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2025-10-23 - 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, October 23, 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.July 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 i.Repeat Monthly Withdrawal Instructions for 2026 7.Investment Report a.IPOPIF – Verus Advisory, Inc. i.State Street Statements 8.Applications for Membership/Withdrawals from Fund a.Application for Membership – Denys Wolf b.Withdrawals from Fund – Cassandra Arreola and Oliver Sorisho 9.Applications for Retirement/Disability Benefits a.Deceased Pensioner – Jerome Stopper/Approve Surviving Spouse Benefits – Lori Stopper 10.Old Business a.Review/Adopt – Municipal Compliance Report b.IDOI Annual Statement 11.New Business a.Review/Approve – Lauterbach & Amen Engagement Letter b.Establish 2026 Board Meeting Dates c.Status of IPOPIF Compliance Audit d.Discussion/Possible Action – Pension Fund Records Management 12.Trustee Training Updates a.Approval of Trustee Training Registration Fees and Reimbursable Expenses 13.Communications and Reports a.Affidavits of Continued Eligibility 14.Attorney’s Report – Reimer Dobrovolny & LaBardi PC a.Legal Updates b.Tier 2 Supervisor Contribution Question c.Disability Update – Derek Hawkins d.Review, Adopt and Publish Decision and Order – Michael Rodriguez 15.Closed Session, if needed 16.Adjournment 1 of 84 MINUTES OF A REGULAR MEETING OF THE BUFFALO GROVE POLICE PENSION FUND BOARD OF TRUSTEES JULY 24, 2025 A regular meeting of the Buffalo Grove Police Pension Fund Board of Trustees was held 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, pursuant to notice. CALL TO ORDER: Trustee Barker called the meeting to order at 10:00 a.m. ROLL CALL: PRESENT: Trustees Cody Barker, Tony Montiel, Ken Fox and Jeff Feld ABSENT: Trustee Tony Turano ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny & LaBardi PC; Molly Barker, Lauterbach & Amen (L&A); Finance Director Chris Black, Village of Buffalo Grove PUBLIC COMMENT: There was no public comment. APPROVAL OF MINUTES: April 24, 2025 Regular Meeting: The Board reviewed the April 24, 2025 regular meeting minutes. A motion was made by Trustee Montiel and seconded by Trustee Fox to approve the April 24, 2025 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: The Board discussed the closed session meeting minutes and tabled this item until the next regular meeting. 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 six-month period ending June 30, 2025 prepared by L&A. As of June 30, 2025, the net position held in trust for pension benefits is $108,215,898.32 with a change in position of $7,089,146.18. 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 April 1, 2025 through June 30, 2025 for total disbursements of $43,143.61. A motion was made by Trustee Barker and seconded by Trustee Feld to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $43,143.61. Motion carried by roll call vote. AYES: Trustees Barker, Montiel, Fox and Feld NAYS: None ABSENT: Trustee Turano 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 Policy and determined that no updates are 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 May 31, 2025. As of May 31, 2025, the one-month total net return is 3.7% for an ending market value of $13,302,951,645. 2 of 84 Buffalo Grove Police Pension Fund Meeting Minutes – July 24, 2025 Page 2 of 3 The Board also reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the period ending June 30, 2025. The beginning value was $103,123,061.66 and the ending value was $106,524,621.11. The month-to-date net return was 3.07%. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership – Eduardo Leon: The Board reviewed the Application for Membership submitted by Eduardo Leon. A motion was made by Trustee Barker and seconded by Trustee Montiel to accept Eduardo Leon into the Buffalo Grove Police Pension Fund effective April 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 effective 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 effective 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 – Michael Rodriguez: The Board reviewed the regular retirement benefit calculation for Michael Rodriguez prepared by L&A. Deputy Chief Rodriguez had an entry date of June 10, 1996, retirement date of May 2, 2025, effective date of pension of May 3, 2025, 50 years of age at date of retirement, 28 years of creditable service, applicable salary of $186,172.64, applicable pension percentage of 70%, amount of originally granted monthly pension of $10,860.07 and amount of originally granted annual pension of $130,320.84. A motion was made by Trustee Barker and seconded by Trustee Montiel to approve Michael Rodriguez’s regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Barker, Montiel, Fox and Feld NAYS: None ABSENT: Trustee Turano OLD BUSINESS: IDOI Annual Statement: The Board noted that the IDOI Annual Statement has been completed and submitted to the Department of Insurance prior to the June 30, 2025 deadline. NEW BUSINESS: Review/Approve – Actuarial Valuation and Tax Levy Request: The Board reviewed the finalized Actuarial Valuation as prepared by L&A. Based on data and assumptions, the recommended contribution amount is $3,479,827 which is a $314,277 increase from the prior year contribution. A motion was made by Trustee Fox and seconded by Trustee Barker to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $3,479,827 from the Village of Buffalo Grove, based on the recommended amount stated in the Actuarial Valuation prepared by L&A. Motion carried by roll call vote. AYES: Trustees Barker, Montiel, Fox and Feld NAYS: None ABSENT: Trustee Turano Review/Adopt – Municipal Compliance Report: The Board noted that the Municipal Compliance Report is in process and will be ready for review at the next regular meeting. Board Officer Elections – President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Turano as President, Trustee Montiel as Vice President, Trustee Barker as Secretary and Trustee Feld as Assistant Secretary. A motion was made by Trustee Montiel and seconded by Trustee Fox to elect the slate of Officers as stated. Motion carried unanimously by voice vote. 3 of 84 Buffalo Grove Police Pension Fund Meeting Minutes – July 24, 2025 Page 3 of 3 FOIA Officer and OMA Designee: The Board discussed maintaining Finance Director Chris Black as the FOIA Officer and Trustee Turano as the OMA Designee. A motion was made by Trustee Montiel and seconded by Trustee Barker to maintain the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. 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: Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Review, Adopt and Publish Decision and Order – Michelle Kondrat: The Board reviewed the Decision and Order prepared by Attorney LaBardi. A motion was made by Trustee Barker and seconded by Trustee Montiel to approve, adopt and publish the Decision and Order for Michelle Kondrat as presented. Motion carried by roll call vote. AYES: Trustees Barker, Montiel, Fox and Feld NAYS: None ABSENT: Trustee Turano Disability Update – Derek Hawkins: Attorney LaBardi apprised the Board on the status of the disability application submitted by Derek Hawkins and noted that they are awaiting additional medical records prior to scheduling the hearing. 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 Fox to adjourn the meeting at 10:42 a.m. Motion carried unanimously by voice vote. The next regular meeting is October 23, 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 84 Buffalo Grove Police Pension Fund Monthly Financial Report For the Month Ended September 30, 2025 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 www.lauterbachamen.com 5 of 84 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 Analysis Summary Graph............................................................................................................ 4-2 Cash Transfer to/from Consolidated Fund Graph............................................................................. 5-1 Revenue Report....................................................................................................................................... 6-1 Municipal Revenue Report.................................................................................................................... 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 84 Accountants' Compilation Report 7 of 84 October 20, 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 September 30,2025 and the related statement of changes in net position - modified cash basis for the nine 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 Statesof 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 donot express an opinion, a conclusion, nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen Lauterbach & Amen 1-1 8 of 84 Financial Statements 9 of 84 Assets Cash and Cash Equivalents 8,239.21$ Investments at Fair Market Value Money Market Mutual Funds 646,762.82 Stock Equities 745,021.69 Pooled Investments 112,005,165.52 Total Cash and Investments 113,405,189.24 Prepaids 1,575.00 Total Assets 113,406,764.24 Liabilities Expenses Due/Unpaid 2,007.45 Total Liabilities 2,007.45 Net Position Held in Trust for Pension Benefits 113,404,756.79 Buffalo Grove Police Pension Fund Statement of Net Position - Modified Cash Basis As of September 30, 2025 See Accountants' Compilation Report 2-1 10 of 84 Additions Contributions - Municipal 2,686,456.59$ Contributions - Members 578,617.42 Total Contributions 3,265,074.01 Investment Income Interest and Dividends Earned 460,026.34 Net Change in Fair Value 13,768,932.57 Total Investment Income 14,228,958.91 Less Investment Expense (69,834.31) Net Investment Income 14,159,124.60 Total Additions 17,424,198.61 Deductions Administration 42,686.06 Pension Benefits and Refunds Pension Benefits 5,103,507.90 Refunds 0.00 Total Deductions 5,146,193.96 Change in Position 12,278,004.65 Net Position Held in Trust for Pension Benefits Beginning of Year 101,126,752.14 End of Period 113,404,756.79 Buffalo Grove Police Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Nine Months Ended September 30, 2025 See Accountants' Compilation Report 2-2 11 of 84 Other Supplementary Information 12 of 84 Buffalo Grove Police Pension Fund - 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Pooled Investment NAV Accumulated Net Investments Pooled Investment NAV vs Accumulated Net Investments See Accountants' Compilation Report 3-1 13 of 84 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 07/31/25 08/31/25 09/30/25 Financial Institutions BMO Bank - CK 10,749$10,023 10,087 10,001 10,004 156,209 9,979 10,149 373,638 10,063 10,126 8,239 10,749 10,023 10,087 10,001 10,004 156,209 9,979 10,149 373,638 10,063 10,126 8,239 Schwab - MM 269,495 330,766 423,745 515,579 691,122 600,270 675,256 602,421 604,583 737,204 717,637 646,763 269,495 330,766 423,745 515,579 691,122 600,270 675,256 602,421 604,583 737,204 717,637 646,763 Total 280,244 340,789 433,832 525,580 701,126 756,479 685,235 612,570 978,221 747,267 727,763 655,002 Contributions Current Tax 126,919 5,569 7,460 - 115,922 355,925 16,861 212,582 1,093,976 43,779 58,282 789,129 Contributions - Current Year 52,834 53,468 70,587 90,704 57,243 56,071 55,945 56,053 56,134 86,396 56,175 57,471 Contributions - Prior Year 513 516 518 783 525 528 531 534 537 811 544 547 Interest Received from Members 130 127 124 181 117 114 111 109 106 153 98 96 180,396 59,680 78,689 91,668 173,807 412,638 73,448 269,278 1,150,753 131,139 115,099 847,243 Expenses Pension Benefits 542,044 542,044 546,586 555,477 555,713 561,751 562,549 572,709 573,409 573,409 574,017 574,474 Refunds/Transfers of Service 402,545 ----------- Administration 6,596 14,429 5,864 8,752 14,246 10,189 12,721 16,736 13,686 6,792 18,819 10,578 951,185 556,473 552,450 564,229 569,959 571,940 575,270 589,445 587,095 580,201 592,836 585,052 Total Contributions less Expenses (770,789) (496,793) (473,761) (472,561) (396,152) (159,302) (501,822) (320,167)563,658 (449,062) (477,737)262,191 Buffalo Grove Police Pension Fund Cash Analysis Report For the Twelve Periods Ending September 30, 2025 See Accountants' Compilation Report 4-1 14 of 84 Buffalo Grove Police Pension Fund - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses Cash Analysis Summary See Accountants' Compilation Report 4-2 15 of 84 Buffalo Grove Police Pension Fund (600,000) (400,000) (200,000) - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund Cash Transfers to/from Consolidated Fund See Accountants' Compilation Report 5-1 16 of 84 Contributions Contributions - Municipal 41-210-00 - Current Tax 789,129.16$1 2,686,456.59 789,129.16 2,686,456.59 Contributions - Members 41-410-00 - Contributions - Current Year 57,471.00 1 572,192.62 41-420-00 - Contributions - Prior Year 546.95 1 5,339.68 41-440-00 - Interest Received from Members 95.53 1 1,085.12 58,113.48 578,617.42 Total Contributions 847,242.64 1 0 3,265,074.01 Investment Income Interest and Dividends 43-102-09 - BMO Bank - Checking 44.17 1 416.27 43-252-09 - Schwab - Fixed Income #8061 2,114.06 1 18,822.04 43-450-09 - Schwab - Stock Equities #8061 0.00 1 3,386.66 43-800-01 - IPOPIF Consolidated Pool Income 49,665.63 1 413,327.25 51,823.86 8 435,952.22 Gains and Losses 44-450-09 - Schwab - Stock Equities #8061 1,973.80 1 79,325.35 44-800-01 - IPOPIF Consolidated Pool - Unrealized 2,122,577.34 1 12,335,806.92 44-800-02 - IPOPIF Consolidated Pool - Realized 61,173.13 1 1,353,800.30 2,185,724.27 5 13,768,932.57 Other Income 49-000-01 - Other Income 171.90 1 3,960.08 49-000-03 - IPOPIF Transition Cost Reallocation 0.00 1 20,114.04 171.90 4 24,074.12 Total Investment Income 2,237,720.03 2 9 14,228,958.91 Total Revenue 3,084,962.67 17,494,032.92 Buffalo Grove Police Pension Fund Revenue Report as of September 30, 2025 Received Received this Month this Year See Accountants' Compilation Report 6-1 17 of 84 FYE 12/31/25 FYE 12/31/24 FYE 12/31/23 FYE 12/31/22 Property Taxes Received Property Tax - January 0.00$1,644.60 207,101.32 319.61 Property Tax - February 115,922.48 120,441.80 1,884.73 150,878.98 Property Tax - March 355,925.34 395,947.25 224,290.98 344,985.49 