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Agenda Packet - 01/21/2021 - Firefighter's Pension Fund Board VILLAGE OF OAK BROOK BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND WEST WING CONFERENCE ROOM OF THE BUTLER GOVERNMENT CENTER 1200 OAK BROOK ROAD OAK BROOK, IL 60523 630-368-5000 In accordance with the provisions of the Americans with Disabilities Act, any individual who is in the need of a reasonable accommodation in order to participate in or benefit from attendance at this public meeting should contact the Butler Government Center (Village Hall), at (630) 368-5010, or for TDD response (630) 990-2131, as soon as possible before the meeting date. NOTICE OF A REGULAR MEETING OF THE OAK BROOK FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES The Oak Brook Firefighters’ Pension Fund Board of Trustees will conduct a regular meeting in-person and via teleconference in accordance with PA 101-0640 on Thursday, January 21, 2021 at 8:00 a.m. in the West Wing Conference Room of the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523, for the purposes set forth in the following agenda: In accordance with Public Act 101-0640, this meeting will be conducted at the location indicated above and via teleconference. Members of the public and participants can monitor the meeting by joining the conference call as follows: Call the conference number: (773) 250-5099 Enter the participant code: 637148 AGENDA 1. Call to Order 2. Roll Call 3. Trustee Continuing Education Session: 8:00 a.m. – 9:00 a.m. 4. Public Comment – Limited to 3 minutes per person 5. Approval of Meeting Minutes a. October 22, 2020 Regular Meeting b. Semi-Annual Review of Closed Session Meeting Minutes 6. Investment Report – Sawyer Falduto Asset Management, LLC a. Quarterly Investment Performance Report b. Review/Update Investment Policy 7. Accountant’s Report – Lauterbach & Amen, LLP a. Monthly Financial Report b. Presentation and Approval of Bills c. Additional Bills, if any 8. Trustee Training Updates a. Approval of Trustee Training Registration Fees and Reimbursable Expenses 9. Communications and Reports a. Affidavits of Continued Eligibility b. 2021 IRS Mileage Rate c. Statements of Economic Interest 10. Applications for Membership/Withdrawals from the Fund a. Application for Membership – Samawi Fouad b. Contribution Refund – Jacob Arzer 11. Applications for Retirement/Disability Benefits a. Application for Line of Duty Disability Benefit – Crystal Kelly 12. Old Business 13. New Business a. Approve Annual Cost of Living Adjustments (COLAs) for Pensioners b. Review Trustee Term Expirations and Election Procedures c. IDOI Annual Statement d. Discussion/Possible Action – BMO Harris Operating Account e. Discussion/Possible Action – Fiduciary Liability Insurance Renewal 14. Attorney’s Report – Reimer Dobrovolny & LaBardi PC a. Annual Independent Medical Examination – Jennifer White b. Status Update – Pension Fund Consolidation c. Legal Updates 15. Closed Session, if needed 16. Adjournment 1 of 70 VILLAGE OF OAK BROOK BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND WEST WING CONFERENCE ROOM OF THE BUTLER GOVERNMENT CENTER 1200 OAK BROOK ROAD OAK BROOK, IL 60523 630-368-5000 MINUTES OF A REGULAR MEETING OF THE OAK BROOK FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES OCTOBER 22, 2020 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday, October 22, 2020 at 8:00 a.m. in the West Wing Conference Room of the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523 and via teleconference in accordance with Public Act 101-0640, pursuant to notice. CALL TO ORDER: President Fagan called the meeting to order at 8:00 a.m. ROLL CALL: PRESENT: President John Fagan, Trustees Jim Bodony, Timothy Schlindwein (via teleconference) and Kevin Tan ABSENT: Secretary Gino Picciola ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer Falduto Asset Management, LLC; Jennifer Flores, Lauterbach & Amen, LLP (L&A) TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Tan, Schlindwein and Bodony attended a one-hour Trustee training education course from 8:00 a.m. to 9:00 a.m. presented by Sawyer Falduto Asset Management. PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 31, 2020 Regular Meeting: The Board reviewed the July 31, 2020 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Tan to approve the July 31, 2020 regular meeting minutes with an amendment to include further details on active member file maintenance. Motion carried unanimously by voice vote. INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending September 30, 2020. As of September 30, 2020, the third quarter net return is 5.29% versus the third quarter account benchmark of 4.99%. The investment return for the quarter is $1,636,957 for an ending market value of $32,014,507. The current asset allocation is as follows: fixed income at 38.7%; equities at 60.7%; and cash equivalents at 0.6%. Mr. Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Report with the Board. A motion was made by Trustee Fagan and seconded by Trustee Bodony to accept the Quarterly Investment Performance Report as presented. Motion carried unanimously by voice vote. Review/Update Investment Policy: The Board reviewed the current Investment Policy and determined that no changes are required at this time. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the nine-month period ended September 30, 2020 prepared by L&A. As of September 30, 2020, the net position held in trust for pension benefits is $32,192,018.67 for a change in position of $1,295,783.08. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member 2 of 70 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 22, 2020 Page 2 of 3 Contribution Report and Payroll Journal. A motion was made by Trustee Fagan and seconded by Trustee Tan to accept the Monthly Financial Report as presented. Motion carried unanimously by voice vote. Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period July 1, 2020 through September 30, 2020, for total disbursements in the amount of $123,898.29. A motion was made by Trustee Fagan and seconded by Trustee Tan to approve the disbursements shown on the Vendor Check Report in the amount of $123,898.29. Motion carried by roll call vote. AYES: Trustees Fagan, Bodony, Schlindwein and Tan NAYS: None ABSENT: Trustee Picciola Additional Bills, if any: There were no additional bills presented for approval. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no Trustee training registration fees or reimbursable expenses presented. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted the L&A will mail Affidavits of Continued Eligibility with the December payroll cycle. Updates will be provided at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Deceased Pensioner – Anthony Stevens: The Board noted that Anthony Stevens passed away September 4, 2020 with no surviving spouse and his pension benefit has ceased. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: Review/Approve – Actuarial Valuation and Municipal Contribution Request: The Board reviewed the Actuarial Valuation prepared by Foster & Foster. Based on data and assumptions, the recommended municipal contribution is $2,716,058 and the statutory minimum contribution is $2,326,256. A motion was made by Trustee Fagan and seconded by Trustee Tan to accept the Actuarial Valuation as prepared. Motion carried by roll call vote. AYES: Trustees Fagan, Bodony, Schlindwein and Tan NAYS: None ABSENT: Trustee Picciola The Board discussed the Municipal Contribution Request. A motion was made by Trustee Fagan and seconded by Trustee Tan to request a municipal contribution in the amount of $2,716,058 from the Village of Oak Brook based on the recommend contribution amount stated in the Actuarial Valuation prepared by Foster & Foster. Motion carried unanimously by voice vote. Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Bodony and seconded by Trustee Tan to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Fagan, Bodony, Schlindwein and Tan NAYS: None ABSENT: Trustee Picciola NEW BUSINESS: Establish 2021 Board Meeting Dates: The Board established the 2021 Board meeting dates as January 21, 2021; April 22, 2021; July 22, 2021; and October 28, 2021 at 8:00 a.m. in the West Wing Conference Room of the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523. 3 of 70 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 22, 2020 Page 3 of 3 ATTORNEY’S REPORT – REIMER, DOBROVOLNY & LABARDI PC: Annual Independent Medical Examination – Jennifer White: The Board noted that correspondence was sent to Jennifer White by Attorney Reimer regarding her Annual Independent Medical Examination. Further discussion will be held at the next regular meeting. Status Update – Pension Fund Consolidation: The Board noted that discussion regarding pension fund consolidation took place during the continuing education session with Mr. Sawyer and throughout the Board meeting. Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Bodony to adjourn the meeting at 10:07 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 21, 2021 at 8:00 a.m. Board President or Secretary Approved by the Board of Trustees on _______________________ Minutes prepared by Jennifer Flores, Pension Services Administrator, Lauterbach & Amen, LLP 4 of 70 Quarterly Investment Performance Report December 31, 2020 Oak Brook Firefighters' Pension Fund Presented by: Thomas S. Sawyer, Managing Partner John J. Falduto, Managing Partner Edward J. Lavin, Chief Investment Officer David M. Harrington, Director of Portfolio Management Sawyer Falduto Asset Management, LLC 589 S. York Street Elmhurst, IL 60126 O: (630) 941-8560 www.sawyerfalduto.com SFAM Page 1 of 23 5 of 70 Oak Brook Firefighters' Pension Fund December 31, 2020 INVESTMENT POLICY AND ASSET ALLOCATION GUIDELINES Portfolio Allocation Target Range Maximum Cash / Short Term 0% 0 - 10% 100% Fixed Income 40% 35 - 45% 100% Equity 60% 55 - 65% Per IL Statute Equity Allocation Target Range US Large Cap Stocks 70% 40 - 100% US Small Cap Stocks 20% 0 - 40% Foreign Securities 10% 0 - 20% Equity Benchmark Benchmark Weight S&P 500 Index 70% Russell 2000 Stock Index 20% Morgan Stanley Capital International EAFE 10% Blended Equity Benchmark - Total 100% Fixed Income Allocation Minimum Range Maximum US Treasury Bills/Notes/Bonds 0% 5 - 40% 100% US Government Agency (non-MBS) 0% 20 - 70% 75% US Government Agency (Callable) 0% 0 - 20% 30% US Government Agency (MBS) 0% 0 - 10% 15% Taxable Municipal Securities 0% 5 - 20% 30% Certificates of Deposit 0% 0 - 10% 20% Investment Grade Corporate Bonds 0% 5 - 20% 30% Fixed Income Benchmark Benchmark Weight Barclays US Treasury Intermediate 15% Barclays US Agency 7-10 Year 55% Barclays Taxable Municipal Intermediate 15% Barclays Corporate Intermediate 15% Blended Fixed Income Benchmark - Total 100% Cash / Short Term Benchmark Weight Morningstar Manager Taxable Money Mkt 100% SFAM Page 2 of 23 6 of 70 Oak Brook Firefighters' Pension Fund December 31, 2020 CASH FLOW AND PERFORMANCE REVIEW Long-Term Performance Periods Ending 12/31/2020 1 Year 3 Years 5 Years 10 Years Since Inception 6/30/2016 Total Account Return 15.29% 9.57% % % 10.56% Account Benchmark 14.75% 10.05% % % 10.55% Equity Return 18.96% 11.76% % % 14.83% Blended Equity Benchmark 17.91% 12.55% % % 15.20% Fixed Income Return 8.10% 5.55% % % 3.58% Blended Fixed Benchmark 8.22% 5.26% % % 3.07% Annualized returns for periods exceeding one year. All account performance and benchmark calculations include any change to asset allocation guidelines. Past performance is no guarantee of future returns. Unless otherwise noted, all investment results and performance are presented gross of investment advisor fees. Cash Flow Quarter 4 2020 Year-to-Date Beginning Market Value $32,014,507 $30,897,661 Contributions / Additions 484,791 2,152,159 Distributions / Expenses -824,110 -3,149,139 Adjusted Beginning Market Value 31,675,188 29,900,681 Ending Market Value $34,521,649 $34,521,649 Investment Return $2,846,461 $4,620,968 Performance Review Quarter 1 2020 Quarter 2 2020 Quarter 3 2020 Quarter 4 2020 Year-to-Date Total Account Return (Gross) -11.25% 13.22% 5.34% 8.92% 15.29% Total Account Return (Net) -11.30% 13.17% 5.29% 8.86% 15.06% Account Benchmark -12.25% 13.48% 4.99% 9.76% 14.75% Equity Return -21.41% 21.55% 8.30% 14.99% 18.96% Blended Equity Benchmark -22.17% 21.00% 7.71% 16.23% 17.91% 70% S&P 500 -19.60% 20.54% 8.93% 12.15% 18.40% 20% Russell 2000 -30.62% 25.42% 4.93% 31.37% 19.96% 10% MSCI EAFE -22.83% 14.88% 4.80% 16.05% 7.82% Fixed Income Return 5.05% 2.01% 0.72% 0.15% 8.10% Blended Fixed Benchmark 4.13% 2.79% 0.85% 0.26% 8.22% Cash Equivalent Return 0.22% 0.00% 0.00% 0.00% 0.23% M-Star Taxable MMF Index 0.26% 0.03% 0.01% 0.00% 0.30% SFAM Page 3 of 23 7 of 70 Portfolio Value vs. Cumulative Net Investment From 04/03/2016 to 12/31/2020 Oak Brook Firefighters' Pension Fund Portfolio Value Cumulative Net Investment Dollar Value Quarter Ending 10000000 20000000 30000000 40000000 04/03/2016 09/30/2016 03/31/2017 09/30/2017 03/31/2018 09/30/2018 03/31/2019 09/30/2019 03/31/2020 09/30/2020Period Contributions Cumulative Portfolio Investment Ending and Withdrawals Net Investment Value Gain 04/03/2016 12,489,768 12,489,768 12,489,768 0 06/30/2016 10,752,286 23,242,053 23,916,090 674,036 09/30/2016 -226,284 23,015,769 24,399,678 1,383,909 12/31/2016 -238,915 22,776,854 24,461,407 1,684,552 03/31/2017 189 22,777,043 25,427,107 2,650,064 06/30/2017 -160,792 22,616,251 25,967,000 3,350,749 09/30/2017 -276,370 22,339,881 26,546,594 4,206,712 12/31/2017 -195,932 22,143,949 27,289,348 5,145,398 03/31/2018 0 22,143,949 27,154,390 5,010,440 06/30/2018 118,172 22,262,121 27,794,660 5,532,538 09/30/2018 -347,795 21,914,327 28,176,007 6,261,680 12/31/2018 0 21,914,327 25,800,398 3,886,071 03/31/2019 0 21,914,327 28,145,594 6,231,268 06/30/2019 0 21,914,327 29,024,340 7,110,013 09/30/2019 17,357 21,931,684 29,347,556 7,415,872 12/31/2019 104,675 22,036,358 30,897,661 8,861,303 03/31/2020 -280,483 21,755,875 27,143,581 5,387,706 06/30/2020 -209,549 21,546,326 30,516,158 8,969,833 09/30/2020 -123,350 21,422,976 32,014,507 10,591,531 12/31/2020 -323,312 21,099,664 34,521,649 13,421,985 SFAM Page 4 of 23 8 of 70 Quarterly Market Commentary – December 31, 2020 December 31, 2020 Economic Overview 4Q 2020 Key Observations • Global optimism about Covid-19 vaccines fueled the “reopening trade” • Equity market rally broadened to include small capitalization and international stocks • Bond yields remain low amid a Federal Reserve monetary policy prioritizing economic growth • Consumer spending is increasing at a cautious rate as a degree of uncertainty remains Key Indicators Total consumer spending has rebounded from pandemic lows with demand for goods setting new highs. Key economic indicators point to renewed consumer optimism albeit with a degree of caution. 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20$ BillionsAnnual U.S. Consumer Spending -5 Year History Total Consumer Spending Services Spending Goods Spending 800 1,000 1,200 1,400 1,600 1,800 ThousandsAnnual Housing Starts 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Millions Annual New Vehicle Sales SFAM Page 5 of 23 9 of 70 Quarterly Market Commentary – December 31, 2020 December 31, 2020 Equity Overview Market Performance • Equity indices accelerated the pace of gains in 4Q driven by the evolving economic recovery • The accommodative Federal Reserve monetary policy designed to boost economic growth is providing a strong tailwind for the equity markets • Small capitalization stocks were exceptionally strong in 4Q as the breadth of the equity rally expanded • International equities posted positive returns as investors seek diversified investment opportunities Equity Performance Overview The early stages of the U.S. equity rally in 2020 were driven by large cap growth companies as the emergence of “work-from-home” favored technology and ecommerce companies. U.S. equity performance was very strong in 4Q 2020 as economic optimism was focused on post-pandemic life and the expected increase in consumer spending. Anticipation of improved economic conditions has provided momentum for small-cap stocks as investors seek undervalued investment opportunities that were largely ignored during the initial phases of the recovery. Equities – Looking Ahead • The re-opening of the economy will be a key focal point during 1Q 2021 • Pent-up consumer demand could serve a major catalyst for segments of the equity market • Value oriented stocks will become a more important consideration in a balanced portfolio o Value stocks tend to perform best during times of economic recovery and growth • Effect of the Georgia run-off election results and subsequent control of the U.S. Senate on equity markets -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 2020 YTD U.S. Equity Index Performance -2020 S&P 500 Russell 2000 MSCI EAFE Quarterly performance record for Russell 2000 SFAM Page 6 of 23 10 of 70 Quarterly Market Commentary – December 31, 2020 December 31, 2020 Fixed Income Overview Market Observations • Yield curve steepened in 4Q – long term yields increased while short term yields decreased • Short term yields remain well below historical levels driven by Federal Reserve monetary policy • Bond yields are negative in many global markets as local economies struggle to grow Fixed Income Yield Overview U.S. bond yields are low in absolute terms and relative to historical levels, but negative yields in global markets generate strong demand for U.S. bonds from foreign buyers who seek positive yields. Fixed Income – Looking Ahead • Federal Reserve monetary policy continues to focus on supporting the economic recovery • Short-term interest rates are expected to remain low through 2023 • Yields will be most sensitive to geopolitical events – China trade relations, Middle East developments 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y U.S. Treasury Yield Curve 12/31/2018 12/31/2019 12/31/2020 -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 20Y 30Y Global Yield Curves -12/31/2020 U.S.Japan Euro SFAM Page 7 of 23 11 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Portfolio Allocation Equities: 60.7% Fixed Income: 37.1% Cash Equivalent: 2.2% Current Current Annual Weight Description Symbol Quantity Value Yield Income Equities Large Cap Mutual Fund 2. 