2025-11-10 - Firefighter Pension Board - Agenda PacketBuffalo Grove Firefighters’ Pension Fund
50 Raupp Boulevard, Buffalo Grove, Illinois 60089
NOTICE OF A REGULAR MEETING OF THE
BOARD OF TRUSTEES
The Buffalo Grove Firefighters’ Pension Fund Board of Trustees will conduct a regular meeting on Monday, November 10,
2025 at 8:30 a.m. in Village Hall located at 50 Raupp Boulevard, Buffalo Grove, Illinois 60089, for the purposes set forth in
the following agenda:
AGENDA
1.Call to Order
2.Roll Call
3.Approval of Remote Attendance and Full Participation by Certain Trustees (if any)
4.Public Comment
5.Approval of Meeting Minutes
a.) August 4, 2025 Regular Meeting
b.) September 4, 2025 Special Meeting
c.) September 4, 2025 Closed Session
d.) December 12, 2002 Closed Session (Deau Disability Hearing)
6.Financial/Investment Reports
a.) Monthly Financial Reports from Lauterbach & Amen (July, August and September 2025)
b.) Presentation and Approval of Bills
c.) Additional Bills, if any
d.) Review – Cash Balances of Local Accounts
i.BMO Bank Statement and Current Balance Status
ii.Schwab Statement, Current Balance Status and Quarterly Report – Sawyer Falduto
e.) Review of Cash Projections and Cash Needs
f.) GCM Recurring Withdrawal Instructions for 2026
g.) Review/Approval – FPIF Statements of Results (June, July, August and September 2025)
h.) Review/Approval – FPIF Monthly Investment Summaries (July, August and September 2025)
7.Communications and Reports
a.) Affidavits of Continued Eligibility
8.Applications for Membership/Withdrawals from Fund/Service Purchase
a.) Applications for Membership – Tim Heatley, Patrick Murray and Nick Wolski
b.) Status of Baniqued Combined Creditable Service/Reciprocity
c.) Status of Murray Combined Creditable Service/Reciprocity
d.) Status of Heatley Military Service Purchase
9.Applications for Retirement/Disability Benefits/QILDROs
a.) Duty Disability Benefits – Steven Dorsey
i. Review and Approve Findings and Decision
ii. Review and Approve Benefits Calculation
b.) Status of Qualified Illinois Domestic Relations Orders (QILDROs)
i.Status of Dorsey QILDRO
ii.Status of Gatto QILDRO
iii.Status of Olsen QILDRO
c.) Status of Annual Independent Medical Examination – William Simmons
10.Old Business
a.) Status of Shared Cloud Site/Dedicated Pension Trustee Emails Project
b.) Discussion/Possible Action – Active Member Workshop
11.New Business
a.) Review/Approve – Fiduciary Liability Insurance Renewal
b.) Review/Approve – Lauterbach & Amen Engagement Letter
c.) Establish 2026 Board Meeting Dates
12.Attorney’s Report – Ottosen
a.) Pension Insights for Fourth Quarter 2025 (New Legislation)
b.) IAFPD Fire Call Pension Pointers (Summer 2025) (Ethical Obligations of Pension Trustees)
c.) 2025 Biennial Report of the DOI Public Pension Division
13.Trustee Training Updates
a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses
b.) Acknowledgement of Training Time from Meeting
c.) Certification of Trustee Training Hours
14.Closed Session, if needed
15.Adjournment
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MINUTES OF A REGULAR MEETING OF THE
BUFFALO GROVE FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES
AUGUST 4, 2025
A regular meeting of the Buffalo Grove Firefighters’ Pension Fund Board of Trustees was held on
Monday, August 4, 2025 at 8:30 a.m. in the Buffalo Grove Village Hall located at 50 Raupp Boulevard,
Buffalo Grove, Illinois 60089, pursuant to notice.
CALL TO ORDER: President Dan Pasquarella called the meeting to order at 8:36 a.m.
ROLL CALL:
PRESENT: Trustees Dan Pasquarella, Thomas Gough, Larry Stanley and Chris Black
ABSENT: Trustee Josh Himmelspach
ALSO PRESENT: Attorney Carolyn Clifford, Ottosen; Tom Sawyer, Sawyer Falduto Asset
Management, LLC (SFAM); Molly Barker, Lauterbach & Amen (L&A); Tyler
Grace, Village of Buffalo Grove
APPROVAL OF REMOTE ATTENDANCE AND FULL PARTICIPATION BY CERTAIN TRUSTEES (IF
ANY): The Board noted that there were no Trustees attending remotely.
PUBLIC COMMENT: There was no public comment.
OLD BUSINESS: Status of Shared Cloud Site/Dedicated Pension Trustee Emails Project: Mr. Grace reviewed
the Board’s new shared cloud website through Microsoft Teams. All questions were answered by Mr.
Grace. The Board will receive training on the new shared cloud website at the next meeting.
Mr. Grace left the meeting at 8:46 a.m.
APPROVAL OF MEETING MINUTES: May 12, 2025 Regular Meeting: The Board reviewed the May 12
2025, regular meeting minutes. A motion was made by Trustee Gough and seconded by Trustee
Stanley to approve the May 12, 2025, regular meeting minutes as written. Motion carried
unanimously by voice vote.
Semi-Annual Review of Closed Session Meeting Minutes: The Board reviewed the closed session meeting
log. A motion was made by Trustee Gough and seconded by Trustee Stanley to keep the closed session
meeting minutes closed at this time as the need for confidentiality still exists. Motion carried
unanimously by voice vote.
FINANCIAL/INVESTMENT REPORTS: Monthly Financial Reports from Lauterbach & Amen (April, May
and June 2025) and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report
for the four-month period ending April 30, 2025, prepared by L&A. As of April 30, 2025, the net
position held in trust for pension benefits is $87,436,408.05 for a change in position of ($25,628.96).
The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member
Contribution Report, Payroll Journal, Quarterly Deduction Report, and Quarterly Transfer Report.
The Board also reviewed the Monthly Financial Report for the five-month period ending May 31,
2025, prepared by L&A. As of May 31, 2025, the net position held in trust for pension benefits is
$90,358,510.73 for a change in position of $2,896,473.72. The Board also reviewed the Cash Analysis
Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly
Deduction Report, and Quarterly Transfer Report.
The Board also reviewed the Monthly Financial Report for the 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
$90,716,316.32 for a change in position of $3,254,279.31. 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 $36,692.04. The ending balance in the BMO
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account for this period is $9,960.79, which is below the Board’s target cash balance ($10,000) and
below the transfer threshold ($25,000) set by the Board for this account.
A motion was made by Trustee Stanley and seconded by Trustee Gough to accept the Monthly
Financial Reports as presented and to approve the disbursements shown on the Quarterly
Disbursement Report in the amount of $36,692.04. Motion carried by roll call vote.
AYES: Trustees Pasquarella, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Himmelspach
Additional Bills, if any: There were no additional bills presented for approval.
Review – Cash Balances of Local Accounts – BMO Bank Statement and Current Balance Status: The Board
reviewed the current balance of the BMO Bank operating account. No action is needed at this time.
Schwab Statement, Current Balance Status and Quarterly Report – Sawyer Falduto: Mr. Sawyer presented
the Investment Performance Report for the period ending June 30, 2025. As of June 30, 2025, the
ending market value held in the Schwab money market account is $359,473, which is above the
Board’s target cash balance ($100,000) and above the transfer threshold ($200,000) set by the Board
for this account.
Review/Approval – FPIF Statements of Results (April, May and June 2025): The Board reviewed the FPIF
Statements of Results for the periods April 30, 2025, and May 31, 2025. As of May 31, 2025, the Fund’s
ending Net Asset Value (NAV) in FPIF is $90,258,018.74 which is 0.91% ownership in FPIF. The
calendar year-to-date net return of the Fund’s total assets is 5.07% and the one-month net return
for May 2025 is 3.65%.
Review/Approval – FPIF Monthly Investment Summaries (April, May and June 2025): The Board reviewed
the FPIF Monthly Investments Summaries for the periods April 30, 2025, May 31, 2025, and June 30,
2025. As of June 30, 2025, the one-month total net return is 3.4% vs. the FPIF policy benchmark of
3.4% and the calendar year-to-date total net return is 8.7% vs. the FPIF policy benchmark of 8.3%
for an ending market value of $10,278,127,994. The current asset allocation is as follows: Equity at
63.8%, Fixed Income at 26.4%, Alternatives at 7.9%, Cash at 1.9% and Transition and Member Funds
at 0.0%. A motion was made by Trustee Stanley and seconded by Trustee Gough to accept the Sawyer
Falduto Quarterly Report, FPIF Statements of Results and FPIF Monthly Investment Summaries as
presented. Motion carried by roll call vote.
AYES: Trustees Pasquarella, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Himmelspach
Review of Cash Projections and Cash Needs: The Board discussed the current cash projections and cash
needs and determined that no action is needed at this time.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2025
Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board
for its recordkeeping.
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.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND/SERVICE PURCHASE: Applications
for Membership – Tim Heatley, Patrick Murray and Nick Wolski: The Board discussed the Applications
for Membership submitted by Tim Heatley, Patrick Murray and Nick Wolski. Further discussion will
be held at the next regular meeting.
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Status of Baniqued Combined Creditable Service/Reciprocity: The Board discussed the potential
combination of creditable service with Barrington Firefighters' Pension Fund under reciprocity for
Dustin Baniqued and noted that no request has been submitted for calculation. Further discussion
will be held at the next regular meeting.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS/QILDROS: Status of Application for
Disability Benefits Process – Steven Dorsey: Attorney Clifford apprised the Board that all independent
medical evaluations have been received for the Steven Dorsey disability matter and that the hearing
will be scheduled for September 4, 2025 at 9:30 a.m.
Status of Qualified Illinois Domestic Relations Orders (QILDROs) – Status of Dorsey QILDRO: Attorney
Clifford apprised the Board on the status of the Dorsey QILDRO. Updates will be provided to the Board
as they become available.
Status of Gatto QILDRO: Attorney Clifford apprised the Board that there are no updates on the Gatto
QILDRO and the last correspondence with the member on this issue was December 2023. The Board
determined this item will be taken off the agenda for the next regular meeting.
Status of Olsen QILDRO: Attorney Clifford apprised the Board on the status of the Olsen QILDRO. The
QILDRO received in June 2025 was issued by a Texas court and cannot be accepted by the Board, as
QILDROs must be issued by Illinois courts. The parties have been apprised of this issue, and updates
will be provided to the Board as they become available.
Annual Independent Medical Examination – William Simmons: The Board discussed sending William
Simmons for his annual independent medical examination (IME) and noted that Attorney Clifford
will reach out to his treating physician to confirm his continued disability status. Further discussion
will be held at the next regular meeting.
OLD BUSINESS (CONTINUED): Review/Approve – RFQ for Insurance Brokers: The Board discussed
fiduciary liability insurance broker services for the Buffalo Grove Firefighters’ Pension Fund Board
of Trustees. Trustee Stanley reported his research on insurance brokers to the Board, indicating that
the incumbent broker and one other provider expressed interest. A motion was made by Trustee
Stanley and seconded by Trustee Black to execute the broker of records letter in favor of Alliant
Insurance Services, Inc. effective with the policy renewal starting January 1, 2026. Motion carried by
roll call vote.
AYES: Trustees Pasquarella, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Himmelspach
Review/Approve Annual Audit: The Board discussed the annual audit for fiscal year ending December
31, 2024 prepared by Eccezion. A motion was made by Trustee Gough and seconded by Trustee Stanley
to approve the annual audit as prepared. Motion carried by roll call vote.
AYES: Trustees Pasquarella, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Himmelspach
Discussion/Possible Action – Active Member Workshop: The Board noted that the active member
workshop for the Buffalo Grove Firefighters’ Pension Fund conducted by L&A will be held December
1, 2025 through December 3, 2025. Further discussion will be held at the next regular meeting.
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 $2,615,212 which is a $339,870 increase from the prior year contribution. The
statutory minimum contribution requirement is $1,383,215. A motion was made by Trustee Gough
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and seconded by Trustee Black to accept the Actuarial Valuation as prepared and to request a tax levy
in the amount of $2,615,212 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 Pasquarella, Gough and Black
NAYS: Trustee Stanley
ABSENT: Trustee Himmelspach
Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report
prepared by L&A. A motion was made by Trustee Pasquarella and seconded by Trustee Black to adopt
the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion
carried by roll call vote.
AYES: Trustees Pasquarella, Gough, Stanley and Black
NAYS: None
ABSENT: Trustee Himmelspach
Board Officer Elections – President and Secretary: The Board discussed Board Officer Elections and
nominated the slate of Officers as follows: Trustee Pasquarella as President and Trustee
Himmelspach as Secretary. A motion was made by Trustee Gough and seconded by Trustee Stanley to
elect the slate of Officers as stated. Motion carried unanimously by voice vote.
FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Black as the FOIA Officer and
OMA Designee. A motion was made by Trustee Gough and seconded by Trustee Black to maintain the
FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote.
ATTORNEY’S REPORT – OTTOSEN: Pension Insights for Third Quarter 2025 (Investing in Members): The
Board was provided the Third Quarter 2025 Pension Insights on investing in members prepared by
Ottosen, which Attorney Clifford reviewed with the Board.
Fiduciary Insights (July 2025) (Documenting Processes), IAFPD Fire Call Pension Pointers Spring 2025
(Social Security Fairness Act) and IAFPD Conference Presentations (June 2025): Attorney Clifford reviewed
with the Board the following training presentations: Fiduciary Insights (July 2025) (Documenting
Processes), IAFPD Fire Call Pension Pointers Spring 2025 (Social Security Fairness Act) and IAFPD
Conference Presentations (June 2025).