Property Tax - April 16,861.23 0.00 266,788.86 13,586.00 Property Tax - May 212,581.61 146,975.57 102,139.79 124,092.25 Property Tax - June 1,093,976.36 1,172,178.10 1,226,677.74 987,060.05 Property Tax - July 43,778.74 106,257.04 116,685.89 189,522.16 Property Tax - August 58,281.67 313,902.94 29,274.96 43,931.08 Property Tax - September 789,129.16 1,003,786.08 895,370.15 833,961.29 Property Tax - October 0.00 126,918.54 245,342.20 250,892.32 Property Tax - November 0.00 5,569.07 359,321.95 31,080.97 Property Tax - December*0.00 7,459.91 101,643.03 404,384.00 Total Taxes Received 2,686,456.59 3,401,080.90 3,776,521.60 3,374,694.20 All Other Employer Contributions All Other Employer Contributions - January 0.00 0.00 0.00 0.00 All Other Employer Contributions - February 0.00 0.00 0.00 0.00 All Other Employer Contributions - March 0.00 0.00 0.00 0.00 All Other Employer Contributions - April 0.00 0.00 19,383.30 0.00 All Other Employer Contributions - May 0.00 0.00 0.00 0.00 All Other Employer Contributions - June 0.00 0.00 0.00 0.00 All Other Employer Contributions - July 0.00 0.00 0.00 0.00 All Other Employer Contributions - August 0.00 0.00 0.00 0.00 All Other Employer Contributions - September 0.00 0.00 0.00 0.00 All Other Employer Contributions - October 0.00 0.00 0.00 0.00 All Other Employer Contributions - November 0.00 0.00 0.00 0.00 All Other Employer Contributions - December*0.00 0.00 0.00 0.00 Total Other Employer Contributions 0.00 0.00 19,383.30 0.00 Total Employer Contributions 2,686,456.59 3,401,080.90 3,795,904.90 3,374,694.20 Private Actuary Recommended Contribution**3,165,550.00 3,020,850.00 2,775,930.00 3,394,077.00 Percent Received %84.87 %112.59 %136.74 %99.43 IFPIF/IPOPIF Minimum Contribution 2,888,813.00 3,091,682.00 2,913,767.00 3,109,316.00 Percent Received %93.00 %110.01 %130.27 %108.53 *Final month of the fiscal year may include adjustments and accruals. **Based on the most recent Actuarial Valuation prior to the levy ordinance being issued for the applicable fiscal-year. Buffalo Grove Police Pension Fund Municipal Revenue as of September 30, 2025 See Accountants' Compilation Report 7-1 18 of 84 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 533,421.76$ 4,783,090.55 51-040-00 - Duty Disability Pensions 3,548.30 31,934.70 51-060-00 - Surviving Spouse Pensions 37,504.09 288,482.65 Total Pensions and Benefits 574,474.15 5,103,507.90 Administrative Professional Services 52-170-01 - Actuarial Services 0.00 3,390.00 52-170-03 - Accounting & Bookkeeping Services 1,425.00 17,180.00 52-170-05 - Legal Services 1,855.18 5,232.82 52-170-06 - PSA/Court Reporter 1,555.00 13,950.00 4,835.18 39,752.82 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 1,500.00 52-190-04 - Bank Fees 0.00 174.35 52-195-02 - Administrative Expense (IPOPIF)1,863.34 15,221.45 52-195-03 - Investment Expense (IPOPIF)1,744.82 14,636.26 52-195-04 - Investment Manager Fees (IPOPIF)1,309.81 38,302.25 4,917.97 69,834.31 Other Expense 52-290-25 - Conference/Seminar Fees 0.00 1,315.00 52-290-26 - Association Dues 825.00 825.00 52-290-27 - Travel Expense 0.00 793.24 825.00 2,933.24 Total Administrative 10,578.15 112,520.37 Total Expenses 585,052.30 5,216,028.27 Buffalo Grove Police Pension Fund Expense Report as of September 30, 2025 See Accountants' Compilation Report 8-1 19 of 84 Buffalo Grove Police Pension Fund - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 Service Duty Disability Surviving Spouse Administrative Expenses 4,783,091 31,935 288,483 112,520 Pension Benefits and Expenses See Accountants' Compilation Report 9-1 20 of 84 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Anderson, Tara E.$227,934.94 13,311.48 0.00 0.00 241,246.42 Augustyniak, Gabriel 30,006.13 8,325.02 0.00 0.00 38,331.15 Baker, Malcolm E.232,804.11 9,528.88 0.00 0.00 242,332.99 Barker, Cody W.79,809.55 9,662.11 0.00 0.00 89,471.66 Bock, Cynthia 163,911.74 9,882.45 0.00 0.00 173,794.19 Broussard, Robert D.186,032.24 12,359.67 0.00 0.00 198,391.91 Budds, Brian J.40,955.13 16,347.11 0.00 0.00 57,302.24 Carlson, Michael D.147,497.92 9,909.65 6,424.80 0.00 163,832.37 Cholewa, Amy L.90,687.44 9,489.25 0.00 0.00 100,176.69 De La Paz, Hector 268,454.43 11,619.14 0.00 0.00 280,073.57 Diaz, Maegan D.33,804.04 7,487.28 0.00 0.00 41,291.32 Dibble, Crystal 167,468.13 9,429.78 0.00 0.00 176,897.91 Dimeler, Daniel D.172,182.07 9,929.47 0.00 0.00 182,111.54 Essig, Michael J.103,992.08 9,469.43 0.00 0.00 113,461.51 Franzen, Taylor A.65,644.89 9,889.84 0.00 0.00 75,534.73 Gasca, Robert Jr.39,259.57 9,850.19 0.00 0.00 49,109.76 Gewargis, Brandon L.14,013.20 7,246.34 0.00 0.00 21,259.54 Hansen, Brian R.136,255.31 11,065.49 0.00 0.00 147,320.80 Hansen, Meghan C.152,481.45 10,816.62 0.00 0.00 163,298.07 Hawkins, Derek T.162,171.75 9,509.07 0.00 0.00 171,680.82 Hill, Gregory R.175,228.57 9,929.47 0.00 0.00 185,158.04 Jigalov, Adrian G.124,407.12 9,909.65 0.00 0.00 134,316.77 Kaiser, Chadd L.160,286.99 9,657.50 0.00 0.00 169,944.49 Kass, Ryan T.100,754.72 9,469.42 0.00 0.00 110,224.14 Khan, Masood A.203,242.32 9,469.43 0.00 0.00 212,711.75 Kreis, Nicholas R.47,162.26 8,849.22 0.00 0.00 56,011.48 Kroski, Timothy M.44,637.58 9,429.79 0.00 0.00 54,067.37 Krozel, Ashley E.158,663.27 10,265.78 0.00 0.00 168,929.05 Lamb, Kevin J.98,700.89 9,909.65 0.00 0.00 108,610.54 Larys, Chad K.23,713.49 9,850.19 0.00 0.00 33,563.68 Lawyer, Robert J. 46,673.70 8,849.07 0.00 0.00 55,522.77 Leon, Eduardo 0.00 3,632.81 0.00 0.00 3,632.81 Lowenberg, Kurt D.245,472.06 10,561.24 0.00 0.00 256,033.30 McMillon, Shannon T.166,978.82 9,909.66 0.00 0.00 176,888.48 Mills, Matthew C.206,132.57 10,429.78 0.00 0.00 216,562.35 Nugent, Thomas P.303,990.42 13,143.62 0.00 0.00 317,134.04 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended September 30, 2025 See Accountants' Compilation Report 10-1 21 of 84 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 September 30, 2025 Officer, Jonathan D.164,056.23 9,922.55 0.00 0.00 173,978.78 Olague, David 11,303.63 7,078.78 0.00 0.00 18,382.41 O'Neill, Collan W.21,503.89 7,620.59 0.00 0.00 29,124.48 Reyes, Christian D.0.00 6,403.37 0.00 0.00 6,403.37 Rossi, Marc D.168,911.59 9,850.19 0.00 0.00 178,761.78 Rudnick, Joel A.148,000.56 9,909.65 0.00 0.00 157,910.21 Rygiel, Andrew T.76,663.47 9,481.18 0.00 0.00 86,144.65 Sarat, Eric M.61,908.67 9,696.21 0.00 0.00 71,604.88 Shipman, Douglas S.185,512.37 11,565.32 0.00 0.00 197,077.69 Spolar, Brian A.254,062.32 14,124.88 0.00 0.00 268,187.20 Standish, Nicolas J.25,287.92 8,531.66 0.00 0.00 33,819.58 Stephans, Drew M.9,377.91 9,803.17 0.00 0.00 19,181.08 Tijerina, Brian A.88,783.24 9,889.84 0.00 0.00 98,673.08 Tirovolas, Hristos H.24,209.19 8,877.22 0.00 0.00 33,086.41 Turano, Anthony R.181,721.89 12,623.18 0.00 0.00 194,345.07 Valstyn, Ross B.119,198.09 9,850.19 0.00 0.00 129,048.28 Verduzco, Jaime A.175,967.79 10,721.88 0.00 0.00 186,689.67 Wojs, Dawid 44,563.70 8,786.90 0.00 0.00 53,350.60 Wolf, Denys 1,045.49 7,023.71 0.00 0.00 8,069.20 Young, Aeden E.2,690.66 6,700.37 0.00 0.00 9,391.03 Zuk, Edyta W.35,009.92 9,429.79 0.00 0.00 44,439.71 Zuniga, Edwin 14,008.09 7,242.19 0.00 0.00 21,250.28 6,435,197.52 563,527.37 6,424.80 0.00 7,005,149.69 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 6,707,226.95 572,192.62 6,424.80 0.00 7,285,844.37 Inactive/Terminated Members See Accountants' Compilation Report 10-2 22 of 84 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 September 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 5,339.68 0.00 0.00 5,339.68 Carlson, Michael D. - Limited Time Transfer - Interest 0.00 1,085.12 0.00 1,085.12 Totals 5,339.68 1,085.12 0.00 6,424.80 Service Purchases See Accountants' Compilation Report 10-3 23 of 84 Family ID EmployeeName Retro Pay Amt Mbr Gross Health Insurance Dental Insurance Vision Insurance Federal Tax QILDRO Deduct Check # Payee Name Duty Disability 100908 Stopper, Lora L. $3,548.30 $3,548.30 $0.00 $0.00 $0.00 $0.00 $0.00 Duty Disability $3,548.30 $3,548.30 $0.00 $0.00 $0.00 $0.00 $0.00 QILDRO Q111422 Friend, Cynthia L.$1,714.02 $2,016.88 $0.00 $0.00 $0.00 $302.86 $0.00 Q124431 Halverson, Cindy J.$3,085.19 $3,361.19 $0.00 $0.00 $0.00 $276.00 $0.00 -409 Q126568 Nelson, Cheryl $2,244.86 $2,406.86 $0.00 $0.00 $0.00 $162.00 $0.00 Q126523 Sebo, Linda A.$1,460.93 $2,083.93 $0.00 $0.00 $0.00 $123.00 $0.00 Q126523 Sebo, Linda A.$500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 QILDRO $9,005.00 $9,868.86 $0.00 $0.00 $0.00 $863.86 $0.00 Service 100922 Aradi, Lester $6,432.59 $9,055.27 $1,387.58 $71.60 $8.12 $1,155.38 $0.00 100933 Balinski, Steve S.$10,948.20 $13,848.05 $0.00 $0.00 $0.00 $2,899.85 $0.00 100934 Bennett, William H.$5,696.83 $5,696.83 $0.00 $0.00 $0.00 $0.00 $0.00 111928 Bethge, Roy H.$7,365.38 $9,829.18 $816.19 $42.54 $5.07 $1,600.00 $0.00 100931 Bottenhagen, Donald H.$4,972.46 $6,075.79 $0.00 $0.00 $0.00 $1,103.33 $0.00 103819 Bourbonnais, Christy R.$4,579.00 $4,817.00 $0.00 $0.00 $0.00 $238.00 $0.00 109627 Bourbonnais, Keith T.$4,942.46 $6,924.46 $0.00 $0.00 $0.00 $982.00 $0.00 109627 Bourbonnais, Keith T.$1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 100913 Bucalo, Mark W.$8,998.89 $10,442.89 $0.00 $0.00 $0.00 $1,444.00 $0.00 123324 Casstevens, Steven R.$4,064.25 $4,720.25 $0.00 $0.00 $0.00 $656.00 $0.00 100912 Chrobak, Deborah J.$6,143.31 $6,971.43 $0.00 $0.00 $8.12 $820.00 $0.00 100904 Clyburn, Richard $7,266.20 $8,303.23 $0.00 $71.60 $8.12 $632.31 $0.00 100904 Clyburn, Richard $325.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 127383 Corrigan, Michael J.$1,010.54 $1,010.54 $0.00 $0.00 $0.00 $0.00 $0.00 100939 Crimmins, John E.$4,314.79 $4,620.79 $0.00 $0.00 $0.00 $306.00 $0.00 115557 Dattilo, Thomas J.$6,953.85 $8,574.85 $0.00 $0.00 $0.00 $1,621.00 $0.00 118269 Derken, Thomas P.$6,668.44 $7,289.44 $0.00 $0.00 $0.00 $621.00 $0.00 100937 Dunne, James J.$9,005.77 $11,083.77 $0.00 $0.00 $0.00 $2,078.00 $0.00 123003 Eisenmenger, Scott D.$7,170.61 $9,022.55 $0.00 $0.00 $0.00 $1,851.94 $0.00 127118 Freeman, Janet I.$4,872.57 $7,887.01 $1,648.72 $71.60 $8.12 $736.00 $0.00 127118 Freeman, Janet I.$550.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 109751 Gallagher, Anthony P.$8,146.99 $9,746.99 $0.00 $0.00 $0.00 $1,600.00 $0.00 125470 Goldstein, Anthony M.$7,180.48 $8,772.48 $0.00 $0.00 $0.00 $1,592.00 $0.00 125472 Gretz, Timothy J.$6,642.32 $10,229.18 $0.00 $0.00 $0.00 $1,180.00 $2,406.86 Buffalo Grove Police Pension Fund Buffalo Grove Police Pension Fund Check Date: 09/30/2025 9/17/2025 10:0 AM Page Number: 1See Accountants' Compilation Report 11-1 24 of 84 Buffalo Grove Police Pension Fund Buffalo Grove Police Pension Fund Check Date: 09/30/2025 Family ID EmployeeName Retro Pay Amt Mbr Gross Health Insurance Dental Insurance Vision Insurance Federal Tax QILDRO Deduct Check # Payee Name 100910 Haisley, Stephen D. $7,448.58 $8,195.89 $0.00 $71.60 $8.12 $667.59 $0.00 115575 Halverson, David W. $3,504.37 $7,883.93 $643.76 $42.54 $5.07 $327.00 $3,361.19 115399 Hamelberg, Rollin S. $6,709.30 $8,184.30 $0.00 $0.00 $0.00 $1,475.00 $0.00 111880 Harris, James A. $1,620.69 $7,658.60 $816.19 $71.60 $8.12 $1,142.00 $0.00 111880 Harris, James A.$3,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 111880 Harris, James A.$1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 103818 Heiderscheidt, John J.$3,728.32 $4,593.32 $0.00 $0.00 $0.00 $865.00 $0.00 123629 Horbus, Frank S.$7,225.51 $7,971.51 $0.00 $0.00 $0.00 $746.00 $0.00 104149 Husak, Steven D.$6,240.64 $8,896.64 $0.00 $0.00 $0.00 $2,656.00 $0.00 123004 Hyland Jr, Richard J.$5,352.96 $6,979.96 $0.00 $0.00 $0.00 $1,627.00 $0.00 124196 Jamil, Paul M.$6,230.76 $8,357.56 $816.19 $42.54 $5.07 $1,263.00 $0.00 100916 Kenney, Kerry B.$7,312.98 $7,861.41 $0.00 $0.00 $0.00 $548.43 $0.00 128162 Kondrat, Michelle M.$5,525.08 $6,188.08 $0.00 $0.00 $0.00 $663.00 $0.00 100920 Kristiansen, Scott A.$6,501.24 $9,413.82 $1,387.58 $0.00 $0.00 $1,525.00 $0.00 118838 Kupsak, Staci M.$2,315.43 $5,854.72 $2,913.84 $120.09 $13.36 $492.00 $0.00 100936 Lampert, Nelson N.$4,641.59 $5,197.59 $0.00 $0.00 $0.00 $556.00 $0.00 100925 Leake Jr, Robert E.$8,310.87 $9,100.90 $0.00 $0.00 $0.00 $790.03 $0.00 120079 Martin, Michael A.$4,708.08 $5,062.08 $0.00 $0.00 $0.00 $354.00 $0.00 100935 McCann, Leo C.$8,275.39 $9,371.99 $0.00 $71.60 $0.00 $1,025.00 $0.00 100930 McGinn, Timothy J.$2,876.10 $6,632.64 $0.00 $42.54 $0.00 $914.00 $0.00 100930 McGinn, Timothy J.$1,200.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 100930 McGinn, Timothy J.$1,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 100907 Millett, Michael J.$7,400.97 $9,228.32 $0.00 $0.00 $0.00 $927.35 $0.00 100907 Millett, Michael J.$900.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 101806 Montgomery, Bruce M.$5,292.68 $5,677.68 $0.00 $0.00 $0.00 $385.00 $0.00 125229 Montiel, Amador A.$2,472.20 $7,683.20 $0.00 $0.00 $0.00 $1,211.00 $0.00 125229 Montiel, Amador A.$3,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 125229 Montiel, Amador A.$500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 121754 Moran, Anthony M.$4,899.52 $6,633.32 $816.19 $42.54 $5.07 $870.00 $0.00 111700 Nelson, James A.$6,430.95 $7,549.95 $0.00 $0.00 $0.00 $1,119.00 $0.00 116724 Newton, James E.$8,227.24 $10,875.93 $1,509.97 $71.60 $8.12 $1,059.00 $0.00 110853 Pakaski, Robert $5,140.05 $7,905.93 $0.00 $0.00 $0.00 $749.00 $2,016.88 100903 Parets, Stuart B.$5,139.21 $5,496.71 $0.00 $0.00 $0.00 $357.50 $0.00 100911 Parkinson, Steven P.$7,151.44 $8,472.44 $0.00 $0.00 $0.00 $1,321.00 $0.00 113712 Paul, Cliffton A.$6,002.77 $6,337.77 $0.00 $0.00 $0.00 $335.00 $0.00 118284 Positano, Vincent J.$6,037.41 $7,645.41 $0.00 $0.00 $0.00 $1,608.00 $0.00 9/17/2025 10:0 AM Page Number: 2See Accountants' Compilation Report 11-2 25 of 84 Family ID EmployeeName Retro Pay Amt Mbr Gross Health Insurance Dental Insurance Vision Insurance Federal Tax QILDRO Deduct Check # Payee Name 100940 Poziwilko, Thomas A. $6,594.90 $6,823.97 $0.00 $71.60 $0.00 $157.47 $0.00 117985 Reed, Thomas G. $9,647.93 $10,875.93 $0.00 $0.00 $0.00 $1,228.00 $0.00 128526 Rodriguez, Michael A. $8,368.07 $10,860.07 $0.00 $0.00 $0.00 $1,992.00 $0.00 128526 Rodriguez, Michael A. $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 113781 Schulz, Dean R.