8%AQR Large Cap Defensive QUERX 36,983. 009 981,529. 06 1. 4%13,423. 73 4. 8%Hartford Core Equity Fund Y HGIYX 39,512. 279 1,644,896. 17 0. 8%12,356. 91 6. 1%Pioneer Equity Income PYEQX 57,540. 077 2,091,006. 40 0. 9%18,619. 98 13. 4%T Rowe Price Growth Stock PRUFX 47,787. 513 4,634,433. 01 0. 3%12,424. 74 15. 2%Vanguard 500 Index Fund VFIAX 15,111. 836 5,237,309. 00 1. 6%83,792. 12 42. 3%14,589,173. 64 1. 0%140,617. 49 Exchange Traded Fund 0. 2%Vanguard S&P 500 ETF VOO 184 63,238. 96 1. 6%1,017. 80 42. 4%14,652,412. 60 1. 0%141,635. 29 Mid Cap Mutual Fund 1. 8%Victory Sycamore VEVIX 15,316. 049 626,426. 40 1. 6%9,787. 67 Small Cap Mutual Fund 4. 2%T Rowe Price QM US Small-Cap TQAIX 30,550. 508 1,463,063. 83 0. 0%0. 00 6. 0%TIAA Cref Small Cap Index TISBX 85,401. 109 2,079,517. 00 1. 1%22,112. 05 10. 3%3,542,580. 83 0. 6%22,112. 05 International Mutual Fund 0. 9%First Eagle Overseas SGOIX 11,603. 992 303,444. 39 0. 5%1,415. 69 1. 5%Goldman Sachs International GCIIX 36,573. 213 502,881. 68 1. 9%9,359. 09 1. 5%MFS International Growth I MQGIX 11,170. 41 532,270. 04 0. 7%3,477. 68 SFAM Page 8 of 23 12 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Equities International Mutual Fund 1. 1%Oppenheimer Developing Markets ODVIX 6,806. 362 363,800. 05 0. 3%1,261. 22 4. 9%1,702,396. 16 0. 9%15,513. 68 Real Estate Mutual Fund 1. 2%Cohen & Steers Realty CSRIX 9,855. 652 426,848. 29 3. 5%14,862. 31 60. 7%20,950,664. 28 1. 0%203,911. 00 Fixed Income Cash Equivalent Certificate of Deposit 0. 4%Spiritbank 848608EG6 150,000 148,121. 40 0. 8%1,125. 00 12/22/2028 0.75% Accrued Income 27. 74 0. 7%State Bank of India 856283N93 225,000 230,139. 00 1. 0%2,250. 00 07/10/2025 1.00% Accrued Income 1,078. 77 1. 1%379,366. 91 0. 9%3,375. 00 Taxable Bonds U. S. Treasury 0. 5%US Treas Note 9128285M8 150,000 177,515. 63 2. 6%4,687. 50 11/15/2028 3.125% Accrued Income 608. 60 0. 5%US Treas Note 912828M80 150,000 155,320. 31 1. 9%3,000. 00 11/30/2022 2.00% Accrued Income 263. 74 0. 3%US Treas Note 912828N30 100,000 103,968. 75 2. 0%2,125. 00 12/31/2022 2.125% Accrued Income 5. 87 0. 5%US Treas Note 912828R36 150,000 159,656. 25 1. 5%2,437. 50 05/15/2026 1.625% Accrued Income 316. 47 0. 3%US Treas Note 912828T91 100,000 104,156. 25 1. 6%1,625. 00 10/31/2023 1.625% Accrued Income 278. 31 0. 5%US Treas Note 912828WE6 150,000 161,156. 25 2. 6%4,125. 00 11/15/2023 2.75% Accrued Income 535. 57 0. 3%US Treas Note 912828X88 100,000 111,500. 00 2. 1%2,375. 00 05/15/2027 2.375% Accrued Income 308. 36 1. 1%US Treas Note 912828YD6 350,000 368,046. 88 1. 3%4,812. 50 08/31/2026 1.375% Accrued Income 1,635. 19 0. 3%US Treas Note 912828YQ7 100,000 106,609. 37 1. 5%1,625. 00 10/31/2026 1.625% Accrued Income 278. 31 4. 2%1,452,160. 11 1. 9%26,812. 50 SFAM Page 9 of 23 13 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Fixed Income Taxable Bonds U.S. Government Agency 0. 3%Fed Farm Cr Bk 3133EA6C7 100,000 109,873. 00 2. 3%2,500. 00 10/24/2025 2.50% Accrued Income 465. 28 0. 2%Fed Farm Cr Bk 3133EAE61 49,000 53,230. 95 2. 1%1,141. 70 08/01/2025 2.33% Accrued Income 475. 71 0. 6%Fed Farm Cr Bk 3133ECB60 200,000 222,608. 20 2. 3%5,140. 00 12/24/2026 2.57% Accrued Income 99. 94 0. 6%Fed Farm Cr Bk 3133ECJF2 200,000 200,691. 00 1. 8%3,540. 00 03/18/2021 1.77% Accrued Income 1,012. 83 0. 4%Fed Farm Cr Bk 3133ECN83 125,000 135,534. 75 2. 2%2,962. 50 05/01/2025 2.37% Accrued Income 493. 75 0. 2%Fed Farm Cr Bk 3133ED6M9 68,000 73,698. 94 2. 9%2,155. 60 11/06/2023 3.17% Accrued Income 329. 33 1. 0%Fed Farm Cr Bk 3133EEF47 300,000 328,790. 40 2. 3%7,410. 00 09/30/2025 2.47% Accrued Income 1,873. 08 0. 3%Fed Farm Cr Bk 3133EEG79 100,000 105,206. 30 2. 0%2,150. 00 09/07/2023 2.15% Accrued Income 680. 83 0. 3%Fed Farm Cr Bk 3133EEHG8 100,000 112,491. 40 2. 6%2,875. 00 06/09/2026 2.875% Accrued Income 175. 69 0. 3%Fed Farm Cr Bk 3133EER85 100,000 101,722. 90 2. 0%2,000. 00 12/01/2021 2.00% Accrued Income 166. 67 0. 5%Fed Farm Cr Bk 3133EESU5 150,000 169,784. 70 2. 5%4,185. 00 08/09/2027 2.79% Accrued Income 1,650. 75 0. 5%Fed Farm Cr Bk 3133EGN68 150,000 172,317. 75 2. 5%4,245. 00 11/28/2028 2.83% Accrued Income 389. 13 0. 5%Fed Farm Cr Bk 3133EHNR0 150,000 167,365. 95 2. 3%3,870. 00 06/15/2027 2.58% Accrued Income 172. 00 0. 7%Fed Farm Cr Bk 3133EHTW3 200,000 227,769. 20 2. 4%5,460. 00 08/04/2028 2.73% Accrued Income 2,229. 50 0. 5%Fed Farm Cr Bk 3133EHZD8 150,000 170,145. 00 2. 3%3,975. 00 09/19/2028 2.65% Accrued Income 1,126. 25 0. 2%Fed Farm Cr Bk 3133EJ2C2 50,000 56,743. 60 2. 8%1,610. 00 12/10/2025 3.22% Accrued Income 93. 92 0. 3%Fed Farm Cr Bk 3133EJFB0 100,000 116,509. 10 2. 7%3,170. 00 03/07/2028 3.17% Accrued Income 1,003. 83 0. 2%Fed Farm Cr Bk 3133EJJH3 50,000 58,226. 65 2. 7%1,575. 00 04/03/2028 3.15% Accrued Income 385. 00 SFAM Page 10 of 23 14 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Fixed Income Taxable Bonds U.S. Government Agency 0. 3%Fed Farm Cr Bk 3133EJNZ8 100,000 118,857. 20 2. 8%3,350. 00 12/14/2028 3.35% Accrued Income 158. 19 0. 7%Fed Farm Cr Bk 3133EJPN3 200,000 235,431. 20 2. 8%6,600. 00 05/17/2028 3.30% Accrued Income 806. 67 0. 3%Fed Farm Cr Bk 3133EJXS3 100,000 113,972. 30 2. 7%3,100. 00 08/24/2026 3.10% Accrued Income 1,093. 61 0. 3%Fed Farm Cr Bk 3133EK5F9 100,000 108,457. 00 1. 8%2,000. 00 11/01/2029 2.00% Accrued Income 333. 33 0. 8%Fed Farm Cr Bk 3133EKDF0 250,000 291,027. 00 2. 6%7,500. 00 03/14/2029 3.00% Accrued Income 2,229. 17 0. 9%Fed Farm Cr Bk 3133EKJE7 250,000 294,492. 00 2. 5%7,500. 00 11/25/2030 3.00% Accrued Income 750. 00 0. 7%Fed Farm Cr Bk 3133EKKG0 200,000 229,972. 20 2. 4%5,600. 00 05/03/2029 2.80% Accrued Income 902. 22 0. 3%Fed Farm Cr Bk 3133EKS64 100,000 108,958. 20 1. 9%2,040. 00 09/24/2029 2.04% Accrued Income 549. 67 0. 4%Fed Farm Cr Bk 3133EL2Z6 150,000 147,868. 65 1. 0%1,410. 00 08/06/2030 0.94% Accrued Income 567. 92 0. 4%Fed Farm Cr Bk 3133EL4F8 150,000 150,183. 00 0. 6% 900. 00 08/18/2026 0.60% Accrued Income 332. 50 0. 5%Fed Farm Cr Bk 3133ELBZ6 150,000 163,671. 00 1. 9%3,120. 00 12/02/2030 2.08% Accrued Income 251. 33 0. 3%Fed Farm Cr Bk 3133ELJV7 100,000 109,175. 50 1. 9%2,080. 00 01/23/2030 2.08% Accrued Income 912. 89 0. 3%Fed Farm Cr Bk 3133ELL28 100,000 101,813. 60 1. 1%1,150. 00 06/18/2029 1.15% Accrued Income 41. 53 0. 1%Fed Farm Cr Bk 3133FXEP8 30,000 32,136. 93 2. 8% 900. 00 07/15/2023 3.00% Accrued Income 415. 00 0. 3%Fed Home Ln Bk 3130A2UW4 100,000 109,630. 70 2. 6%2,875. 00 09/13/2024 2.875% Accrued Income 862. 50 0. 5%Fed Home Ln Bk 3130A3DU5 150,000 171,075. 00 2. 6%4,500. 00 03/12/2027 3.00% Accrued Income 1,362. 50 0. 5%Fed Home Ln Bk 3130A3KM5 150,000 156,829. 65 2. 4%3,750. 00 12/09/2022 2.50% Accrued Income 229. 17 0. 5%Fed Home Ln Bk 3130A5DA4 150,000 164,662. 05 2. 4%3,937. 50 06/13/2025 2.625% Accrued Income 196. 88 SFAM Page 11 of 23 15 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Fixed Income Taxable Bonds U.S. Government Agency 0. 6%Fed Home Ln Bk 3130A67F8 200,000 218,820. 20 2. 4%5,250. 00 03/14/2025 2.625% Accrued Income 1,560. 42 0. 6%Fed Home Ln Bk 3130A7BA2 200,000 219,168. 60 2. 2%4,750. 00 03/13/2026 2.375% Accrued Income 1,425. 00 0. 8%Fed Home Ln Bk 3130AAZ92 250,000 283,234. 25 2. 5%7,187. 50 03/12/2027 2.875% Accrued Income 2,176. 22 0. 3%Fed Home Ln Bk 3130ACKB9 100,000 112,283. 50 2. 3%2,625. 00 09/10/2027 2.625% Accrued Income 809. 38 0. 2%Fed Home Ln Bk 3130AD7C0 50,000 56,715. 10 2. 4%1,375. 00 12/10/2027 2.75% Accrued Income 80. 21 0. 3%Fed Home Ln Bk 3130AGDY8 100,000 114,750. 20 2. 4%2,750. 00 06/08/2029 2.75% Accrued Income 175. 69 0. 4%Fed Home Ln Bk 3130AJLW7 150,000 152,466. 45 1. 2%1,875. 00 06/14/2030 1.25% Accrued Income 88. 54 0. 8%Fed Home Ln Bk 3133XVDG3 250,000 287,847. 50 3. 8%10,937. 50 09/13/2024 4.375% Accrued Income 3,281. 25 0. 6%Tenn Valley Auth 880591ER9 200,000 218,825. 20 2. 6%5,750. 00 09/15/2024 2.875% Accrued Income 1,693. 06 20. 5%7,091,142. 31 2. 3%164,777. 30 U.S. Government Agency - Callable 0. 3%Fed Farm Cr Bk 3133EJPJ2 100,000 107,605. 10 3. 4%3,670. 00 05/16/2028 3.67% Call 05/16/2023, 100.00 Accrued Income 458. 75 0. 3%Fed Farm Cr Bk 3133EJR76 100,000 109,296. 