TRUSTEE TRAINING UPDATES: Approval of Trustee Training Registration Fees and Reimbursable
Expenses: There were no trustee registration fees or reimbursable expenses presented for approval.
Acknowledgement of Training Time from Meeting: The Board acknowledged one hour of Trustee
Training from the August 4, 2025, regular meeting.
Certification of Trustee Training Hours: This item was not discussed.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Stanley and seconded by Trustee Gough to adjourn
the meeting at 10:10 a.m. Motion carried unanimously by voice vote.
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The next regular meeting is scheduled for November 10, 2025, at 8:30 a.m.
____________________________________________________
Board Secretary
Minutes approved by the Board of Trustees on ____________________________
Minutes prepared by Molly Barker, Professional Services Administrator, Lauterbach & Amen
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MINUTES OF A SPECIAL MEETING OF THE
BUFFALO GROVE FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES
SEPTEMBER 4, 2025
A special meeting of the Buffalo Grove Firefighters’ Pension Fund Board of Trustees was held on
Monday, September 4, 2025 at 9:30 a.m. in the Buffalo Grove Village Hall located at 50 Raupp Boulevard,
Buffalo Grove, Illinois 60089, pursuant to notice.
CALL TO ORDER: President Dan Pasquarella called the meeting to order at 9:38 a.m.
ROLL CALL:
PRESENT: Trustees Dan Pasquarella, Josh Himmelspach, Thomas Gough, Larry Stanley
and Chris Black
ABSENT: None
ALSO PRESENT: Board Attorney Carolyn Clifford and Attorney Brian Johnston, Ottosen;
Applicant Firefighter Steven Dorsey, Buffalo Grove Fire Department;
Applicant's Attorney Richard Volpe, Duda Law Group, LLC; Court Reporter
Christine Vitosh, Vitosh Reporting Service
APPROVAL OF REMOTE ATTENDANCE AND FULL PARTICIPATION BY CERTAIN TRUSTEES (IF
ANY): The Board noted that there were no Trustees attending remotely.
PUBLIC COMMENT: There was no public comment.
SHARED CLOUD WEBSITE AND TABLET TRUSTEE TRAINING: The Board tabled this item until the
next regular meeting.
A court reporter was present, and a verbatim transcript was taken of the hearing.
HEARING ON THE APPLICATION FOR DISABILITY PENSION COMMENCING AT 9:30 A.M. - FF
STEVEN DORSEY: Admission of Documentary Evidence: Attorney Clifford reviewed Board Exhibits 1
through 12. Upon no objection from the Applicant's Attorney, she admitted into evidence Board Exhibits
1 through 12.
Testimony of Witnesses for the Applicant: Firefighter Steven Dorsey was sworn in and provided testimony
pertaining to his disability application. Attorney Clifford also reviewed Board Exhibit 13. Upon no
objection from the Applicant's Attorney, she admitted into evidence Board Exhibit 13. Attorney Volpe
provided closing argument to the Board.
CLOSED SESSION, IF NEEDED (SECTION 2(C)(4) OF THE OPEN MEETINGS ACT - DELIBERATION
OVER EVIDENCE AND TESTIMONY RECEIVED IN OPEN SESSIONB (5 ILCS 120/2 (C)(4)): A motion
was made by Trustee Pasquarella and seconded by Trustee Himmelspach to enter into closed session at
10:57 a.m. to deliberate under Section (c)(4) of the Open Meetings Act (5 ILCS 120/2(c)(4)). Motion
carried by roll call vote.
AYES: Trustees Pasquarella, Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: None
Open session resumed at 11:25 a.m.
HEARING ON THE APPLICATION FOR DISABILITY PENSION COMMENCING AT 9:30 A.M. - FF
STEVEN DORSEY (CONTINUED): Review and Possible Action on Application: A motion was made by
Trustee Gough and seconded by Trustee Pasquarella to grant Steven Dorsey a line of duty disability
benefit. Motion carried by roll call vote.
AYES: Trustees Pasquarella, Himmelspach, Gough, Stanley and Black
NAYS: None
ABSENT: None
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ADJOURNMENT: A motion was made by Trustee Pasquarella and seconded by Trustee Himmelspach to
adjourn the meeting at 11:26 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for November 10, 2025, at 8:30 a.m.
____________________________________________________
Board Secretary
Minutes approved by the Board of Trustees on ____________________________
Minutes prepared by Molly Barker, Professional Services Administrator, Lauterbach & Amen
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Buffalo Grove Firefighters' Pension
Fund
Monthly Financial Report
For the Month Ended
July 31, 2025
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483
www.lauterbachamen.com
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Table of Contents
Starting
on
Page
Accountants' Compilation Report............................................................................................................. 1-1
Financial Statements
Statement of Net Position - Modified Cash Basis............................................................................. 2-1
Statement of Changes in Net Position - Modified Cash Basis......................................................... 2-2
Other Supplementary Information
Pooled Investment NAV vs Accumulated Net Investments Graph.................................................3-1
Cash Analysis Report............................................................................................................................. 4-1
Cash Transfer to/from Consolidated Fund Graph............................................................................. 5-1
Revenue Report....................................................................................................................................... 6-1
Cash Analysis Summary Graph............................................................................................................ 7-1
Expense Report....................................................................................................................................... 8-1
Pension Benefits and Expenses Graph................................................................................................ 9-1
Member Contribution Report............................................................................................................... 10-1
Payroll Batch Report.............................................................................................................................. 11-1
Quarterly Deduction Report.................................................................................................................. 12-1
Quarterly Transfer Report..................................................................................................................... 13-1
Quarterly Disbursement Report........................................................................................................... 14-1
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Accountants' Compilation Report
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August 29, 2025
Buffalo Grove Firefighters' Pension Fund
1051 Highland Grove Drive
Buffalo Grove, IL 60089
To Members of the Pension Board:
Management is responsible for the accompanying interim financial statements of the Buffalo Grove
Firefighters'Pension Fund which comprise the statement of net position -modified cash basis as of July
31,2025 and the related statement of changes in net position - modified cash basis forthe seven 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 12 of 145
Financial Statements
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Assets
Cash and Cash Equivalents 9,978.93$
Investments at Fair Market Value
Money Market Mutual Funds 206,081.98
Pooled Investments*93,826,136.39
Total Cash and Investments 94,042,197.30
Total Assets 94,042,197.30
Liabilities
Expenses Due/Unpaid 9,440.00
Total Liabilities 9,440.00
Net Position Held in Trust for Pension Benefits 94,032,757.30
Buffalo Grove Firefighters' Pension Fund
Statement of Net Position - Modified Cash Basis
As of July 31, 2025
*The above amounts includes private market investments that are reported at the last known fair market value. IFPIF will issue a
13th statement that is a final fiscal year end statement and will include the mark to market adjustment for private market
investments. This final fiscal year end statement will be issued as soon as possible after they receive the final FMV's from the
investment managers.
See Accountants' Compilation Report
2-1 14 of 145
Additions
Contributions - Municipal 1,264,058.77$
Contributions - Members 390,516.91
Total Contributions 1,654,575.68
Investment Income
Interest and Dividends Earned 964,607.58
Net Change in Fair Value*7,163,181.36
Total Investment Income 8,127,788.94
Less Investment Expense (93,771.91)
Net Investment Income 8,034,017.03
Total Additions 9,688,592.71
Deductions
Administration 49,313.03
Pension Benefits and Refunds
Pension Benefits 3,068,559.39
Refunds 0.00
Total Deductions 3,117,872.42
Change in Position 6,570,720.29
Net Position Held in Trust for Pension Benefits
Beginning of Year 87,462,037.01
End of Period 94,032,757.30
Buffalo Grove Firefighters' Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Seven Months Ended July 31, 2025
*The above amounts includes private market investments that are reported at the last known fair market value. IFPIF will issue a
13th statement that is a final fiscal year end statement and will include the mark to market adjustment for private market
investments. This final fiscal year end statement will be issued as soon as possible after they receive the final FMV's from the
investment managers.
See Accountants' Compilation Report
2-2 15 of 145
Other Supplementary Information
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08/31/24 09/30/24 10/31/24 11/30/24 12/31/24 01/31/25 02/28/25 03/31/25 04/30/25 05/31/25 06/30/25 07/31/25
Financial Institutions
BMO Bank - CK 14,400$22,459 19,304 10,017 9,977 6,767 9,954 9,896 10,002 9,932 9,961 9,979
14,400 22,459 19,304 10,017 9,977 6,767 9,954 9,896 10,002 9,932 9,961 9,979
Schwab - MM 506,444 494,070 100,000 152,483 100,769 173,389 147,377 207,683 159,395 100,000 359,473 206,082
506,444 494,070 100,000 152,483 100,769 173,389 147,377 207,683 159,395 100,000 359,473 206,082
Total 520,844 516,529 119,304 162,500 110,746 180,156 157,331 217,579 169,397 109,932 369,434 216,061
Contributions
Current Tax 216,410 690,548 87,474 4,229 7,045 - 79,507 243,723 11,676 146,265 752,771 30,117
Contributions - Current Year 72,770 47,334 47,230 47,229 47,158 72,430 48,489 47,480 47,278 47,648 51,661 75,531
289,180 737,882 134,704 51,458 54,203 72,430 127,996 291,203 58,954 193,913 804,432 105,648
Expenses
Pension Benefits 414,831 414,831 436,409 420,929 421,151 432,214 432,214 439,914 441,054 441,054 441,054 441,054
Administration 21,622 23,225 16,383 12,812 29,238 15,686 9,788 42,124 16,569 13,906 6,217 38,795
436,453 438,056 452,792 433,741 450,389 447,900 442,002 482,038 457,623 454,960 447,271 479,849
Total Contributions less Expenses (147,273)299,826 (318,088) (382,283) (396,186) (375,470) (314,006) (190,835) (398,669) (261,047)357,161 (374,201)
Buffalo Grove Firefighters' Pension Fund
Cash Analysis Report
For the Twelve Periods Ending July 31, 2025
See Accountants' Compilation Report
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Buffalo Grove Firefighters' Pension Fund
(600,000)
(400,000)
(200,000)
-
200,000
400,000
600,000
800,000
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
Cash Transfers to/from Consolidated Fund
See Accountants' Compilation Report
5-1 19 of 145
Contributions
Contributions - Municipal
41-210-00 - Current Tax 30,116.84$1,264,058.77
30,116.84 1,264,058.77
Contributions - Members
41-410-00 - Contributions - Current Year 75,530.70 390,516.91
75,530.70 390,516.91
Total Contributions 105,647.54 1,654,575.68
Investment Income
Interest and Dividends
43-252-04 - Schwab - Fixed Income 434.44 3,313.24
43-800-01 - IFPIF Consolidated Pool Dividend 80,515.44 282,263.44
43-800-02 - IFPIF Consolidated Pool Interest 195,589.97 663,532.55
43-800-03 - IFPIF Contribution Interest 539.69 651.72
43-800-04 - IFPIF Consolidated Pool Derivative Income 54.01 106.46
43-800-05 - Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 12,950.40 14,690.17
290,083.95 964,557.58
Gains and Losses
44-800-01 - IFPIF Consolidated Pool - Unrealized 2,565,806.81 5,461,430.69
44-800-02 - IFPIF Consolidated Pool - Realized 834,751.57 1,701,750.67
3,400,558.38 7,163,181.36
Other Income
49-000-01 - Other Income 0.00 50.00
0.00 50.00
Total Investment Income 3,690,642.33 8,127,788.94
Total Revenue 3,796,289.87 9,782,364.62
Buffalo Grove Firefighters' Pension Fund
Revenue Report as of July 31, 2025
Received Received