$7,226.14 $9,098.14 $0.00 $0.00 $0.00 $1,172.00 $0.00 113781 Schulz, Dean R.$700.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 126317 Schwall, Gregory R.$5,261.69 $8,123.62 $0.00 $0.00 $0.00 $778.00 $2,083.93 116741 Sepot, John F.$6,793.47 $7,873.19 $0.00 $71.60 $8.12 $1,000.00 $0.00 100924 Shreeves, Mark L.$5,941.09 $6,483.93 $0.00 $0.00 $0.00 $542.84 $0.00 118357 Smith, Randall A.$5,633.23 $6,787.23 $0.00 $0.00 $0.00 $1,154.00 $0.00 100919 Soucy, Michael S.$7,580.48 $10,462.18 $1,387.58 $71.60 $8.12 $1,414.40 $0.00 101767 Stopper, Jerome P.Yes $681.31 $681.31 $0.00 $0.00 $0.00 $0.00 $0.00 124287 Szos, Michael R.$9,365.44 $11,015.44 $0.00 $0.00 $0.00 $1,650.00 $0.00 100926 Tomaso, James D.$5,708.58 $6,221.50 $0.00 $0.00 $0.00 $512.92 $0.00 100938 Urry, William H.$4,563.64 $5,663.64 $0.00 $0.00 $0.00 $1,100.00 $0.00 100915 Vingan III, George $5,996.43 $6,852.43 $0.00 $0.00 $0.00 $856.00 $0.00 100921 Voigt, Arthur J.$9,386.16 $11,400.70 $0.00 $42.54 $0.00 $1,972.00 $0.00 100923 Wagner, Edward G.$10,326.62 $12,414.62 $0.00 $0.00 $0.00 $2,088.00 $0.00 100932 Weidner, Charles E.$6,407.51 $7,031.14 $0.00 $0.00 $0.00 $623.63 $0.00 100906 Wenckebach, Gary $5,001.37 $6,025.37 $0.00 $0.00 $0.00 $1,024.00 $0.00 101836 Yester, James R.$6,001.77 $6,893.77 $0.00 $0.00 $0.00 $892.00 $0.00 Service $437,359.09 $533,421.76 $14,143.79 $1,091.33 $106.72 $70,851.97 $9,868.86 Surviving Spouse 101575 Gozdecki, Lynn A.$3,845.43 $5,852.06 $693.77 $42.54 $5.07 $1,165.25 $0.00 101575 Gozdecki, Lynn A.$100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 100909 Heer, Catherine T.$4,063.67 $6,010.67 $0.00 $0.00 $0.00 $1,187.00 $0.00 100909 Heer, Catherine T.$760.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 100927 Quid, Carol M.$6,659.90 $7,315.44 $0.00 $42.54 $0.00 $613.00 $0.00 100928 Senese, Jennifer L.$3,912.36 $3,912.36 $0.00 $0.00 $0.00 $0.00 $0.00 100918 Soucy, Michael S.$1,911.89 $2,359.10 $0.00 $0.00 $0.00 $447.21 $0.00 101767 Stopper, Lori L.Yes $5,568.77 $6,131.77 $0.00 $0.00 $0.00 $563.00 $0.00 100905 Szos, Susan C.$5,012.10 $5,922.69 $0.00 $0.00 $0.00 $910.59 $0.00 Surviving Spouse $31,834.12 $37,504.09 $693.77 $85.08 $5.07 $4,886.05 $0.00 Batch Totals Buffalo Grove Police Pension Fund Buffalo Grove Police Pension Fund Check Date: 09/30/2025 9/17/2025 10:0 AM Page Number: 3See Accountants' Compilation Report 11-3 26 of 84 Batch Totals ACH Flag Payments Net Payment Total Mbr Gross Health Insurance Dental Insurance Vision Insurance Federal Tax QILDRO Deduct Batch #79487 - 09/17/2025 ACH 95 $478,661.32 $580,981.82 $14,837.56 $1,176.41 $111.79 $76,325.88 $9,868.86 Check 1 $3,085.19 $3,361.19 $0.00 $0.00 $0.00 $276.00 $0.00 Batch #79487 - 09/17/2025 $481,746.51 $584,343.01 $14,837.56 $1,176.41 $111.79 $76,601.88 $9,868.86 Buffalo Grove Police Pension Fund Buffalo Grove Police Pension Fund Check Date: 09/30/2025 9/17/2025 10:0 AM Page Number: 4See Accountants' Compilation Report 11-4 27 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 07/31/25 30598 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 07/25 14,837.56 20-220-00 Dental Insurance 1,176.41 20-220-00 AFLAC 111.79 ACH Amount (Direct Deposit)16,125.76 07/31/25 30599 Internal Revenue Service 20-230-00 Internal Revenue Service 76,473.88 ACH Amount (Direct Deposit)76,473.88 08/29/25 30603 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 08/25 14,837.56 20-220-00 Dental Insurance 1,176.41 20-220-00 AFLAC 111.79 ACH Amount (Direct Deposit)16,125.76 08/29/25 30604 Internal Revenue Service 20-230-00 Internal Revenue Service 76,546.88 ACH Amount (Direct Deposit)76,546.88 09/30/25 30609 Village of Buffalo Grove - Insurance 20-220-00 Medical Insurance - 09/25 14,837.56 20-220-00 Dental Insurance 1,176.41 20-220-00 AFLAC 111.79 ACH Amount (Direct Deposit)16,125.76 09/30/25 30610 Internal Revenue Service 20-230-00 Internal Revenue Service 76,601.88 ACH Amount (Direct Deposit)76,601.88 Total Payments 277,999.92 Buffalo Grove Police Pension Fund Quarterly Deduction Report All Bank Accounts July 1, 2025 - September 30, 2025 See Accountants' Compilation Report 12-1 28 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 07/07/25 30596 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 363,600.00 ACH Amount (Direct Deposit)363,600.00 07/31/25 30600 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 24,100.00 ACH Amount (Direct Deposit)24,100.00 08/14/25 30602 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 137,100.00 ACH Amount (Direct Deposit)137,100.00 08/28/25 30605 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 23,000.00 ACH Amount (Direct Deposit)23,000.00 09/15/25 30608 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 316,700.00 ACH Amount (Direct Deposit)316,700.00 09/29/25 30613 State Street Bank And Trust Company 13-800-01 Buffalo Grove Police Pension Fund 625,500.00 ACH Amount (Direct Deposit)625,500.00 Total Payments 1,490,000.00 Buffalo Grove Police Pension Fund Quarterly Transfer Report All Bank Accounts July 1, 2025 - September 30, 2025 See Accountants' Compilation Report 13-1 29 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 07/08/25 50366 Wall Capital Group, Inc 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 07/14/25 30597 Lauterbach & Amen, LLP 52-170-03 #105733 06/25 Accounting & Benefits 1,425.00 52-170-06 #105733 06/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 07/31/25 202507 IPOPIF 52-195-02 Administrative Expense 2,261.96 52-195-03 Investment Expense 1,050.08 Check Amount 3,312.04 08/11/25 30601 Lauterbach & Amen, LLP 52-170-03 #107040 07/25 Accounting & Benefits 1,425.00 52-170-06 #107040 07/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 08/31/25 202508 IPOPIF 52-195-02 Administrative Expense 1,448.20 52-195-03 Investment Expense 1,860.72 52-195-04 Investment Manager Fees 12,530.49 Check Amount 15,839.41 09/02/25 30606 Reimer Dobrovolny & Labardi, PC 52-170-05 C2045 F32107 Legal Service 655.18 ACH Amount (Direct Deposit)655.18 09/08/25 30607 Lauterbach & Amen, LLP 52-170-03 #108127 08/25 Accounting & Benefits 1,425.00 52-170-06 #108127 08/25 PSA 1,555.00 ACH Amount (Direct Deposit)2,980.00 09/25/25 30611 IPPFA 52-290-26 Association Dues 2026 825.00 ACH Amount (Direct Deposit)825.00 09/25/25 30612 Reimer Dobrovolny & Labardi, PC 52-170-05 C2045 F32210 Legal Service 1,200.00 ACH Amount (Direct Deposit)1,200.00 Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts July 1, 2025 - September 30, 2025 See Accountants' Compilation Report 14-1 30 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 09/30/25 202509 IPOPIF 52-195-02 Administrative Expense 1,863.34 52-195-03 Investment Expense 1,744.82 52-195-04 Investment Manager Fees 1,309.81 Check Amount 4,917.97 Total Payments 36,189.60 Buffalo Grove Police Pension Fund Quarterly Disbursement Report All Bank Accounts July 1, 2025 - September 30, 2025 See Accountants' Compilation Report 14-2 31 of 84 Police Pension Funds Repeat Monthly Withdrawal Instructions Pension Fund Name: ______________________________________________ Instruction for Monthly Repeat Withdrawal Request: The above-named Pension Fund is requesting “Repeat Withdrawal” to be created using eCFM in the My.StateStreet portal, for the purpose of transferring funds from State Street (POPIF) to the Pension Fund’s BMO Bank account to cover monthly Benefit & Vendor payments. State Street (POPIF) allows multiple payments to be created at the same time for up to one year: Repeat Monthly Amount: $_____________ (Same dollar amount every month) Repeat Settlement Date: ________ (Same day every month) Example: 17th Repeat Beginning Date: _________ (First Month & Year) Example: Jan 2026 Repeat Ending Date: ____________Last Month & Year - December) Example: Dec 2026 (Suggestion: create repeat withdrawals up to and including December – A new dollar amount can be established for the following calendar year to account for anticipated COLA changes.) This action requires 2 eCFM Account Representatives: •One to input the monthly withdrawals. •One to approve the monthly withdrawals. Signature of a Board Trustee: Signature: _________________________________________________________ Date: _________________ Print Name: _______________________________________________________ Title: __________________ Optional Second Signature: Signature: _________________________________________________________ Date: _________________ Print Name: ________________________________________________________Title: __________________ 32 of 84 Market Value % of Portfolio Target (%)1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Since Inception Inception Date Total Fund with Member and Transition Accounts 14,157,575,825 100.0 100.0 2.6 3.0 3.0 12.1 11.7 11.7 7.4 03/01/22 Policy Index 2.5 3.0 3.0 11.4 10.8 11.5 7.1 Policy Index- Broad Based 2.3 2.9 2.9 12.3 12.0 13.0 7.2 IPOPIF Investment Portfolio 14,157,575,825 100.0 100.0 2.6 3.0 3.0 12.0 11.5 11.7 7.3 04/01/22 Policy Index 2.5 3.0 3.0 11.4 10.8 11.5 7.2 Policy Index- Broad Based 2.3 2.9 2.9 12.3 12.0 13.0 7.2 Growth 8,490,643,209 60.0 58.0 3.4 4.0 4.0 16.9 15.8 16.4 9.7 04/01/22 Growth Benchmark 3.3 4.0 4.0 16.2 14.9 15.9 9.4 RhumbLine Russell 1000 Index 3,252,329,984 23.0 23.0 2.1 4.4 4.4 10.8 16.2 19.3 12.2 04/01/22 Russell 1000 Index 2.1 4.4 4.4 10.8 16.2 19.3 12.3 RhumbLine Russell 2000 Index 746,119,378 5.3 5.0 7.1 8.9 8.9 7.0 8.1 10.2 5.4 04/01/22 Russell 2000 Index 7.1 9.0 9.0 7.1 8.2 10.3 5.5 SSgA Non-US Developed Index 2,746,216,332 19.4 19.0 4.4 3.2 3.2 23.1 15.3 17.3 9.9 04/01/22 MSCI World ex U.S. (Net)4.4 3.1 3.1 22.7 14.9 16.9 9.5 International Developed Small Cap Equity 805,328,931 5.7 5.0 3.7 3.9 3.9 27.0 24.0 15.8 8.1 04/01/22 MSCI World ex U.S. Small Cap Index (Net)5.0 4.9 4.9 26.7 19.9 14.4 6.9 Acadian ACWI ex US Small-Cap Fund 392,946,407 2.8 2.5 3.9 4.4 4.4 23.6 21.4 -23.1 02/01/24 MSCI AC World ex USA Small Cap (Net)4.3 4.4 4.4 22.9 16.9 -17.6 WCM International Small Cap Growth Fund 203,068,353 1.4 1.3 2.5 2.3 2.3 26.8 25.1 -19.3 03/01/24 MSCI AC World ex USA Small Cap (Net)4.3 4.4 4.4 22.9 16.9 -17.9 LSV International Small Cap Value Equity Fund 209,314,171 1.5 1.3 4.6 4.4 4.4 34.0 27.9 -25.0 03/01/24 S&P Developed Ex-U.S. SmallCap (Net)3.9 4.5 4.5 26.6 18.3 -18.5 Emerging Market Equities 940,648,584 6.6 6.0 1.6 1.9 1.9 20.0 12.8 9.7 4.8 04/01/22 Emerging Markets Equity Benchmark -0.2 0.6 0.6 15.2 8.5 8.5 3.7 William Blair Emerging Markets ex China Growth Fund 463,107,521 3.3 1.4 0.9 1.4 1.4 9.2 --9.2 01/01/25 MSCI Emerging Markets ex China IMI (Net)0.3 1.0 1.0 15.0 --15.0 ARGA Emerging Markets Ex China Equity 477,541,063 3.4 2.3 2.3 2.5 2.5 29.9 --25.2 12/01/24 MSCI Emerging Markets ex China (Net)-0.2 0.6 0.6 15.2 --13.8 Total Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025 Illinois Police Officers' Pension Investment Fund The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 133 of 84 Total Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025 Illinois Police Officers' Pension Investment Fund Market Value % of Portfolio Target (%)1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Since Inception Inception Date Income 2,180,828,462 15.4 16.0 1.1 1.8 1.8 6.8 8.2 9.2 4.9 04/01/22 Income Benchmark 1.0 1.8 1.8 6.5 7.9 9.1 5.5 SSgA High Yield Corporate Credit 625,226,853 4.4 5.1 1.3 1.8 1.8 6.3 8.3 9.5 5.8 04/01/22 Spliced SSgA U.S. High Yield Index 1.2 1.6 1.6 6.2 8.2 9.3 5.7 Emerging Market Debt 814,979,380 5.8 6.0 1.8 2.7 2.7 9.6 9.4 9.5 4.4 04/01/22 Emerging Markets Debt Benchmark 1.6 2.9 2.9 8.7 8.6 9.6 5.4 SSgA EMD Hard Index Fund 602,141,045 4.3 4.5 1.6 2.9 2.9 8.8 9.0 9.4 4.3 04/01/22 Spliced SSgA EMD Hard Index 1.6 2.9 2.9 8.7 8.6 9.2 4.6 Capital Group Emerging Markets Debt 212,838,335 1.5 1.5 2.2 2.2 2.2 12.0 --9.9 11/01/24 Spliced Capital Group EMD Index 1.8 2.0 2.0 10.7 --9.2 Bank Loans 412,292,724 2.9 3.0 0.6 1.4 1.4 4.3 7.4 -7.7 03/01/24 S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 -7.7 Ares Institutional Loan Fund 137,133,845 1.0 1.0 0.6 1.3 1.3 4.1 7.4 -8.0 03/01/24 S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 -7.7 Aristotle Institutional Loan Fund 275,158,879 1.9 2.0 0.5 1.4 1.4 4.4 7.4 -7.6 03/01/24 S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 -7.7 Oaktree Global Credit Fund 328,329,504 2.3 1.9 0.0 0.0 0.0 ---1.9 05/01/25 Real Assets 790,999,561 5.6 6.0 3.4 3.0 3.0 3.1 1.0 3.1 0.9 04/01/22 Real Assets Benchmark 3.3 2.9 2.9 3.1 1.1 1.9 -1.5 SSgA REITs Index 571,393,795 4.0 4.0 4.7 3.9 3.9 3.3 -0.3 5.3 -0.6 04/01/22 Dow Jones U.S. Select REIT Total Return Index 4.7 3.9 3.9 3.3 -0.3 5.4 -0.6 Principal USPA 219,605,766 1.6 2.0 0.6 0.8 0.8 2.7 3.4 -5.4 -4.3 05/01/22 The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 234 of 84 Total Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025 Illinois Police Officers' Pension Investment Fund Market Value % of Portfolio Target (%)1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Since Inception Inception Date Risk Mitigation 2,695,104,592 19.0 20.0 1.0 0.9 0.9 4.3 4.4 4.1 3.0 04/01/22 Risk Mitigation Benchmark 1.0 0.9 0.9 4.3 4.4 4.1 3.0 SSgA US Treasury Index 379,473,582 2.7 3.0 1.1 0.7 0.7 4.5 2.4 -6.4 05/01/24 Blmbg. U.S. Treasury Index 1.1 0.7 0.7 4.5 2.4 -6.4 SSgA Core Fixed Income Index 382,466,120 2.7 3.0 1.2 0.9 0.9 5.0 3.2 3.1 1.1 04/01/22 Blmbg. U.S. Aggregate Index 1.2 0.9 0.9 5.0 3.1 3.0 1.1 SSgA Short-Term Gov't/Credit Index 1,347,089,878 9.5 10.0 0.9 0.9 0.9 3.8 4.7 4.2 3.4 04/01/22 Bloomberg U.S. Gov/Credit 1-3 Year Index 0.9 0.9 0.9 3.8 4.6 4.1 3.4 SSgA US TIPS Index 384,640,219 2.7 3.0 1.3 1.6 1.6 5.8 6.7 4.4 3.5 04/01/22 Blmbg. U.S. TIPS 0-5 Year 1.3 1.6 1.6 5.7 6.7 4.4 3.6 Cash 200,468,818 1.4 1.0 0.4 0.7 0.7 2.6 4.2 4.5 4.0 04/01/22 90 Day U.S. Treasury Bill 0.4 0.7 0.7 2.8 4.5 4.7 4.2 IPOPIF Pool Fixed Income Transition 965,976 0.0 - Member Accounts -0.0 - Transition Account -0.0 - The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 335 of 84 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: August 31, 2025 3 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. 