40 3. 5%3,780. 00 11/07/2028 3.78% Call 11/07/2023, 100.00 Accrued Income 567. 00 0. 3%Fed Farm Cr Bk 3133ELMB7 100,000 105,915. 50 2. 0%2,120. 00 02/05/2030 2.12% Call 02/05/2025, 100.00 Accrued Income 859. 78 0. 4%Fed Home Ln Bk 3130AJXE4 150,000 148,897. 35 0. 6% 937. 50 09/10/2027 0.625% Accrued Income 377. 60 1. 4%473,977. 48 2. 2%10,507. 50 Taxable Municipal 0. 4%Bloomingdale, IL 094333LB5 150,000 151,299. 00 1. 5%2,325. 00 10/30/2028 1.55% Accrued Income 142. 08 SFAM Page 12 of 23 16 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Fixed Income Taxable Bonds Taxable Municipal 0. 4%Bolingbrook, IL 097552UG6 150,000 153,105. 00 1. 9%2,877. 00 01/01/2030 1.918% Call 01/01/2029, 100.00 Accrued Income 990. 97 0. 3%Cook Cnty, IL 213687JZ0 100,000 100,096. 00 5. 1%5,100. 00 Evanston Sch. Dist 65 12/01/2026 5.10% Accrued Income 425. 00 0. 3%Cook Cnty, IL 215075KH4 100,000 111,428. 00 4. 0%4,500. 00 Dolton SD #148 BAM Insured 12/01/2024 4.50% Accrued Income 375. 00 0. 3%DuPage & Cook Cnty 262579SA4 100,000 108,811. 00 3. 0%3,300. 00 Hinsdale Sch Dist 181 01/15/2025 3.30% Accrued Income 1,521. 67 0. 2%Hoffman Estates, IL 434452KW7 50,000 54,591. 50 4. 1%2,250. 00 12/01/2030 4.50% Call 12/01/2024, 100.00 Accrued Income 187. 50 0. 3%Lake Cnty, IL 508759KK2 100,000 111,347. 00 3. 1%3,429. 00 Hawthorn Woods SD #73 01/01/2027 3.429% Accrued Income 1,714. 50 0. 5%Lake Zurich, IL 511444RJ2 150,000 160,332. 00 2. 7%4,275. 00 02/01/2027 2.85% Call 02/01/2026, 100.00 Accrued Income 1,781. 25 0. 4%McHenry & Kane Cnty, IL 580773LT4 150,000 153,495. 00 2. 3%3,510. 00 Huntley SD #158 02/15/2031 2.34% Call 02/15/2029, 100.00 Accrued Income 614. 25 0. 3%Oakbrook Ter, IL 67184PGX3 100,000 102,582. 00 2. 9%3,000. 00 12/15/2025 3.00% Call 12/15/2022, 100.00 Accrued Income 133. 33 0. 5%Skokie, IL 830728SM4 150,000 157,338. 00 2. 2%3,525. 00 12/01/2024 2.35% Accrued Income 293. 75 0. 5%Will Cnty IL CSD 968648ZL2 150,000 153,226. 50 2. 9%4,500. 00 Plainfield Cmty CSD #202 01/01/2022 3.00% Accrued Income 2,250. 00 4. 4%1,528,080. 30 2. 8%42,591. 00 Corporate 0. 4%3M Company 88579YAY7 115,000 127,915. 88 2. 6%3,306. 25 10/15/2027 2.875% Call 07/15/2027, 100.00 Accrued Income 697. 99 0. 3%Apple Inc 037833AS9 100,000 110,076. 70 3. 1%3,450. 00 05/06/2024 3.45% Accrued Income 527. 08 SFAM Page 13 of 23 17 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Fixed Income Taxable Bonds Corporate 0. 3%Apple Inc 037833BY5 100,000 112,222. 40 2. 9%3,250. 00 02/23/2026 3.25% Call 11/23/2025, 100.00 Accrued Income 1,155. 56 0. 5%Berkshire Hathaway 084670BR8 150,000 157,309. 35 2. 6%4,125. 00 03/15/2023 2.75% Call 01/15/2023, 100.00 Accrued Income 1,214. 58 0. 3%Berkshire Hathaway 084670BS6 100,000 111,740. 40 2. 8%3,125. 00 03/15/2026 3.125% Call 12/15/2025, 100.00 Accrued Income 920. 14 0. 3%Coca Cola Co 191216CM0 100,000 106,810. 20 2. 0%2,125. 00 09/06/2029 2.125% Accrued Income 678. 82 0. 3%Emerson Electric 291011BP8 100,000 100,603. 40 0. 9% 875. 00 10/15/2026 0.875% Call 09/15/2026, 100.00 Accrued Income 240. 63 0. 3%Exxon Mobil 30231GAT9 100,000 110,630. 30 2. 8%3,043. 00 03/01/2026 3.043% Call 12/01/2025, 100.00 Accrued Income 1,014. 33 0. 4%Gilead Sciences 375558AU7 150,000 154,118. 25 4. 3%6,600. 00 12/01/2021 4.40% Call 09/01/2021, 100.00 Accrued Income 550. 00 0. 5%IBM Corp 459200HU8 150,000 164,259. 75 3. 3%5,437. 50 02/12/2024 3.625% Accrued Income 2,099. 48 0. 3%Microsoft Corp 594918BY9 100,000 113,776. 70 2. 9%3,300. 00 02/06/2027 3.30% Call 11/06/2026, 100.00 Accrued Income 1,329. 17 0. 3%The Home Depot,437076BY7 100,000 113,489. 00 2. 6%2,950. 00 06/15/2029 2.95% Call 03/15/2029, 100.00 Accrued Income 131. 11 0. 6%Univ of Chicago 91412NAB6 180,000 194,234. 40 4. 4%8,568. 00 10/01/2023 4.76% Accrued Income 2,142. 00 0. 4%US Bancorp 91159HHA1 125,000 126,485. 25 4. 1%5,156. 25 05/24/2021 4.125% Call 04/23/2021, 100.00 Accrued Income 529. 95 SFAM Page 14 of 23 18 of 70 Portfolio Statement As of 12/31/2020 Oak Brook Firefighters' Pension Fund Current Current Annual Weight Description Symbol Quantity Value Yield Income Fixed Income Taxable Bonds Corporate 0. 2%Wal-Mart Stores 931142EK5 50,000 53,697. 60 3. 2%1,700. 00 06/26/2023 3.40% Call 05/26/2023, 100.00 Accrued Income 23. 61 5. 4%1,870,624. 03 3. 1%57,011. 00 36. 0%12,415,984. 23 2. 4%301,699. 30 37. 1%12,795,351. 14 2. 4%305,074. 30 Cash Equivalent Cash Equivalent Cash Equivalent 2. 2%Schwab Government Money Fund SWGXX 775,633. 85 0. 0%77. 56 99. 8%34,454,257. 12 1. 5%509,062. 86 Total Accrued Income 67,392. 15 100. 0%34,521,649. 27 Information in this report is based on data provided by the custodian. SFAM Page 15 of 23 19 of 70 Oak Brook Firefighters' Pension Fund December 31, 2020 EQUITY PORTFOLIO This section of the quarterly presentation contains independent, third party information provided by Morningstar regarding the equity portfolio of mutual funds and the individual underlying mutual funds. SFAM Page 16 of 23 20 of 70 Portfolio Snapshot Portfolio Value Benchmark $20,950,664.28 Custom Oak Brook Firefighters' Pension Fund: 20433707 Analysis 12-31-2020 Asset Allocation Portfolio Net % Bmark Net % Cash 0.53 0.00 US Stocks 87.69 89.28 Non-US Stocks 11.23 10.71 Bonds 0.04 0.00 Other/Not Clsfd 0.52 0.01 Morningstar Equity Style Box %Morningstar Fixed Income Style Box % Value Blend Growth Large Mid Small 11 26 28 6 9 6 3 6 5 Total Stock Holdings 3,465 % Not Classified 0 0-10 10-25 25-50 >50 Ltd Mod Ext High Med Low 0 0 0 0 0 0 0 0 0 Total Bond Holdings 116 % Not Classified 100 0-10 10-25 25-50 >50 Stock Analysis 12-31-2020 Stock Sectors CyclicalDefensiveSen s i t i ve Benchmark Portfolio Portfolio (%) Bmark (%) h Cyclical 33.29 31.90 r Basic Matls 3.31 3.14 t Consumer Cycl 13.11 11.31 y Financial Svs 12.35 13.85 u Real Estate 4.52 3.60 j Sensitive 42.91 43.01 i Commun Svs 9.34 8.84 o Energy 1.25 2.34 p Industrials 10.80 11.14 a Technology 21.52 20.69 k Defensive 23.80 25.09 s Consumer Def 6.86 6.96 d Healthcare 14.30 15.10 f Utilities 2.64 3.03 Not Classified 0.00 0.00 World Regions Greater Asia Americas Greater Europe <25 25-50 50-75 >75% Portfolio (%) Bmark (%) Americas 89.75 89.40 North America 89.33 89.32 Latin America 0.42 0.07 Greater Europe 5.45 6.83 United Kingdom 1.19 1.78 Europe-Developed 3.98 4.98 Europe-Emerging 0.18 0.01 Africa/Middle East 0.10 0.06 Greater Asia 4.80 3.79 Japan 1.25 2.56 Australasia 0.18 0.72 Asia-Developed 1.27 0.48 Asia-Emerging 2.10 0.03 Not Classified 0.00 0.00 Performance 12-31-2020 Investment Activity Graph Portfolio Initial Mkt Val: $6,041,562 Final Mkt Val: $20,950,664 Benchmark 01-11 01-12 01-13 01-14 01-15 01-16 01-17 01-18 01-19 01-20 3.0 7.0 11.0 15.0 19.0 $23.0 mil Trailing Returns*3 Mo 1 Yr 3 Yr 5 Yr 10 Yr Portfolio Return 14.89 19.54 13.70 14.86 13.42 Benchmark Return 16.24 17.91 12.55 14.20 12.64 +/- Benchmark Return -1.35 1.63 1.15 0.66 0.78 *Full return history is not available for all securities. Please see Return Participation disclosure. Best/Worst Time Periods Best %Worst % 3 Months 21.65 ( Apr 2020-Jun 2020 ) -21.07 ( Jan 2020-Mar 2020 ) 1 Year 33.13 ( Jan 2013-Dec 2013 )-10.39 ( Apr 2019-Mar 2020 ) 3 Years 21.65 ( Oct 2011-Sep 2014 )3.88 ( Apr 2017-Mar 2020 ) Portfolio Yield ( 12-31-2020 )Yield % 12-Month Yield — Portfolio-Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Holdings 12-31-2020 Top 10 holdings out of 14 Symbol Type Holding Value $ % Assets Vanguard 500 Index Admiral (USD)VFIAX MF 5,237,309 25.00 T. Rowe Price Growth Stock I (USD)PRUFX MF 4,634,433 22.12 Pioneer Equity Income Y (USD)PYEQX MF 2,091,006 9.98 TIAA-CREF Small-Cap Blend Idx Inst (USD)TISBX MF 2,079,517 9.93 Hartford Core Equity Y (USD)HGIYX MF 1,644,896 7.85 T. Rowe Price QM US Small-Cap Gr Eq I (USD)TQAIX MF 1,463,064 6.98 AQR Large Cap Defensive Style R6 (USD)QUERX MF 981,529 4.68 Victory Sycamore Established Value I (USD)VEVIX MF 626,426 2.99 MFS International Growth I (USD)MQGIX MF 532,270 2.54 Goldman Sachs Intl Eq Insghts Instl (USD)GCIIX MF 502,882 2.40 Release date 12-31-2020 | FINRA members: For internal or institutional use only. ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 171 of 250 SFAM Page 17 of 23 21 of 70 Portfolio Snapshot Portfolio Value Benchmark $20,950,664.28 Custom Oak Brook Firefighters' Pension Fund: 20433707 Risk Analysis 12-31-2020 Risk/Reward Scatterplot Portfolio Holdings Bmark 10 Year Mean -2.00 0.20 2.40 4.60 6.80 9.00 11.20 13.40 15.60 17.80 20.00 -2.0 -0.4 1.2 2.8 4.4 6.0 7.6 9.2 10.8 12.4 14.0 15.6 17.2 18.8 20.4 10 Year Standard Deviation Performance History Graph Portfolio Quarterly returns +/- Benchmark in % 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -2.0 Bmark 2.0 4.0 6.0 8.0 10.0% Risk and Return Statistics*3 Yr 5 Yr 10 Yr Portfolio Bmark Portfolio Bmark Portfolio Bmark Standard Deviation 19.13 19.70 15.62 16.08 14.02 14.30 Mean 13.70 12.55 14.86 14.20 13.42 12.64 Sharpe Ratio 0.73 0.66 0.95 0.89 0.99 0.91 MPT Statistics*3 Yr Portfolio 5 Yr Portfolio 10 Yr Portfolio Alpha 1.30 0.95 0.97 Beta 0.97 0.97 0.97 R-Squared 99.52 99.17 98.86 Portfolio-Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Fundamental Analysis 12-31-2020 Asset Allocation -100 -50 0 50 100 Portfolio Net % Portfolio Long % Portfolio Short % Cash 0.53 0.75 0.22 US Stocks 87.69 87.69 0.00 Non-US Stocks 11.23 11.23 0.00 Bonds 0.04 0.04 0.00 Other/Not Clsfd 0.52 0.52 0.00 Total 100.00 100.22 0.22 Market Maturity % of Stocks Portfolio Bmark Developed Markets 97.29 99.94 Emerging Markets 2.71 0.06 Not Available 0.00 0.00 Valuation Multiples Portfolio Bmark Price/Earnings 25.67 24.35 Price/Book 3.34 2.96 Price/Sales 2.18 2.02 Price/Cash Flow 14.25 13.05 Profitability Portfolio Bmark % of Stocks 2020-12 2020-12 Net Margin 13.56 12.63 ROE 20.00 20.22 ROA 6.61 6.03 Debt/Capital 41.38 43.29 Fund Statistics Potential Cap Gains Exposure 30.70 Avg Net Expense Ratio 0.40 Avg Gross Expense Ratio 0.41 Geometric Avg Capitalization ($Mil) Portfolio 58,225.66 Benchmark 60,637.42 Credit Quality Breakdown % of Bonds AAA — AA — A — BBB — BB — B — Below B — NR — Interest Rate Risk Bonds % Not Available Avg Eff Maturity — 100.00 Avg Eff Duration — 100.00 Avg Wtd Coupon — 0.00 Type Weightings % of Stocks Portfolio Bmark n High Yield 18.43 21.25 b Distressed 2.33 2.43 v Hard Asset 5.36 4.82 m Cyclical 29.28 29.01 x Slow Growth 4.23 4.51 z Classic Growth 7.15 6.12 l Aggressive Growth 17.98 15.18 c Speculative Growth 5.41 3.99 Not Available 9.84 12.68 0% 5 10 15 20 25 30 35 40 45 50 *Full return history is not available for all securities. Please see Return Participation disclosure. Release date 12-31-2020 | FINRA members: For internal or institutional use only. ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 172 of 250 SFAM Page 18 of 23 22 of 70 Mutual Fund Performance and Characteristics December 31, 2020 MUTUAL FUND PERFORMANCE AND FUND CHARACTERISTICS Large Cap (US) Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs T Rowe Price Growth Stock PRUFX Large Growth 12.03% 37.09% 21.18% 19.33% 16.95% Vanguard 500 Index Admiral VFIAX Large Blend 12.15% 18.37% 14.14% 15.18% 13.85% AQR Large Cap Defensive QUERX Large Blend 8.20% 13.20% 13.33% 14.87% N/A% Hartford Core Equity Y HGIYX Large Blend 12.48% 18.42% 15.98% 15.04% 14.95% Pioneer Equity Income Fund PYEQX Large Value 13.22% 0.10% 4.76% 9.61% 10.61% S&P 500 Index – Growth 10.66% 33.47% 20.51% 18.98% 16.49% S&P 500 Index 12.15% 18.40% 14.18% 15.22% 13.88% S&P 500 Index – Value 14.49% 1.36% 6.78% 10.52% 10.74% Small & Mid Cap (US) Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs TIAA-CREF Small Cap Index TISBX Small Blend 31.32% 20.15% 10.38% 13.43% 11.39% Victory Sycamore Established Value VEVIX Mid-Cap Value 20.57% 8.12% 7.83% 11.97% 11.78% T Rowe Price QM Small Cap TQAIX Small Growth 22.43% 24.00% 15.42% 15.95% 14.47% Russell 2000 Index – Growth 29.61% 34.63% 16.20% 16.36% 13.48% Russell 2000 Index 31.37% 19.96% 10.25% 13.26% 11.20% Russell 2000 Index - Value 33.36% 4.63% 3.72% 9.65% 8.66% International Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs MFS International Growth MQGIX Large Growth 11.55% 15.73% 10.29% 12.77% 7.78% First Eagle Overseas SGOIX Large Blend 10.12% 7.24% 4.41% 6.63% 5.43% Goldman Sachs Intl Equity GCIIX Large Blend 13.97% 7.83% 2.48% 7.71% 5.72% Invesco Developing Markets ODVIX Emerging Mkts 19.02% 17.66% 8.93% 13.43% 5.31% MSCI EAFE Index 16.05% 7.82% 4.28% 7.45% 5.51% MSCI Emerging Markets Index 19.70% 18.31% 6.17% 12.81% 3.63% Real Estate Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs Cohen & Steers Realty CSRIX Real Estate 8.64% -2.57% 7.55% 7.20% 9.47% DJ US Select REIT Index 12.92% -11.20% 1.54% 3.00% 7.56% *YTD Return and Annualized Returns are calculated as of December 31, 2020 The performance data noted above is the performance of the referenced mutual fund for the period and does not represent the performance of Sawyer Falduto Asset Management, LLC or its clients. Past performance does not guarantee future results. SFAM Page 19 of 23 23 of 70 Oak Brook Firefighters' Pension Fund December 31, 2020 FIXED INCOME PORTFOLIO Fixed Income Allocation Minimum Range Maximum Current US Treasury Bills/Notes/Bonds 0% 5 – 40% 100% 11.3% US Government Agency (non-MBS) 0% 20 – 70% 75% 55.4% US Government Agency (Callable) 0% 0 – 20% 30% 3.7% US Government Agency (MBS) 0% 0 – 10% 15% 0.0% Taxable Municipal Securities 0% 5 – 20% 30% 11.9% Certificates of Deposit 0% 0 – 10% 20% 3.0% Investment Grade Corporate Bonds 0% 5 – 20% 30% 14.6% Portfolio Statistics Duration* Yield-to- Maturity* Current Yield Average Coupon Fixed Income Portfolio 5.14 yrs 0.78% 2.40% 2.63% Blended Fixed Benchmark 5.86 yrs 0.94% 2.98% 3.58% *Excludes Mortgage Backed Securities Maturity Distribution % of Fixed Income 0 - 1 years 4.6% 1 - 3 years 13.9% 3 - 5 years 24.1% 5 - 7 years 26.6% 7 - 10 years 30.8% 10 - 15 years 0.0% 15 + years 0.0% Quality Distribution** Tsy/FDIC Aaa Aa A/Baa/NR Fixed Income Portfolio 14.3% 60.1% 10.3% 15.2% **Quality Distribution reflects ratings as provided by Moody’s. Standard & Poor’s lowered the rating on US Treasuries and certain government agencies to A+ on 8/5/2011. SFAM Page 20 of 23 24 of 70 Transaction Ledger Report From 10/01/2020 to 12/31/2020 Oak Brook Firefighters' Pension Fund Trade Principal Accrued Date Activity Description Quantity Amount Pd/Rec 10/01/2020 Interest Univ of Chicago 4,284. 00 10/01/2023 4.76% 10/02/2020 Dividend Vanguard S&P 500 ETF 240. 76 10/03/2020 Interest Fed Farm Cr Bk 787. 50 04/03/2028 3.15% 10/06/2020 Management Fee Schwab Government Money Fund 16,007. 00 10/08/2020 Buy McHenry & Kane Cnty, IL 150,000 150,000. 00 0. 00 02/15/2031 2.34% Call 02/15/2029 100.00 10/13/2020 Deposit Schwab Government Money Fund 178,987. 44 10/15/2020 Interest 3M Company 1,653. 13 10/15/2027 2.875% Call 07/15/2027 100.00 10/15/2020 Dividend Schwab Government Money Fund 2. 81 10/22/2020 Sell T Rowe Price Growth Stock (2,809. 899)260,000. 00 10/23/2020 Withdrawal Schwab Government Money Fund 248,954. 35 10/24/2020 Interest Fed Farm Cr Bk 1,250. 00 10/24/2025 2.50% 10/31/2020 Interest US Treas Note 812. 50 10/31/2023 1.625% 10/31/2020 Interest US Treas Note 812. 50 10/31/2026 1.625% 11/01/2020 Interest Fed Farm Cr Bk 1,000. 00 11/01/2029 2.00% 11/01/2020 Interest Fed Farm Cr Bk 1,481. 25 05/01/2025 2.37% 11/01/2020 Interest Wheeling, IL Pk Dist 3,562. 50 11/01/2020 4.75% 11/01/2020 Sell Wheeling, IL Pk Dist (150,000)150,000. 00 0. 00 11/01/2020 4.75% 11/02/2020 Interest US Treas Note 875. 00 10/31/2020 1.75% 11/02/2020 Sell US Treas Note (100,000)100,000. 00 0. 00 10/31/2020 1.75% 11/03/2020 Deposit Schwab Government Money Fund 178,365. 42 11/03/2020 Interest Fed Farm Cr Bk 2,800. 00 05/03/2029 2.80% 11/06/2020 Interest Apple Inc 1,725. 00 05/06/2024 3.45% 11/06/2020 Interest Fed Farm Cr Bk 1,077. 80 11/06/2023 3.17% 11/07/2020 Interest Fed Farm Cr Bk 1,890. 00 11/07/2028 3.78% Call 11/07/2023 100.00 11/11/2020 Sell T Rowe Price Growth Stock (1,790. 753)168,868. 00 11/15/2020 Interest US Treas Note 1,187. 50 05/15/2027 2.375% 11/16/2020 Interest Fed Farm Cr Bk 1,835. 00 05/16/2028 3.67% Call 05/16/2023 100.00 11/16/2020 Dividend Schwab Government Money Fund 4. 24 11/16/2020 Interest US Treas Note 1,218. 75 05/15/2026 1.625% 11/16/2020 Interest US Treas Note 2,062. 50 11/15/2023 2.75% SFAM Page 21 of 23 25 of 70 Transaction Ledger Report From 10/01/2020 to 12/31/2020 Oak Brook Firefighters' Pension Fund Trade Principal Accrued Date Activity Description Quantity Amount Pd/Rec 11/16/2020 Interest US Treas Note 2,343. 75 11/15/2028 3.125% 11/17/2020 Interest Fed Farm Cr Bk 3,300. 00 05/17/2028 3.30% 11/18/2020 Buy Bloomingdale, IL 150,000 150,000. 00 0. 00 10/30/2028 1.55% 11/19/2020 Withdrawal Schwab Government Money Fund 246,699. 80 11/24/2020 Buy TIAA Cref Small Cap Index 27,531. 812 645,621. 00 11/24/2020 Interest US Bancorp 2,578. 13 05/24/2021 4.125% Call 04/23/2021 100.00 11/24/2020 Sell Goldman Sachs Small Cap (23,604. 32)670,834. 77 11/25/2020 Interest Fed Farm Cr Bk 3,750. 00 11/25/2030 3.00% 11/28/2020 Interest Fed Farm Cr Bk 2,122. 50 11/28/2028 2.83% 11/30/2020 Interest US Treas Note 1,500. 00 11/30/2022 2.00% 12/01/2020 Interest Cook Cnty, IL 2,250. 00 12/01/2024 4.50% 12/01/2020 Interest Cook Cnty, IL 2,550. 00 12/01/2026 5.10% 12/01/2020 Interest Fed Farm Cr Bk 1,000. 00 12/01/2021 2.00% 12/01/2020 Qualified Dividend First Eagle Overseas 54. 889 1,408. 99 12/01/2020 Interest Gilead Sciences 3,300. 00 12/01/2021 4.40% Call 09/01/2021 100.00 12/01/2020 Interest Hoffman Estates, IL 1,125. 00 12/01/2030 4.50% Call 12/01/2024 100.00 12/01/2020 Interest Skokie, IL 1,762. 50 12/01/2024 2.35% 12/02/2020 Interest Fed Farm Cr Bk 1,560. 00 12/02/2030 2.08% 12/04/2020 Buy Fed Farm Cr Bk 100,000 106,027. 