this Month this Year
See Accountants' Compilation Report
6-1 20 of 145
21 of 145
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions 386,099.94$ 2,687,551.06
51-030-00 - Non-Duty Disability Pensions 5,097.09 35,679.63
51-040-00 - Duty Disability Pensions 22,872.72 160,109.04
51-060-00 - Surviving Spouse Pensions 26,984.61 185,219.66
Total Pensions and Benefits 441,054.36 3,068,559.39
Administrative
Professional Services
52-170-01 - Actuarial Services 0.00 2,460.00
52-170-02 - Auditing Services 0.00 3,282.50
52-170-03 - Accounting & Bookkeeping Services 1,215.00 12,180.00
52-170-04 - Medical Services 6,990.00 6,990.00
52-170-05 - Legal Services 1,372.50 15,685.53
52-170-06 - PSA/Court Reporter 1,250.00 8,715.00
10,827.50 49,313.03
Investment
52-190-01 - Investment Manager/Advisor Fees 0.00 3,000.00
52-190-04 - Bank Fees 0.00 275.64
52-195-01 - Administrator Expenses (IFPIF)0.00 (417.66)
52-195-02 - Other Fee & Expenses (IFPIF)9,925.89 25,370.86
52-195-03 - Management Fee (IFPIF)2,535.62 13,716.80
52-195-05 - Other Expenses (IFPIF)235.80 1,032.66
52-195-06 - Swap Fees (IFPIF)60.28 3,074.74
52-195-07 - Private Markets (P.E./R.E./P.C./I.N.F) Fees (IFPIF)15,209.44 47,718.87
27,967.03 93,771.91
Total Administrative 38,794.53 143,084.94
Total Expenses 479,848.89 3,211,644.33
Buffalo Grove Firefighters' Pension Fund
Expense Report as of July 31, 2025
See Accountants' Compilation Report
8-1 22 of 145
Buffalo Grove Firefighters' Pension Fund
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Service Non-Duty
Disability
Duty Disability Surviving Spouse Administrative
Expenses 2,687,551 35,680 160,109 185,220 143,085
Pension Benefits and Expenses
See Accountants' Compilation Report
9-1 23 of 145
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Baniqued, Dustin J.$39,260.30 6,268.98 0.00 0.00 45,529.28
Beck, Brian D.278,626.43 10,020.79 0.00 0.00 288,647.22
Beckman, Robert L.117,831.48 8,319.85 0.00 0.00 126,151.33
Budnik, Alec R.45,956.26 6,703.55 0.00 0.00 52,659.81
Caballero, Alfredo A.113,258.22 8,296.05 0.00 0.00 121,554.27
Carroll, James R.106,428.86 7,238.13 0.00 0.00 113,666.99
Chrencik, Brian J.32,294.00 5,840.66 0.00 0.00 38,134.66
Collins, Shawn J.237,165.40 10,686.18 0.00 0.00 247,851.58
Dalton, Kyle M.42,180.16 6,370.96 0.00 0.00 48,551.12
Dinsmore, Patrick S.220,518.82 7,304.24 0.00 0.00 227,823.06
Ditthardt, Kyle S.51,781.64 6,851.43 0.00 0.00 58,633.07
Doll, Franklin C.149,965.74 7,277.04 0.00 0.00 157,242.78
Dorsey, Steven M.222,169.79 441.94 0.00 0.00 222,611.73
Downey, Daniel J.66,023.88 7,598.75 0.00 0.00 73,622.63
Eaton, Austin R.27,460.31 5,663.57 0.00 0.00 33,123.88
Gatto, Kevin 232,499.63 7,312.67 0.00 0.00 239,812.30
Gemmel, John M.14,981.68 5,077.26 0.00 0.00 20,058.94
Gleeson, Michael T.21,552.50 5,429.63 0.00 0.00 26,982.13
Heatley, Timothy 0.00 1,462.46 0.00 0.00 1,462.46
Herrmann, Robert W.170,183.64 9,904.65 0.00 0.00 180,088.29
Himmelspach, Joshua R.112,606.46 7,284.17 0.00 0.00 119,890.63
Hopp, Landon S.9,573.21 5,249.75 0.00 0.00 14,822.96
Huh, Jay 87,414.64 7,446.64 0.00 0.00 94,861.28
Kane, Lawrence J.40,642.29 11,710.39 0.00 0.00 52,352.68
Kaplan, Timothy M.21,555.82 5,421.89 0.00 0.00 26,977.71
Kieras, Kamil K.3,659.45 4,488.10 0.00 0.00 8,147.55
Kiotis, Alexandra N.6,434.68 4,696.94 0.00 0.00 11,131.62
Kolder, Charles A.153,650.28 7,288.19 0.00 0.00 160,938.47
Kruse, Cody R.60,852.22 7,270.23 0.00 0.00 68,122.45
Kujawowicz, Piotr A.45,953.33 6,681.19 0.00 0.00 52,634.52
Manka, Michael J.57,215.01 7,216.41 0.00 0.00 64,431.42
McCarthy, Ryan K.112,616.92 7,262.51 0.00 0.00 119,879.43
McCormick, Chad W.113,356.68 8,349.01 0.00 0.00 121,705.69
Murray, Patrick 0.00 141.76 0.00 0.00 141.76
Navarro, William A.176,579.96 9,461.37 0.00 0.00 186,041.33
Otto, Nicholas E.182,886.63 8,394.90 0.00 0.00 191,281.53
Pasquarella, Daniel L.151,407.69 9,101.59 0.00 0.00 160,509.28
Buffalo Grove Firefighters' Pension Fund
Member Contribution Report
As of Month Ended July 31, 2025
See Accountants' Compilation Report
10-1 24 of 145
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Buffalo Grove Firefighters' Pension Fund
Member Contribution Report
As of Month Ended July 31, 2025
Petersen, Tyler M.75,693.02 7,251.82 0.00 0.00 82,944.84
Potesta, Brian N.115,143.52 7,215.31 0.00 0.00 122,358.83
Quill, Dennis W.205,431.19 7,293.56 0.00 0.00 212,724.75
Renshaw, Scott A.84,691.68 7,271.94 0.00 0.00 91,963.62
Rusin, Steven M.249,976.99 8,305.20 0.00 0.00 258,282.19
Russell, Andrew L.205,675.91 9,745.09 0.00 0.00 215,421.00
Schroeder, Adam T.35,652.64 5,878.17 0.00 0.00 41,530.81
Schroeder, Philip Q.54,288.27 7,064.86 0.00 0.00 61,353.13
Senese, Jacob M.35,660.97 6,103.44 0.00 0.00 41,764.41
Shin, Anthony J.28,177.71 5,731.50 0.00 0.00 33,909.21
Solecki, Joseph R.84,683.93 7,279.25 0.00 0.00 91,963.18
Steadman, Gary L.60,843.85 7,259.29 0.00 0.00 68,103.14
Sutherland, Eric S.55,690.07 7,193.65 0.00 0.00 62,883.72
Vena, James D.178,957.60 8,388.66 0.00 0.00 187,346.26
Wehrheim, Nicklaus J.106,403.23 7,215.41 0.00 0.00 113,618.64
Whisler, Kenneth G.31,482.21 5,861.96 0.00 0.00 37,344.17
Wojcik, Andrew C.54,291.97 7,069.68 0.00 0.00 61,361.65
Wolski, Nicholas 0.00 141.76 0.00 0.00 141.76
Wood, Scott A.112,672.32 7,265.51 0.00 0.00 119,937.83
Zabilka, David G.46,260.23 6,530.10 0.00 0.00 52,790.33
5,348,221.32 387,599.99 0.00 0.00 5,735,821.31
Morris, Jeffery W.252,736.47 2,916.92 0.00 0.00 255,653.39
Totals 5,600,957.79 390,516.91 0.00 0.00 5,991,474.70
Inactive/Terminated Members
See Accountants' Compilation Report
10-2 25 of 145
26 of 145
27 of 145
28 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
05/30/25 30647 Village of Buffalo Grove - Insurance
20-220-00 Medical Insurance - 05/25 11,371.00
20-220-00 Vision Insurance 79.40
20-220-00 Dental Insurance 935.53
ACH Amount (Direct Deposit)12,385.93
05/30/25 30648 Internal Revenue Service
20-230-00 Internal Revenue Service 51,189.56
ACH Amount (Direct Deposit)51,189.56
06/30/25 30653 Village of Buffalo Grove - Insurance
20-220-00 Medical Insurance - 06/25 11,371.00
20-220-00 Vision Insurance 79.40
20-220-00 Dental Insurance 935.53
ACH Amount (Direct Deposit)12,385.93
06/30/25 30654 Internal Revenue Service
20-230-00 Internal Revenue Service 51,381.56
ACH Amount (Direct Deposit)51,381.56
07/31/25 30663 Village of Buffalo Grove - Insurance
20-220-00 Medical Insurance - 07/25 11,371.00
20-220-00 Vision Insurance 79.40
20-220-00 Dental Insurance 935.53
ACH Amount (Direct Deposit)12,385.93
07/31/25 30664 Internal Revenue Service
20-230-00 Internal Revenue Service 51,381.56
ACH Amount (Direct Deposit)51,381.56
Total Payments 191,110.47
Buffalo Grove Firefighters' Pension Fund
Quarterly Deduction Report
All Bank Accounts
May 1, 2025 - July 31, 2025
See Accountants' Compilation Report
12-1 29 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
05/29/25 30650 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 17,600.00
ACH Amount (Direct Deposit)17,600.00
05/30/25 30651 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 253,814.68
ACH Amount (Direct Deposit)253,814.68
06/20/25 30655 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 544,103.39
ACH Amount (Direct Deposit)544,103.39
06/26/25 30656 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 19,200.00
ACH Amount (Direct Deposit)19,200.00
07/07/25 30658 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 259,473.40
ACH Amount (Direct Deposit)259,473.40
07/28/25 30665 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 13,100.00
ACH Amount (Direct Deposit)13,100.00
Total Payments 1,107,291.47
Buffalo Grove Firefighters' Pension Fund
Quarterly Transfer Report
All Bank Accounts
May 1, 2025 - July 31, 2025
See Accountants' Compilation Report
13-1 30 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
05/12/25 30646 Lauterbach & Amen, LLP
52-170-03 #103781 04/25 Accounting & Benefits 1,215.00
52-170-06 #103781 04/25 PSA 1,250.00
ACH Amount (Direct Deposit)2,465.00
05/22/25 30649 Ottosen DiNolfo, LTD
52-170-05 #13880 General 3,107.50
52-170-05 #13881 Dorsey Disability 850.00
ACH Amount (Direct Deposit)3,957.50
05/22/25 50209 BMO Bank
52-190-04 Bank Fee 43.42
Check Amount 43.42
05/31/25 50210 IFPIF
52-195-02 Other Fee & Expenses 1,485.39
52-195-03 Management Fee 1,596.95
52-195-05 Other Expenses 413.60
52-195-06 Swap Fees 5.47
52-195-07 Private Markets (P.E./R.E./P.C./I.N.F) Fees 3,938.81
Check Amount 7,440.22
06/03/25 50211 Sawyer Falduto Asset Management, LLC
52-190-01 Investment Manager/Advisor Fee 1,500.00
Check Amount 1,500.00
06/16/25 30652 Lauterbach & Amen, LLP
52-170-03 #104641 05/25 Accounting & Benefits 1,215.00
52-170-06 #104641 05/25 PSA 1,250.00
ACH Amount (Direct Deposit)2,465.00
06/23/25 50212 BMO Bank
52-190-04 Bank Fee 46.84
Check Amount 46.84
06/27/25 30657 Lauterbach & Amen, LLP
52-170-03 #105170 FYE24 IDOI 2,205.00
ACH Amount (Direct Deposit)2,205.00
07/14/25 30659 Lauterbach & Amen, LLP
52-170-03 #105732 06/25 Accounting & Benefits 1,215.00
52-170-06 #105732 06/25 PSA 1,250.00
ACH Amount (Direct Deposit)2,465.00
Buffalo Grove Firefighters' Pension Fund
Quarterly Disbursement Report
All Bank Accounts
May 1, 2025 - July 31, 2025
See Accountants' Compilation Report
14-1 31 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
07/14/25 30660 INSPE Associates, LLC
52-170-04 IME #90311 Dorsey,S 4,470.00
ACH Amount (Direct Deposit)4,470.00
07/14/25 30661 Ottosen DiNolfo, LTD
52-170-05 #15118 Dorsey Disability 137.50
52-170-05 #15117 General 1,235.00
ACH Amount (Direct Deposit)1,372.50
07/17/25 30662 INSPE Associates, LLC
52-170-04 IME #90627 Dorsey,S 2,520.00
ACH Amount (Direct Deposit)2,520.00
07/31/25 50213 IFPIF
52-195-02 Other Fee & Expenses 3,917.27
52-195-03 Management Fee 84.06
52-195-05 Other Expenses 160.08
52-195-06 Swap Fees 3.02
52-195-07 Private Markets (P.E./R.E./P.C./I.N.F) Fees 1,130.14
Check Amount 5,294.57
07/31/25 50214 IFPIF - June
52-195-02 Other Fee & Expenses 6,008.62
52-195-03 Management Fee 2,451.56
52-195-05 Other Expenses 75.72
52-195-06 Swap Fees 57.26
52-195-07 Private Markets (P.E./R.E./P.C./I.N.F) Fees 14,079.30
Check Amount 22,672.46
Total Payments 58,917.51
Buffalo Grove Firefighters' Pension Fund
Quarterly Disbursement Report
All Bank Accounts
May 1, 2025 - July 31, 2025
See Accountants' Compilation Report
14-2 32 of 145
Buffalo Grove Firefighters' Pension
Fund
Monthly Financial Report
For the Month Ended
August 31, 2025
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483
www.lauterbachamen.com
33 of 145
Buffalo Grove Firefighters' Pension Fund
Table of Contents
Starting
on
Page
Accountants' Compilation Report............................................................................................................. 1-1
Financial Statements
Statement of Net Position - Modified Cash Basis............................................................................. 2-1
Statement of Changes in Net Position - Modified Cash Basis......................................................... 2-2
Other Supplementary Information
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
34 of 145
Accountants' Compilation Report
35 of 145
September 25, 2025
Buffalo Grove Firefighters' Pension Fund
1051 Highland Grove Drive
Buffalo Grove, IL 60089
To Members of the Pension Board:
Management is responsible for the accompanying interim financial statements of the Buffalo Grove
Firefighters'Pension Fund which comprise the statement of net position -modified cash basis as of
August 31,2025 and the related statement of changes in net position - modified cash basis for the eight
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 donot express an opinion,a conclusion, norprovide anyform
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 36 of 145
Financial Statements
37 of 145
Assets
Cash and Cash Equivalents 11,248.99$
Investments at Fair Market Value
Money Market Mutual Funds 192,435.02
Pooled Investments*95,490,929.49
Total Cash and Investments 95,694,613.50
Total Assets 95,694,613.50
Liabilities
Expenses Due/Unpaid 9,440.00
Total Liabilities 9,440.00
Net Position Held in Trust for Pension Benefits 95,685,173.50
Buffalo Grove Firefighters' Pension Fund
Statement of Net Position - Modified Cash Basis
As of August 31, 2025
*The above amounts includes private market investments that are reported at the last known fair market value. IFPIF will issue a
13th statement that is a final fiscal year end statement and will include the mark to market adjustment for private market
investments. This final fiscal year end statement will be issued as soon as possible after they receive the final FMV's from the
investment managers.
