49 4,566.30 0.00 0.00 5,611.79 Young, Aeden E.2,690.66 4,206.16 0.00 0.00 6,896.82 Zuk, Edyta W.35,009.92 6,138.39 0.00 0.00 41,148.31 Zuniga, Edwin 14,008.09 4,646.17 0.00 0.00 18,654.26 6,435,197.52 363,485.88 4,176.12 0.00 6,802,859.52 Arreola, Cassandra 2,721.57 602.16 0.00 0.00 3,323.73 Rodriguez, Michael A.263,574.04 7,082.25 0.00 0.00 270,656.29 Sorisho, Oliver T.5,733.82 980.84 0.00 0.00 6,714.66 Totals 6,707,226.95 372,151.13 4,176.12 0.00 7,083,554.20 Inactive/Terminated Members See Accountants' Compilation Report 10-2 21 of 67 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 June 30, 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 3,438.14 0.00 0.00 3,438.14 Carlson, Michael D. - Limited Time Transfer - Interest 0.00 737.98 0.00 737.98 Totals 3,438.14 737.98 0.00 4,176.12 Service Purchases See Accountants' Compilation Report 10-3 22 of 67 23 of 67 24 of 67 25 of 67 26 of 67 Check Invoice Check Date Number Vendor Name Amount Amount 04/30/25 30577 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 04/25 14,837.56 20-220-00 Dental Insurance 1,176.41 20-220-00 AFLAC 111.79 ACH Amount (Direct Deposit)16,125.76 04/30/25 30582 Internal Revenue Service 20-230-00 Internal Revenue Service 75,543.88 Check Amount 75,543.88 05/30/25 30584 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 05/25 14,837.56 20-220-00 Dental Insurance 1,176.41 20-220-00 AFLAC 111.79 ACH Amount (Direct Deposit)16,125.76 05/30/25 30585 Internal Revenue Service 20-230-00 Internal Revenue Service 76,360.88 ACH Amount (Direct Deposit)76,360.88 06/30/25 30591 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 06/25 14,837.56 20-220-00 Dental Insurance 1,176.41 20-220-00 AFLAC 111.79 ACH Amount (Direct Deposit)16,125.76 06/30/25 30592 Internal Revenue Service 20-230-00 Internal Revenue Service 76,473.88 ACH Amount (Direct Deposit)76,473.88 Total Payments 276,755.92 Buffalo Grove Police Pension Fund Quarterly Deduction Report All Bank Accounts April 1, 2025 - June 30, 2025 See Accountants' Compilation Report 12-1 27 of 67 Check Invoice Check Date Number Vendor Name Amount Amount 04/03/25 30574 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 146,200.00 ACH Amount (Direct Deposit)146,200.00 04/28/25 30580 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 30,700.00 ACH Amount (Direct Deposit)30,700.00 05/15/25 30583 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 100,600.00 ACH Amount (Direct Deposit)100,600.00 05/30/25 30588 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 267,000.00 ACH Amount (Direct Deposit)267,000.00 06/20/25 30593 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 787,000.00 ACH Amount (Direct Deposit)787,000.00 06/30/25 30595 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 23,000.00 ACH Amount (Direct Deposit)23,000.00 Total Payments 1,354,500.00 Buffalo Grove Police Pension Fund Quarterly Transfer Report All Bank Accounts April 1, 2025 - June 30, 2025 See Accountants' Compilation Report 13-1 28 of 67 Check Invoice Check Date Number Vendor Name Amount Amount 04/11/25 50359 Wall Capital Group, Inc 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 04/14/25 30575 Lauterbach & Amen, LLP 52-170-03 #102563 03/25 Accounting & Benefits 1,425.00 52-170-06 #102563 03/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 04/21/25 30576 Lauterbach & Amen, LLP 52-170-01 #103280 FYE24 Tax Levy 3,390.00 ACH Amount (Direct Deposit)3,390.00 04/21/25 30579 Reimer Dobrovolny & Labardi, PC 52-170-05 C2045 F31668 Legal Service 382.76 ACH Amount (Direct Deposit)382.76 04/22/25 50360 BMO Bank 52-190-04 Bank Fee 27.94 Check Amount 27.94 04/30/25 50361 IPOPIF 52-195-02 Administrative Expense 2,008.04 52-195-03 Investment Expense 1,090.35 52-195-04 Investment Manager Fees 2,342.39 Check Amount 5,440.78 05/12/25 30581 Lauterbach & Amen, LLP 52-170-03 #103782 04/25 Accounting & Benefits 1,425.00 52-170-06 #103782 04/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 05/22/25 50362 BMO Bank 52-190-04 Bank Fee 25.04 Check Amount 25.04 05/23/25 30586 Anthony Rocco Turano* 52-290-27 Reimburse 2025 IPPFA Spring Conference Expenses 0.00 52-290-27 Lodging 430.68 Check Amount 430.68 05/23/25 30587 Cody Barker* 52-290-27 Reimburse 2025 IPPFA Spring Conference Expenses 0.00 52-290-27 Lodging 308.58 52-290-27 Meal 53.98 Check Amount 362.56 Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts April 1, 2025 - June 30, 2025 See Accountants' Compilation Report 14-1 29 of 67 Check Invoice Check Date Number Vendor Name Amount Amount 05/31/25 50363 IPOPIF 52-195-02 Administrative Expense 1,881.51 52-195-03 Investment Expense 1,927.52 52-195-04 Investment Manager Fees 9,128.93 Check Amount 12,937.96 06/12/25 30589 Reimer Dobrovolny & Labardi, PC 52-170-05 C2045 F31788 Legal Service 178.46 52-170-05 C2045 F31865 Legal Service 862.05 ACH Amount (Direct Deposit)1,040.51 06/16/25 30590 Lauterbach & Amen, LLP 52-170-03 #104642 05/25 Accounting & Benefits 1,425.00 52-170-06 #104642 05/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 06/23/25 50364 BMO Bank 52-190-04 Bank Fee 25.66 Check Amount 25.66 06/27/25 30594 Lauterbach & Amen, LLP 52-170-03 #105171 FYE24 IDOI 2,650.00 ACH Amount (Direct Deposit)2,650.00 06/30/25 50365 IPOPIF 52-195-02 Administrative Expense 1,304.34 52-195-03 Investment Expense 2,559.58 52-195-04 Investment Manager Fees 3,125.80 Check Amount 6,989.72 Total Payments 43,143.61 Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts April 1, 2025 - June 30, 2025 See Accountants' Compilation Report 14-2 30 of 67 31 of 67 32 of 67 33 of 67 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: April 30, 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 Oaktree Global Credit Fund 5/1/2025 Oaktree LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA REITs Index Fund 3/10/2022 State Street SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA US Treasury Index Fund 5/1/2024 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 Core Fixed Income Index Fund 3/17/2022 State Street William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA SSgA US TIPS Index Fund 3/17/2022 State Street SSgA High Yield Corporate Credit 3/18/2022 State Street Cash 3/22/2022 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. 34 of 67 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: April 30, 2025 Polic y Index Com p osition As of 5/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23.0% 39.7%Russell 1000 23.0% 39.7% Russell 2000 5.0%8.6%Russell 2000 5.0% 8.6% MSCI World ex U.S.19.0% 32.8%MSCI World ex U.S.19.0% 32.8% MSCI World ex U.S. Small Cap 5.0%8.6%MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI Emer g in g Markets ex Chin a 6.0%10.3%MSCI Emer g in g Markets ex Chin a 6.0% 10.3% Bloomber g US Corporate Hi g h Yield Inde x 6.2%38.9%Bloomber g US Corporate Hi g h Yield Inde x 7.0%43.8% JPM EMBI Global Diversified Inde x 6.0%37.5%JPM EMBI Global Diversified Inde x 6.0%37.5% S&P UBS Levera g ed Loan Index 3.0%18.8%S&P UBS Levera g ed Loan Index 3.0%18.8% Private Credit Actual Performance 0.8%4.8%NFI-ODCE Equal-Wei g hted Index 2.0%33.3% NFI-ODCE Equal-Wei g hted Index 2.0%33.3%Dow Jones US Select REIT Inde x 4.0%66.7% Dow Jones US Select REIT Inde x 4.0%66.7%Bloomber g US A gg re g ate Index 3.0%15.0% Bloomber g US A gg re g ate Index 3.0%15.0% Bloomber g US Treasur y Inde x 3.0%15.0% Bloomber g US Treasur y Inde x 3.0%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10.0%50.0% Bloomber g 1-3 Year Gov/Credit Inde x 10.0%50.0% Bloomber g US TIPS 0-5 Yea r 3.0%15.0% Bloomber g US TIPS 0-5 Yea r 3.0%15.0% 90 Da y US Treasur y Bill Inde x 1.0%5.0% 90 Da y US Treasur y Bill Inde x 1.0%5.0% As of 11/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 10/1/2024 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 0.7%1.2%MSCI Emer g in g Market s 0.8% 1.4% MSCI Emer g in g Markets ex Chin a 5.3%9.2%MSCI Emer g in g Markets ex Chin a 5.2% 9.0% 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% S&P UBS Levera g ed Loan Index 3%18.8%S&P UBS 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 9/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 8/1/2024 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 1.5%2.6%MSCI Emer g in g Market s 2% 3.4% MSCI Emer g in g Markets ex Chin a 4.5%7.8%MSCI Emer g in g Markets ex Chin a 4% 6.9% 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% S&P UBS Levera g ed Loan Index 3%18.8%S&P UBS 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% 35 of 67 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: April 30, 2025 Polic y Index Com p osition As of 7/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 6/1/2024 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 3%5.2%MSCI Emer g in g Market s 4% 6.9% MSCI Emer g in g Markets ex Chin a 3%5.2%MSCI Emer g in g Markets ex Chin a 2% 3.4% 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% S&P UBS Levera g ed Loan Index 3%18.8%S&P UBS 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 2%10.