36 of 84 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: August 31, 2025 3 Polic y Index Com p osition As of 8/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2025 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 4.5%28.1%Bloomber g US Corporate Hi g h Yield Inde x 5.1%31.7% 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 2.5%15.6%Private Credit Actual Performance 1.9%12.0% 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 6/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2025 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 5.7%35.3%Bloomber g US Corporate Hi g h Yield Inde x 6.2%38.9% 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 1.4%8.4%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 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 11/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23.0% 39.7%Russell 1000 23% 39.7% Russell 2000 5.0%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19.0% 32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5.0%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Markets ex Chin a 6.0%10.3%MSCI Emer g in g Market s 0.7% 1.2% Bloomber g US Corporate Hi g h Yield Inde x 7.0%43.8%MSCI Emer g in g Markets ex Chin a 5.3% 9.2% JPM EMBI Global Diversified Inde x 6.0%37.5%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% S&P UBS Levera g ed Loan Index 3.0%18.8%JPM EMBI Global Diversified Inde x 6%37.5% NFI-ODCE Equal-Wei g hted Index 2.0%33.3%S&P UBS Levera g ed Loan Index 3%18.8% Dow Jones US Select REIT Inde x 4.0%66.7%NFI-ODCE Equal-Wei g hted Index 2%33.3% Bloomber g US A gg re g ate Index 3.0%15.0% Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US Treasur y Inde x 3.0%15.0% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10.0%50.0% Bloomber g US Treasur y Inde x 3%15.0% Bloomber g US TIPS 0-5 Yea r 3.0%15.0% Bloomber g 1-3 Year Gov/Credit Inde x 10%50.0% 90 Day US Treasury Bill Index 1.0% 5.0% 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% 37 of 84 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: August 31, 2025 3 Polic y Index Com p osition As of 10/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 9/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 0.8%1.4%MSCI Emer g in g Market s 1.5% 2.6% MSCI Emer g in g Markets ex Chin a 5.2%9.0%MSCI Emer g in g Markets ex Chin a 4.5% 7.8% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% 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 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 2%3.4%MSCI Emer g in g Market s 3% 5.2% MSCI Emer g in g Markets ex Chin a 4%6.9%MSCI Emer g in g Markets ex Chin a 3% 5.2% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% 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 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%36.1%Russell 1000 23% 39.7% Russell 2000 5%7.9%Russell 2000 5% 8.6% MSCI World ex U.S.19%29.9%MSCI World ex U.S.19% 32.8% MSCI World ex U.S. Small Cap 5%7.9%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 4%6.3%MSCI Emer g in g Market s 5% 8.6% MSCI Emer g in g Markets ex Chin a 2%3.1%MSCI Emer g in g Markets ex Chin a 1% 1.7% Bloomber g US Corporate Hi g h Yield Inde x 7%67.6%Bloomber g US Corporate Hi g h Yield Inde x 7%43.8% JPM EMBI Global Diversified Inde x 6%58.0%JPM EMBI Global Diversified Inde x 6%37.5% S&P UBS Levera g ed Loan Index 3%29.0%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 2%10.0% Bloomber g US Treasur y Inde x 1%5.0% Bloomber g 1-3 Year Gov/Credit Inde x 11%55.0% Bloomber g 1-3 Year Gov/Credit Inde x 12%60.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g US TIPS 0-5 Yea r 3%15.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 1%5.0% 38 of 84 Total Fund Data Sources and Methodology Page Illinois Police Officers' Pension Investment Fund Period Ending: August 31, 2025 3 Polic y Index Com p osition As of 4/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 3/1/2024 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 23% 39.7% Russell 2000 5%8.6%Russell 2000 5% 8.6% MSCI World ex U.S.19%32.8%MSCI World ex U.S.18% 31.0% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emer g in g Market s 6%10.3%MSCI Emer g in g Market s 7% 12.1% Bloomber g US Corporate Hi g h Yield Inde x 7%43.8%Bloomber g US Corporate Hi g h Yield Inde x 8.5%53.1% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% S&P UBS Levera g ed Loan Index 3%18.8%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% As of 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Policy Index Growth Income Real Assets Risk Mitigation Russell 1000 23%39.7%Russell 1000 18% 36.0% Russell 2000 5%8.6%Russell 2000 5% 10.0% MSCI World ex U.S.18%31.0%MSCI World ex U.S.15% 30.0% MSCI World ex U.S. Small Cap 5%8.6%MSCI World ex U.S. Small Cap 5% 10.0% MSCI Emer g in g Market s 7%12.1%MSCI Emer g in g Market s 7% 14.0% Bloomber g US Corporate Hi g h Yield Inde x 10%62.5%Bloomber g US Corporate Hi g h Yield Inde x 10%62.5% JPM EMBI Global Diversified Inde x 6%37.5%JPM EMBI Global Diversified Inde x 6%37.5% NFI-ODCE Equal-Wei g hted Index 2%33.3%NFI-ODCE Equal-Wei g hted Index 2%33.3% Dow Jones US Select REIT Inde x 4%66.7%Dow Jones US Select REIT Inde x 4%66.7% Bloomber g US A gg re g ate Index 3%15.0% Bloomber g US A gg re g ate Index 7%25.0% Bloomber g 1-3 Year Gov/Credit Inde x 13%65.0% Bloomber g 1-3 Year Gov/Credit Inde x 15%53.6% Bloomber g US TIPS 0-5 Yea r 3%15.0% Bloomber g US TIPS 0-5 Yea r 3%10.7% 90 Da y US Treasur y Bill Inde x 1%5.0% 90 Da y US Treasur y Bill Inde x 3%10.7% As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation Russell 3000 23%46.0% MSCI ACWI ex USA IM I 20%40.0% MSCI Emer g in g Markets IM I 7%14.0% Bloomber g US Corporate Hi g h Yield Inde x 10%62.5% 50% JPM EMBI GD/50% JPM GBI EM G D 6%37.5% NCREIF Propert y Inde x 2%66.7% Dow Jones US Select REIT Inde x 4%33.3% Bloomber g US A gg re g ate Index 7%25.0% Bloomber g 1-3 Year Gov/Credit Inde x 15%53.6% Bloomber g US TIPS 0-5 Yea r 3%10.7% 90 Da y US Treasur y Bill Inde x 3%10.7% 39 of 84 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 40 of 84 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 ŶŽƚ 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 41 of 84 BUFFALO GROVE POLICE PENSION FUND Month Ended: September 30, 2025 $112,005,165.52 $112,005,165.52 Market Value Summary: ($5,400,000.00) $3,317,400.00 $100,032,876.97 ($600,000.00) $942,200.00 $109,434,467.39 Year to DateCurrent Period Ending Balance Withdrawals Contributions Beginning Balance Unrealized Gain/Loss $2,122,577.34 N/A14.97%12.13%14.28%2.04% Five YearsThree YearsOne YearYTDMTD Performance Summary: 9.76% Inception to Date 5.45% QTD Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org $12,335,800.50 Net of Fees: Participant Inception Date 05/02/2022N/A Ten Years $413,327.25$49,665.63Income Realized Gain/Loss $61,173.13 $1,353,800.30 $0.00$0.00Transfers In/Out Investment Expense ($1,744.82)($14,636.26) Administrative Expense ($1,863.34)($15,221.45) Investment Manager Fees ($1,309.81)($38,302.25) IFA Loan Repayment $0.00 $0.00 Adjustment $0.00 $20,120.46 Returns for periods greater than one year are annualized Page 1 of 3 42 of 84 BUFFALO GROVE POLICE PENSION FUND Month Ended: September 30, 2025 IPOPIF Pool 8,305,517.134 $112,005,165.52 $112,005,165.52 $13.485634$13.485634Period Ending Net Asset Value per Unit $11.800246$13.216599Period Beginning Net Asset Value per Unit (433,467.065) 261,798.113 8,477,186.086 (44,629.000) 70,068.226 8,280,077.909 Year to DateCurrent Period Unit Sales from Withdrawals Unit Purchases from Additions Unit Value Summary:Market Value Summary: ($5,400,000.00) $3,317,400.00 $100,032,876.97 ($600,000.00) $942,200.00 $109,434,467.39 Year to DateCurrent Period Ending Balance Withdrawals Contributions Beginning Balance Unrealized Gain/Loss $2,122,577.34 N/A14.97%12.13%14.28%2.04% Five YearsThree YearsOne YearYTDMTD Performance Summary: 10.57% Inception to Date 5.45% QTD BUFFALO GROVE POLICE PENSION FUND Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org $12,335,800.50 8,305,517.134Ending Units Beginning Units Net of Fees: Participant Inception Date 05/18/2022N/A Ten Years $413,327.25$49,665.63Income Realized Gain/Loss $61,173.13 $1,353,800.30 Fund Name: $0.00$0.00Transfers In/Out Investment Expense ($1,744.82)($14,636.26) Administrative Expense ($1,863.34)($15,221.45) Investment Manager Fees ($1,309.81)($38,302.25) IFA Loan Repayment $0.00 $0.00 Adjustment $0.00 $20,120.46 Returns for periods greater than one year are annualized Page 2 of 3 43 of 84 Statement of Transaction Detail for the Month Ending 09/30/2025 BUFFALO GROVE POLICE PENSION FUND Trade Date Description Amount Unit Value UnitsSettle Date IPOPIF Pool 09/15/2025 316,700.00Contribution 13.444173 23,556.674009/16/2025 09/15/2025 (600,000.00)Redemptions 13.444173 (44,629.0002)09/16/2025 09/29/2025 625,500.00Contribution 13.448272 46,511.551809/30/2025 Page 3 of 3 44 of 84 September 2025 Statement Supplement Cash Flows Period Contributions Withdrawals September 2025 $94 million $62 million CY 2025 $560 million $565 million Expenses Paid Period Administrative Expenses Investment Expenses Direct Investment Manager Fees 9/1/25 $240,754.69 $225,441.16 $169,234.76 CY 2025 $1,950,285.94 $1,876,213.12 $4,911,859.43 • 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 8/31/25 1,069,833,902.7071 14,139,565,427.94 13.216599 9/30/25 1,072,185,808.4005 14,459,105,554.65 13.485634 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. Transition Cost Allocation Adjustments June: 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. Additional details were provided in the June statement supplement. August: An additional adjustment totaling $816 was processed in August relating to a small residual transfer. All funds received a proportional credit based their IPOPIF balance. The amounts ranged from $0.01 to $22.35. 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/ 45 of 84 46 of 84 BUFFALO GROVE Stopper, Jerome P. POLICE PENSION FUND Stopper, Lori L. Pension Calculation Worksheet Surviving Spouse / Retirement 20-50 REVIEWED AND APPROVED BY PENSION FUND: Trustee:Date:______________Name: ____________________ Signature: _________________________ Treasurer:Date:______________Name: ____________________ Signature: _________________________ Spouse Name Member Entry Date 07/10/89 Member Retirement Date 07/11/14 Member Effective Date of Pension 08/19/14 Member Age at Effective Date of Pension 50 Years (Y) of Creditable Service Earned Y 25 Applicable Salary $95,262.78 Amount of the Original Monthly Pension Granted to Member $4,961.60 Member Date of Death 09/03/25 Spousal Effective Date of Benefit 09/04/25 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 08/19/14 Original Benefit (prorated)2,080.67 2,080.67 09/01/14 Original Benefit (full month)2,880.93 4,961.60 59,539.20 09/01/19 Initial Increase 744.24 5,705.84 68,470.08 01/01/20 Annual 3% COLA 171.18 5,877.02 70,524.24 01/01/21 Annual 3% COLA 176.31 6,053.33 72,639.96 01/01/22 Annual 3% COLA 181.60 6,234.93 74,819.16 01/01/23 Annual 3% COLA 187.05 6,421.98 77,063.76 01/01/24 Annual 3% COLA 192.66 6,614.64 79,375.68 01/01/25 Annual 3% COLA 198.44 6,813.08 81,756.96 09/04/25 Spousal Benefits Begin (prorated)(681.31)6,131.77 10/01/25 Spousal Benefits Begin (full month)681.31 6,813.08 81,756.96 Personal Data Stopper, Lori L. Pension Calculation History Description printed: 9/11/202547 of 84 BUFFALO GROVE Stopper, Jerome P. POLICE PENSION FUND Stopper, Lori L. 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 Additions (Days) Creditable Service 07/10/89 07/11/14 Years 25 Stopper, Lori L. 25 Spousal Information - If Applicable Reductions (Days) Printed: 9/11/202548 of 84 BUFFALO GROVE Stopper, Jerome P. POLICE PENSION FUND Stopper, Lori L. Benefit Calculation Worksheet Retirement 20-50 Applicable Salary $95,262.78 Years Total Creditable Service 25 Creditable Service Years 1 to 20 x 2.5%50.00% Creditable Service (# of Years 21 to 30) x 2.5%12.50% Total (Maximum = 75%)62.50% Original Annual Pension $59,539.20 Monthly $4,961.60 Age @ Effective Date of Pension 50 Date of Initial Increase 09/01/19 Amount of Initial Increase (monthly)$744.24 Required Information Applicable Pension Percentage Amount of Originally Granted Pension Increases in Pension Subsequent COLA increases are granted every January in the amount of 3% of the current benefit. Benefits granted to Survivors do NOT receive COLA Increases. The amount of the initial increase is equal to 1/12 of 3% of the original monthly benefit, times the number of full months that have elapsed since the pension began. The initial increase is granted on the latter of: The month after the member turns 55 OR The month after the member has been retired for one full year. Printed: 9/11/202549 of 84 BUFFALO GROVE Stopper, Jerome P. POLICE PENSION FUND Stopper, Lori L. Pension Taxability Calculation Worksheet Retirement 20-50 Effective Date of Pension 08/19/14 Member Date of Birth Spouse's Date of Birth Member Age @ Effective Date of Pension 50 Spouse Age @ Effective Date of Pension 49 Combined Age of Pensioner and Spouse 99 After - Tax Portion of Contributions $2,025.15 Personal Data IRS Notice 98-2 "The Simplified Method" The simplified method must be used by annuitants and by pension funds to report the taxable portion of pension payments on Form 1099-R. Under the simplified method the pensioner recovers his or her investment in the pension in level amounts over the expected number of monthly payments determined from the table.The new table applies to distributions with annuity starting dates after December 31, 1997. The portion of each monthly pension payment that is excluded from gross income is a level dollar amount determined by dividing the investment in the pension by the number of annuity payments according to the table. The employee's investment in the pension is generally the total amount of after-tax contributions made to the pension plan by the employee. The dollar amount to be excluded from taxable income does not change, even when the amount of the pension payment changes.For example the amount to be excluded from each pension payment does not change with COLA increases or on account of reduced survivor annuity after the death of the pensioner. Printed: 9/11/202550 of 84 BUFFALO GROVE Stopper, Jerome P. POLICE PENSION FUND Stopper, Lori L. Pension Taxability