See Accountants' Compilation Report
2-1 38 of 145
Additions
Contributions - Municipal 1,304,547.89$
Contributions - Members 441,948.36
Total Contributions 1,746,496.25
Investment Income
Interest and Dividends Earned 1,088,859.92
Net Change in Fair Value*9,078,500.92
Total Investment Income 10,167,360.84
Less Investment Expense (109,128.81)
Net Investment Income 10,058,232.03
Total Additions 11,804,728.28
Deductions
Administration 71,902.24
Pension Benefits and Refunds
Pension Benefits 3,509,689.55
Refunds 0.00
Total Deductions 3,581,591.79
Change in Position 8,223,136.49
Net Position Held in Trust for Pension Benefits
Beginning of Year 87,462,037.01
End of Period 95,685,173.50
Buffalo Grove Firefighters' Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Eight Months Ended August 31, 2025
*The above amounts includes private market investments that are reported at the last known fair market value. IFPIF will issue a
13th statement that is a final fiscal year end statement and will include the mark to market adjustment for private market
investments. This final fiscal year end statement will be issued as soon as possible after they receive the final FMV's from the
investment managers.
See Accountants' Compilation Report
2-2 39 of 145
Other Supplementary Information
40 of 145
41 of 145
09/30/24 10/31/24 11/30/24 12/31/24 01/31/25 02/28/25 03/31/25 04/30/25 05/31/25 06/30/25 07/31/25 08/31/25
Financial Institutions
BMO Bank - CK 22,459$19,304 10,017 9,977 6,767 9,954 9,896 10,002 9,932 9,961 9,979 11,249
22,459 19,304 10,017 9,977 6,767 9,954 9,896 10,002 9,932 9,961 9,979 11,249
Schwab - MM 494,070 100,000 152,483 100,769 173,389 147,377 207,683 159,395 100,000 359,473 206,082 192,435
494,070 100,000 152,483 100,769 173,389 147,377 207,683 159,395 100,000 359,473 206,082 192,435
Total 516,529 119,304 162,500 110,746 180,156 157,331 217,579 169,397 109,932 369,434 216,061 203,684
Contributions
Current Tax 690,548 87,474 4,229 7,045 - 79,507 243,723 11,676 146,265 752,771 30,117 40,489
Contributions - Current Year 47,334 47,230 47,229 47,158 72,430 48,489 47,480 47,278 47,648 51,661 75,531 51,431
737,882 134,704 51,458 54,203 72,430 127,996 291,203 58,954 193,913 804,432 105,648 91,920
Expenses
Pension Benefits 414,831 436,409 420,929 421,151 432,214 432,214 439,914 441,054 441,054 441,054 441,054 441,130
Administration 23,225 16,383 12,812 29,238 15,686 9,788 42,124 16,569 13,906 6,217 38,795 37,946
438,056 452,792 433,741 450,389 447,900 442,002 482,038 457,623 454,960 447,271 479,849 479,076
Total Contributions less Expenses 299,826 (318,088) (382,283) (396,186) (375,470) (314,006) (190,835) (398,669) (261,047)357,161 (374,201) (387,156)
Buffalo Grove Firefighters' Pension Fund
Cash Analysis Report
For the Twelve Periods Ending August 31, 2025
See Accountants' Compilation Report
4-1 42 of 145
43 of 145
Buffalo Grove Firefighters' Pension Fund
(600,000)
(400,000)
(200,000)
-
200,000
400,000
600,000
800,000
Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
Cash Transfers to/from Consolidated Fund
See Accountants' Compilation Report
5-1 44 of 145
Contributions
Contributions - Municipal
41-210-00 - Current Tax 40,489.12$1,304,547.89
40,489.12 1,304,547.89
Contributions - Members
41-410-00 - Contributions - Current Year 51,431.45 441,948.36
51,431.45 441,948.36
Total Contributions 91,920.57 1,746,496.25
Investment Income
Interest and Dividends
43-252-04 - Schwab - Fixed Income 514.45 3,827.69
43-800-01 - IFPIF Consolidated Pool Dividend 44,328.69 326,592.13
43-800-02 - IFPIF Consolidated Pool Interest 104,891.72 768,424.27
43-800-03 - IFPIF Contribution Interest 217.19 868.91
43-800-04 - IFPIF Consolidated Pool Derivative Income 0.00 106.46
43-800-05 - IFPIF Consolidated Pool Private Markets Income (25,699.71)(11,009.54)
124,252.34 1,088,809.92
Gains and Losses
44-800-01 - IFPIF Consolidated Pool - Unrealized 410,089.54 5,871,520.23
44-800-02 - IFPIF Consolidated Pool - Realized 1,505,230.02 3,206,980.69
1,915,319.56 9,078,500.92
Other Income
49-000-01 - Other Income 0.00 50.00
0.00 50.00
Total Investment Income 2,039,571.90 10,167,360.84
Total Revenue 2,131,492.47 11,913,857.09
Buffalo Grove Firefighters' Pension Fund
Revenue Report as of August 31, 2025
Received Received
this Month this Year
See Accountants' Compilation Report
6-1 45 of 145
FYE 12/31/25 FYE 12/31/24 FYE 12/31/23 FYE 12/31/22
Property Taxes Received
Property Tax - January 0.00$877.37 147,929.53 274.89
Property Tax - February 79,506.73 64,180.35 1,349.50 107,382.63
Property Tax - March 243,723.13 210,955.49 160,268.25 245,559.32
Property Tax - April 11,675.64 0.00 190,568.05 9,674.40
Property Tax - May 146,265.45 99,669.98 54,225.91 88,594.37
Property Tax - June 752,770.98 805,934.01 655,392.59 704,971.10
Property Tax - July 30,116.84 154,068.93 62,216.04 135,522.67
Property Tax - August 40,489.12 216,409.75 17,478.79 31,377.59
Property Tax - September 0.00 690,547.81 477,571.95 595,633.84
Property Tax - October 0.00 87,474.37 130,885.81 179,196.89
Property Tax - November 0.00 4,229.23 103,923.09 22,202.76
Property Tax - December*0.00 7,044.96 11,755.57 290,193.67
Total Taxes Received 1,304,547.89 2,341,392.25 2,013,565.08 2,410,584.13
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 13,500.40 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 13,500.40 0.00
Total Employer Contributions 1,304,547.89 2,341,392.25 2,027,065.48 2,410,584.13
Private Actuary Recommended Contribution**2,275,342.00 2,221,220.00 1,872,940.00 2,424,085.00
Percent Received %57.33 %105.41 %108.23 %99.44
IFPIF/IPOPIF Minimum Contribution 1,543,130.00 1,587,421.00 1,808,426.00 1,997,394.00
Percent Received %84.54 %147.50 %112.09 %120.69
*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 Firefighters' Pension Fund
Municipal Revenue as of August 31, 2025
See Accountants' Compilation Report
7-1 46 of 145
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions 386,175.74$ 3,073,726.80
51-030-00 - Non-Duty Disability Pensions 5,097.09 40,776.72
51-040-00 - Duty Disability Pensions 22,872.72 182,981.76
51-060-00 - Surviving Spouse Pensions 26,984.61 212,204.27
Total Pensions and Benefits 441,130.16 3,509,689.55
Administrative
Professional Services
52-170-01 - Actuarial Services 0.00 2,460.00
52-170-02 - Auditing Services 8,750.00 12,032.50
52-170-03 - Accounting & Bookkeeping Services 1,215.00 13,395.00
52-170-04 - Medical Services 3,075.00 10,065.00
52-170-05 - Legal Services 8,259.21 23,944.74
52-170-06 - PSA/Court Reporter 1,250.00 9,965.00
22,549.21 71,862.24
Investment
52-190-01 - Investment Manager/Advisor Fees 0.00 3,000.00
52-190-04 - Bank Fees 10.57 286.21
52-195-01 - Administrator Expenses (IFPIF)0.00 (417.66)
52-195-02 - Other Fee & Expenses (IFPIF)3,017.19 28,388.05
52-195-03 - Management Fee (IFPIF)8,088.84 21,805.64
52-195-05 - Other Expenses (IFPIF)145.40 1,178.06
52-195-06 - Swap Fees (IFPIF)3.26 3,078.00
52-195-07 - Private Markets Fees (IFPIF)4,091.64 51,810.51
15,356.90 109,128.81
Other Expense
52-290-26 - Association Dues 40.00 40.00
40.00 40.00
Total Administrative 37,946.11 181,031.05
Total Expenses 479,076.27 3,690,720.60
Buffalo Grove Firefighters' Pension Fund
Expense Report as of August 31, 2025
See Accountants' Compilation Report
8-1 47 of 145
Buffalo Grove Firefighters' Pension Fund
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Service Non-Duty
Disability
Duty Disability Surviving Spouse Administrative
Expenses 3,073,727 40,777 182,982 212,204 181,031
Pension Benefits and Expenses
See Accountants' Compilation Report
9-1 48 of 145
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Baniqued, Dustin J.$39,260.30 7,072.96 0.00 0.00 46,333.26
Beck, Brian D.278,626.43 11,261.57 0.00 0.00 289,888.00
Beckman, Robert L.117,831.48 9,434.34 0.00 0.00 127,265.82
Budnik, Alec R.45,956.26 7,565.67 0.00 0.00 53,521.93
Caballero, Alfredo A.113,258.22 9,410.54 0.00 0.00 122,668.76
Carroll, James R.106,428.86 8,219.34 0.00 0.00 114,648.20
Chrencik, Brian J.32,294.00 6,628.24 0.00 0.00 38,922.24
Collins, Shawn J.237,165.40 12,030.04 0.00 0.00 249,195.44
Dalton, Kyle M.42,180.16 7,233.08 0.00 0.00 49,413.24
Dinsmore, Patrick S.220,518.82 8,228.72 0.00 0.00 228,747.54
Ditthardt, Kyle S.51,781.64 7,775.91 0.00 0.00 59,557.55
Doll, Franklin C.149,965.74 8,201.52 0.00 0.00 158,167.26
Dorsey, Steven M.222,169.79 441.94 0.00 0.00 222,611.73
Downey, Daniel J.66,023.88 8,605.03 0.00 0.00 74,628.91
Eaton, Austin R.27,460.31 6,413.33 0.00 0.00 33,873.64
Gatto, Kevin 232,499.63 8,237.15 0.00 0.00 240,736.78
Gemmel, John M.14,981.68 5,729.28 0.00 0.00 20,710.96
Gleeson, Michael T.21,552.50 6,128.81 0.00 0.00 27,681.31
Heatley, Timothy C.0.00 1,989.41 0.00 0.00 1,989.41
Herrmann, Robert W.170,183.64 11,145.43 0.00 0.00 181,329.07
Himmelspach, Joshua R.112,606.46 8,208.65 0.00 0.00 120,815.11
Hopp, Landon S.9,573.21 5,922.15 0.00 0.00 15,495.36
Huh, Jay 87,414.64 8,418.40 0.00 0.00 95,833.04
Kane, Lawrence J.40,642.29 13,210.11 0.00 0.00 53,852.40
Kaplan, Timothy M.21,555.82 6,121.07 0.00 0.00 27,676.89
Kieras, Kamil K.3,659.45 5,096.18 0.00 0.00 8,755.63
Kiotis, Alexandra N.6,434.68 5,305.02 0.00 0.00 11,739.70
Kolder, Charles A.153,650.28 8,212.67 0.00 0.00 161,862.95
Kruse, Cody R.60,852.22 8,194.71 0.00 0.00 69,046.93
Kujawowicz, Piotr A.45,953.33 7,543.31 0.00 0.00 53,496.64
Manka, Michael J.57,215.01 8,140.89 0.00 0.00 65,355.90
McCarthy, Ryan K.112,616.92 8,186.99 0.00 0.00 120,803.91
McCormick, Chad W.113,356.68 9,406.77 0.00 0.00 122,763.45
Murray, Patrick 0.00 708.82 0.00 0.00 708.82
Navarro, William A.176,579.96 10,656.72 0.00 0.00 187,236.68
Otto, Nicholas E.182,886.63 9,452.66 0.00 0.00 192,339.29
Pasquarella, Daniel L.151,407.69 10,264.47 0.00 0.00 161,672.16
Buffalo Grove Firefighters' Pension Fund
Member Contribution Report
As of Month Ended August 31, 2025
See Accountants' Compilation Report
10-1 49 of 145
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Buffalo Grove Firefighters' Pension Fund
Member Contribution Report
As of Month Ended August 31, 2025
Petersen, Tyler M.75,693.02 8,176.30 0.00 0.00 83,869.32
Potesta, Brian N.115,143.52 8,196.52 0.00 0.00 123,340.04
Quill, Dennis W.205,431.19 8,218.04 0.00 0.00 213,649.23
Renshaw, Scott A.84,691.68 8,196.42 0.00 0.00 92,888.10
Rusin, Steven M.249,976.99 9,362.96 0.00 0.00 259,339.95
Russell, Andrew L.205,675.91 10,973.55 0.00 0.00 216,649.46
Schroeder, Adam T.35,652.64 6,682.15 0.00 0.00 42,334.79
Schroeder, Philip Q.54,288.27 7,989.34 0.00 0.00 62,277.61
Senese, Jacob M.35,660.97 6,907.42 0.00 0.00 42,568.39
Shin, Anthony J.28,177.71 6,481.26 0.00 0.00 34,658.97
Solecki, Joseph R.84,683.93 8,203.73 0.00 0.00 92,887.66
Steadman, Gary L.60,843.85 8,183.77 0.00 0.00 69,027.62
Sutherland, Eric S.55,690.07 8,118.13 0.00 0.00 63,808.20
Vena, James D.178,957.60 9,446.42 0.00 0.00 188,404.02
Wehrheim, Nicklaus J.106,403.23 8,196.62 0.00 0.00 114,599.85
Whisler, Kenneth G.31,482.21 6,611.72 0.00 0.00 38,093.93
Wojcik, Andrew C.54,291.97 7,994.16 0.00 0.00 62,286.13
Wolski, Nicholas C.0.00 708.82 0.00 0.00 708.82
Wood, Scott A.112,672.32 8,189.99 0.00 0.00 120,862.31
Zabilka, David G.46,260.23 7,392.22 0.00 0.00 53,652.45
5,348,221.32 439,031.44 0.00 0.00 5,787,252.76
Morris, Jeffery W.252,736.47 2,916.92 0.00 0.00 255,653.39
Totals 5,600,957.79 441,948.36 0.00 0.00 6,042,906.15