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% Bloomber g 1-3 Year Gov/Credit Inde x 11%55.0% 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 5/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 4/1/2024 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 5%8.6%MSCI Emer g in g Market s 6% 10.3% 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%S&P UBS Levera g ed Loan Index 3%18.8% S&P UBS 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 1-3 Year Gov/Credit Inde x 13%65.0% Bloomber g US Treasur y Inde x 1%5.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 12%60.0% 90 Da y US Treasur y Bill Inde x 1%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 3/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2023 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.18%31.0%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 7%12.1%MSCI Emer g in g Market s 7% 12.1% Bloomber g US Corporate Hi g h Yield Inde x 8.5%53.1%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% S&P UBS 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% 36 of 67 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: April 30, 2025 Polic y Index Com p osition As of 1/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 18%36.0%Russell 3000 23% 46.0% Russell 2000 5%10.0%MSCI ACWI ex USA IM I 20% 40.0% MSCI World ex U.S. 15% 30.0% MSCI Emer g in g Markets IM I 7% 14.0% MSCI World ex U.S. Small Cap 5% 10.0% Bloomber g US Corporate Hi g h Yield Inde x 10%62.5% MSCI Emer g in g Market s 7%14.0%50% JPM EMBI GD/50% JPM GBI EM G D 6%37.5% Bloomber g US Corporate Hi g h Yield Inde x 10%62.5%NCREIF Propert y Inde x 2%66.7% JPM EMBI Global Diversified Inde x 6%37.5%Dow Jones US Select REIT Inde x 4%33.3% NFI-ODCE Equal-Wei g hted Index 2%33.3%Bloomber g US A gg re g ate Index 7%25.0% Dow Jones US Select REIT Inde x 4%66.7%Bloomber g 1-3 Year Gov/Credit Inde x 15%53.6% Bloomber g US A gg re g ate Index 7%25.0% Bloomber g US TIPS 0-5 Yea r 3%10.7% Bloomber g 1-3 Year Gov/Credit Inde x 15%53.6% 90 Da y US Treasur y Bill Inde x 3%10.7% Bloomber g US TIPS 0-5 Yea r 3%10.7% 90 Da y US Treasur y Bill Inde x 3%10.7% 37 of 67 Allocation Effect:An attribution effect that describes the amount attributable to the managers' asset allocation decisions, relative to the benchmark. Alpha:The excess return of a portfolio after adjusting for market risk. This excess return is attributable to the selection skill of the portfolio manager. Alpha is calculated as: Portfolio Return ‐ [Risk ‐ free Rate + Portfolio Beta x (Market Return ‐ Risk ‐ free Rate)]. Benchmark R ‐ squared:Measures how well the Benchmark return series fits the manager's return series. The higher the Benchmark R ‐ squared, the more appropriate the benchmark is for the manager. Beta:A measure of systematic, or market risk; the part of risk in a portfolio or security that is attributable to general market movements. Beta is calculated by dividing the covariance of a security by the variance of the market. Book ‐ to ‐ Market:The ratio of book value per share to market price per share. Growth managers typically have low book ‐ to ‐ market ratios while value managers typically have high book ‐ to ‐ market ratios. Capture Ratio: A statistical measure of an investment manager's overall performance in up or down markets. The capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen (up market) or fallen (down market). The capture ratio is calculated by dividing the manager's returns by the returns of the index during the up/down market, and multiplying that factor by 100. Correlation:A measure of the relative movement of returns of one security or asset class relative to another over time. A correlation of 1 means the returns of two securities move in lock step, a correlation of ‐ 1 means the returns of two securities move in the exact opposite direction over time. Correlation is used as a measure to help maximize the benefits of diversification when constructing an investment portfolio. Excess Return:A measure of the difference in appreciation or depreciation in the price of an investment compared to its benchmark, over a given time period. This is usually expressed as a percentage and may be annualized over a number of years or represent a single period. Information Ratio:A measure of a manager's ability to earn excess return without incurring additional risk. Information ratio is calculated as: excess return divided by tracking error. Interaction Effect:An attribution effect that describes the portion of active management that is contributable to the cross interaction between the allocation and selection effect. This can also be explained as an effect that cannot be easily traced to a source. Portfolio Turnover:The percentage of a portfolio that is sold and replaced (turned over) during a given time period. Low portfolio turnover is indicative of a buy and hold strategy while high portfolio turnover implies a more active form of management. Price ‐ to ‐ Earnings Ratio (P/E):Also called the earnings multiplier, it is calculated by dividing the price of a company's stock into earnings per share. Growth managers typically hold stocks with high price ‐ to ‐ earnings ratios whereas value managers hold stocks with low price ‐ to ‐ earnings ratios. R ‐ Squared:Also called the coefficient of determination, it measures the amount of variation in one variable explained by variations in another, i.e., the goodness of fit to a benchmark. In the case of investments, the term is used to explain the amount of variation in a security or portfolio explained by movements in the market or the portfolio's benchmark. Selection Effect:An attribution effect that describes the amount attributable to the managers' stock selection decisions, relative to the benchmark. Sharpe Ratio:A measure of portfolio efficiency. The Sharpe Ratio indicates excess portfolio return for each unit of risk associated with achieving the excess return. The higher the Sharpe Ratio, the more efficient the portfolio. Sharpe ratio is calculated as: Portfolio Excess Return / Portfolio Standard Deviation. Sortino Ratio:Measures the risk ‐ adjusted return of an investment, portfolio, or strategy. It is a modification of the Sharpe Ratio, but penalizes only those returns falling below a specified benchmark. The Sortino Ratio uses downside deviation in the denominator rather than standard deviation, like the Sharpe Ratio. Standard Deviation:A measure of volatility, or risk, inherent in a security or portfolio. The standard deviation of a series is a measure of the extent to which observations in the series differ from the arithmetic mean of the series. For example, if a security has an average annual rate of return of 10% and a standard deviation of 5%, then two ‐ thirds of the time, one would expect to receive an annual rate of return between 5% and 15%. Style Analysis:A return based analysis designed to identify combinations of passive investments to closely replicate the performance of funds Style Map:A specialized form or scatter plot chart typically used to show where a Manager lies in relation to a set of style indices on a two dimensional plane. This is simply a way of viewing the asset loadings in a different context. The coordinates are calculated by rescaling the asset loadings to range from 1 to 1 on