Calculation Worksheet Retirement 20-50 Age of Annuitant Expected Number of When Annuity Begins Monthly Payments 55 and Under 360 56 - 60 310 61 - 65 260 66 - 70 210 71 and Over 160 Combined Age of Pensioner and Spouse Expected Number of When Annuity Begins Monthly Payments 110 and Under 410 111 - 120 360 121 - 130 310 131 - 140 260 141 and Over 210 After - Tax Portion of Contributions $2,025.15 Expected # of Monthly Payments from the Table 410 Tax Free Portion of Monthly Pension = After - Tax Contributions / Expected # of Monthly Payments $4.94 Tax Free Portion of Annual Pension = Tax Free Portion of Monthly Pension x 12 $59.28 Partial Year = # of Months x Tax Free Portion of Monthly Pension Expected # of Payments Table - Single @ Time of Retirement Expected # of Payments Table - Married @ Time of Retirement Taxability Calculation Printed: 9/11/202551 of 84 BUFFALO GROVE Stopper, Jerome P. POLICE PENSION FUND Stopper, Lori L. Pension Taxability Calculation Worksheet Retirement 20-50 For year ending:Box 2a should be this much less than Box 1:After-tax Contribution Balance: 2,025.15 2014 19.76 2,005.39 2015 59.28 1,946.11 2016 59.28 1,886.83 2017 59.28 1,827.55 2018 59.28 1,768.27 2019 59.28 1,708.99 2020 59.28 1,649.71 2021 59.28 1,590.43 2022 54.34 1,536.09 2023 59.28 1,476.81 2024 59.28 1,417.53 2025 59.28 1,358.25 2026 59.28 1,298.97 2027 59.28 1,239.69 2028 59.28 1,180.41 2029 59.28 1,121.13 2030 59.28 1,061.85 2031 59.28 1,002.57 2032 59.28 943.29 2033 59.28 884.01 2034 59.28 824.73 2035 59.28 765.45 2036 59.28 706.17 2037 59.28 646.89 2038 59.28 587.61 2039 59.28 528.33 2040 59.28 469.05 2041 59.28 409.77 2042 59.28 350.49 2043 59.28 291.21 2044 59.28 231.93 2045 59.28 172.65 2046 59.28 113.37 2047 59.28 54.09 2048 54.09 0.00 2049 0.00 0.00 Once all after-tax contributions are "used", Box 2a should equal Box 1 on the 1099R form. (this amount goes in Box 5) 1099R Reporting Printed: 9/11/202552 of 84 THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND PUBLIC ACT 95-0950 MUNICIPAL COMPLIANCE REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 46 Raupp Boulevard Buffalo Grove, IL 60089 Phone: 847.459.2560 www.vbg.org 53 of 84 October 15, 2025 Members of the Pension Board of Trustees Buffalo Grove Police Pension Fund Buffalo Grove, Illinois Enclosed please find a copy of your Municipal Compliance Report for the Buffalo Grove Police Pension Fund for the fiscal year ended December 31, 2024. We have prepared the report with the most recent information available at our office. Should you have more current information, or notice any inaccuracies, we are prepared to make any necessary revisions and return them to you. The President and Secretary of the Pension Fund are required to sign the report on page 3. If not already included with the enclosed report, please also include a copy of the Pension Fund’s most recent investment policy. The signed Public Act 95-0950 - Municipal Compliance Report must be provided to the Municipality before the tax levy is filed on the last Tuesday in December. We are sending the report via email to promote an environmentally-friendly work atmosphere. If you have any questions regarding this report, please contact your Client Manager or PSA. Respectfully submitted, LAUTERBACH & AMEN, LLP 54 of 84 1) Current Preceding Fiscal Year Fiscal Year $101,127,184 $94,650,451 $101,126,752 $94,660,597 2) $727,900 $7,078,900 $3,479,827 3) $8,658,500 $2,937,351 $3,479,827 N/A THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 The Pension Board certifies to the Board of Trustees of the Village of Buffalo Grove, Illinois on the condition of the Pension Fund at the end of its most recently completed fiscal year the following information: The total cash and investments, including accrued interest, of the fund at market value and the total net position of the Pension Fund: Total Cash and Investments (including accrued interest) Total Net Position The estimated receipts during the next succeeding fiscal year from deductions from the salaries of police officers and from other sources: Illinois Police Officers' Pension Investment Fund Private Actuary - Lauterbach & Amen, LLP Recommended Municipal Contribution Alternative Municipal Contribution (b) Annual Requirement of the Fund as Determined by: Estimated Receipts - All Other Sources Estimated Receipts - Employee Contributions Investment Earnings Municipal Contribution The estimated amount required during the next succeeding fiscal year to (a) pay all pensions and other obligations provided in Article 3 of the Illinois Pension Code, and (b) to meet the annual requirements of the fund as provided in Sections 3-125 and 3-127: (a) Pay all Pensions and Other Obligations Page 1 55 of 84 THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 4) Current Preceding Fiscal Year Fiscal Year $9,129,977 $11,465,357 6.800% 6.800% 7.000% 7.000% 9.327% 12.829% 5) 59 6) Total Amount Number of Disbursed 67 $6,029,834 1 $46,242 (iii) Survivors and Child Benefits 6 $376,468 Totals 74 $6,452,544 The total amount that was disbursed in benefits during the fiscal year, including the number of and total amount disbursed to (i) annuitants in receipt of a regular retirement pension, (ii) recipients being paid a disability pension, and (iii) survivors and children in receipt of benefits: (i) Regular Retirement Pension (ii) Disability Pension Actual Investment Return The total number of active employees who are financially contributing to the fund: Number of Active Members Illinois Police Officers' Pension Investment Fund Private Actuary - Lauterbach & Amen, LLP Net Income Received from Investment of Assets Assumed Investment Return The total net income received from investment of assets along with the assumed investment return and actual investment return received by the fund during its most recently completed fiscal year compared to the total net income, assumed investment return, and actual investment return received during the preceding fiscal year: Page 2 56 of 84 THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 7) Current Preceding Fiscal Year Fiscal Year 75.49% 75.14% 77.99% 77.84% 8) $32,888,928 $28,829,018 9) Please see attached Investment/Cash Management policy if applicable Adopted this ___________ day of __________, 2025 President __________________________________________________ Date ___________________ Secretary __________________________________________________ Date ___________________ The funded ratio of the fund: Illinois Police Officers' Pension Investment Fund Private Actuary - Lauterbach & Amen, LLP Illinois Police Officers' Pension Investment Fund Private Actuary - Lauterbach & Amen, LLP The Board of Trustees of the Pension Fund, based upon information and belief, and to the best of our knowledge, hereby certify pursuant to §3-143 of the Illinois Pension Code 40 ILCS 5/3-143, that the preceding report is true and accurate. CERTIFICATION OF MUNICIPAL POLICE PENSION FUND COMPLIANCE REPORT The unfunded liability carried by the fund, along with an actuarial explanation of the unfunded liability: Unfunded Liability: Please see Notes Page attached. The accrued liability is the actuarial present value of the portion of the projected benefits that has been accrued as of the valuation date based upon the actuarial valuation method and the actuarial assumptions employed in the valuation. The unfunded accrued liability is the excess of the accrued liability over the actuarial value of assets. Page 3 57 of 84 1) Total Cash and Investments - as Reported at Market Value in the Audited Financial Statements for the Years Ended December 31, 2024 and 2023. Total Net Position - as Reported in the Audited Financial Statementsfor the Years Ended December 31, 2024 and 2023. 2) Estimated Receipts - Employee Contributions as Reported in the Audited Financial Statements for the Year Ended December 31, 2024 plus 3.25% Increase (Actuarial Salary Increase Assumption) Rounded to the Nearest $100. Estimated Receipts - All Other Sources: Investment Earnings - Cash and Investments as Reported in the Audited Financial Statements for the Year Ended December 31, 2024, times 7% (Actuarial Investment Return Assumption) Rounded to the Nearest $100. Municipal Contributions - Recommended Tax Levy Requirement as Reported by Lauterbach & Amen, LLP, Actuarial Valuation for the Year Ended December 31, 2024. 3) (a) Pay all Pensions and Other Obligations - Total Non-Investment Deductions as Reported in the Audited Financial Statements for the Year Ended December 31, 2024, plus a 25% Increase, Rounded to the Nearest $100. (b) Annual Requirement of the Fund as Determined by: Illinois Police Officers' Pension Investment Fund - Suggested Amount of Tax Levy as Reported in the December 31, 2024 Actuarial Valuation. Private Actuary - Lauterbach & Amen, LLP: Recommended Amount of Tax Levy as Reported by Lauterbach & Amen, LLP in the December 31, 2024 Actuarial Valuation. Statutorily Required Amount of Tax Levy - No statutorily required amount has been provided in a December 31, 2024 Private Actuarial Valuation, at the time of this report. INDEX OF ASSUMPTIONS THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 Page 4 58 of 84 INDEX OF ASSUMPTIONS THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 4) Net Income Received from Investment of Assets - Investment Income (Loss) net of Investment Expense, as Reported in the Audited Financial Statements for the Years Ended December 31, 2024 and 2023. Assumed Investment Return: Illinois Police Officers' Pension Investment Fund - Current and Preceding Fiscal Year Interest Rate Assumption as Reported in the Years Ended December 31, 2024 and 2023 Actuarial Valuations. Private Actuary - Current and Preceding Fiscal Year Interest Rate Assumption as Reported in the Years Ended December 31, 2024 and 2023 Actuarial Valuations. Actual Investment Return -Net Income Received from Investments as Reported Above as a Percentage of the Average of the Beginning and Ending Balances of the Fiscal Year Cash Investments, Excluding Net Investment Income, Gains, and Losses for the Fiscal Year Return Being calculated, as Reported in the Audited Financial Statements for the Fiscal Years Ended December 31, 2024 and 2023. 5) Number of Active Members - Illinois Department of Insurance Annual Statement for December 31, 2024 - Schedule P. 6) (i) Regular Retirement Pension - Illinois Department of Insurance Annual Statement for December 31, 2024 - Schedule P for Number of Participants and Expense page 1 for Total Amount Disbursed. (iii) Survivors and Child Benefits - Same as above. (ii) Disability Pension - Same as above. Page 5 59 of 84 INDEX OF ASSUMPTIONS THE VILLAGE OF BUFFALO GROVE, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 7) The funded ratio of the fund: Illinois Police Officers' Pension Investment Fund - Current and Preceding Fiscal Year Net Present Assets as a percentage of Total Assets as Reported in the December 31, 2024 and 2023 Actuarial Valuations. Private Actuary - Current and Preceding Fiscal Year Net Present Assets as a percentage of Total Assets as Reported in the December 31, 2024 and 2023 Actuarial Valuations. 8) Unfunded Liability: Illinois Police Officers' Pension Investment Fund - Deferred Asset (Unfunded Accrued Liability) as Reported in the December 31, 2024 Actuarial Valuation. Private Actuary - Deferred Asset (Unfunded Accrued Liability) as Reported by Lauterbach & Amen, LLP in the December 31, 2024 Actuarial Valuation. Page 6 60 of 84 September 15, 2025 Members of the Pension Board of Trustees Buffalo Grove Police Pension Fund 46 Raupp Blvd Buffalo Grove, Illinois 60089 We are pleased to confirm our acceptance and understanding of the following services we are to provide for the Buffalo Grove Police Pension Fund for the years ended December 31, 2026, 2027, and 2028. We will compile from information you provide, monthly Treasurer's reports including annual and interim statements of net position - modified cash basis, statements of changes in net position - modified cash basis, and other supplementary information for the years ended December 31, 2026, 2027, and 2028 and perform a compilation engagement with respect to those financial statements. These financial statements will not include related notes to the financial statements as required for the financial statements prepared in accordance with the modified cash basis of accounting. In addition, the supplementary information accompanying the compiled financial statements will be prepared and presented with the financial statements. Such supplementary information is the responsibility of management and will be subject to our compilation engagement. We will not audit or review the supplementary information. We will not express an opinion, a conclusion or provide any assurance on such supplementary information. Our Responsibilities 1. We will provide you with the following bookkeeping services: post the cash receipt and cash disbursement journals; reconcile all bank accounts; account for all investment transactions; post the general ledger; issue vendor, contribution refund, and pension benefit payments; maintain vendor and benefit payment history; maintain records of contributions paid by members. 2. We will prepare financial statements in accordance with the modified cash basis of accounting based on information provided by you. 3. We will apply accounting and financial reporting expertise to assist you in the presentation of financial statements without undertaking to obtain or provide assurance that there are no material modifications that should be made to the financial statements in order for them to be in accordance with the modified cash basis of accounting. 61 of 84 Our Responsibilities - Continued 4. In addition, we will prepare the Illinois Department of Insurance (IDOI) Annual Statement, Year End Auditor's Workpapers, and the Municipal Compliance Report, per Public Act 95-0950. We will also prepare and file the annual tax forms 1099-R, 945, 1099-MISC and 1099-NEC and 1096 for the years ended December 31, 2026, 2027, and 2028. All transactions will be recorded utilizing the chart of accounts established by the IDOI. Account coding for transactions is self-evident based upon the chart of accounts established. It is our understanding that the transactions posted, along with the monthly Treasurer’s reports, will be approved by the Pension Board at the regularly scheduled Board Meetings. 