Inactive/Terminated Members
See Accountants' Compilation Report
10-2 50 of 145
51 of 145
52 of 145
53 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
06/30/25 30653 Village of Buffalo Grove - Insurance
20-220-00 Medical Insurance - 06/25 11,371.00
20-220-00 Vision Insurance 79.40
20-220-00 Dental Insurance 935.53
ACH Amount (Direct Deposit)12,385.93
06/30/25 30654 Internal Revenue Service
20-230-00 Internal Revenue Service 51,381.56
ACH Amount (Direct Deposit)51,381.56
07/31/25 30663 Village of Buffalo Grove - Insurance
20-220-00 Medical Insurance - 07/25 11,371.00
20-220-00 Vision Insurance 79.40
20-220-00 Dental Insurance 935.53
ACH Amount (Direct Deposit)12,385.93
07/31/25 30664 Internal Revenue Service
20-230-00 Internal Revenue Service 51,381.56
ACH Amount (Direct Deposit)51,381.56
08/29/25 30670 Village of Buffalo Grove - Insurance
20-220-00 Medical Insurance - 08/25 11,371.00
20-220-00 Vision Insurance 79.40
20-220-00 Dental Insurance 935.53
ACH Amount (Direct Deposit)12,385.93
08/29/25 30671 Internal Revenue Service
20-230-00 Internal Revenue Service 51,388.56
ACH Amount (Direct Deposit)51,388.56
Total Payments 191,309.47
Buffalo Grove Firefighters' Pension Fund
Quarterly Deduction Report
All Bank Accounts
June 1, 2025 - August 31, 2025
See Accountants' Compilation Report
12-1 54 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
06/20/25 30655 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 544,103.39
ACH Amount (Direct Deposit)544,103.39
06/26/25 30656 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 19,200.00
ACH Amount (Direct Deposit)19,200.00
07/07/25 30658 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 259,473.40
ACH Amount (Direct Deposit)259,473.40
07/28/25 30665 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 13,100.00
ACH Amount (Direct Deposit)13,100.00
08/07/25 30666 The Northern Trust Company
13-800-01 Buffalo Grove Firefighters Pension Fund 106,081.98
ACH Amount (Direct Deposit)106,081.98
Total Payments 941,958.77
Buffalo Grove Firefighters' Pension Fund
Quarterly Transfer Report
All Bank Accounts
June 1, 2025 - August 31, 2025
See Accountants' Compilation Report
13-1 55 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
06/03/25 50211 Sawyer Falduto Asset Management, LLC
52-190-01 Investment Manager/Advisor Fee 1,500.00
Check Amount 1,500.00
06/16/25 30652 Lauterbach & Amen, LLP
52-170-03 #104641 05/25 Accounting & Benefits 1,215.00
52-170-06 #104641 05/25 PSA 1,250.00
ACH Amount (Direct Deposit)2,465.00
06/23/25 50212 BMO Bank
52-190-04 Bank Fee 46.84
Check Amount 46.84
06/27/25 30657 Lauterbach & Amen, LLP
52-170-03 #105170 FYE24 IDOI 2,205.00
ACH Amount (Direct Deposit)2,205.00
07/14/25 30659 Lauterbach & Amen, LLP
52-170-03 #105732 06/25 Accounting & Benefits 1,215.00
52-170-06 #105732 06/25 PSA 1,250.00
ACH Amount (Direct Deposit)2,465.00
07/14/25 30660 INSPE Associates, LLC
52-170-04 IME #90311 Dorsey,S 4,470.00
ACH Amount (Direct Deposit)4,470.00
07/14/25 30661 Ottosen DiNolfo, LTD
52-170-05 #15118 Dorsey Disability 137.50
52-170-05 #15117 General 1,235.00
ACH Amount (Direct Deposit)1,372.50
07/17/25 30662 INSPE Associates, LLC
52-170-04 IME #90627 Dorsey,S 2,520.00
ACH Amount (Direct Deposit)2,520.00
07/31/25 50213 IFPIF
52-195-02 Other Fee & Expenses 3,917.27
52-195-03 Management Fee 84.06
52-195-05 Other Expenses 160.08
52-195-06 Swap Fees 3.02
52-195-07 Private Markets (P.E./R.E./P.C./I.N.F) Fees 1,130.14
Check Amount 5,294.57
Buffalo Grove Firefighters' Pension Fund
Quarterly Disbursement Report
All Bank Accounts
June 1, 2025 - August 31, 2025
See Accountants' Compilation Report
14-1 56 of 145
Check Invoice Check
Date Number Vendor Name Amount Amount
07/31/25 50214 IFPIF - June
52-195-02 Other Fee & Expenses 6,008.62
52-195-03 Management Fee 2,451.56
52-195-05 Other Expenses 75.72
52-195-06 Swap Fees 57.26
52-195-07 Private Markets (P.E./R.E./P.C./I.N.F) Fees 14,079.30
Check Amount 22,672.46
08/07/25 30667 INSPE Associates, LLC
52-170-04 IME #90474 Dorsey,S 3,075.00
ACH Amount (Direct Deposit)3,075.00
08/11/25 30668 Lauterbach & Amen, LLP
52-170-03 #107039 07/25 Accounting & Benefits 1,215.00
52-170-06 #107039 07/25 PSA 1,250.00
ACH Amount (Direct Deposit)2,465.00
08/18/25 30669 Ottosen DiNolfo, LTD
52-170-05 #15741 General 1,485.00
52-170-05 #14448 General 3,985.00
52-170-05 #15742 Dorsey Disability 1,862.50
52-170-05 #14449 Dorsey Disability 926.71
ACH Amount (Direct Deposit)8,259.21
08/20/25 30672 Eccezion, Ltd.
52-170-02 #480600 Audit Service 8,750.00
Check Amount 8,750.00
08/22/25 50215 BMO Bank
52-190-04 Bank Fee 10.57
Check Amount 10.57
08/28/25 30673 IPFA
52-290-26 Association Dues 2025 0.00
52-290-26 Stanley,L - 50%40.00
ACH Amount (Direct Deposit)40.00
08/31/25 50216 IFPIF
52-195-02 Other Fee & Expenses 3,017.19
52-195-03 Management Fee 8,088.84
52-195-05 Other Expenses 145.40
52-195-06 Swap Fees 3.26
52-195-07 Private Markets (P.E./R.E./P.C./I.N.F) Fees 4,091.64
Check Amount 15,346.33
Total Payments 82,957.48
Buffalo Grove Firefighters' Pension Fund
Quarterly Disbursement Report
All Bank Accounts
June 1, 2025 - August 31, 2025
See Accountants' Compilation Report
14-2 57 of 145
Quarterly Report
Buffalo Grove Firefighters’ Pension Fund
Presented by:
Thomas S. Sawyer, Managing Partner
John J. Falduto, Managing Partner
Edward J. Lavin, Chief Investment Officer
Sawyer Falduto Asset Management, LLC
589 S. York St.
Elmhurst, IL 60126
O: (630) 941-8560
www.sawyerfalduto.com
s of ^eƉteŵďer ϯϬ͕ ϮϬϮϱ
58 of 145
Table of Contents
Cash Flow and Performance Review ............................................................................................................................................................................... 3
Portfolio Value vs Cumulative Net Investment ............................................................................................................................................................... 4
Holdings ........................................................................................................................................................................................................................... 5
Transactions .................................................................................................................................................................................................................... 6
Market Commentary ....................................................................................................................................................................................................... 7
Buffalo Grove Firefighters' Pension Fund As of September 30, 2025
There may be a slight difference in the ending value between this report and the Schwab statement due to accrued income, timing of transactions,
and/or rounding. The Schwab statement continues to be the official custodial record for the account.
SFAM Page 2 of 10
59 of 145
Disclosures
Information in this report was compiled using data from the custodian available as of the publishing date. While we believe the data to be reliable,we do not independently verify pricing and valuation data. Please refer to the official statements provided by the account custodian.
All date period references are on a calendar year basis. Fiscal year reports are available upon request.
Past performance does not guarantee future investment results.
Performance Review
Index
Quarter 1
Return
Quarter 2
Return
Quarter 3
Return
Year to Date
Return
S&P 500 Composite (4.3%)10.9%8.1%14.8%
Russell 2000 (9.5%)8.5%12.4%10.4%
MSCI EAFE Net 6.9%11.8%4.8%25.1%
Blended FI 3.0%1.7%2.0%6.7%
M-Star MMF 1.0%1.0%1.0%3.0%
Long-Term Performance
Index 1 YearReturn 3 YearReturn 5 YearReturn 10 YearReturn
S&P 500 Composite 17.6%24.9%16.5%15.3%
Russell 2000 10.8%15.2%11.6%9.8%
MSCI EAFE Net 15.0%21.7%11.2%8.2%
Blended FI 4.0%5.3%0.1%1.8%
M-Star MMF 4.1%4.5%2.8%1.9%
Returns for periods exceeding 12 months are annualized.
Cash Flow
Quarter 3 Year to Date
Beginning Market Value $359,473 $100,769
Contributions / Additions $791,793 $2,340,721
Distributions ($1,025,193)($2,315,296)
Income/Expenses ($45)($166)
Ending Market Value $126,029 $126,029
Buffalo Grove Firefighters' Pension Fund
Cash Flow and Performance Review
Buffalo Grove Firefighters' Pension Fund As of September 30, 2025 SFAM Page 3 of 10
60 of 145
Inception to Date
(9/30/2010)
Beginning Market Value $28,366,426
Receipts of Securities $0
Contributions / Additions $40,452,159
Distributions ($122,992,400)
Ending Market Value $126,029
Investment Return $54,299,843
Buffalo Grove Firefighters' Pension Fund
Portfolio Value vs Cumulative Net Investment
Buffalo Grove Firefighters' Pension Fund As of September 30, 2025 SFAM Page 4 of 10
61 of 145
Weight Description Symbol
Moody's
Rating
S&P
Rating Quantity Value
Current
Yield
Annual
Income
Cash Equivalent
Cash Equivalent
Cash Equivalent
100.0%Schwab Government Money
Fund
SWGXX $126,029 3.8%$4,726
100.0%Total $126,029 3.8%$4,726
Buffalo Grove Firefighters' Pension Fund
Holdings
Buffalo Grove Firefighters' Pension Fund As of September 30, 2025 SFAM Page 5 of 10
62 of 145
Trade Date Activity Description Quantity Amount
Accrued
Interest
9/26/2025 Deposit Schwab Government
Money Fund
$243
9/25/2025 Deposit Schwab GovernmentMoney Fund $25,786
9/22/2025 Withdrawal Schwab Government
Money Fund
$429,331
9/19/2025 Deposit Schwab Government
Money Fund
$403,262
9/15/2025 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 506.17 $506
9/11/2025 Deposit Schwab Government
Money Fund
$25,563
9/8/2025 Withdrawal Schwab Government
Money Fund
$230,307
9/5/2025 Deposit Schwab GovernmentMoney Fund $139,372
9/3/2025 Expense
(Management Fee)
Schwab Government
Money Fund
$1,500
8/28/2025 Deposit Schwab Government
Money Fund
$25,878
8/22/2025 Deposit Schwab GovernmentMoney Fund $28,258
8/20/2025 Deposit Schwab Government
Money Fund
$2,184
8/18/2025 Deposit Schwab Government
Money Fund
$1
8/15/2025 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 514.45 $514
8/14/2025 Deposit Schwab Government
Money Fund
$25,553
8/8/2025 Deposit Schwab Government
Money Fund
$10,046
8/1/2025 Withdrawal Schwab GovernmentMoney Fund $106,082
7/31/2025 Deposit Schwab Government
Money Fund
$26,136
7/28/2025 Deposit Schwab Government
Money Fund
$17,573
7/17/2025 Deposit Schwab GovernmentMoney Fund $24,652
7/15/2025 Income (Reinvested
Dividend)
Schwab Government
Money Fund
434.44 $434
7/8/2025 Deposit Schwab Government
Money Fund
$12,544
7/3/2025 Deposit Schwab GovernmentMoney Fund $24,743
7/1/2025 Withdrawal Schwab Government
Money Fund
$259,473
Buffalo Grove Firefighters' Pension Fund
From June 30, 2025 to September 30, 2025
Transactions
Buffalo Grove Firefighters' Pension Fund As of September 30, 2025 SFAM Page 6 of 10
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Buffalo Grove Firefighters Pension Fund
Disclaimer / Important Information:The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns.
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party
information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does
not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial
reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable
laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions
made in reliance on information contained in this report.