each axis and are dependent on the Style Indices comprising the Map. Glossary 38 of 67 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 39 of 67 BUFFALO GROVE POLICE PENSION FUND Month Ended: June 30, 2025 $106,524,621.11 $106,524,621.11 Market Value Summary: ($3,600,000.00) $1,827,400.00 $100,032,876.97 ($600,000.00) $810,000.00 $103,123,061.66 Year to DateCurrent Period Ending Balance Withdrawals Contributions Beginning Balance Unrealized Gain/Loss $2,770,457.75 N/A11.06%12.72%8.37%3.07% Five YearsThree YearsOne YearYTDMTD Performance Summary: 8.74% Inception to Date 7.89% 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 $7,223,415.44 Net of Fees: Participant Inception Date 05/02/2022N/A Ten Years $273,115.90$55,425.34Income Realized Gain/Loss $352,552.04 $791,789.30 $0.00$0.00Transfers In/Out Investment Expense ($2,559.58)($9,980.64) Administrative Expense ($1,304.34)($9,647.95) Investment Manager Fees ($3,125.80)($24,461.95) IFA Loan Repayment $0.00 $0.00 Adjustment $20,114.04 $20,114.04 Returns for periods greater than one year are annualized Page 1 of 3 40 of 67 BUFFALO GROVE POLICE PENSION FUND Month Ended: June 30, 2025 IPOPIF Pool 8,329,854.828 $106,524,621.11 $106,524,621.11 $12.788293$12.788293Period Ending Net Asset Value per Unit $11.800246$12.407761Period Beginning Net Asset Value per Unit (296,625.187) 149,293.929 8,477,186.086 (46,009.828) 64,690.556 8,311,174.100 Year to DateCurrent Period Unit Sales from Withdrawals Unit Purchases from Additions Unit Value Summary:Market Value Summary: ($3,600,000.00) $1,827,400.00 $100,032,876.97 ($600,000.00) $810,000.00 $103,123,061.66 Year to DateCurrent Period Ending Balance Withdrawals Contributions Beginning Balance Unrealized Gain/Loss $2,770,457.75 N/A11.06%12.72%8.37%3.07% Five YearsThree YearsOne YearYTDMTD Performance Summary: 9.60% Inception to Date 7.89% 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 $7,223,415.44 8,329,854.828Ending Units Beginning Units Net of Fees: Participant Inception Date 05/18/2022N/A Ten Years $273,115.90$55,425.34Income Realized Gain/Loss $352,552.04 $791,789.30 Fund Name: $0.00$0.00Transfers In/Out Investment Expense ($2,559.58)($9,980.64) Administrative Expense ($1,304.34)($9,647.95) Investment Manager Fees ($3,125.80)($24,461.95) IFA Loan Repayment $0.00 $0.00 Adjustment $20,114.04 $20,114.04 Returns for periods greater than one year are annualized Page 2 of 3 41 of 67 Statement of Transaction Detail for the Month Ending 06/30/2025 BUFFALO GROVE POLICE PENSION FUND Trade Date Description Amount Unit Value UnitsSettle Date IPOPIF Pool 06/16/2025 (600,000.00)Redemptions 12.605622 (47,597.8099)06/17/2025 06/20/2025 787,000.00Contribution 12.513508 62,892.036306/23/2025 06/24/2025 20,114.04Final Transition Cost Allocation Adjustment 12.666413 1,587.982306/25/2025 06/30/2025 23,000.00Contribution 12.788293 1,798.519907/01/2025 Page 3 of 3 42 of 67 Illinois Police Officers’ Pension Investment Fund 309-280-6464 456 Fulton Street, Suite 402 info@ipopif.org Peoria, Illinois 61602 June 2025 Statement Supplement Cash Flows Period Contributions Withdrawals June 2025 $88 million $61 million CY 2025 $350 million $371 million Expenses Paid Period Administrative Expenses Investment Expenses Direct Investment Manager Fees 6/1/2025 $167,634.84 $328,959.52 $401,731.83 CY 2025 $1,232,248.07 $1,276,017.69 $3,127,492.31 • Expenses are paid from the IPOPIF Pool and allocated proportionately by member value. • Investment expenses exclude investment manager fees. • Direct Investment Manager Fee includes those fees invoiced and paid by IPOPIF. Other investment manager fees are tracked separately and reported to the Board and disclosed in the Fund’s Annual Comprehensive Financial Report. Investment Pool Details Date Units Value Unit Price 5/31/2025 1,068,161,285.4171 13,253,489,912.96 12.407761 6/30/2025 1,070,220,385.5127 13,686,291,467.91 12.788293 A spreadsheet with complete unit and expense detail history is linked on the Article 3 Fund Reports page as IPOPIF Unit and Expense Information.xlsx. Final Transition Cost Allocation Adjustment Consistent with the IPOPIF AR 2022-01 Valuation and Cost Rule.pdf, to ensure equitable treatment of all participating Article 3 funds, a final true-up allocation of all costs paid using funds from the consolidated IPOPIF investment portfolio from inception through December 31, 2024, was completed in June 2025. The “true-up” or final transition cost allocation was calculated based on the December 31, 2024, pro rata balance of each participant pension fund as compared to the consolidated December 31, 2024, balance of all participant pension funds. Total allocated costs were $15,492,597, including the loan repayment with the Illinois Finance Authority, representing 12.25 basis points of each participant fund’s balance at December 31, 2024. A separate calculation was performed for investment manager fees which were allocated on a pro rata basis to each participant pension fund based on the time that a participant pension fund’s assets were invested by IPOPIF. The sum of these two calculations was compared to amounts previously paid by each participant pension fund, and balances due were charged interest at IPOPIF’s actual rate of return, calculated monthly and reduced to a daily rate for each month. Interest was charged through May 31, 2025. 43 of 67 The balances receivable or payable from both calculations plus interest were consolidated into one number for each participant fund and appear on the Monthly Statement Market Value Summary as “Adjustment” in the Current Period and Year-to-Date roll forward. The last page of the Monthly Statement, the “Statement of Transaction Detail” also presents the “Adjustment” as “Final Transition Cost Allocation Adjustment” with a date of June 25, 2025. In conclusion, the calculations made for all Article 3 police pension funds resulted in small adjustments to each participant fund that are consistent with the equitable treatment of all participating police pension funds as required by Illinois Pension Code 40 ILCS 5/Art. 22B. Resources • Monthly statement overview: Link to Statement Overview • Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/ • Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment- reports/ • IPOPIF Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/ 44 of 67 45 of 67 BUFFALO GROVE Rodriguez, Michael A. 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 06/10/96 Member Retirement Date 05/02/25 Member Effective Date of Pension 05/03/25 Member Age at Effective Date of Pension 50 Years (Y) of Creditable Service Earned Y 28 Applicable Salary $186,172.64 Applicable Pension Percentage (APP)70.00% Amount of the Original Monthly Pension Granted to Member $10,860.07 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 05/03/25 Original Benefit (prorated)10,159.42 10,159.42 06/01/25 Original Benefit (full month)700.65 10,860.07 130,320.84 08/01/29 Initial Increase 1,357.51 12,217.58 146,610.96 01/01/30 Annual 3% COLA 366.53 12,584.11 151,009.32 01/01/31 Annual 3% COLA 377.52 12,961.63 155,539.56 01/01/32 Annual 3% COLA 388.85 13,350.48 160,205.76 01/01/33 Annual 3% COLA 400.51 13,750.99 165,011.88 01/01/34 Annual 3% COLA 412.53 14,163.52 169,962.24 01/01/35 Annual 3% COLA 424.91 14,588.43 175,061.16 01/01/36 Annual 3% COLA 437.65 15,026.08 180,312.96 01/01/37 Annual 3% COLA 450.78 15,476.86 185,722.32 01/01/38 Annual 3% COLA 464.31 15,941.17 191,294.04 01/01/39 Annual 3% COLA 478.24 16,419.41 197,032.92 Personal Data Rodriguez, Michael A. Pension Calculation History Description printed: 5/1/202546 of 67 BUFFALO GROVE Rodriguez, Michael A. POLICE PENSION FUND Pension Calculation Worksheet Retirement 20-50 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 01/01/40 Annual 3% COLA 492.58 16,911.99 202,943.88 01/01/41 Annual 3% COLA 507.36 17,419.35 209,032.20 01/01/42 Annual 3% COLA 522.58 17,941.93 215,303.16 01/01/43 Annual 3% COLA 538.26 18,480.19 221,762.28 01/01/44 Annual 3% COLA 554.41 19,034.60 228,415.20 01/01/45 Annual 3% COLA 571.04 19,605.64 235,267.68 01/01/46 Annual 3% COLA 588.17 20,193.81 242,325.72 01/01/47 Annual 3% COLA 