5. We will perform pension benefit calculations and process benefit and vendor disbursements upon written authorization of management. A list of the scheduled pension benefit increases for each calendar year will be provided to the Pension Board for approval. All benefits are calculated in accordance with State Statutes and are based upon the pension benefit calculation schedules prepared for each beneficiary and approved by the Pension Board. We will disburse to the pensioners the gross pension benefit amounts indicated on the list provided for the applicable twelve-month benefit period. Any other amendments or changes to the gross benefits will require written authorization from the Pension Board. We will also perform requested non-actuarial calculations for all creditable service transfers and purchases allowable per State Statutes in effect as of December 31, 2024. An additional cost may be incurred to perform such calculations in effect as of January 1, 2025. 6. We will provide Professional Services Administration (PSA), which includes board meeting agenda preparation, scheduled board meeting attendance and preparation of minutes, maintenance of active member files, administration of annual elections, and preparation of annual affidavits to pensioners. 7. We will provide electronic data management by utilizing online portals. The portal will allow online access to an archive of current and historic Buffalo Grove Police Pension Fund financial documents and active member files. The documentation will be uploaded into the portal, filed appropriately and maintained by Lauterbach & Amen. It is the understanding of the parties that the portal is a supplement to, and not a replacement for, the Pension Board’s responsibility to maintain original paper and/or electronic public records of the Pension Fund. The Pension Fund may terminate the portal services with written notice to Lauterbach & Amen. Lauterbach & Amen agrees to maintain the Pension Board’s access for a maximum of 30 days after written notice is received, for the Pension Board to make sufficient electronic copies. 8. Lauterbach & Amen will maintain cyber and professional liability coverage and we will provide evidence of coverage on an annual basis. We will conduct our compilation engagement in accordance with Statements on Standards for Accounting and Review Services (SSARS) promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants (AICPA) and comply with applicable professional standards, including the AICPA’s Code of Professional Conduct and its ethical principles of integrity, objectivity, professional competence, and due care, when performing the bookkeeping services, preparing the financial statements, and performing the compilation engagement. 62 of 84 Our Responsibilities - Continued We are not required to, and will not, verify the accuracy or completeness of the information you will provide to us for the engagement or otherwise gather evidence for the purpose of expressing an opinion or a conclusion. Accordingly, we will not express an opinion or a conclusion nor provide any assurance on the financial statements. Our engagement cannot be relied upon to identify or disclose any financial statement misstatements, including those caused by fraud or error, or to identify or disclose any wrongdoing within the entity or noncompliance with laws and regulations. However, we will inform the Pension Board of any material errors, and of any evidence or information that comes to our attention during the performance of our compilation procedures with respect to possible instances of fraud or misstatements unless they are clearly inconsequential. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities since performing those procedures or taking such action would impair our independence. Your Responsibilities The engagement to be performed is conducted on the basis that you acknowledge and understand that our role is to prepare financial statements in accordance with the modified cash basis of accounting and assist you in the presentation of the financial statements in accordance with the modified cash basis of accounting. You have the following overall responsibilities that are fundamental to our undertaking the engagement in accordance with SSARS: 1. The selection of the modified cash basis of accounting as the financial reporting framework to be applied in the preparation of the financial statements. 2. The preparation and fair presentation of financial statements in accordance with the modified cash basis of accounting and the inclusion of a description of the modified cash basis of accounting. 3. The design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. 4. The prevention and detection of fraud. 5. To ensure that the Buffalo Grove Police Pension Fund complies with the laws and regulations applicable to its activities. 6. The accuracy and completeness of the records, documents, explanations, and other information, including significant judgments, you provide to us for the engagement. 7. To provide us with - a. access to all information of which you are aware is relevant to the preparation and fair presentation of the financial statements, such as records, documentation, and other matters, 63 of 84 Your Responsibilities - Continued b. additional information that we may request from you for the purpose of the compilation engagement, c. unrestricted access to persons within the entity of whom we determine it necessary to make inquiries. You are also responsible for all management decisions and responsibilities and for designating an individual, with suitable skills, knowledge, and experience to oversee our bookkeeping services and the preparation of your financial statements. You are responsible for evaluating the adequacy and results of the services performed and accepting responsibility for such services. Lauterbach & Amen, LLP does not assume any management responsibilities for the Pension Fund. We are not engaged to, and will not, perform an audit, the objective of which would be the expression of an opinion on the specified elements, accounts, or items. These services cannot be relied upon to detect errors, irregularities, or illegal acts that may exist. However, we will inform you of any such matters that may come to our attention. It is the understanding of the parties that the portals provided to or held by Lauterbach & Amen, LLP, is a supplement to, and not a replacement for, the original paper and electronic public records of the Pension Fund. Our Report As part of our engagement, we will issue a report that will state that we did not audit or review the financial statements and that, accordingly, we do not express an opinion, a conclusion, nor provide any assurance on them. There may be circumstances in which the report differs from the expected form and content. Our report will disclose that the Pension Fund management has elected to omit substantially all the disclosures ordinarily included in financial statements prepared in accordance with the modified cash basis of accounting. If the omitted disclosures were to be included in the financial statements, they might influence the user’s conclusions about the Pension Fund’s assets, liabilities, net position, additions and deductions. Accordingly, the financial statements will not be designed for those who are not informed about such matters. If for any reason, we are unable to complete the compilation of your financial statements, we will not issue a report on such statements as a result of this engagement. Our report will disclose that the 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. You agree to include our accountant's compilation report in any document containing financial statements that indicates that we have performed a compilation engagement on such financial statements and, prior to inclusion of the report, to ask our permission to do so. The supplementary information accompanying the financial statements will be presented for purposes of additional analysis. Our report will not express an opinion, a conclusion, nor provide any assurance on such information. 64 of 84 Other Relevant Information Costs for our services are as follows: In accordance with our firm policies, work may be suspended if your account becomes 90 days or more overdue and may not be resumed until your account is paid in full. Please be advised that we will charge interest on late invoices over sixty days. All services will be billed monthly, as indicated in the above table. In connection with this agreement, the Buffalo Grove Police Pension Fund authorizes Lauterbach & Amen, LLP to automatically debit the Pension Fund’s disbursement account at BMO Bank N.A. upon completion of any past, present, or future services for the cost agreed upon in the respective engagement letter. Either the Pension Fund or Lauterbach & Amen, LLP may terminate this auto debit arrangement at any time by providing prior written notice to the other. Either party may terminate all or a portion of the services contemplated by this engagement at any time for any reason upon 30 days written notice to the other. Subcontracting is prohibited without the express written approval of the Pension Fund’s Board of Trustees. This agreement shall be governed by and construed in accordance with the laws of the State of Illinois. Calendar Year Ended Calendar Year Ended Calendar Year Ended 12/31/2026 12/31/2027 12/31/2028 Total Costs of Annual Services $5,352 $5,568 $5,784 Amount to be Billed Monthly - See Below $446 $464 $482 • Payroll & Vendor Tax Forms Annual Services Provided • IDOI Annual Statement • Municipal Compliance Report • Year End Auditor's Workpapers $3,080 $673 $1,393 $2,962 $648 $1,340 $2,849 $624 $1,289 $638$618$590 Calendar Year Ended Calendar Year Ended Calendar Year Ended 12/31/2026 12/31/2027 12/31/2028 Monthly Total Costs of Services $3,546 $3,688 $3,835 Total Annual Cost $42,552 $44,256 $46,020 • Annual Services (Billed Monthly - See Above) • Monthly Accounting & Benefits Administration • Professional Service Administration Total Monthly Services Provided $1,603$1,542$1,482 $1,618 $446 $1,682 $464 $1,750 $482 65 of 84 Other Relevant Information - Continued We appreciate the opportunity to be of service to the Buffalo Grove Police Pension Fund and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you acknowledge and agree with the terms of our engagement as described in this letter, please indicate your acceptance of the above understanding by signing below and returning a signed copy to us. If the Pension Fund's needs change during the year, the nature of our services can be adjusted accordingly. Likewise, if you have special projects with which we can assist, please let us know. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP RESPONSE: This letter correctly sets forth the understanding of the Buffalo Grove Police Pension Fund: Accepted by: _________________________________________________________________________ Title: _______________________________________________________________________________ 66 of 84 2026 JANUARY FEBRUARY MARCH Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 3 1 2 3 4 5 6 7 1 2 3 4 5 6 7 4 5 6 7 8 9 10 8 9 10 11 12 13 14 8 9 10 11 12 13 14 11 12 13 14 15 16 17 15 16 17 18 19 20 21 15 16 17 18 19 20 21 18 19 20 21 22 23 24 22 23 24 25 26 27 28 22 23 24 25 26 27 28 25 26 27 28 29 30 31 29 30 31 APRIL MAY JUNE Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 3 4 1 2 1 2 3 4 5 6 5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13 12 13 14 15 16 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20 19 20 21 22 23 24 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27 26 27 28 29 30 24 25 26 27 28 29 30 28 29 30 31 JULY AUGUST SEPTEMBER Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 3 4 1 1 2 3 4 5 5 6 7 8 9 10 11 2 3 4 5 6 7 8 6 7 8 9 10 11 12 12 13 14 15 16 17 18 9 10 11 12 13 14 15 13 14 15 16 17 18 19 19 20 21 22 23 24 25 16 17 18 19 20 21 22 20 21 22 23 24 25 26 26 27 28 29 30 31 23 24 25 26 27 28 29 27 28 29 30 30 31 OCTOBER NOVEMBER DECEMBER Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 3 1 2 3 4 5 6 7 1 2 3 4 5 4 5 6 7 8 9 10 8 9 10 11 12 13 14 6 7 8 9 10 11 12 11 12 13 14 15 16 17 15 16 17 18 19 20 21 13 14 15 16 17 18 19 18 19 20 21 22 23 24 22 23 24 25 26 27 28 20 21 22 23 24 25 26 25 26 27 28 29 30 31 29 30 27 28 29 30 31 01/Jan New Year's Day 04/Jul Independence Day 11/Nov Veterans Day 19/Jan Martin Luther King Jr. Day 07/Sep Labor Day 26/Nov Thanksgiving Day 16/Feb Presidents' Day 12/Oct Columbus Day 25/Dec Christmas Day 25/May Memorial Day 67 of 84 68 of 84 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 8 IPPFA Illinois Pension Conference Certified Trustee Training Buffalo Grove Police Pension Fund Anthony Turano Hours Required Type of Training Cody Barker Hours Required Type of Training 8 IPPFA Illinois Pension Conference Tony Montiel Hours Required Type of Training 8 IPPFA Online Training Jeff Feld Hours Required Type of Training 8 Kenneth Fox Hours Required Type of Training 8 Page 1 of 1 69 of 84 2025 IPPFA Trustee Training Opportunities IPPFA ONLINE SEMINAR COURSE WHEN: Ongoing •Online 8 hr. seminar (Recorded 2024) WHERE: IPPFA Website: www.ippfa.org/education/online-classes/ COST: IPPFA MEMBER: $285.00/seminar IPPFA NON-MEMBER: $570.00/seminar This online seminar agenda includes: •School's in Session - How to Ace your Fund Administration •Retirement Healthcare Funding •Private vs. Public Pensions •Pension Funding Policy •Legal Updates and Recent Court Cases •Ask Your Attorney •Fiduciary Liability Insurance vs. Directors and Officers Insurance •Benefit Enhancements to Attract and Retain Public Safety Officers •Consolidation Update •The Wonderfully Weird World of Administrative Review -this online seminar satisfies 8 hours of the required continuing pension trustee training 70 of 84 16-hour Certified Trustee Programs* offered through