NTAC:3NS-20
Statement of Results
Illinois Firefighters Pension Investment Fund
Currency: USD ($)June 2025 2025 YTD
Beginning NAVs:
Beginning NAV 90,258,018.74 87,360,730.88
Contributions 563,365.26 1,414,076.58
Withdrawals 465,000.00 2,790,000.00
Net Time Weighted Activity -203,841.32
Allocation Balance 90,054,177.42
Allocation Percent 0.91%
Income & Expenses:
Unrealized Gain/Loss 2,123,223.13 5,018,847.01
Realized Gain/Loss 819,434.02 1,686,433.12
Dividend Income 53,768.48 255,516.48
Interest Income 99,847.73 567,790.31
Derivative Income 54.01 106.46
Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 5,446.62 7,186.39
Income Adjustments for the period
Other Income 0.00 0.00
Total Income 3,101,773.99 7,535,879.77
Administrator Expenses (FPIF)--417.66
Other Fee & Expenses (FPIF)6,008.62 21,453.59
Other Expenses 75.72 872.58
Swap Fees 57.26 3,071.72
Private Markets (P.E./R.E./P.C./I.N.F) Fees 14,079.30 46,588.73
Management Fee 2,451.56 13,632.74
Total Fee & Expenses 22,672.46 85,201.70
Net Income 3,079,101.53 7,450,678.07
Ending NAVs:
Ending NAV 93,435,485.53 93,435,485.53
Rate of Returns:
Return on Invested Capital 3.42%8.68%
Return on Total Assets 3.41%8.66%
Ownership 0.91%
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Buffalo Grove Firefighters Pension Fund
Portfolio Activity Report
From 6/1/2025 To 6/30/2025
(Report as of July 17, 2025)
Date Name Base Amount Cash Amount Note
Client Activities:
6/13/2025 Buffalo Grove 465,000.00 (465,000.00)PPF PAYMENT TRANSFER FROM MEMBER FUND ACCOUNT ON NT PLATFORM
TO EXTERNAL MEMBER FUND ACCT6/20/2025 Buffalo Grove 544,103.39 544,103.39 Received ACH for Member Fund Contribution.
6/26/2025 Buffalo Grove 19,200.00 19,200.00 RECEIVED ACH FOR MEMBER FUND CONTRIBUTION.
Total Client Activities:1,028,303.39 98,303.39
Investment Activities:
6/6/2025 Illinois Firefighters Pension Investment Fund 61.87 (61.87)INTEREST EARNED ON MEMBER FUND CONTRIBUTIONS PLAN #130
6/13/2025 Illinois Firefighters Pension Investment Fund 465,000.00 465,000.00 PPF TRANSFER TRANSFER FROM FPIF MAIN CASH ACCT TO MEMBER FUND
CASH ACCOUNT ON NT PLATFORM6/27/2025 Illinois Firefighters Pension Investment Fund 563,303.39 (563,303.39)MEMBER FUND CONTRIBUTION PLAN #130
Total Investment Activities:1,028,365.26 (98,365.26)
Total Portfolio Activites:2,056,668.65 (61.87)
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Buffalo Grove Firefighters Pension Fund
Disclaimer / Important Information:The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns.
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party
information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does
not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial
reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable
laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions
made in reliance on information contained in this report.
NTAC:3NS-20
Statement of Results
Illinois Firefighters Pension Investment Fund
Currency: USD ($)July 2025 2025 YTD
Beginning NAVs:
Beginning NAV 93,435,485.53 87,360,730.88
Contributions 273,051.22 1,687,127.80
Withdrawals 465,000.00 3,255,000.00
Net Time Weighted Activity -118,530.11
Allocation Balance 93,316,955.42
Allocation Percent 0.91%
Income & Expenses:
Unrealized Gain/Loss 442,583.68 5,461,430.69
Realized Gain/Loss 15,317.55 1,701,750.67
Dividend Income 26,746.96 282,263.44
Interest Income 95,742.24 663,532.55
Derivative Income -106.46
Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 7,503.78 14,690.17
Income Adjustments for the period
Other Income -0.00
Total Income 587,894.21 8,123,773.98
Administrator Expenses (FPIF)--417.66
Other Fee & Expenses (FPIF)3,917.27 25,370.86
Other Expenses 160.08 1,032.66
Swap Fees 3.02 3,074.74
Private Markets (P.E./R.E./P.C./I.N.F) Fees 1,130.14 47,718.87
Management Fee 84.06 13,716.80
Total Fee & Expenses 5,294.57 90,496.27
Net Income 582,599.64 8,033,277.71
Ending NAVs:
Ending NAV 93,826,136.39 93,826,136.39
Rate of Returns:
Return on Invested Capital 0.62%9.36%
Return on Total Assets 0.62%9.33%
Ownership 0.91%
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Buffalo Grove Firefighters Pension Fund
Disclaimer / Important Information:The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns.
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party
information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does
not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial
reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable
laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions
made in reliance on information contained in this report.
NTAC:3NS-20
Statement of Results
Illinois Firefighters Pension Investment Fund
Currency: USD ($)August 2025 2025 YTD
Beginning NAVs:
Beginning NAV 93,826,136.39 87,360,730.88
Contributions 106,299.17 1,793,426.97
Withdrawals 465,000.00 3,720,000.00
Net Time Weighted Activity -208,228.86
Allocation Balance 93,617,907.53
Allocation Percent 0.91%
Income & Expenses:
Unrealized Gain/Loss 410,089.54 5,871,520.23
Realized Gain/Loss 1,505,230.02 3,206,980.69
Dividend Income 44,328.69 326,592.13
Interest Income 104,891.72 768,424.27
Derivative Income -106.46
Private Markets (P.E./R.E./P.C./I.N.F) Income Earned -25,699.71 -11,009.54
Income Adjustments for the period
Other Income 0.00 0.00
Total Income 2,038,840.26 10,162,614.24
Administrator Expenses (FPIF)--417.66
Other Fee & Expenses (FPIF)3,017.19 28,388.05
Other Expenses 145.40 1,178.06
Swap Fees 3.26 3,078.00
Private Markets (P.E./R.E./P.C./I.N.F) Fees 4,091.64 51,810.51
Management Fee 8,088.84 21,805.64
Total Fee & Expenses 15,346.33 105,842.60
Net Income 2,023,493.93 10,056,771.64
Ending NAVs:
Ending NAV 95,490,929.49 95,490,929.49
Rate of Returns:
Return on Invested Capital 2.16%11.72%
Return on Total Assets 2.16%11.70%
Ownership 0.91%
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Buffalo Grove Firefighters Pension Fund
Disclaimer / Important Information:The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns.
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party
information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does
not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial
reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable
laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions
made in reliance on information contained in this report.
NTAC:3NS-20
Statement of Results
Illinois Firefighters Pension Investment Fund
Currency: USD ($)September 2025 2025 YTD
Beginning NAVs:
Beginning NAV 95,490,929.49 87,360,730.88
Contributions 682,124.67 2,475,551.64
Withdrawals 465,000.00 4,185,000.00
Net Time Weighted Activity -76,261.86
Allocation Balance 95,414,667.63
Allocation Percent 0.91%
Income & Expenses:
Unrealized Gain/Loss 1,491,554.84 7,363,075.07
Realized Gain/Loss 527,009.75 3,733,990.44
Dividend Income 54,282.36 380,874.49
Interest Income 114,878.85 883,303.12
Derivative Income 1,266.03 1,372.49
Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 5,180.46 -5,829.08
Income Adjustments for the period
Other Income 0.84 0.84
Total Income 2,194,173.13 12,356,787.37
Administrator Expenses (FPIF)--417.66
Other Fee & Expenses (FPIF)2,646.39 31,034.44
Other Expenses 190.16 1,368.22
Swap Fees 646.10 3,724.10
Private Markets (P.E./R.E./P.C./I.N.F) Fees 36,328.53 88,139.04
Management Fee 812.82 22,618.46
Total Fee & Expenses 40,624.00 146,466.60
Net Income 2,153,549.13 12,210,320.77
Ending NAVs:
Ending NAV 97,861,603.29 97,861,603.29
Rate of Returns:
Return on Invested Capital 2.25%14.24%
Return on Total Assets 2.26%14.22%
Ownership 0.91%
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Illinois Firefighters' Pension Investment Fund
Monthly Summary
July 31, 2025
Preliminary, subject to change
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Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule
As of July 31, 2025
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Inception Performance
NFI-ODCE Equal Weighted
Alternatives Composite
Total Fund Composite inception performance is based on an October 1, 2021 start. All other account and composite inception performance is based
on an October 31, 2021 start.
Quarterly index. Value of the quarterly return is recognized in the last month of each quarter
The Private Equity and Private Credit composites are valued quarterly. The performance shown is lagged and based on the most recent quarter-end
valuation.
Illinois Firefighters' Pension Investment Fund Performance Disclosures
As of July 31, 2025
1187 of 145
DISCLOSURES
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information
herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements,
commercially available databases, and other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document
and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein
is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information i s subject to independent verification, and
we urge clients to compare the information set forth in this statement with the statements you receive directly from the cust odian in order to ensure accuracy of
all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself,
be used to determine which securities or investments to buy or sell.
Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then
uses data for the noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some
securities, including cash equivalents, may not be accurately classified during this population process due to missing identifiers or unavailable data. As a result,
characteristics in this report may differ from other data sources. For example, Bloomberg indices may include additional rati ng information which may differ from
the S&P rating used by the Platform.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentat ion, are based on a variety
of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These
estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subjec t to numerous business, industry,
market, regulatory, geo‐political, competitive, and financial risks that are outside of Marquette’s control. There can be no assurance that the assumptions made
in connection with any forward‐looking statement will prove accurate, and actual results may differ materially.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward ‐looking statements to be a
reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy
or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are
based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions,
estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims
all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based
on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing.
Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level
of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available
upon request or on our website.
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Illinois Firefighters' Pension Investment Fund
Monthly Summary
August 31, 2025
Preliminary, subject to change
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Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule
As of August 31, 2025
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Inception Performance
NFI-ODCE Equal Weighted
Alternatives Composite
Total Fund Composite inception performance is based on an October 1, 2021 start. All other account and composite inception performance is based
on an October 31, 2021 start.
Quarterly index. Value of the quarterly return is recognized in the last month of each quarter
The Private Equity and Private Credit composites are valued quarterly. The performance shown is lagged and based on the most recent quarter-end
valuation.
Illinois Firefighters' Pension Investment Fund Performance Disclosures
As of August 31, 2025
1199 of 145
DISCLOSURES
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information
herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements,
commercially available databases, and other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document
and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein
is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information i s subject to independent verification, and
we urge clients to compare the information set forth in this statement with the statements you receive directly from the cust odian in order to ensure accuracy of
all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself,
be used to determine which securities or investments to buy or sell.
Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then
uses data for the noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some
securities, including cash equivalents, may not be accurately classified during this population process due to missing identifiers or unavailable data. As a result,
characteristics in this report may differ from other data sources. For example, Bloomberg indices may include additional rati ng information which may differ from
the S&P rating used by the Platform.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentat ion, are based on a variety
of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These
estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subjec t to numerous business, industry,
market, regulatory, geo‐political, competitive, and financial risks that are outside of Marquette’s control. There can be no assurance that the assumptions made
in connection with any forward‐looking statement will prove accurate, and actual results may differ materially.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward ‐looking statements to be a
reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy
or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are
based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions,
estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims
all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based
on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing.
Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level
of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available
upon request or on our website.
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BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Pension Calculation Worksheet Duty Disability > 65%
REVIEWED AND APPROVED BY PENSION FUND:
Trustee:Date:______________Name: ____________________ Signature: _________________________
Member Name
Member Entry Date 10/16/94
Member Disability Date 02/09/25
Member Effective Date of Pension 02/10/25
Member Age at Disability Date 55
Years (Y) & Months (M) of Creditable Service Earned Y 29 M 10
Applicable Salary $122,530.00
Applicable Pension Percentage (APP)74.58%
Amount of the Original Monthly Pension Granted to Member $7,615.58
Amount Amount
Amount of of Monthly of Annual
Date Change Pension Pension
02/10/25 Original Benefit (prorated)5,167.72 5,167.72
03/01/25 Original Benefit (full month)2,447.86 7,615.58 91,386.96
01/01/31 Initial Increase 1,142.34 8,757.92 105,095.04
01/01/32 Annual 3% COLA of the original 228.47 8,986.39 107,836.68
01/01/33 Annual 3% COLA of the original 228.47 9,214.86 110,578.32
01/01/34 Annual 3% COLA of the original 228.47 9,443.33 113,319.96
01/01/35 Annual 3% COLA of the original 228.47 9,671.80 116,061.60
01/01/36 Annual 3% COLA of the original 228.47 9,900.27 118,803.24
01/01/37 Annual 3% COLA of the original 228.47 10,128.74 121,544.88
01/01/38 Annual 3% COLA of the original 228.47 10,357.21 124,286.52
01/01/39 Annual 3% COLA of the original 228.47 10,585.68 127,028.16
01/01/40 Annual 3% COLA of the original 228.47 10,814.15 129,769.80
01/01/41 Annual 3% COLA of the original 228.47 11,042.62 132,511.44
Personal Data
Dorsey, Steven M.