605.81 20,799.62 249,595.44 01/01/48 Annual 3% COLA 623.99 21,423.61 257,083.32 01/01/49 Annual 3% COLA 642.71 22,066.32 264,795.84 01/01/50 Annual 3% COLA 661.99 22,728.31 272,739.72 01/01/51 Annual 3% COLA 681.85 23,410.16 280,921.92 01/01/52 Annual 3% COLA 702.30 24,112.46 289,349.52 01/01/53 Annual 3% COLA 723.37 24,835.83 298,029.96 01/01/54 Annual 3% COLA 745.07 25,580.90 306,970.80 01/01/55 Annual 3% COLA 767.43 26,348.33 316,179.96 01/01/56 Annual 3% COLA 790.45 27,138.78 325,665.36 01/01/57 Annual 3% COLA 814.16 27,952.94 335,435.28 01/01/58 Annual 3% COLA 838.59 28,791.53 345,498.36 01/01/59 Annual 3% COLA 863.75 29,655.28 355,863.36 01/01/60 Annual 3% COLA 889.66 30,544.94 366,539.28 01/01/61 Annual 3% COLA 916.35 31,461.29 377,535.48 01/01/62 Annual 3% COLA 943.84 32,405.13 388,861.56 01/01/63 Annual 3% COLA 972.15 33,377.28 400,527.36 01/01/64 Annual 3% COLA 1,001.32 34,378.60 412,543.20 01/01/65 Annual 3% COLA 1,031.36 35,409.96 424,919.52 01/01/66 Annual 3% COLA 1,062.30 36,472.26 437,667.12 01/01/67 Annual 3% COLA 1,094.17 37,566.43 450,797.16 01/01/68 Annual 3% COLA 1,126.99 38,693.42 464,321.04 01/01/69 Annual 3% COLA 1,160.80 39,854.22 478,250.64 01/01/70 Annual 3% COLA 1,195.63 41,049.85 492,598.20 01/01/71 Annual 3% COLA 1,231.50 42,281.35 507,376.20 Description Pension Calculation History - Continued printed: 5/1/202547 of 67 BUFFALO GROVE Rodriguez, Michael A. 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 Marital Status Married Spouse's Name Reductions (Days) Rodriguez, Rebecca D. 28 Spousal Information - If Applicable Additions (Days) Creditable Service 06/10/96 05/02/25 Years 28 Printed: 5/1/202548 of 67 BUFFALO GROVE Rodriguez, Michael A. POLICE PENSION FUND Benefit Calculation Worksheet Retirement 20-50 Applicable Salary $186,172.64 Rank @ Last Day of Service Deputy Chief Years Total Creditable Service 28 Creditable Service Years 1 to 20 x 2.5%50.00% Creditable Service (# of Years 21 to 30) x 2.5%20.00% Total (Maximum = 75%)70.00% Original Annual Pension $130,320.84 Monthly $10,860.07 Age @ Retirement Date 50 Date of Initial Increase 08/01/29 Amount of Initial Increase (monthly)$1,357.51 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. Required Information Applicable Pension Percentage Amount of Originally Granted Pension Increases in Pension Printed: 5/1/202549 of 67 Organization: Year: 2025 Hours Completed Date Completed Cert on File 1 8 5/7-5/9 Yes 2 3 4 5 6 Hours Completed Date Completed Cert on File 1 8 5/7-5/9 Yes 2 3 4 5 6 Hours Completed Date Completed Cert on File 1 8 1/1/2025 Yes 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 8 IPPFA Illinois Pension Conference Certified Trustee Training Buffalo Grove Police Pension Fund Anthony Turano Hours Required Type of Training Page 1 of 1 50 of 67 51 of 67 52 of 67 2025 IPPFA MidAmerican Pension Conference October 1 - 2, 2025 8:00AM - 5:30PM 3500 Midwest Road Oak Brook, IL 60523 Julie Guy October 1 – 2, 2025 The MidAmerican Pension Conference is the perfect way to complete your 8-hours of pension trustee training. Highlights include dynamic speakers, informative exhibits, and many networking opportunities. For over 30 years, the IPPFA has given attendees the very best training in ethics, fiduciary responsibilities, and legal and legislative updates, all covering every aspect of pension trustee training. This year marks the 40th anniversary of IPPFA, and we invite you to celebrate this milestone with us during the conference! PLEASE NOTE THAT THIS CONFERENCE HAS BEEN CHANGED TO TWO FULL DAYS (WEDNESDAY & THURSDAY). Registration CONFERENCE REGISTRATION IS NOT OPEN AT THIS TIME. PLEASE CHECK BACK LATER. Rooming Oak Brook Hills Resort 3500 Midwest Road Oak Brook, IL 60523 Rooming rates start at $189 per night (plus $14.95 resort fee) Heroes Family Fund Charity Golf Outing Registration Tuesday, September 30th Willow Crest Golf Club 3500 Midwest Rd. Oak Brook, IL 60523 53 of 67 2025 IPFA FALL PENSION SEMINAR Friday November 7, 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, November 3, 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 November 3, 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, November 3, 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: ________________________________________ ___________________________________________________________________________ 54 of 67 55 of 67 56 of 67 Course Titles Administrative Review 0.75 hours New Articles 3 and 4 Pension Disability Pension Overview 2.50 hours Board Oversight of Cyber Risk: Before a Breach 2.00 hours Cyber Security: Best Practices 1.00 hour Developments and Potential Changes in Federal and State of Illinois Labor and Employment Laws 1.50 hours Duties and Ethical Obligations of a Pension Fund Fiduciary 1.50 hours Felony Divestiture 0.75 hours New How to Identify, Address and Prevent Sexual Harassment & Discrimination 1.00 hours Illinois Court System and Standard of Review 1.00 hours New Illinois Freedom of Information Act and Open Meetings Act 1.50 hours Illinois Public Employee Disability Act and Public Safety Employee Benefits Act 1.50 hours Let Me Ask You A Question 2.00 hours Managing Generational Differences and Unconscious Bias in the Workplace 1.50 hours Mock Disability Pension Hearing 1.75 hours New Pension Plan Assumption 101: Common Approaches to Setting Actuarial Assumptions 0.75 hours Pension Plan Funding 101: The Basics of Public Pension Funding Mechanics 0.75 hours Pensionable Salary Under Articles 3 and 4 1.00 hour New Public Pension Fund Accounting Principles 0.50 hours QILDRO Training 1.00 hour New Qualified Illinois Domestic Order “QILDRO” 1.50 hours Various Benefits Training 2.00 hours New Credit Hours Pension Trustee Training Course 57 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 1 Volume 26, Issue 3, July 2025 Legal and Legislative Update Pension Board’s Salary Determination Overturned by Multiple Courts Teppel v. Bd. of Trustees of the Bolingbrook Police Pension Fd., et. al., 2025 IL App (3d) 240248 The issue of pensionable salary for police officers is infrequently litigated. As a result, any published decision issued by an Appellate Court merits attention for any Article 3 or 4 pension fund dealing with the sometimes difficult question of what type of pay is considered “pensionable”. At issue in this case was whether certain types of pay paid to the police chief were to be included as part of his pensionable salary. Plaintiff served as the “public safety director” in Bolingbrook. That position was also referred to and equivalent to the position of police chief. In Bolingbrook, department heads were entitled to additional benefits including pension “pick-up”, additional wages in an amount equal to the contribution to the pension fund (9.91%), retiree insurance pickup, and additional wages equal to the amount of the employee contribution into the retiree health fund. Pension contributions were withheld on these additional amounts with each pay period. Likewise, the pension and retiree health pickup amounts were fixed in amount with each pay period. At hearing before the pension board, the village finance director testified these amounts have always been treated by the village as “wages” and are included in the annual municipal appropriations/budget ordinance. In This Issue… 1 Pension Board’s Salary Determination Overturned by Multiple Courts 3 Firefighter Line of Duty for Hearing Loss Remanded to Board and Affirmed 4 Court Retains Jurisdiction to Enter Modified QILDRO 5 Police Yoga Does Not Constitute an “Act of Duty” 6 Who Stole My Candy? Candy Company Finds Data Breaches on the Rise: Protect Your Data 8 Line of Dity Disability Awarded Despite Two IME Physicians Finding Not Disabled 9 Suggested Agenda Items for October 10 RDL News 58 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 2 When Plaintiff made application for retirement benefits, he included his base salary, the retiree health pick-up, and the pension pick-up. Initially, the pension board approved of his application. However, after a retiree sought to intervene in the matter, the board rescinded its prior approval and held multiple hearings