42 718. 44 02/05/2030 2.12% Call 02/05/2025 100.00 12/07/2020 Deposit Schwab Government Money Fund 23,090. 74 12/08/2020 Buy Spiritbank 150,000 149,302. 50 0. 00 12/22/2028 0.75% 12/08/2020 Interest Fed Home Ln Bk 1,375. 00 06/08/2029 2.75% 12/09/2020 Interest Fed Farm Cr Bk 1,437. 50 06/09/2026 2.875% 12/09/2020 Interest Fed Home Ln Bk 1,875. 00 12/09/2022 2.50% 12/10/2020 Qualified Dividend Cohen & Steers Realty 87. 288 3,682. 67 12/10/2020 Interest Fed Farm Cr Bk 805. 00 12/10/2025 3.22% 12/10/2020 Interest Fed Home Ln Bk 687. 50 12/10/2027 2.75% 12/10/2020 Qualified Dividend MFS International Growth I 74. 07 3,454. 62 12/11/2020 Interest Fed Home Ln Bk 937. 50 12/11/2020 1.875% 12/11/2020 Qualified Dividend Oppenheimer Developing Markets 24. 182 1,256. 74 12/11/2020 Short Gain TIAA Cref Small Cap Index 137. 533 3,238. 91 12/11/2020 Qualified Dividend TIAA Cref Small Cap Index 1,082. 374 25,489. 90 12/11/2020 Long Gain TIAA Cref Small Cap Index 1,472. 734 34,682. 89 SFAM Page 22 of 23 26 of 70 Transaction Ledger Report From 10/01/2020 to 12/31/2020 Oak Brook Firefighters' Pension Fund Trade Principal Accrued Date Activity Description Quantity Amount Pd/Rec 12/11/2020 Sell Fed Home Ln Bk (100,000)100,000. 00 0. 00 12/11/2020 1.875% 12/13/2020 Interest Fed Home Ln Bk 1,968. 75 06/13/2025 2.625% 12/14/2020 Interest Fed Farm Cr Bk 1,675. 00 12/14/2028 3.35% 12/14/2020 Interest Fed Home Ln Bk 1,098. 96 06/14/2030 1.25% 12/14/2020 Short Gain T Rowe Price Growth Stock 356. 889 33,647. 53 12/14/2020 Long Gain T Rowe Price Growth Stock 1,468. 936 138,491. 27 12/14/2020 Short Gain T Rowe Price QM US Small-Cap Growt 161. 65 7,505. 41 12/14/2020 Long Gain T Rowe Price QM US Small-Cap Growt 850. 42 39,484. 99 12/15/2020 Interest Fed Farm Cr Bk 1,935. 00 06/15/2027 2.58% 12/15/2020 Interest Oakbrook Ter, IL 1,500. 00 12/15/2025 3.00% Call 12/15/2022 100.00 12/15/2020 Interest The Home Depot,1,475. 00 06/15/2029 2.95% Call 03/15/2029 100.00 12/16/2020 Interest Anheuser-Busch 1,113. 75 02/01/2023 3.30% Call 12/01/2022 100.00 12/16/2020 Short Gain Victory Sycamore 65. 2 2,640. 60 12/16/2020 Long Gain Victory Sycamore 538. 301 21,801. 20 12/16/2020 Sell Anheuser-Busch (90,000)95,068. 80 0. 00 02/01/2023 3.30% Call 12/01/2022 100.00 12/16/2020 Sell T Rowe Price Growth Stock (2,802. 845)268,989. 00 12/16/2020 Sell T Rowe Price QM US Small-Cap Growt (3,093. 782)145,779. 00 12/16/2020 Sell TIAA Cref Small Cap Index (15,738. 554)378,827. 00 12/16/2020 Sell Vanguard 500 Index Fund (218. 857)75,000. 00 12/18/2020 Interest Fed Farm Cr Bk 575. 00 06/18/2029 1.15% 12/18/2020 Qualified Dividend Goldman Sachs International 671. 581 9,187. 23 12/21/2020 Buy US Treas Note 350,000 367,568. 61 1,502. 24 08/31/2026 1.375% 12/21/2020 Qualified Dividend Vanguard 500 Index Fund 61. 218 20,863. 17 12/22/2020 Withdrawal Schwab Government Money Fund 249,028. 40 12/22/2020 Qualified Dividend AQR Large Cap Defensive 505. 926 13,240. 09 12/22/2020 Qualified Dividend Victory Sycamore 60. 703 2,437. 22 12/23/2020 Withdrawal Schwab Government Money Fund 63,420. 16 12/24/2020 Interest Fed Farm Cr Bk 2,570. 00 12/24/2026 2.57% 12/26/2020 Interest Wal-Mart Stores 850. 00 06/26/2023 3.40% Call 05/26/2023 100.00 12/28/2020 Qualified Dividend Pioneer Equity Income 257. 596 9,268. 31 12/28/2020 Dividend Vanguard S&P 500 ETF 254. 45 12/29/2020 Qualified Dividend Hartford Core Equity Fund Y 296. 879 12,264. 07 12/30/2020 Deposit Schwab Government Money Fund 104,347. 52 12/31/2020 Interest Schwab Government Money Fund 0. 06 12/31/2020 Dividend Schwab Government Money Fund 9. 33 12/31/2020 Interest US Treas Note 1,062. 50 12/31/2022 2.125% Information in this report is based on data provided by the custodian. SFAM Page 23 of 23 27 of 70 Monthly Financial Report For the Month Ended December 31, 2020 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 28 of 70 Oak Brook 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 Cash & Investments - Pie Chart.............................................................................................. 3-1 Cash Analysis Report.............................................................................................................. 4-1 Cash Analysis Summary - Graph............................................................................................ 5-1 Revenue Report....................................................................................................................... 6-1 Expenses - Bar Chart............................................................................................................... 7-1 Expense Report........................................................................................................................ 8-1 Member Contribution Report.................................................................................................. 9-1 Payroll Batch Report............................................................................................................... 10-1 Quarterly Vendor Check Report.............................................................................................. 11-1 29 of 70 30 of 70 January 11, 2021 Oak Brook Firefighters' Pension Fund 1200 Oak Brook Road Oak Brook, IL 60523 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Oak Brook Firefighters'Pension Fund which comprise the statement of net position -modified cash basis as of December 31,2020 and the related statement of changes in net position -modified cash basis for the twelve months then ended in accordance withthe modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting.If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP 1-1 31 of 70 32 of 70 Assets Cash and Cash Equivalents 15,000.00$ Investments at Fair Market Value Money Market Mutual Funds 775,633.85 Fixed Income 12,727,958.99 Mutual Funds 20,950,664.28 Total Cash and Investments 34,469,257.12 Accrued Interest 67,392.18 Prepaids 1,478.33 Total Assets 34,538,127.63 Liabilities Expenses Due/Unpaid 17,804.00 Total Liabilities 17,804.00 Net Position Held in Trust for Pension Benefits 34,520,323.63 Oak Brook Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of December 31, 2020 See Accountants' Compilation Report 2-1 33 of 70 Additions Contributions - Municipal 1,834,554.00$ Contributions - Members 317,505.30 Total Contributions 2,152,059.30 Investment Income Interest and Dividends Earned 804,296.71 Net Change in Fair Value 3,816,997.73 Total Investment Income 4,621,294.44 Less Investment Expense (60,286.00) Net Investment Income 4,561,008.44 Total Additions 6,713,067.74 Deductions Administration 45,118.63 Pension Benefits and Refunds Pension Benefits 2,982,205.91 Refunds 61,655.16 Total Deductions 3,088,979.70 Change in Position 3,624,088.04 Net Position Held in Trust for Pension Benefits Beginning of Year 30,896,235.59 End of Period 34,520,323.63 Oak Brook Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Twelve Months Ended December 31, 2020 See Accountants' Compilation Report 2-2 34 of 70 35 of 70 Oak Brook Firefighters' Pension FundCash & Cash Equivalents0%Money Market Mutual Funds2%Fixed Income37%Mutual Funds61%Cash and InvestmentsSee Accountants' Compilation Report 3-136 of 70 01/31/2002/29/2003/31/2004/30/2005/31/2006/30/2007/31/2008/31/2009/30/2010/31/2011/30/2012/31/20Financial InstitutionsHarris Bank - CK #318-320-915,000$13,935 14,583 13,235 9,943 15,000 9,495 11,203 14,850 15,000 12,895 15,00015,000 13,935 14,583 13,235 9,943 15,000 9,495 11,203 14,850 15,000 12,895 15,000Schwab - MM #2043-3707457,085466,092 267,581 523,467 485,447 397,768 965,212 319,605 368,404 400,026 805,395 775,634457,085 466,092 267,581 523,467 485,447 397,768 965,212 319,605 368,404 400,026 805,395 775,634Total472,085 480,027 282,164 536,702 495,390 412,768 974,707 330,808 383,254 415,026 818,290 790,634ContributionsContributions in Lieu of Tax Levy245,012161,513 161,062 162,497 161,718 162,799 240,352 158,726 156,058 155,515 146,958(77,655)Contributions - Current Year36,000 23,731 23,665 23,876 23,761 23,920 35,315 23,322 22,930 22,850 23,091 35,045281,012 185,244 184,727 186,373 185,479 186,719 275,667 182,048 178,988 178,365 170,049(42,610)ExpensesPension Benefits247,325 247,325 247,533 247,533247,691 252,412 252,412 252,412 247,461 246,700 246,700 246,700Refunds/Transfers of Service- ----------61,655Administration17,169 2,785 417 15,337 13,266 3,320 25,193 3,798 1,915 18,112 2,105 1,989264,494 250,110 247,950 262,870 260,957 255,732 277,605 256,210 249,376 264,812 248,805 310,344Total Contributions less Expenses16,518(64,866) (63,223) (76,497) (75,478) (69,013) (1,938) (74,162) (70,388) (86,447) (78,756) (352,954)Oak Brook Firefighters' Pension FundCash Analysis ReportFor the Twelve Periods Ending December 31, 2020See Accountants' Compilation Report4-137 of 70 Oak Brook