Pension Calculation History
Description
printed: 10/13/2025107 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Pension Calculation Worksheet Duty Disability > 65%
Amount Amount
Amount of of Monthly of Annual
Date Change Pension Pension
01/01/42 Annual 3% COLA of the original 228.47 11,271.09 135,253.08
01/01/43 Annual 3% COLA of the original 228.47 11,499.56 137,994.72
01/01/44 Annual 3% COLA of the original 228.47 11,728.03 140,736.36
01/01/45 Annual 3% COLA of the original 228.47 11,956.50 143,478.00
01/01/46 Annual 3% COLA of the original 228.47 12,184.97 146,219.64
01/01/47 Annual 3% COLA of the original 228.47 12,413.44 148,961.28
01/01/48 Annual 3% COLA of the original 228.47 12,641.91 151,702.92
01/01/49 Annual 3% COLA of the original 228.47 12,870.38 154,444.56
01/01/50 Annual 3% COLA of the original 228.47 13,098.85 157,186.20
01/01/51 Annual 3% COLA of the original 228.47 13,327.32 159,927.84
01/01/52 Annual 3% COLA of the original 228.47 13,555.79 162,669.48
01/01/53 Annual 3% COLA of the original 228.47 13,784.26 165,411.12
01/01/54 Annual 3% COLA of the original 228.47 14,012.73 168,152.76
01/01/55 Annual 3% COLA of the original 228.47 14,241.20 170,894.40
01/01/56 Annual 3% COLA of the original 228.47 14,469.67 173,636.04
01/01/57 Annual 3% COLA of the original 228.47 14,698.14 176,377.68
01/01/58 Annual 3% COLA of the original 228.47 14,926.61 179,119.32
01/01/59 Annual 3% COLA of the original 228.47 15,155.08 181,860.96
01/01/60 Annual 3% COLA of the original 228.47 15,383.55 184,602.60
01/01/61 Annual 3% COLA of the original 228.47 15,612.02 187,344.24
01/01/62 Annual 3% COLA of the original 228.47 15,840.49 190,085.88
01/01/63 Annual 3% COLA of the original 228.47 16,068.96 192,827.52
01/01/64 Annual 3% COLA of the original 228.47 16,297.43 195,569.16
01/01/65 Annual 3% COLA of the original 228.47 16,525.90 198,310.80
01/01/66 Annual 3% COLA of the original 228.47 16,754.37 201,052.44
01/01/67 Annual 3% COLA of the original 228.47 16,982.84 203,794.08
01/01/68 Annual 3% COLA of the original 228.47 17,211.31 206,535.72
01/01/69 Annual 3% COLA of the original 228.47 17,439.78 209,277.36
01/01/70 Annual 3% COLA of the original 228.47 17,668.25 212,019.00
01/01/71 Annual 3% COLA of the original 228.47 17,896.72 214,760.64
01/01/72 Annual 3% COLA of the original 228.47 18,125.19 217,502.28
01/01/73 Annual 3% COLA of the original 228.47 18,353.66 220,243.92
Description
Pension Calculation History - Continued
printed: 10/13/2025108 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Basic Information Worksheet Duty Disability > 65%
Entry Date
Termination/Disability Date
Years
Creditable Service Earned 30
Additions to Creditable Service
Reductions to Creditable Service
Service Break: 9/12/2019-9/13/2019
Service Break: 9/15/2019-9/16/2019
Service Break: 8/26/2024-1/26/2025
Total Creditable Service 29
Marital Status Married
Spouse's Name
Additions (Days)
Creditable Service
10/16/94
02/09/25
Months
3
Loss in Creditable Service 155
Dorsey, Cori L.
Net effect on Creditable Service 155
10
Spousal Information - If Applicable
Reductions (Days)
1
1
153
Printed: 10/13/2025109 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Benefit Calculation Worksheet Duty Disability > 65%
Applicable Salary $122,530.00
Rank @ Last Day of Service Firefighter/Paramedi
Years Months
Total Creditable Service 29 10
Creditable Service Years 1 to 20 50.00%
Creditable Service (# of Years 21 to 30) x 2.5%22.50%
Creditable Service (# of Months 1 to 11) x (2.5% / 12)2.08%
Total (Maximum = 75%)74.58%
Original Annual Pension $91,386.96
Monthly $7,615.58
Age @ Disability Date 55
Date of Initial Increase 01/01/31
Amount of Initial Increase (monthly)$1,142.34
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 original 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 January after the member turns 60 OR
The January after the member has been receiving a disability benefit for one full year.
Printed: 10/13/2025110 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
1099 Reporting Duty Disability > 65%
Gross Non-Taxable Taxable Non-Taxable Amount
Amount of Amount of Amount of Recovery To Report
Annual Pension Annual Pension Annual Pension After-Tax On 1099R
Year (74.58%)(65%)(74.58%-65%)Box 5 Box 2a
2025 81,323.52 70,874.11 10,449.41 135.00 10,314.41
2026 91,386.96 79,644.48 11,742.48 162.00 11,580.48
2027 91,386.96 79,644.48 11,742.48 162.00 11,580.48
2028 91,386.96 79,644.48 11,742.48 162.00 11,580.48
2029 91,386.96 79,644.48 11,742.48 162.00 11,580.48
2030 91,386.96 79,644.48 11,742.48 162.00 11,580.48
2031 105,095.04 91,591.20 13,503.84 162.00 13,341.84
2032 107,836.68 93,980.52 13,856.16 162.00 13,694.16
2033 110,578.32 96,369.84 14,208.48 162.00 14,046.48
2034 113,319.96 98,759.16 14,560.80 162.00 14,398.80
2035 116,061.60 101,148.48 14,913.12 162.00 14,751.12
2036 118,803.24 103,537.80 15,265.44 162.00 15,103.44
2037 121,544.88 105,927.12 15,617.76 162.00 15,455.76
2038 124,286.52 108,316.44 15,970.08 162.00 15,808.08
2039 127,028.16 110,705.76 16,322.40 162.00 16,160.40
2040 129,769.80 113,095.08 16,674.72 162.00 16,512.72
2041 132,511.44 115,484.40 17,027.04 162.00 16,865.04
2042 135,253.08 117,873.72 17,379.36 162.00 17,217.36
2043 137,994.72 120,263.04 17,731.68 162.00 17,569.68
2044 140,736.36 122,652.36 18,084.00 162.00 17,922.00
2045 143,478.00 125,041.68 18,436.32 162.00 18,274.32
2046 146,219.64 127,431.00 18,788.64 162.00 18,626.64
2047 148,961.28 129,820.32 19,140.96 162.00 18,978.96
2048 151,702.92 132,209.64 19,493.28 162.00 19,331.28
2049 154,444.56 134,598.96 19,845.60 162.00 19,683.60
2050 157,186.20 136,988.28 20,197.92 162.00 20,035.92
2051 159,927.84 139,377.60 20,550.24 162.00 20,388.24
2052 162,669.48 141,766.92 20,902.56 162.00 20,740.56
2053 165,411.12 144,156.24 21,254.88 162.00 21,092.88
2054 168,152.76 146,545.56 21,607.20 162.00 21,445.20
Pension Calculation History
Printed: 10/13/2025111 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
1099 Reporting Duty Disability > 65%
Gross Non-Taxable Taxable Non-Taxable Amount
Amount of Amount of Amount of Recovery To Report
Annual Pension Annual Pension Annual Pension After-Tax On 1099R
Year (74.58%)(65%)(74.58%-65%)Box 5 Box 2a
2055 170,894.40 148,934.88 21,959.52 162.00 21,797.52
2056 173,636.04 151,324.20 22,311.84 162.00 22,149.84
2057 176,377.68 153,713.52 22,664.16 162.00 22,502.16
2058 179,119.32 156,102.84 23,016.48 162.00 22,854.48
2059 181,860.96 158,492.16 23,368.80 53.16 23,315.64
2060 184,602.60 160,881.48 23,721.12 0.00 23,721.12
2061 187,344.24 163,270.80 24,073.44 0.00 24,073.44
2062 190,085.88 165,660.12 24,425.76 0.00 24,425.76
2063 192,827.52 168,049.44 24,778.08 0.00 24,778.08
2064 195,569.16 170,438.76 25,130.40 0.00 25,130.40
2065 198,310.80 172,828.08 25,482.72 0.00 25,482.72
2066 201,052.44 175,217.40 25,835.04 0.00 25,835.04
2067 203,794.08 177,606.72 26,187.36 0.00 26,187.36
2068 206,535.72 179,996.04 26,539.68 0.00 26,539.68
2069 209,277.36 182,385.36 26,892.00 0.00 26,892.00
2070 212,019.00 184,774.68 27,244.32 0.00 27,244.32
2071 214,760.64 187,164.00 27,596.64 0.00 27,596.64
2072 217,502.28 189,553.32 27,948.96 0.00 27,948.96
2073 220,243.92 191,942.64 28,301.28 0.00 28,301.28
2074 222,985.56 194,331.96 28,653.60 0.00 28,653.60
2075 225,727.20 196,721.28 29,005.92 0.00 29,005.92
2076 228,468.84 199,110.60 29,358.24 0.00 29,358.24
2077 231,210.48 201,499.92 29,710.56 0.00 29,710.56
2078 233,952.12 203,889.24 30,062.88 0.00 30,062.88
2079 236,693.76 206,278.56 30,415.20 0.00 30,415.20
2080 239,435.40 208,667.88 30,767.52 0.00 30,767.52
2081 242,177.04 211,057.20 31,119.84 0.00 31,119.84
2082 244,918.68 213,446.52 31,472.16 0.00 31,472.16
2083 247,660.32 215,835.84 31,824.48 0.00 31,824.48
2084 250,401.96 218,225.16 32,176.80 0.00 32,176.80
Pension Calculation History - Continued
Printed: 10/13/2025112 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Pension Taxability Calculation Worksheet Duty Disability > 65%
Date of Disability 02/10/25
Member Date of Birth
Spouse's Date of Birth
Member Age @ Date of Disability 55
Spouse Age @ Date of Disability 44
Combined Age of Pensioner and Spouse 99
After - Tax Portion of Contributions $5,534.16
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: 10/13/2025113 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Pension Taxability Calculation Worksheet Duty Disability > 65%
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 $5,534.16
Expected # of Monthly Payments from the Table 410
Tax Free Portion of Monthly Pension =
After - Tax Contributions / Expected # of Monthly Payments $13.50
Tax Free Portion of Annual Pension =
Tax Free Portion of Monthly Pension x 12 $162.00
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: 10/13/2025114 of 145
BUFFALO GROVE Dorsey, Steven M.
FIREFIGHTERS' PENSION FUND
Pension Taxability Calculation Worksheet Duty Disability > 65%
For year ending:Box 2a should be this much less than Box 1After-tax Contribution Balance:
5,534.16
2025 135.00 5,399.16
2026 162.00 5,237.16
2027 162.00 5,075.16
2028 162.00 4,913.16
2029 162.00 4,751.16
2030 162.00 4,589.16
2031 162.00 4,427.16
2032 162.00 4,265.16
2033 162.00 4,103.16
2034 162.00 3,941.16
2035 162.00 3,779.16
2036 162.00 3,617.16
2037 162.00 3,455.16
2038 162.00 3,293.16
2039 162.00 3,131.16
2040 162.00 2,969.16
2041 162.00 2,807.16
2042 162.00 2,645.16
2043 162.00 2,483.16
2044 162.00 2,321.16
2045 162.00 2,159.16
2046 162.00 1,997.16
2047 162.00 1,835.16
2048 162.00 1,673.16
2049 162.00 1,511.16
2050 162.00 1,349.16
2051 162.00 1,187.16
2052 162.00 1,025.16
2053 162.00 863.16
2054 162.00 701.16
2055 162.00 539.16
2056 162.00 377.16
2057 162.00 215.16
2058 162.00 53.16
2059 53.16 0.00
2060 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: 10/13/2025115 of 145
BUFFALO GROVE FIREFIGHTERS' PENSION FUND
Dorsey, Steven M.
Pursuant to 40 ILCS 5/4-114.2, pension benefits paid must be reduced by the amount received
under the Workers' Compensation and Workers' Occupational Diseases Acts. If the Workers'
Compensation amount is not stated in a monthly amount, the monthly amount shall be 52
times the weekly amount (or 26 times the bi-weekly amount) divided by 12.
Workers Comp amount provided: 2,985.68
Workers Comp payment frequency: Bi-Weekly
Workers Comp payment monthly: 6,468.97
Monthly Pension amount:7,615.58
Less Workers Comp payment monthly: - 6,468.97
Monthly Pension Benefit to be Paid :1,146.61
Last Workers Comp payment made through:08/10/25
Retro Benefits Due (first month and final month of WC benefits are prorated):
Net Pension
Benefit
Month Year Due
February (10-28)2025 778.06
March 2025 1,146.61
April 2025 1,146.61
May 2025 1,146.61
June 2025 1,146.61
July 2025 1,146.61
August (1-10)2025 369.87
August (11-31)2025 5,158.94
September 2025 7,615.58
Total Due to Pensioner 19,655.50
The signature below authorizes Lauterbach & Amen, LLP to remit this balance
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Buffalo Grove Firefighters' Pension Fund
September 15, 2025
Version 2024.01 Page 1 of 6
September 15, 2025
Members of the Pension Board of Trustees
Buffalo Grove Firefighters' Pension Fund
1051 Highland Grove Drive
Buffalo Grove, Illinois 60089
We are pleased to confirm our acceptance and understanding of the following services we are to provide
for the Board of Trustees of Buffalo Grove Firefighters' Pension Fund (the "Fund" or "Pension Board")
for the years ending 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 ending 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 will be compiled from information that 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.
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Buffalo Grove Firefighters' Pension Fund
September 15, 2025
Version 2024.01 Page 2 of 6
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 ending 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 Firefighters' Pension Fund
financial documents and active member files. Please see attached addendum regarding PSA
Online Portal Services.
8. Lauterbach & Amen, LLP acknowledges that, pursuant to Section 45(b) of the Illinois Personal
Information Protection Act (815 ILCS 530/45(b)), it is obligated to implement and maintain
reasonable security measures to protect personal information from unauthorized access,
acquisition, destruction, use, modification, or disclosure.
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.
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.
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Buffalo Grove Firefighters' Pension Fund
September 15, 2025
Version 2024.01 Page 3 of 6
Our Responsibilities - Continued
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 Firefighters' 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,
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.
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Buffalo Grove Firefighters' Pension Fund
September 15, 2025
Version 2024.01 Page 4 of 6
Your Responsibilities - Continued
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.