on the retirement application. The evidence introduced at the hearing demonstrated that, while the pension pick-up and retiree health pick-up were found in a section of the employee manual entitled “fringe benefits”, they were treated as wages, included in the budget ordinance as salary, and pension contributions were withheld on those amounts. The intervenor sought an opinion on whether these forms of pay should be included in Teppel’s pensionable salary. The Department of Insurance (“DOI”) responded via email the pay should be excluded from the calculation of pensionable salary and testified to the same at hearing before the pension board. After several hearings, the pension board found Teppel’s pensionable salary should be reduced to exclude the retiree health and pension pick-ups. The circuit court reversed and awarded Teppel the full amount initially granted by the pension board. The pension board appealed. On appeal, the Third District Appellate Court noted the parties agreed the sole issue was whether the amounts paid to Teppel as pension pick-up and retiree health pick-up are to be considered part of pensionable salary under the Pension Code. The Court found this to be solely an issue of statutory interpretation and applied the de novo, least deferential standard of review. Applying the statute to the facts, the Appellate Court noted under the plain language of the Pension Code, pensionable salary is based on the annual salary attached to the officer’s rank as set forth in the municipality’s appropriations ordinance. In this case, the village had paid Teppel a salary amount identified in the annual budget ordinance which included base salary, the pension pick-up, and the retiree health pick-up. Pursuant to the Village personnel manual, these amounts were received as “wages” and not “reimbursement”, “pick-up”, or some other type of pay. The Court found, “Comparing these undisputed facts with the unambiguous language of Section 3- 125.1, we conclude that the pick-up payments are salary attached to Teppel’s rank as police chief as established by the appropriations ordinance. In other words, they are pensionable salary.” The Court further concluded the pick-up payments qualify as “salary” under the Administrative Code inasmuch as they are in a fixed, predetermined amount and attached to the “specialty” rank of chief. While the pension board argued the Court is required to find the pick-up payments are “fringe benefits” because of the heading in the personnel manual, the Court rejected this argument under well established case law. The Court is “not confined to the parties’ terminology in determining the legal character of compensation”. It further found the payments to Teppel were not in the character of a fringe benefit because they were immediate compensation for services rendered and identified as “wages” in the personnel manual. Finally, the Court rejected the DOI interpretation of the compensation as not pensionable. It first noted it would only defer to the DOI interpretation if the statute is ambiguous. In this case, the statute was not ambiguous. It also found the DOI opinion was based on incomplete information in this case holding, “[the DOI] arrived at [its] conclusion that the ‘reimbursements’ were not pensionable salary after considering the intervenor’s self-serving email inquiry, which failed to include relevant documentation. Having been denied the opportunity to review the 2020-21 budget ordinance, the detailed budget report, and [finance director’s] testimony, we find no reason to adopt [the DOI’s] interpretation of the statute.” In a published decision, a unanimous court reversed the decision of the pension board and remanded the case to the board with instructions to recalculate Teppel’s retirement benefit as of August 1, 2020, using the higher amount including the pension and health care pick-ups as originally approved by the pension board. 59 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 3 As this case illustrates, pensionable salary inquiries are some of the most complex matters with which pension boards grapple. Should you have any questions on the proper classification of pay for pension purposes, please do not hesitate to contact your RDL attorney.❖ Firefighter Line of Duty for Hearing Loss Remanded to Board and Affirmed The Vill. of Schaumburg v. Vill. of Schaumburg Firefighters' Pension Fd. et al. 2025 IL App (1st) 241764 Firefighter Phillip Ried joined the Schaumburg Fire Department in 1985. In 2009, Ried was diagnosed with hearing loss and began wearing hearing aids. In 2017, he applied for a line-of-duty disability pension due to his hearing issues. Ried was examined by three independent medical examiners, none of whom could definitively opine firefighter duties contributed to his hearing loss. Ried’s expert, Dr. Peter Orris, opined his hearing loss was likely due to exposure to loud noises at work. Dr. Orris further opined firefighters face a higher risk of overexposure to noise and hearing loss from routine duties compared to their age- related peers in the general population. At hearing before the pension board, Ried amended his application to include a request for non-duty pension in the alternative. Ried’s attorney requested the Board permit Ried to take a retirement pension without prejudice to the administrative review of his line-of-duty disability claim. Ried later withdrew his request for non-duty disability pension in the alternative, stating it would economically disadvantage him to take a non-duty pension instead of a retirement pension. The Board did not address this request. The Village provided two noise exposure reports. The first involved monitoring sound levels at four Schaumburg fire stations in November 1999, including the one Ried worked at. That report noted the noise exposure levels were not significant enough to cause permanent hearing loss. The second report noted Ried’s noise exposure, per OSHA standards, between 2008-16 was not high enough to cause sensory-neural hearing loss beyond normal aging. An environmental health consultant testified by deposition regarding this report. Ried entered into evidence a study by a former firefighter and mechanical engineer. This expert opined Ried had been exposed to noise levels exceeding OSHA standards, which could lead to hearing loss. He noted most of the equipment Ried was exposed to was replaced and not available the Village conducted its study. After considering the evidence, the Board voted 3- 2 to deny Ried’s duty disability application. While the Board found Ried disabled, it found he failed to prove his hearing loss resulted from “a specific act of duty or the cumulative effects of acts of duty related to fire service.” It placed greater weight on the Village study and found Dr. Orris without special training in evaluating or diagnosing hearing issues and he had been retained for litigation purposes. After denying Ried’s application for line of duty disability benefits, the Board awarded him a regular retirement benefit. Ried sought administrative review, and the Circuit Court remanded with instructions to “meaningfully review” whether Ried established cumulative acts of duty had contributed to his hearing loss. On remand, a Board consisting of two new trustees considered additional evidence and voted to award Ried a line-of-duty disability pension. After the Board rendered its decision, the Village filed a motion arguing the Board had (i) no authority under the Code to award an “interim” retirement pension while a line of duty pension was being appealed in circuit court and (ii) it had no jurisdiction under the Administrative Review Law to reconsider its retirement pension award. The Board found it lacked jurisdiction to consider the Village’s motion. The Village sought administrative review. The Circuit Court affirmed the Pension Board. It found Ried filed his complaint for administrative review within 35 days of the final administrative order, which gave the Circuit Court jurisdiction to 60 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 4 remand the matter back to the Board. The board