Firefighters' Pension Fund-$200,000$0$200,000$400,000$600,000$800,000$1,000,000$1,200,000Cash Analysis SummaryCash & Money Market BalancesTotal ContributionsBenefit & Administrative ExpensesSee Accountants' Compilation Report 5-138 of 70 Contributions Contributions - Municipal 41-240-00 - Contributions in Lieu of Tax Levy (77,655.31)$1 1,834,554.00 (77,655.31) 1,834,554.00 Contributions - Members 41-410-00 - Contributions - Current Year 35,045.14 1 317,505.30 35,045.14 317,505.30 Total Contributions (42,610.17)8 2,152,059.30 Investment Income Interest and Dividends 43-252-05 - Schwab - Fixed Income #2043-3707 36,498.35 1 311,391.97 43-550-05 - Schwab - Mutual Funds #2043-3707 384,300.26 1 498,490.67 420,798.61 6 809,882.64 Gains and Losses 44-252-05 - Schwab - Fixed Income #2043-3707 3,045.03 1 606,045.60 44-550-05 - Schwab - Mutual Funds #2043-3707 561,852.08 1 3,210,952.13 564,897.11 4 3,816,997.73 Other Income 45-200-00 - Accrued Interest (9,042.77)1 (5,912.24) 49-000-01 - Other Income 0.00 1 326.31 (9,042.77)4 (5,585.93) Total Investment Income 976,652.95 2 4 4,621,294.44 Total Revenue 934,042.78 6,773,353.74 Oak Brook Firefighters' Pension Fund Revenue Report as of December 31, 2020 Received Received this Month this Year See Accountants' Compilation Report 6-1 39 of 70 Oak Brook Firefighters' Pension Fund200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,0001,800,0002,000,000Service Non-DutyDisabilityDuty Disability OccupationalDiseaseSurvivingSpouseRefund AdministrativeExpenses1,982,992 23,906 543,818 62,222 369,267 61,655 105,405Pension Benefits and ExpensesSee Accountants' Compilation Report 7-140 of 70 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 163,432.00$1,982,992.31 51-030-00 - Non-Duty Disability Pensions 1,992.20 23,906.40 51-040-00 - Duty Disability Pensions 45,318.20 543,818.40 51-050-00 - Occupational Disease Pensions 5,185.14 62,221.68 51-060-00 - Surviving Spouse Pensions 30,772.26 369,267.12 51-100-00 - Refund of Contributions 61,655.16 61,655.16 Total Pensions and Benefits 308,354.96 3,043,861.07 Administrative Insurance 52-150-01 - Fiduciary Insurance 0.00 4,482.00 0.00 4,482.00 Professional Services 52-170-01 - Actuarial Services 0.00 3,500.00 52-170-02 - Auditing Services 0.00 3,320.00 52-170-03 - Accounting & Bookkeeping Services 1,115.00 18,415.00 52-170-05 - Legal Services 223.60 1,097.75 52-170-06 - PSA/Court Reporter 650.00 8,420.00 1,988.60 34,752.75 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 60,286.00 0.00 60,286.00 Other Expense 52-290-25 - Conference/Seminar Fees 0.00 600.30 52-290-34 - IDOI Filing Fee Expense 0.00 5,283.58 0.00 5,883.88 Total Administrative 1,988.60 105,404.63 Total Expenses 310,343.56 3,149,265.70 Oak Brook Firefighters' Pension Fund Expense Report as of December 31, 2020 See Accountants' Compilation Report 8-1 41 of 70 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Babcock, Nicholas W.$90,177.52 9,743.78 0.00 0.00 99,921.30 Bielawa, Matthew G.133,939.43 9,753.23 0.00 0.00 143,692.66 Bitterlin, Brian W.170,396.20 11,668.78 0.00 0.00 182,064.98 Bowlan, Seth L. 0.00 5,172.27 0.00 0.00 5,172.27 Busse, Zachary M.46,157.09 9,569.67 0.00 0.00 55,726.76 Clark, Gary E.202,339.47 13,195.47 0.00 0.00 215,534.94 Corkey, David B.139,902.48 9,762.69 0.00 0.00 149,665.17 Doran, Connor T.36,656.31 8,824.29 0.00 0.00 45,480.60 Ebsen, Robert T.76,878.43 9,743.78 0.00 0.00 86,622.21 Fagan, John J.121,980.94 11,471.86 0.00 0.00 133,452.80 Fleege, Kevin W.155,930.18 12,565.88 0.00 0.00 168,496.06 Focht, Eric D.4,754.67 7,484.75 0.00 0.00 12,239.42 Janney, Michael E.155,451.30 9,950.40 0.00 0.00 165,401.70 Johnson, Marc E.112,064.34 9,753.23 0.00 0.00 121,817.57 Kaczmarczyk, David R.114,805.96 11,462.41 0.00 0.00 126,268.37 Kelly, Sean P.107,099.44 9,743.78 0.00 0.00 116,843.22 Kornfeind, David 116,675.27 9,753.23 0.00 0.00 126,428.50 Kushner, Jeffrey A.31,345.04 8,659.25 0.00 0.00 40,004.29 Liss, Barry J.73,867.95 15,010.48 0.00 0.00 88,878.43 Marciniak, Jeffrey D.207,477.31 13,193.01 0.00 0.00 220,670.32 Matousek, Kyle M.72,236.24 10,208.96 0.00 0.00 82,445.20 Meyers, Daniel B.101,987.53 9,743.78 0.00 0.00 111,731.31 Micek, Robert S. Jr.91,777.24 9,743.78 0.00 0.00 101,521.02 Nyhanna, William R.94,654.19 11,001.07 0.00 0.00 105,655.26 Pavlovic, Michael 156,005.69 11,481.32 0.00 0.00 167,487.01 Picciola, Gino 36,649.66 8,939.21 0.00 0.00 45,588.87 Ruska, Michelle H.134,592.91 9,753.23 0.00 0.00 144,346.14 Samawi, Fouad J.0.00 896.37 0.00 0.00 896.37 Sinclair, Thomas W. IV 27,469.39 8,529.51 0.00 0.00 35,998.90 Swagler, Shawn M.165,060.09 9,762.69 0.00 0.00 174,822.78 Washington, Glen A.132,885.89 9,530.77 0.00 0.00 142,416.66 3,111,218.16 306,072.93 0.00 0.00 3,417,291.09 Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended December 31, 2020 See Accountants' Compilation Report 9-1 42 of 70 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended December 31, 2020 Arzer, Jacob G.55,340.05 6,315.11 0.00 (61,655.16) 0.00 Erickson, Michael D.144,860.99 5,117.26 0.00 0.00 149,978.25 Totals 3,311,419.20 317,505.30 0.00 (61,655.16) 3,567,269.34 Inactive/Terminated Members See Accountants' Compilation Report 9-2 43 of 70 Contribution Refund***-**0202ArzerArzer, Jacob G.0$0.00 $61,655.16 $0.00 $0.00 $0.00 $0.00 $0.00ArzerLPL Financial fbo Jacob G. Arzer338$61,655.16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**0202 Subtotal:$61,655.16 $61,655.16 $0.00 $0.00 $0.00 $0.00 $0.00Contribution Refund Subtotal:$61,655.16 $61,655.16 $0.00 $0.00 $0.00 $0.00 $0.00Disability Fire Dependent***-**0454105971 Jacobs, Paul R.0$29.40 $29.40 $0.00 $0.00 $0.00 $0.00 $0.00105971 Jacobs, Paul R.0$29.40 $29.40 $0.00 $0.00 $0.00 $0.00 $0.00105971 Jacobs, Paul R.0$29.40 $29.40 $0.00 $0.00 $0.00 $0.00 $0.00***-**0454 Subtotal:$88.20 $88.20 $0.00 $0.00 $0.00 $0.00 $0.00***-**9434105972 Watkins, Garry R.0$32.13 $32.13 $0.00 $0.00 $0.00 $0.00 $0.00***-**9434 Subtotal:$32.13 $32.13 $0.00 $0.00 $0.00 $0.00 $0.00Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/29/2020 RetroSee Accountants' Compilation Report 10-144 of 70 ***-**7231105977 White Everhart, Jennifer M.0$23.90 $23.90 $0.00 $0.00 $0.00 $0.00 $0.00***-**7231 Subtotal:$23.90 $23.90 $0.00 $0.00 $0.00 $0.00 $0.00Disability Fire Dependent Subtotal:$144.23 $144.23 $0.00 $0.00 $0.00 $0.00 $0.00Duty Disability***-**8873105944 DeWitt, Charles W.0$5,549.73 $5,549.73 $0.00 $0.00 $0.00 $0.00 $0.00***-**8873 Subtotal:$5,549.73 $5,549.73 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262105945 Garrigan, William H.0$5,543.77 $5,543.77 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262 Subtotal:$5,543.77 $5,543.77 $0.00 $0.00 $0.00 $0.00 $0.00***-**0790105946 Harris, Scott B.0$4,603.67 $5,168.02 $0.00 $64.35 $0.00 $0.00 $0.00105946 Payment to Chase Bank, Harris -0$500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**0790 Subtotal:$5,103.67 $5,168.02 $0.00 $64.35 $0.00 $0.00 $0.00***-**5183105958 Horn, Arthur W.$3,271.77 $3,271.77 $0.00 $0.00 $0.00 $0.00 $0.00Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-245 of 70 0***-**5183 Subtotal:$3,271.77 $3,271.77 $0.00 $0.00 $0.00 $0.00 $0.00***-**0454105971 Jacobs, Paul R.0$3,715.47 $3,852.39 $0.00 $136.92 $0.00 $0.00 $0.00***-**0454 Subtotal:$3,715.47 $3,852.39 $0.00 $136.92 $0.00 $0.00 $0.00***-**7304105948 Mylin, Robert P.0$2,244.06 $2,244.06 $0.00 $0.00 $0.00 $0.00 $0.00***-**7304 Subtotal:$2,244.06 $2,244.06 $0.00 $0.00 $0.00 $0.00 $0.00***-**4308105966 Naus, Gary P.0$5,529.93 $5,559.94 $0.00 $0.00 $0.00 $0.00 $30.01***-**4308 Subtotal:$5,529.93 $5,559.94 $0.00 $0.00 $0.00 $0.00 $30.01***-**9998105974 Richter, Frank H.0$4,553.81 $4,553.81 $0.00 $0.00 $0.00 $0.00 $0.00***-**9998 Subtotal:$4,553.81 $4,553.81 $0.00 $0.00 $0.00 $0.00 $0.00***-**6778105973 Smyth, Sean F.0$1,855.59 $1,855.59 $0.00 $0.00 $0.00 $0.00 $0.00***-**6778 Subtotal:$1,855.59 $1,855.59 $0.00 $0.00 $0.00 $0.00 $0.00Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-346 of 70 ***-**9434105972 Watkins, Garry R.0$2,080.59 $2,963.46 $882.87 $0.00 $0.00 $0.00 $0.00***-**9434 Subtotal:$2,080.59 $2,963.46 $882.87 $0.00 $0.00 $0.00 $0.00***-**7231105977 White Everhart, Jennifer M.0$4,611.43 $4,611.43 $0.00 $0.00 $0.00 $0.00 $0.00***-**7231 Subtotal:$4,611.43 $4,611.43 $0.00 $0.00 $0.00 $0.00 $0.00Duty Disability Subtotal:$44,059.82 $45,173.97 $882.87 $201.27 $0.00 $0.00 $30.01Non-Duty Disability***-**6678105964 Huffman, Lawrence W.0$1,992.20 $1,992.20 $0.00 $0.00 $0.00 $0.00 $0.00***-**6678 Subtotal:$1,992.20 $1,992.20 $0.00 $0.00 $0.00 $0.00 $0.00Non-Duty Disability Subtotal:$1,992.20 $1,992.20 $0.00 $0.00 $0.00 $0.00 $0.00Occupational Disability***-**8830105956 Petter, Raymond H.0$4,240.23 $5,185.14 $0.00 $64.35 $880.56 $0.00 $0.00***-**8830 Subtotal:$4,240.23 $5,185.14 $0.00 $64.35 $880.56 $0.00 $0.00Occupational Disability Subtotal:$4,240.23 $5,185.14 $0.00 $64.35 $880.56 $0.00 $0.00Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-447 of 70 QILDRO***-**2551Q115823 Broderick, Mary E.0$1,372.27 $1,449.75 $0.00 $0.00 $0.00 $0.00 $77.48***-**2551 Subtotal:$1,372.27 $1,449.75 $0.00 $0.00 $0.00 $0.00 $77.48***-**0876Q105979 Zamboni, Alida M.0$1,028.99 $1,028.99 $0.00 $0.00 $0.00 $0.00 $0.00***-**0876 Subtotal:$1,028.99 $1,028.99 $0.00 $0.00 $0.00 $0.00 $0.00QILDRO Subtotal:$2,401.26 $2,478.74 $0.00 $0.00 $0.00 $0.00 $77.48Service***-**4555105963 Bahnsen, Mark C.0$4,646.25 $6,311.37 $0.00 $0.00 $0.00 $0.00 $964.50105963 Benistar/Hartford 6795335$700.