IPPFA IPPFA ONLINE Certified Trustee Program COST: IPPFA MEMBER: $ 550.00 IPPFA NON-MEMBER: $1,100.00 Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/ *On December 18, 2019, Governor J.B. Pritzker signed SB 1300, making it Public Act 101 -0610. This act will consolidate all Article 3 and 4 pension fund's investment assets. Under Public Act 101-0610, training requirements have now been reduced from 32-hours to 16-hours of new trustee training, however all pension trustees will still need 4-hours of mandatory consolidation transition training. All Article 3 & 4 Pension Trustees elected or appointed are required to complete the 16-hour trustee certification course within 18 months of election or appointment to the board. IPPFA In-Person Certified Trustee Program COST: IPPFA MEMBER: $525.00 IPPFA NON-MEMBER: $1,050.00 WHEN: December 16 - 17, 2025 WHERE: NIU Outreach Campus 1120 E. Diehl Road, Room 266 Naperville, IL 60563 71 of 84 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: ________________________________________ ___________________________________________________________________________ 72 of 84 73 of 84 500 East Capitol Avenue | P.O. Box 5180 | Springfield, IL 62705-5180 | Ph: 217.525.1220 | Fx: 217.525.7438 | iml.org ILLINOIS MUNICIPAL LEAGUE FACT SHEET ARTICLE 3 AND ARTICLE 4 PENSION TRUSTEE CERTIFICATION All elected and appointed Article 3 (police officers) and Article 4 (firefighters) local pension board trustees are required to participate in state-mandated trustee certification training. WHAT IS THE FIRST YEAR CERTIFICATION REQUIREMENT? The trustee certification training requirement for a first year trustee is at least 16 hours. WHAT IS THE ANNUAL CERTIFICATION REQUIREMENT? Annually, all trustees must complete a minimum of eight hours of continuing trustee education. Trustees are permitted to re-take previously selected courses to satisfy the training requirement. WHERE CAN TRUSTEES RECEIVE THEIR TRAINING? The Illinois Municipal League provides this certification training at no charge to all trustees. More information is available at iml.org/pensiontrustees. Trustee certification training is provided online, in partnership with Eastern Illinois University, and in accordance with all statutory requirements. If you have questions regarding pension trustee certification, please contact us by email at pensiontrustees@iml.org. HOW MUCH DOES THE TRAINING COST? $0. The Illinois Municipal League provides this certification training at no charge. Really — it’s free = no charge. WHAT ARE SOME TRUSTEE EDUCATION TOPICS? There are currently 21 videos available, including: • Administrative Review (New) • Felony Divestiture (New) • Illinois Court System and Standard of Review (New) • Mock Disability Pension Hearing (New) • Pensionable Salary under Article 3 and 4 (New) • QILDRO Training (New) • Various Benefits Training (New) • Articles 3 and 4 Pension Disability Pension Overview • Duties and Ethical Obligations of a Pension Fund Fiduciary • Board Oversight of Cyber Risk: Before a Breach • Pension Plan Funding 101 • Illinois Public Employee Disability Act and Public Safety Employee Benefits Act • Managing Generational Differences and Unconscious Bias in the Workplace March 10, 2025 Scan for PDF Version 74 of 84 How to Register (All Users Must Create an Account): 1) Click here to visit the registration page. 2) At the top of the page, click “Register” to create an account and click “Submit.” 3) Click “Login” to enter your username and password. 4) At the top of the page, click on “Dashboard” in the main menu. 5) Click “My Courses.” 6) Under basic information, click on the course platform. 7) Once the new window opens, enter your username and password and click “Submit.” How to Take a Training Course: 1) After you sign into the course platform, select a training course. 2) Click “Content” on the navigation bar. 3) Scroll down and click the video link to open the training. 4) The training presentation is available by clicking “Download: PowerPoint Slides.” 5) After viewing the video, click “Quizzes” on the navigation bar to take the quiz assessment. A quiz will not be available until the training video has been viewed. 6) After passing the quiz, your certificate will take a few minutes to generate and will appear under “Certificates” on the navigation bar. 7) Click “Home” in the top left corner to return to the full course menu. ARTICLE 3 AND ARTICLE 4 Pension Trustee Certification Instructions If you have questions regarding Article 3 or Article 4 pension trustee certification, please contact us by email at pensiontrustees@iml.org. March 10, 2025 75 of 84 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 76 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 1 Volume 26, Issue 4, October 2025 Legal and Legislative Update Incredible Firefighter Denied Duty Disability Pension Witteman v. Brookfield Firefighters' Pension Fund, 2025 IL App (1st) 241278 Firefighter Nicholas Witteman applied for a duty disability pension after he allegedly injured his back while lifting an obese patient on April 14, 2020. The Board held hearings, and numerous firefighters – who responded to the call with Witteman – testified. The Board also retained three independent medical examiners (“IMEs”), who all opined Witteman is disabled because of the April 2020 incident. Ultimately, the Board awarded Witteman a non-duty disability pension, finding he failed to prove an “act of duty” caused his disability. Witteman and the firefighters either gave conflicting testimony regarding the April incident or could not recall the details. They disagreed regarding the patient’s weight, Witteman’s role in the response (whether he lifted the patient and where he was positioned), whether they used a “Hoyer lift,” who pushed the patient to the ambulance, and whether Witteman drove the ambulance or tended to the patient. Witteman did not inform the firefighters he injured himself nor did he appear to be in pain, testifying he has a high pain tolerance. Witteman did not report the injury, continued his shift, and responded to two more calls afterwards. Lieutenant Matthew Dubik attended all three calls with Witteman and did not recall him having any issues. In This Issue… 1 Incredible Firefighter Denied Duty Disability Pension 3 Article 3 to Article 4, Article 4 to Article 3, and Article 3 to IMRF. Service Transfer Mania! 4 Phantom Causation – Denying Duty Disability Based on an Opinion Never Rendered 5 County Board Members Attendance at Informational Meeting Violated OMA 6 Amendment Permits Deduction from Pension Payments for Firefighter Union Dues 7 Suggested Agenda Items for January RDL News 77 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 2 Witteman had injured his back five years earlier while lifting a patient. Contrary to the present case, Witteman informed a coworker of his injury and reported it the same day. When questioned about this discrepancy, he testified he did not complete the injury report earlier because he did not want to “make a mountain out of a molehill.” Witteman previously served as the union president and assisted injured firefighters complete the report. The day after the April incident, a lieutenant found Witteman stretching and asked what happened. Witteman informed the lieutenant of his injury and called the fire chief after his shift. He called in sick for his next shift and scheduled an appointment with his doctor. The Department’s occupational health clinic was closed because of COVID-19. After seeing his doctor, Witteman completed an injury report. He ultimately underwent two surgeries at the advice of his doctor and applied for a disability pension. After the initial hearing, the Board adjourned to subpoena additional witnesses and reconvened a few months later. At that point, Witteman amended his application to add that he injured himself while transporting the patient down a wheelchair ramp and transporting him over a curb and parkway into the ambulance. The Board’s three IMEs all opined Witteman was disabled because of the April incident. Likewise, the Village of Brookfield’s workers’ compensation doctor opined Witteman was disabled because of the incident. After the initial hearing, the Board asked the doctors to opine regarding the cause of disability if the Board found Witteman did not lift the patient. Two IMEs opined the injury would not be duty related if Witteman did not lift the patient. The third IME refused to opine on a “hypothetical observation.” The Board denied his application for a duty disability pension and awarded an ordinary disability pension. While the Board found Witteman was disabled, they held he was not credible and misrepresented how the injury occurred. The Board cited Witteman’s failure to report the injury immediately, despite previously doing so after a back injury, and the fact he testified he did not know what to do regarding his injury (i.e., file an injury report) after speaking to the Fire Chief despite serving as union president and assisting other firefighters in completing injury reports. Further, the Board found Witteman contradicted himself. He initially testified he was injured while lifting the patient onto the stretcher. Later, Witteman amended his application to state he injured himself while transporting the patient down the ramp, over the curb and parkway, and into the ambulance. The Board noted Witteman only amended his application after hearing the firefighters’ testimony regarding the April incident. Conversely, the Board found the firefighters’ testimony credible despite being conflicting. They noted none of the firefighters testified Witteman moved the patient from the chair to the stretcher or recalled Witteman saying or indicating he was injured. They also found Witteman evasive and agitated. Finally, the Board relied on the two IMEs who opined the April incident would not have caused his disability if he did not lift the patient. Witteman sought administrative review, and the Board’s decision was affirmed. On appeal, the First District Appellate Court (“Court”) affirmed the Board. It held the Board has the authority to consider the credibility of witnesses. The Court held the Board’s credibility determinations were not against the manifest weight of the evidence as the record contained competent evidence to support the Board’s determinations. Specifically, the witnesses were all consistent Witteman took no part in lifting the patient. Further, the Court accepted the Board’s credibility finding regarding Witteman’s delay in reporting his injury. In this regard, Witteman testified the pain was some of the worst of his life, yet he did not immediately report it unlike when he previously injured himself. The Court allowed the Board to draw an adverse inference from the fact Witteman amended his application after hearing the testimony of the other firefighters, who all contradicted his testimony regarding whether he lifted the patient. 78 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 3 The Court also held the Board could ask the IMEs hypothetical questions and did not manipulate the expert testimony by asking about causation if the Board found Witteman did not lift the patient. Finally, the Court held the Board properly considered Witteman’s evasiveness and agitated demeanor when weighing the credibility of his testimony. Witteman illustrates the impact a credibility determination can have on the outcome of a disability application. While as first glance all the medical evidence appeared to support Witteman sustained a duty related injury, his inconsistent testimony allowed the Board to deny his application. Importantly, the inconsistent testimony went directly to the question of causation. Specifically, it revealed Witteman likely did not perform the activities he claimed caused his disability. Further, Witteman illustrates the Board sometimes has to look beyond the medical evidence and subpoena witnesses to testify regarding an incident, especially when there are concerns regarding credibility.❖ Article 3 to Article 4, Article 4 to Article 3, and Article 3 to IMRF. Service Transfer Mania! P.A. 104-0284 Public Act 104-0284 was signed into law August 15, 2025 and opened multiple windows for transfers applicable to both Article 3 and 4 pension members. First, it is important to note that while the Act was signed into law August 15, 2025, some portions are effective immediately and others are not effective until January 1, 2026. This is important in determining when certain transfer windows and open and close. This is a complicated piece of legislation. While a synopsis appears below, should questions arise on a specific transfer, please do not hesitate to reach out to your RDL attorney. Transfer from Article 4 to Article 3 A police officer may transfer up to 8 years of service accumulated in an Article 4 firefighters’ pension fund. The window opens January 1, 2026. Both the transfer and application must be completed within 6 months of the effective date of the Act, in this case, by July 1, 2026. The firefighter cannot have been the subject of disciplinary action at the time they terminated employment with the fire department. The police fund is to receive the amount of employee contributions in the fire fund, a match of that amount representing employer contributions, and any interest paid by the firefighter to reinstate service. A refund may be reinstated with payment to the police fund of the refund together with interest at 6% compounded annually. The officer may further owe to the police fund the difference between the amount of employer and employee contributions transferred and what would have been received had contributions been made at the police rate plus interest compound annually at the actuarially assumed rate. Transfer from Article 3 to Article 4 A firefighter may transfer up to 8 years of service accumulated in an Article 3 police pension fund. This window opened immediately. Application must be made to the Article 3 fund within 6 months of the effective date, in this case, by February 15, 2026. The police officer cannot have been the subject of disciplinary action at the time they terminated employment with the police department. The Article 4 fund is to receive the amount of employee contributions, a match of that amount representing employer contributions, and any interest paid to reinstate service. However, the amendment does not provide a mechanism for reinstatement of service lost due to receipt of a refund. The firefighter may further owe to the firefighters’ pension fund payment made in an amount determined by the board equal to the difference between the amount of employee and employer contributions transferred and the amount that would have been contributed had they been made at the firefighter contribution rate plus interest at the actuarial assumed rate compounded annually. 