then had jurisdiction to enter a final decision granting a line-of-duty disability pension. As to the Board’s authority to award a line-of-duty disability pension after granting a retirement pension, the Circuit Court found no provision that prevented the Board from doing so or Ried from choosing which award he would prefer to receive if awarded both. On appeal, the Court first dealt with the Village’s argument the applicant’s election to take a regular retirement pension while his disability was appealed resulted in forfeiture of his disability claim. In support, the Village cited a DOI opinion which found a pension board could not award an “interim” retirement benefit to a firefighter while the pension board considered his application for disability benefits. The Court readily dispensed with this argument finding that, because the pension board in this case had already made a determination on Reid’s disability, there was no prohibition on receipt of a regular retirement while his appeal played out. This agrees with another prior DOI opinion not cited by the parties finding that, while award of a regular retirement while a disability application is pending before the board results in forfeiture of the disability claim, once a board has made a determination on the underlying disability claim, there is no prohibit from receipt of a regular retirement while the disability determination is appealed in accordance with the Administrative Review Law. Having dealt with the jurisdictional issues, the Appellate Court turned to the merits of the board’s award of line of duty disability benefits. Ultimately, the Appellate Court held the Board’s decision was not against the manifest weight of the evidence. It found the Board, in accordance with the remand instructions from the Circuit Court, properly reconsidered the evidence in finding the Village’s noise experts were unaware of Ried’s years of service, the equipment he used, or whether the equipment noise levels tested had been the same as equipment Ried had used during his career. In short, the Appellate Court found the record supported the Board’s conclusion duty related activities were a contributing or exacerbating factor in Ried’s hearing loss. As such, the Board decision to grant line of duty disability benefits was not against the manifest weight of the evidence. It held the Circuit Court did not exceed its authority when it remanded the case back to the Pension Board to apply the correct standard (i.e., whether Ried’s hearing loss was due to the cumulative effects of acts of duty). The Ried case affirms the prior DOI opinion a disability applicant may collect regular retirement benefits while an appeal from the pension board’s administrative decision is pending. The key factor is whether the pension board has fully and finally adjudicated the claim for disability. A retirement award before that stage will result in forfeiture of the applicant’s disability claim. It also illustrates the depth to which reviewing courts examine the administrative record in disability claims. Court’s conduct a deep dive into complicated evidence thoroughly examining the pension board’s decision.❖ Court Retains Jurisdiction to Enter Modified QILDRO In re Marriage of Wheelock, 2025 IL App (2d) 240571-U In a divorce proceeding involving a member of an Article 3 or 4 pension fund, the member’s pension benefit must be allocated using a statutory creature known as a “Qualified Illinois Domestic Relations Order” or “QILDRO”. Administration of QILDROs is a particularly cumbersome undertaking for both pension funds charged with their implementation as well as divorcing parties often faced with the difficult task of allocating both future pension benefits and properly entering the necessary orders in the underlying divorce matter. This case arose from confusion over the parties understanding of their marital settlement agreement (MSA) and the pension allocation that was to result. Under the MSA, the firefighter divorcing in this case was required to execute a QILDRO transferring 50% of his pension to the ex- spouse (alternate payee) from the date of marriage to the date of divorce. Over two years passed before a QILDRO was entered. The QILDRO 61 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 5 provided a monthly amount to the alternate payee and further ordered the alternate payee would be entitled to $20,990.59 of any refund due to the member when payable. The member retired and the alternate payee began receiving monthly payments pursuant to the QILDRO. Less than a year after entry of the QILDRO, the member filed a motion asking the court to correct the QILDRO to reflect payments would cease to the alternate payee upon death of the member or upon payments totaling $20,990.59, whichever occurred first. It was his position this is what was contemplated by the MSA. The alternate payee disagreed, and the court entered a new QILDRO granting her request for an increase in the monthly benefit amount. On appeal, the Court surveyed the two most common ways by which pension benefits are divided in divorce matters. First, the “present- value method” which sets a present value of the pension plan to be awarded to the member. The other party is then given other marital property to offset the anticipated pension award. The Court noted this method is often not used because of the difficulty in valuing a pension benefit not currently being received. The more common method is the “Hunt” formula by which a trial court reserves jurisdiction and divides the pension once it becomes payable. In either event, a trial court reserves jurisdiction to amend any QILDRO where necessary to enforce the terms of the dissolution (or MSA) as written. In this case, the Appellate Court found the judgment of dissolution did not specify the manner by which the pension benefits were to be divided. Rather, it only directed the alternate payee would receive 50% of the material portion of the pension without specifying the amounts or incorporating a QILDRO setting forth the allocation method. As a result, the Court retained jurisdiction to enter amended QILDROs to conform with the MSA. It found the earlier QILDRO did not conform to the MSA inasmuch as it had allocated less than 50% of the marital portion to the alternate payee using the Hunt formula. As a result, the trial court properly allowed entry of a new QILDRO awarding a significant increase to the alternate payee to bring the QILDRO into line with the MSA and Hunt formula. What lessons can pension funds take from this case? First, QILDROs are technically complex, and a fund should be careful to adhere to the requirements of the statute. From a trustee’s perspective, this means the role of the fund is only to provide the demographic data required and ensure any QILDRO entered conforms to the statutory format. QILDROs must also be formally approved by the pension fund. Funds should not give advice or perform calculations for the parties under any circumstances. As was the case here, the pension fund can sometimes find themselves in the middle of two divorcing parties with different interpretations of the same order. It is therefore imperative that if your fund has any questions about administration or QILDRO requirements, please contact your fund attorney. ❖ Police Yoga Does Not Constitute an “Act of Duty” Gonzales v. Ret. Bd. of Policemen's Annuity & Benefit Fund of City of Chicago, 2025 IL App (1st) 242166-U Robin Gonzales, a Chicago Police Department patrol officer, was injured while participating in mandatory “Officer Wellness and Resiliency Training.” She applied for a duty disability pension but was denied by the Retirement Board of the Policemen’s Annuity and Benefit Fund of the City of Chicago (“PABFC”). Instead, PABFC granted Officer Gonzales an ordinary disability pension, finding “Officer Wellness and Resiliency Training” does not rise to the level of an “act of duty.” As a reminder, “act of duty” is defined as “[a]ny act of police duty inherently involving special risk, not ordinarily assumed by a citizen in the ordinary walks of life, imposed on a policeman by the statutes of this State or by the ordinances or police regulations of the city in which this Article is in effect or by a special assignment; or any act of heroism performed in the city having for its direct purpose the saving of the life or property of a person other than the policeman.” 