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Buffalo Grove Firefighters' Pension Fund
September 15, 2025
Version 2024.01 Page 5 of 6
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 Firefighters' 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 our engagement at any time for any reason upon thirty (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 Ending
Calendar
Year Ending
Calendar
Year Ending
12/31/2026 12/31/2027 12/31/2028
Total Costs of Annual Services $4,668 $4,896 $5,136
Amount to be Billed Monthly - See Below $389 $408 $428
• Payroll & Vendor Tax Forms
Annual Services Provided
• IDOI Annual Statement
• Municipal Compliance Report
• Year End Auditor's Workpapers
$2,638
$694
$1,335
$2,513
$661
$1,272
$2,394
$630
$1,212
$469$450$432
Calendar
Year Ending
Calendar
Year Ending
Calendar
Year Ending
12/31/2026 12/31/2027 12/31/2028
Monthly Total Costs of Services $2,978 $3,127 $3,282
Total Annual Cost $35,736 $37,524 $39,384
• Annual Services (Billed Monthly - See Above)
• Monthly Accounting & Benefits Administration
• Professional Service Administration
Total Monthly Services Provided
$1,407$1,340$1,276
$1,313
$389
$1,379
$408
$1,447
$428
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Buffalo Grove Firefighters' Pension Fund
September 15, 2025
Version 2024.01 Page 6 of 6
Other Relevant Information - Continued
You hereby agree to indemnify and hold harmless Lauterbach & Amen, LLP and its partners, directors,
employees, agents or subcontractors against all costs, expenses, losses, judgments, damages and liabilities
(including reasonable attorneys’ fees and expenses) associated with any third party claim, threat or
proceeding arising out of or relating to your willful or criminal misconduct.
We represent and warrant that we maintain professional liability insurance in an amount of not less than
$1,000,000 per claim and covenant to maintain such throughout the term of this agreement and for a period
of two years thereafter. You agree that Lauterbach & Amen, LLP’s maximum liability to you for any
matters arising out of or related to this agreement or the provision of services by us will be limited to (i)
with respect to matters for which we are able to recover under our professional liability insurance policy,
$1,000,000 and (ii) with respect to matters for which we are not able to recover under our professional
liability insurance policy, ten (10) times the amount of fees we receive from you for this engagement,
except to the extent determined to result from our own willful misconduct. You agree that this limitation
applies to any and all liability or causes of action against us, however alleged or arising, unless otherwise
prohibited by law or professional standards. Additionally, our liability as accountants shall be limited to
the period covered by this agreement and shall not extend to later periods for which we are not engaged
or prior periods before we were engaged to provide accounting services. In no event will we be liable to
you for any consequential, indirect, lost profit, punitive or similar damages relating to our services
provided under this agreement.
The parties also agree that all documents and data provided by the pension fund to Lauterbach & Amen,
LLP, as well as records produced and sent to the Pension Fund by Lauterbach & Amen, LLP in carrying
out its obligations and services hereunder, without limitation and whether preliminary or final, shall
become and remain the property of the Pension Fund. However, Lauterbach & Amen, LLP will retain
ownership of any proprietary software, workpapers, and processes utilized in providing services under
this engagement letter.
We appreciate the opportunity to be of service to the Buffalo Grove Firefighters' 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 Firefighters' Pension Fund:
Accepted by: _________________________________________________________________________
Title: _______________________________________________________________________________
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Addendum to Engagement Letter with Lauterbach & Amen, LLP
Professional Services Administration (PSA) Online Portal Services
Buffalo Grove Firefighters' Pension Fund
Lauterbach & Amen, LLP will provide Professional Services Administration portal services, as outlined
in the original proposal.
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 Firefighters' Pension Fund financial documents
and active member files. The documentation will be uploaded into the portal, filed appropriately and
securely maintained by Lauterbach & Amen, LLP.
The Pension Board hereby acknowledges and consents to Lauterbach & Amen, LLP's use of third party
cloud computing services to store confidential and proprietary information and other data of the Pension
Fund, and agrees that our use of such cloud services coupled with the use of encrypted devices, password
protections and firewall protection shall, at the present time, constitute the best efforts of Lauterbach &
Amen, LLP to safeguard such information and data from unauthorized disclosure. The Pension Board
further agrees that subject to applicable law, Lauterbach & Amen, LLP shall be liable if it has failed to
take commercially reasonable measures to protect the confidential and proprietary information and other
data of the Pension Fund from unauthorized disclosure.
It is the understanding of the parties that the portal is a supplement to, and not a replacement for, the
original paper and electronic public records of the Pension Fund. However, in the event the Pension Fund
terminates the portal services, we agree to provide a thirty-day window for the Pension Fund to retrieve
electronic copies of the documents in the portal prior to termination.
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www.iafpd.org Summer 2025 The Fire Call 23
of the pension fund is located by May
1st. (5 ILCS 240/4A-101.5, 4A-106.5 and
4A-107) This requirement is part of the
Illinois Governmental Ethics Act and the
statement requires individuals to disclose
a variety of specific financial interests,
such as assets valued over $10,000,
employment or contractual services with
any unit of government in Illinois, and
gifts in excess of $500 received in the prior
calendar year.
This financial disclosure law is not
unique to Illinois; many states have
similar financial disclosure forms that
public officials and candidates must file
to make their financial interest public
and help prevent conflicts of interest in
government. The key purpose of these
statements is to promote transparency
and accountability in government by
revealing potential sources of conflicts
between public officials’ duties and their
personal finances.
Pension trustees are limited in
accepting gifts from prohibited
sources.
In a separate section of the Illinois
Governmental Ethics Act, pension trustees
– like other elected and appointed officials
in Illinois – are generally prohibited from
accepting gifts from “prohibited sources.”
(5 ILCS 430/1-5, 10-1 through 10-40, and
50-5; 40 ILCS 5/1-125) “Gifts” are defined
by the law and include a broad variety
of tangible and intangible items having
monetary value. They include any gratuity,
discount, entertainment, hospitality,
loan, forbearance, cash, food, drink, and
honoraria for speaking engagements.
A “prohibited source” under the law
means a person or entity who:
Seeks official action by the board or
the board member
Does business with or seeks to do
business with the board or the board
member
Has interests that may be substantially
affected by the performance or non-
performance of a board member’s
official duties
Is a registered lobbyist
Pension Pointers
Continued from page 20
There are a multitude of exceptions and
limitations to the general gift ban, and
they include:
Educational materials
Opportunities or benefits available on
the same condition as to the general
public
Anything for which the board member
pays market value
Political contributions paid under the
Illinois Election Code
Gift from a “relative” (broadly defined;
includes in-laws and fiancés)
Anything provided by an individual
on the basis of a personal friendship
unless the trustee has reason to
believe that, under the circumstances,
the gift was provided because of
the official position or employment
of the trustee and not the personal
friendship
Food and refreshments not exceeding
$75 per person in value on a single
calendar day, as long as the food
and refreshments are consumed on
the premises from which they were
purchased or catered
Food, refreshments, lodging,
or transportation resulting from
outside business or employment
activities of trustee of their spouse
and customarily provided to others
in same business (not enhanced due
to one’s status on a pension board)
Intragovernmental and
intergovernmental gifts: gifts from
other pension funds, governmental
entity or state agency
Bequests, inheritance and transfers
at death
Any item or items form any one
prohibited source during the calendar
year having a cumulative total value
of less than $100
There are a few more provisions regarding
gift bans of which pension trustees should
be aware:
There is no violation if the pension
trustee takes reasonable action to
return the prohibited gift to the
source or gives the gift or an amount
equal to its value to an appropriate
charity.
The underlying municipality or fire
protection district may adopt or
maintain policies that are more
restrictive on gifts, in which case
pension trustees will be subject to the
more restrictive policy.
Intentional violation of the gift ban
constitutes a business offense and
is subject to a fine of at least $1,001
and up to $5000. Furthermore, the
violator may be subject to discipline
or discharge.
Pension trustees are prohibited from
engaging in certain transactions
While Section 1-110 of the Illinois
Pension Code – which prohibits certain
transactions by pension trustees – has less
applicability since police and firefighter
investment assets were consolidated
in 2020, it is still important for board
members to understand the limitations
set forth in this provision as they apply to
their duties and responsibilities at the local
board level. (40 ILCS 5/1-110)
Section 1-110(a) prohibits a fiduciary
of a pension fund from causing the fund
to engage in a transaction if they know or
should have known that such transaction
constitutes a direct or indirect:
Sale, exchange or lease of pension
fund property to a “party in interest” 1
for less than adequate consideration.
Purchase, exchange or lease of
property from a “party in interest”
to the pension fund for more than
adequate consideration.
Lending money or extending credit
to a “party in interest” without receipt
of adequate consideration and a
reasonable rate of interest.
Borrowing from a “party in interest” at
an unreasonably high rate or with the
provision of excessive security.
1Section 1-101.3 of the Illinois Pension Code defines “party in interest” to a pension fund as:
A fiduciary, counsel or employee of the pension fund, or a relative of such person
A person providing services to the pension fund, or a relative of such person
An employer whose employees are covered by the pension fund
An employee organization (union) whose members are covered by the pension fund
An employee, officer or trustee of the pension fund (40 ILCS 5/1-101.3)
Continued on page 21
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www.iafpd.org24THE F IRE C ALL Summer 2025
Furnishing goods, services or facilities
to a “party in interest” for less than
adequate consideration.
Receiving goods, services or facilities
from a “party in interest” for more than
adequate consideration.
Transfer of assets to a “party in interest”
for less than adequate consideration.
(40 ILCS 5/1-110(a))
Section 1-110(b) prohibits fiduciaries from:
Dealing with pension fund assets in
their own interest or for their own
account.
Acting in any transaction involving
the pension fund on behalf of a party
whose interest are adverse to the
pension fund or its participants and
beneficiaries.
Receiving any consideration for their
own personal account from any
party dealing with the pension fund
in connection with a transaction
involving pension fund assets. (40
ILCS 5/1-110(b))
In Section 1-110(c), there are exceptions to
prohibited transactions. Specifically, this
subsection provides:
Pension trustees may receive a benefit
to which they may be entitled as
a participant or beneficiary in the
pension fund.
Pension trustees may receive any
reimbursement of expenses properly
and actually incurred in performance
of duties of the pension fund.
Pension trustees may serve as a
trustee in addition to being an
officer, employee, agent or other
representative of a “party in interest.”
(40 ILCS 5/1-110(c))
Finally, Section 1-110(d) sets forth a
specific prohibition for Article 3 (police)
and Article 4 (fire) trustees. This subsection
provides:
A fiduciary of a pension fund
established under Article 3 or 4
shall not knowingly cause or advise
the pension fund to engage in an
investment transaction when the
fiduciary (i) has any direct interest in
the income, gains, or profits of the
investment adviser through which
the investment transaction is made
or (ii) has a business relationship with
that investment adviser that would
result in a pecuniary benefit to the
fiduciary as a result of the investment
transaction. (40 ILCS 5/1-110(d))
Notably, violation of Section 1-110(d) is a
Class 4 felony.
Pension trustees shall not provide
contingent or placement fees
Since consolidation of the investment
assets of Article 3 and 4 pensions funds,
Illinois Pension Code Section 1-145’s
prohibition on contingent and placement
fees is unlikely to arise for a police of fire
pension trustee. However, it is important
for pension trustees to understand that
they are prohibited from attempting to
influence the outcome of an investment
decision of or the procurement of
investment advice or services of a pension
fund for compensation, contingent in
whole or in part upon the decision of the
procurement. (40 ILCS 5/1-145) Violations
of Section 1-145 are considered a business
offense with fines up to $10,000; violators
are also barred from investment in public
funds for a period of three years.
Pension trustees are prohibited from
monetary gains on pension fund
investments
Section 1-130 of the Illinois Pension
Code prohibits any member or employee
of the board of trustees of a pension fund
or their spouses from:
Knowingly having any direct interest
in the income, gains, or profits of any
investments made on behalf of a
pension fund for which that person
is a member
Receiving any pay or emolument
for services in connection with any
investment
Becoming an endorser or surety, or
in any manner an obligor for money
loaned or borrowed from a pension
fund (40 ILCS 5/1-130)
An annuity or any income, gains or profits
relating to a non-controlling interest in
any public securities, mutual fund or other
passive investment is not considered
“monetary gain on investments” under
this provision. However, violation of this
statute is a Class 3 felony. n
Pension Pointers
Continued from page 20
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Organization: Year: 2025
Hours
Completed
Date
Completed Cert on File
1 7.5 1/31-2/1 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 8 11/7/2025
2
3
4
5
6
Hours
Completed
Date
Completed Cert on File
1 1 5/9/2025 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
Hours Required Type of Training
Chris Black
Hours Required Type of Training
8
Larry Stanley
Hours Required Type of Training
8 FPIF Board Meeting
8 IPFA Fall Pension Seminar
Tom Gough
Hours Required Type of Training
Hours Required Type of Training
8
Josh Himmelspach
8 NIAFPD Conference
Certified Trustee Training
Buffalo Grove Fire
Dan Pasquarella
Hours Required Type of Training
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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
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BUFFALO GROVE FPF / General / Trustee Training at Board Meetings -- Documentation for FY Ending 12/31/2025
Buffalo Grove FPF Trustee Training at Board Meetings
Documentation for FY ending December 31, 2025
Prepared November 10, 2025
Date of
Meeting/Training
Training Topics Covered
Trustees in Attendance /
Receiving Training
Credit
Training Time
November 10,
2025
Pension Insights for Fourth Quarter 2025 – New Legislation (presented by
Carolyn Welch Clifford from Ottosen DiNolfo)
IAFPD Fire Call Pension Pointers Summer 2025 – Ethical Obligations of
Pension Trustees (presented by Carolyn Welch Clifford from Ottosen
DiNolfo)
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