79 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 4 Article 3 to IMRF An active sheriff’s law enforcement employee may transfer their service established under an Article 3 pension fund to IMRF. The window opens January 1, 2026. Application must be made to the Article 3 fund within 6 months of the effective date, in this case, by July 15, 2026. Upon receipt of an application, service is to be transferred by the Article 3 Fund to IMRF as soon as practicable and shall consist of the contributions of the officer to the Article 3 fund and a match of that amount representing employer contributions. Significantly, the amendment does not provide the officer with the ability to reinstate service lost due to a refund. The officer may owe an additional amount to IMRF equal to the difference between the contributions transferred and the amount that would have been contributed had they been made at the sheriff’s law enforcement rate plus interest at the actuarially assumed rate. However, the IMRF employee may elect to receive reduced service in lieu of making the additional contributions. ❖ Phantom Causation – Denying Duty Disability Based On An Opinion Never Rendered Boyles v. Bolingbrook Firefighters’ Pension Fd. et al., 2025 IL App (3d) 240548-U Firefighter Steven Boyles worked for the Bolingbrook Fire Department for over 20 years and injured his lower back several times throughout his career. He again injured his lower back on September 24, 2021 while lifting an injured person on a stretcher. Boyles applied for a duty, and in the alternative, a non-duty disability pension. Boyles injured his lower back on approximately eight different occasions. The incidents involved lifting patients or otherwise attending to emergency calls and tending to equipment or performing duties at the fire station. Boyles was prescribed physical therapy after the incidents and returned to full, unrestricted duty. He was frequently diagnosed with a lumbar sprain or strain. After his sixth injury, Boyles’ doctor suspected a disk herniation. In May 2021, Boyles injured his lower back a seventh time while performing CPR on a patient. He was diagnosed with a lumbar strain, given over- the-counter medication, and referred for physical therapy. Finally, the eighth incident occurred on September 24, 2021 and is the subject of this appeal. That day, Boyles responded to numerous calls and experienced no symptoms during any of those calls until the sixth call. He lifted a patient with a scoop stretcher and felt pain in his lower back. The pain increased when Boyles stood up and radiated down his left leg. He had never experienced such pain. Boyles shuffled to the fire engine and leaned on it while Trnka spoke to the patient’s husband, and the other paramedics placed the patient into the ambulance. When Trnka finished speaking with the patient’s husband, Boyles informed Trnka he injured his back “really bad” and his pain was “through the roof.” Ultimately, Boyles was transported to the hospital via ambulance. At the hospital, Boyles was diagnosed with multiple conditions, including radiculopathy, stenosis, and multiple disk bulges. A week later, Boyles followed up with the doctors at the occupation health center – as required by the Bolingbrook Fire Department – and was diagnosed with multilevel disk bulges caused by work activities. The following week, Boyles saw Dr. Matthew Ross, who opined he may have sciatica most likely caused by disk herniations or foraminal stenosis at L4-L5. Ross recommended Boyles undergo surgery, but the worker’s compensation insurer refused to pay for it as their medical examiner, Dr. Kern Singh, diagnosed Boyles with a strain and opined surgery is unnecessary, recommending work-conditioning instead. Boyles did so, and it aggravated his condition. Boyles informed Dr. Ross of these problems, who reiterated the need for surgery. Eventually, Singh released Boyles to full, unrestricted duty. 80 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 5 Boyles applied for a disability pension and underwent the surgery recommended by Dr. Ross, paying for it out-of-pocket. He attended physical therapy and a subsequent functional capacity evaluation revealed Boyles can perform less than 50% of his job requirements. Dr. Ross opined Boyles reached maximum medical improvement. Boyles was examined by three independent medical examiners (“IME”) per the Pension Code. They disagreed on whether Boyles was disabled and the cause of disability. The Board awarded a non-duty disability pension and denied a duty disability pension. It relied on the opinions of two IMEs, who it claimed opined Boyles is disabled as a result of degenerative back issues unrelated to an “act of duty” or the cumulative effects of such. (The Appellate Court subsequently found neither doctor had rendered such an opinion). Boyles sought administrative review, and the trial court affirmed. On appeal, the Third District Appellate Court reversed and awarded Boyles a line of duty disability pension benefit. The Court held the Pension Board reached a decision based on opinions not expressed by a single doctor. Specifically, it held not a single doctor opined Boyles was disabled because of his degenerative spine condition. The Pension Board relied on Dr. Singh and Dr. Sepehr Sani, one of the Board’s IMEs, who both opined Boyles is not disabled and can return to full, unrestricted duty. The Court noted neither doctor even opined as to causation, understandably as they opined Boyles was not disabled. The Court also noted the Board rejected Singh and Sani’s opinions (finding Boyles is not disabled), as they awarded Boyles a non-duty disability pension. The Court recognized “Sani and Singh could not logically give an opinion as to the causation of Boyles’s permanent disability when they each opined that he was not disabled and could return to work.” Lastly, the Court held the Board’s decision cannot be “rationally drawn from the sequence of events” as Boyles worked full, unrestricted duty despite his previous injuries and apparent degenerative condition. He only experienced debilitating pain after lifting the patient in September 2021. Boyles presents a situation where the Board reached a decision not supported by any medical evidence. In fact, as the Court identified, it made no logical sense to rely on two IMEs who found no disability regarding causation. As such, Boards must be careful to ensure their decision is supported by the medical evidence, or they risk being reversed despite the deferential standard applied by courts on questions of fact.❖ County Board Members Attendance at Informational Meeting Violated OMA Public Access Opinion 25-011 The Washington County Board was recently found, in a binding opinion by the Illinois Attorney General, to have violated the Open Meetings Act. Specifically, a citizen had complained the Board did not post an agenda or prepare minutes of an informational meeting, attended by some Board members and hosted by Pattern Energy, a private company. First, the Opinion addressed the purpose behind the Open Meetings Act. "It is the public policy of this State that public bodies exist to aid in the conduct of the people's business and that the people have a right to be informed as to the conduct of their business." 5 ILCS 120/1. "The Open Meetings Act provides that public agencies exist to aid in the conduct of the people's business and that the intent of the Act is to assure that agency actions be taken openly and that their deliberations be conducted openly." Gosnell v. Hogan, 179 Ill. App. 3d 161, 171 (1989). The Act is designed to prohibit secret deliberation and action on business which properly should be discussed in a public forum due to its potential impact on the public. Next, it analyzed whether a “meeting” had occurred. According to the statute, a “meeting" means, “any gathering, whether in person or by video or audio conference, telephone call, electronic means (such as, without limitation, electronic mail, electronic chat, and instant messaging), or other means of contemporaneous 81 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 6 interactive communication, of a majority of a quorum of the members of a public body held for the purpose of discussing public business or, for a 5-member public body, a quorum of the members of a public body held for the purpose of discussing public business.” The Opinion found that the Washington County Board consists of 15 members, and that a majority of Board members constitutes a quorum. Accordingly, eight Board members constitute a quorum and five members constitute a majority of a quorum. If five members of the Board met on April 30, 2025, for the purpose of discussing public business, that gathering would be subject to the requirements of OMA. The Opinion found that seven members attended the “informational meeting.” Note that for Article 3 and 4 Boards, which consist of 5 members, the presence of 3 members triggers the meeting definitions application. The Opinion then addressed the definition of “public business.” The Attorney General has concluded that "informal sessions or conferences designed for the discussion of public business" are meetings subject to the requirements of OMA. Previous Opinions have found that informal “meet and greet” gatherings met the definition, as the members were gathering information. As the OMA doesn’t specifically define “public business,” the Attorney General looked to the FOIA statute for its definition. Accordingly, just like in FOIA, the term "public business" under OMA means "business or community interests as opposed to private affairs." After finding the impact of Pattern Energy's Kaskaskia Renewables project on Washington County is undoubtedly a matter of public business as the project would affect the county's tax revenues, energy resources, economy, and environment, among other things, the Attorney General determined that the seven Board members did attend a meeting involving public business and were subject the requirements of the OMA. The Board was directed to generate and approve written minutes for the meeting. Alternatively, if the Board determines that generating minutes that thoroughly summarize the information presented and discussed is unfeasible due to a lack of notes or other documentation of the meeting, the Board may invite Pattern Energy to recreate the presentation during an open meeting that fully complies with the requirements of OMA. The Board was also directed to ensure that future gatherings in which five or more of its members engage in deliberative discussions of public business are held in full compliance with the requirements of OMA. If a gathering of public body members meets the definition of a "meeting," then the procedural safeguards and requirements of OMA apply. Those measures include proper posting of notice and an agenda, holding the meeting at a specified time and place that is convenient and open to the public, keeping minutes, and allowing public comment.❖ Amendment Permits Deduction from Pension Payments for Firefighter Union Dues P.A. 104-0196 A recent amendment to Article 4 permits an annuitant or disability beneficiary to direct, in writing, that a monthly payment be made to an association or organization with which the annuitant or disability beneficiary or their surviving spouse may be affiliated by virtue of his or her fire service or for hospitalization insurance purposes This would exempt payments from pension fund assets for other non-firefighter related organizations or activities however, it does codify a widespread past practice where union dues were paid out of pension benefits for retired or disabled firefighters. The amendment is effective January 1, 2026.❖ 82 of 84 © 2025 REIMER DOBROVOLNY & LABARDI PC 7 Suggested Agenda Items for January (or 1st Quarter) • Approval of annual COLA increases. • Semi-annual review of closed executive session minutes to determine if needs to remain confidential. • Determine need for election of beneficiary and active Trustees and/or re-appointment of appointed Trustees – request for re- appointment of appointed Trustees. • Schedule annual examinations for disabled firefighters/police officers under age 50. • Annual verifications of eligibility for beneficiaries. • Review/update contracts with vendors (accountants, actuaries, attorneys, money managers). • Obtain predatory lending certification forms from Illinois regulated banks. REIMER DOBROVOLNY & LABARDI PC NEWS Legal and Legislative Update Volume 26, Issue 4, October 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. • 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. 83 of 84 *** Transfer Window UPDATES *** Public Act 104-0284 opens 3 transfer windows! Article 3  Article 4 Active Article 4 members can transfer in prior Article 3 service. This 6-month window opens August 15, 2025. Click here for more info: L&A Pension Benefits Bulletin Art 3→Art 4 Article 4  Article 3 Active Article 3 members can transfer in prior Article 4 service. This 6-month window opens January 1, 2026. Click here for more info: L&A Pension Benefits Bulletin Art 4→Art 3 Article 3  IMRF-SLEP Active IMRF Sheriff employees can transfer in prior Article 3 service. This 6-month window opens January 1, 2026. Click here for more info: L&A Pension Benefits Bulletin Art 3→IMRF-SLEP For additional assistance please contact our Benefit Team (866) 952-6329 / benefits@lauterbachamen.com 84 of 84