40 ILCS 5/5- 62 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 6 113. While this definition is found in Article 5 of the Pension Code, it is also applied to Article 3. During “Officer Wellness and Resiliency Training,” Officer Gonzales participated in classroom instruction and physical training, consisting of stretching, yoga, and other physical movements. During physical training, Officer Gonzales experienced pain in her lower back and discontinued the exercises. She was later diagnosed with multiple conditions in her lumbar spine. Officer Gonzales applied for a duty disability pension. The Board’s IME physician opined Gonzales was disabled as a result of the “Officer Wellness and Resiliency Training.” During the hearing, medical and CPD records were admitted. Gonzales testified the training program was designed for law enforcement and “unique to the police profession,” including de-escalation techniques and techniques for assessing situations to avoid excessive use of force. However, the officers, including Gonzales, did not roleplay law enforcement scenarios. One of the trustees testified he previously attended the wellness training. He testified the training covers finance, nutrition, health, and “the behavior of a police officer in society.” Officers at the training session were informed that anyone pregnant, injured, or on light duty did not have to participate in yoga. The trustee opted out of yoga because of a back injury he previously sustained. In affirming the decision of the Board, Appellate Court noted testimony demonstrated the training session was designed to teach the officers “to relax and do some breathing and physical techniques in order to calm [themselves] and live a healthier lifestyle.” This was corroborated by Gonzales, who testified the training did not involve roleplaying law enforcement scenarios. The Appellate Court held “it is apparent that Gonzales was injured in the capacity of an individual seeking to calm herself and live a healthier lifestyle, an activity with a “clear counterpart in civilian life.” Thus, Gonzales was not injured as a result of an “act of duty.” Further, the First District Appellate Court held the training session was not an “act of duty” simply because it was mandatory under a federal consent decree and CPD Special Order. Gonzales attempted to equate the training to patrol duties, arguing she was acting in the capacity of a patrol officer because the session included training de-escalation and other techniques for handling crisis situations while on patrol. However, the Court held “the proper focus for an ‘act of duty’ analysis is the activities that the officer is engaged in at the time he or she is injured. Gonzales illustrates the key to the “act of duty” analysis for police disability cases is the capacity the officer was working in at the time of injury. The fact that an activity is mandatory is insufficient to establish an “act of duty.” When determining whether an activity is an “act of duty,” pension boards should be careful they focus on the capacity the officer worked in at the time of injury.❖ Who Stole My Candy? Candy Company Finds Data Breaches on the Rise: Protect Your Data Olson v. Ferrara Candy Co., 2025 IL App (1st) 241126 Plaintiffs filed a data breach class-action complaint against their former employer, Ferrara Candy Company. They alleged Ferrara failed to use reasonable means to protect the personally identifiable information (“PII”) (i.e., social security numbers, driver’s license numbers, bank accounts, routing numbers, etc.) of their former and current employees from unauthorized access by an unknown third party. In October 2021, Defendant posted a notice of data breach to their website. It informed the impacted individuals of the breach, encouraged said individuals to remain vigilant by reviewing their account statements and monitoring their free credit reports, and provided impacted individuals with free credit monitoring. Wesson alleged he suffered fraudulent charges on his credit union account. He further alleged he was not aware of any other data breaches aside from 63 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 7 Defendant’s or any reason criminals would have his credit union checking account or debit card information. Defendant’s director of cybersecurity stated only Wesson’s Chase account information was accessed by the unknown third party. Defendant filed multiple complaints that were dismissed. The subject of this is appeal is Defendants’ third amended complaint, which asserted claims on behalf of themselves and the putative class for (1) negligence, (2) negligence per se, (3) breach of implied contract, (4) unjust enrichment, and (5) violation of the Consumer Fraud Act. Olson alleged he expended effort monitoring his account, suffered anxiety about the data breach, sustained damages to and diminution in the value of his PII, and remained at an increased risk of fraud, identity theft, and misuse. Wesson alleged the same injuries as Olson, but also alleged fraudulent charges were made to his credit union account. Wesson also alleged that sometime after receiving notice of the data breach, he bought a credit monitoring service, for which he paid $24.99 monthly for several months and then $4.99 monthly for a couple of months. The Appellate Court first addressed the issue of standing. In Illinois, standing requires “some injury in fact to a legally cognizable interest.” Defendant argued Plaintiffs lacked standing. Regarding Wesson, the Court held the complaint sufficiently alleged a concrete injury based on the allegation that the data breach resulted in the misuse of his PII by an unauthorized third party who made charges to his credit union account. Regarding Olson, the Court noted he did not allege actual misuse. It, nonetheless, held Olson alleged a concrete injury based on an imminent, certainly impending, or a substantial risk of future misuse of his PII and concrete harm caused by exposure to this risk. In determining when the risk of future misuse of PII following a data breach is imminent and substantial, relevant considerations include: (1) whether the PII was exposed as the result of a targeted attempt to obtain that data; (2) whether any portion of the stolen or accessed PII has already been misused; and (3) whether the PII at issue is sensitive, such that there is a high risk of identity theft or fraud. The Court held Plaintiffs sufficiently alleged an imminent and substantial risk of future misuse of their PII. It highlighted the complaint alleged: (1) the thieves intentionally stole the information; (2) some of the stolen information was already misused; and (3) the information stolen was highly sensitive, including social security numbers and financial account information. Further, the Court noted the complaint must also allege a separate harm caused by Plaintiffs’ exposure to the alleged risk of future harm to establish standing to pursue damages. That said, Plaintiffs cannot manufacture standing by incurring costs in anticipation of non-imminent harm. The Court held Plaintiffs alleged separate concrete harm caused by exposure to the risk of future harm based on their allegations of their lost time monitoring their accounts to protect against identity theft and fraud. Likewise, the Court held Wesson’s expenses for credit monitoring services constitute another concrete injury. The Court held Plaintiffs alleged sufficient facts to overcome dismissal regarding whether the breach was traceable to Wesson’s damages, despite the fact Defendant did not maintain his credit union account information, because the fraudulent charges occurred two months after the breach, and Wesson was unaware of another breach of his data. Further, the Court noted cybercriminals were able to cross-reference multiple sources of Plaintiff’s PII that could be used for further identity theft and fraud. Defendant argued Plaintiffs failed to adequately plead proximate cause, did not state an injury sufficient to support a negligence claim, and that the Moorman doctrine foreclosed their negligence claim. The Court disagreed. First, it held Plaintiffs adequately plead Defendant’s failure to use adequate cybersecurity may lead to data breaches. Second, the Court noted Wesson alleged a sufficient injury based on the fraudulent charges to his card. Plaintiffs both also alleged they spent time and resources to protect themselves against fraud and identity theft after the breach. Finally, the Court held the Moorman doctrine did not apply because, in the context of the service industry, it 64 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 8 only applies where the duty of the party to perform the service is defined by a contract executed with the client. The Court held Wesson pleaded sufficient facts Defendant breached an implied contract, which was created through the actions and conduct of the parties instead of an express agreement. Specifically, Wesson was required to provide his PII to Defendant in reliance on the promises made in its privacy policy. It was also implied Defendant would take reasonable steps to protect Wesson’s PPI from unauthorized disclosure. Lastly, the Court was unpersuaded by Defendant’s argument Wesson has not alleged an actual economic injury under the Consumer Fraud Act, holding he incurred costs for monthly credit monitoring. It is important for Pension Fund’s to maintain adequate cybersecurity measures and insurance to avoid data breaches. While it is difficult to plead damages in a data breach case, Courts are willing to do so when there is some form of actual harm, even if remote. Pension Fund’s should take steps to ensure they have adequate cyber security measures in place to avoid data breaches. Likewise, they should ensure their vendors safeguard all information shared with them by the Pension Board. ❖ Line of Duty Disability Award Despite Two IME Physicians Finding Not Disabled Calleros v. Bd. of Trs. of Calumet City Firefighters Pension Fd., 2025 IL App (1st) 240374-U Calleros, a Calumet City Fire Department firefighter/paramedic, applied to the Board for a disability pension in April 2021. The Board held a hearing on Calleros's application where it heard Calleros's testimony and admitted into evidence exhibits including medical records and reports by three independent medical evaluators retained by the Board. At the conclusion of the hearing, the Board found Calleros was not disabled, denying both duty disability and not-on-duty disability claims. Calleros had some physical issues with his left knee during his employment with the Department. However, these had resolved over the years after he engaged in physical therapy. Calleros was then injured while participating in “step up driver's training.” He was transported to the hospital and while x-rays failed to reveal a fracture or dislocation, Calleros was not cleared to return to work. He participated in unsuccessful physical therapy and was subsequently diagnosed with a left knee medial meniscus tear. He underwent surgery and participated again in physical therapy. However, he was not getting better and a second examination revealed further tears and structural issues with his knee. Subsequent examination by the City’s physician concluded Calleros had reached maximum medical improvement and his “subjective complaints” regarding his left knee were “out of proportion to the physical examination and objective findings”. His “current symptomatology has no relationship” to the April 2020 incident. He was released to return full duty without restrictions. Calleros, during this time, was still experiencing pain and instability in his knee which was documented by the therapists. Calleros underwent another MRI of his left knee that revealed a horizontal oblique tear of the medial meniscus, a Grade 1 tibial collateral ligament sprain, and improving pes anserine bursitis. His surgeon performed surgery to repair the tear, finding a “redundant suture and a loose anchor” and that “the meniscus tear had not healed.” A Functional Capacity Assessment (FCA) was preformed, which determined Calleros's capabilities fell below the Very Heavy requirements for a firefighter. Calleros could only perform at a “Medium to Heavy” level. Due to Calleros's “reported and demonstrated limitations,” 65 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 9 he could only perform “squatting, crawling, and kneeling” on an “occasional basis.” The Board selected three independent medical evaluators to assess the nature and extent of Calleros's alleged disability. The Board relied on the opinions two of the IME physicians who opined Calleros was not disabled. Both physicians focused on Calleros prior medical issues with his knee as well as his morbid obesity. The third IME found Calleros was in fact disabled as a result of a duty- related injury. On appeal, the Court found the Board’s conclusions were against the manifest weight of the evidence. While two of the three independent medical evaluators selected by the Board, opined Calleros was not disabled, the Court found it was improper for the Board to assign more weight to those opinions. The Court found these two doctors either didn’t review all of the records or failed to adequately address the symptoms, causes and findings the other physicians found. For example, one opinion was made before Calleros’ second surgery. The other report failed to mention the FCA or address all the records documenting Calleros's limitations during work hardening, which specifically stated Calleros was unable to reach “Very Heavy” PDL as required to be a firefighter. The Court found the third IME concluding Calleros was disabled better reasoned, as he discussed the specific duties Calleros could not perform, and took into account Calleros's second surgery and the FCA results. The Court specifically found this was not simply a case of conflicting evidence. Rather, there was abundant medical evidence presented showing Calleros was disabled such that he was unable to perform in a full-duty capacity as a fireman. The Court in effect discounted the Board’s choices on which opinions to rely because it found those opinions were not based on the complete record and failed to account for evidence that supported the claim of disability, by failing to address contrary evidence. The Court also concluded the injury was caused by or the result of an act of duty, and summarily discounted the Board’s improper reliance on pre-existing conditions or morbid obesity. The lesson to be taken from this case is the Court will defer to the Board’s decisions only if those decisions are based on well-reasoned opinions by the IME physicians. If those opinions are not well- reasoned, and either avoid addressing all the facts or fail to account for all the evidence of treatment or condition, the Court will not hesitate to reverse the Board’s decision. ❖ Suggested Agenda Items for October (or 4th Quarter) • Adoption of recommended tax levy from actuarial valuation and forward request to Municipality. • Adoption of municipal compliance report and forward to Municipality. • Schedule next calendar year quarterly meeting dates/times. • Deadline for filing independent audit report with DOI. • Deadline for filing of DOI annual report. (October 31st) 66 of 67 © 2025 REIMER DOBROVOLNY & LABARDI PC 10 REIMER DOBROVOLNY & LABARDI PC NEWS Legal and Legislative Update Volume 26, Issue 3, July 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. • May 2, 2025, RDL partner Brian LaBardi attended and presented at the IPFA Spring Pension Conference in Addison. • May 7-9, 2025, RDL partners Richard Reimer and Vince Mancini presented at the IPPFA Spring Conference in Galena. • October 1-2, 2025, RDL attorneys will attend and present at the IPPFA Mid -American Pension Conference in Oak Brook. • November 7, 2025, RDL partner Brian LaBardi will attend and present at the IPFA Fall Pension Conference in Addison. 67 of 67