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**4555 Subtotal:$5,346.87 $6,311.37 $0.00 $0.00 $0.00 $0.00 $964.50***-**2533105962 Bodony, James G.0$8,331.35 $11,106.58 $0.00 $77.45 $783.84 $0.00 $1,913.94***-**2533 Subtotal:$8,331.35 $11,106.58 $0.00 $77.45 $783.84 $0.00 $1,913.94Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-548 of 70 ***-**1229105953 Brazel, John T.0$7,288.25 $9,082.06 $0.00 $0.00 $0.00 $0.00 $1,602.39105953 USAA Life Insurance Company333$191.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**1229 Subtotal:$7,479.67 $9,082.06 $0.00 $0.00 $0.00 $0.00 $1,602.39***-**2895105960 Cronholm, Robert R.0$5,087.77 $6,458.14 $0.00 $0.00 $0.00 $0.00 $1,370.37***-**2895 Subtotal:$5,087.77 $6,458.14 $0.00 $0.00 $0.00 $0.00 $1,370.37***-**1038105954 Ekkert, Clifford A.0$4,258.31 $6,646.32 $1,828.37 $0.00 $0.00 $0.00 $559.64***-**1038 Subtotal:$4,258.31 $6,646.32 $1,828.37 $0.00 $0.00 $0.00 $559.64***-**9954117571 Erickson, Michael D.0$4,531.41 $4,878.97 $0.00 $0.00 $0.00 $0.00 $347.56***-**9954 Subtotal:$4,531.41 $4,878.97 $0.00 $0.00 $0.00 $0.00 $347.56***-**2832105955 Fleishman, Mark L.0$5,083.17 $5,702.87 $0.00 $0.00 $0.00 $0.00 $619.70***-**2832 Subtotal:$5,083.17 $5,702.87 $0.00 $0.00 $0.00 $0.00 $619.70Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-649 of 70 ***-**2243105951 Kovarik, Joseph0$6,603.67 $7,822.01 $0.00 $0.00 $426.58 $0.00 $791.76***-**2243 Subtotal:$6,603.67 $7,822.01 $0.00 $0.00 $426.58 $0.00 $791.76***-**0972105957 Lindeman, William H.0$4,939.61 $5,379.89 $0.00 $0.00 $440.28 $0.00 $0.00***-**0972 Subtotal:$4,939.61 $5,379.89 $0.00 $0.00 $440.28 $0.00 $0.00***-**1392105950 Mager Jr, Arthur C.0$5,041.17 $6,091.89 $0.00 $0.00 $0.00 $0.00 $1,050.72***-**1392 Subtotal:$5,041.17 $6,091.89 $0.00 $0.00 $0.00 $0.00 $1,050.72***-**3533105943 McEllin, Thomas J.0$2,436.66 $10,490.63 $136.92 $0.00 $0.00 $0.00 $719.09105943 Blue Cross Blue Shield - Illinois336$597.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00105943 Payment to Radius, McEllin -0$6,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**3533 Subtotal:$9,634.62 $10,490.63 $136.92 $0.00 $0.00 $0.00 $719.09***-**1242105952 Morton Jr, Robert J.0$8,079.57 $9,169.51 $0.00 $0.00 $0.00 $0.00 $1,089.94Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-750 of 70 ***-**1242 Subtotal:$8,079.57 $9,169.51 $0.00 $0.00 $0.00 $0.00 $1,089.94***-**9900105941 Nielsen, Robert D.0$6,671.79 $7,993.45 $0.00 $0.00 $0.00 $0.00 $1,321.66***-**9900 Subtotal:$6,671.79 $7,993.45 $0.00 $0.00 $0.00 $0.00 $1,321.66***-**7971105940 O'Rourke, William T.0$3,685.00 $4,185.26 $0.00 $0.00 $0.00 $0.00 $500.26***-**7971 Subtotal:$3,685.00 $4,185.26 $0.00 $0.00 $0.00 $0.00 $500.26***-**7761109373 Robertson, Robert V.0$5,005.06 $5,780.88 $0.00 $0.00 $0.00 $0.00 $775.82***-**7761 Subtotal:$5,005.06 $5,780.88 $0.00 $0.00 $0.00 $0.00 $775.82***-**3107105970 Schoppe, Mark S.0$6,194.53 $6,815.23 $0.00 $0.00 $0.00 $0.00 $620.70***-**3107 Subtotal:$6,194.53 $6,815.23 $0.00 $0.00 $0.00 $0.00 $620.70***-**5958105967 Schultz, Dennis M.0$5,531.51 $6,431.33 $0.00 $0.00 $0.00 $0.00 $899.82***-**5958 Subtotal:$5,531.51 $6,431.33 $0.00 $0.00 $0.00 $0.00 $899.82Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-851 of 70 ***-**1708105976 Sittig, Daryl L.0$6,270.93 $7,269.18 $0.00 $0.00 $0.00 $0.00 $720.38105976Aetna Health & Life Insurance Co334$277.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**1708 Subtotal:$6,548.80 $7,269.18 $0.00 $0.00 $0.00 $0.00 $720.38***-**2658109052 Stanfa, Thomas P.0$6,394.16 $7,551.47 $0.00 $0.00 $0.00 $0.00 $1,157.31***-**2658 Subtotal:$6,394.16 $7,551.47 $0.00 $0.00 $0.00 $0.00 $1,157.31***-**1446105961 Templin, Charles E.0$5,092.95 $5,821.08 $0.00 $35.52 $0.00 $0.00 $692.61***-**1446 Subtotal:$5,092.95 $5,821.08 $0.00 $35.52 $0.00 $0.00 $692.61***-**4489115497 Vassios, Theodore W.0$4,876.83 $7,159.27 $0.00 $0.00 $0.00 $1,449.75 $832.69***-**4489 Subtotal:$4,876.83 $7,159.27 $0.00 $0.00 $0.00 $1,449.75 $832.69***-**0884105949 Wies, Konrad R.0$7,736.54 $8,834.72 $0.00 $77.45 $0.00 $0.00 $1,020.73***-**0884 Subtotal:$7,736.54 $8,834.72 $0.00 $77.45 $0.00 $0.00 $1,020.73Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-952 of 70 ***-**9958105969 Zamboni, James F.0$4,783.29 $6,449.89 $0.00 $0.00 $0.00 $1,028.99 $451.61105969 Blue Cross Blue Shield of Illinois337$186.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**9958 Subtotal:$4,969.29 $6,449.89 $0.00 $0.00 $0.00 $1,028.99 $451.61Service Subtotal:$137,123.65 $163,432.00 $1,965.29 $190.42 $1,650.70 $2,478.74 $20,023.20Surviving Spouse***-**3678105975 Clark, Ruth A.0$3,976.85 $4,963.93 $0.00 $0.00 $0.00 $0.00 $987.08***-**3678 Subtotal:$3,976.85 $4,963.93 $0.00 $0.00 $0.00 $0.00 $987.08***-**5784108043 Cote, Mary A.0$3,685.86 $4,090.96 $0.00 $0.00 $0.00 $0.00 $405.10***-**5784 Subtotal:$3,685.86 $4,090.96 $0.00 $0.00 $0.00 $0.00 $405.10***-**8646108045 DiIorio, Margaret0$2,846.72 $2,846.72 $0.00 $0.00 $0.00 $0.00 $0.00***-**8646 Subtotal:$2,846.72 $2,846.72 $0.00 $0.00 $0.00 $0.00 $0.00***-**4859105968 Grodek, Margaret A.$3,147.86 $3,742.15 $0.00 $0.00 $0.00 $0.00 $594.29Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-1053 of 70 0***-**4859 Subtotal:$3,147.86 $3,742.15 $0.00 $0.00 $0.00 $0.00 $594.29***-**5979108044 Heitschel-Arling, Joyce A.0$2,677.43 $3,390.67 $0.00 $0.00 $360.82 $0.00 $352.42***-**5979 Subtotal:$2,677.43 $3,390.67 $0.00 $0.00 $360.82 $0.00 $352.42***-**3386105965 Lundahl, Roberta M.0$2,994.94 $2,994.94 $0.00 $0.00 $0.00 $0.00 $0.00***-**3386 Subtotal:$2,994.94 $2,994.94 $0.00 $0.00 $0.00 $0.00 $0.00***-**5763108042 Meyers, Gail C.0$4,070.43 $4,070.43 $0.00 $0.00 $0.00 $0.00 $0.00***-**5763 Subtotal:$4,070.43 $4,070.43 $0.00 $0.00 $0.00 $0.00 $0.00***-**0714105947 Pine, Joanne F.0$4,672.46 $4,672.46 $0.00 $0.00 $0.00 $0.00 $0.00***-**0714 Subtotal:$4,672.46 $4,672.46 $0.00 $0.00 $0.00 $0.00 $0.00Surviving Spouse Subtotal:$28,072.55 $30,772.26 $0.00 $0.00 $360.82 $0.00 $2,338.89Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroSee Accountants' Compilation Report 10-1154 of 70 Batches 44742,45109Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2020 RetroTotalsACH FlagPaymentsNet Payment TotalGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRO Deduct Federal TaxYesNo53659$216,080.07$63,609.03$279,689.10$249,178.54$61,655.16$310,833.70$2,848.16$0.00$2,848.16$456.04$0.00$456.04$2,892.08$0.00$2,892.08$2,478.74$0.00$2,478.74$22,469.58$0.00$22,469.58See Accountants' Compilation Report 10-1255 of 70 Check Invoice Check Date Number Vendor Name Amount Amount 10/06/20 30220 Reimer & Dobrovolny, PC 52-170-05 C2500 F26545 Legal Service 189.55 ACH Amount (Direct Deposit)189.55 10/06/20 50091 Sawyer Falduto Asset Management, LLC 52-190-01 3Q20 Investment Manager/Advisor Fee 16,007.00 Check Amount 16,007.00 10/08/20 30221 IPFA 52-290-25 2020 Conference Registration 150.00 52-290-25 #10918 0.00 Check Amount 150.00 10/26/20 30224 Lauterbach & Amen, LLP 52-170-03 #49218 09/20 Accounting Service 1,115.00 52-170-06 #49218 09/20 PSA 650.00 ACH Amount (Direct Deposit)1,765.00 10/30/20 30222 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 10/20 7,501.04 20-220-00 Dental Insurance 236.79 Check Amount 7,737.83 10/30/20 30223 Internal Revenue Service 20-230-00 Internal Revenue Service 22,469.58 ACH Amount (Direct Deposit)22,469.58 11/23/20 30227 Lauterbach & Amen, LLP 52-170-03 #50521 10/20 Accounting Service 1,115.00 52-170-06 #50521 10/20 PSA 650.00 52-170-03 #50208 FYE19 MCR 340.00 ACH Amount (Direct Deposit)2,105.00 11/30/20 30225 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 11/20 7,501.04 20-220-00 Dental Insurance 236.79 Check Amount 7,737.83 11/30/20 30226 Internal Revenue Service 20-230-00 Internal Revenue Service 22,469.58 ACH Amount (Direct Deposit)22,469.58 12/08/20 30228 Reimer Dobrovolny & Labardi, PC 52-170-05 C2500 F26670 Legal Service 223.60 ACH Amount (Direct Deposit)223.60 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts October 1, 2020 - December 31, 2020 See Accountants' Compilation Report 11-1 56 of 70 Check Invoice Check Date Number Vendor Name Amount Amount 12/28/20 30232 Lauterbach & Amen, LLP 52-170-03 #51397 11/20 Accounting Service 1,115.00 52-170-06 #51397 11/20 PSA 650.00 ACH Amount (Direct Deposit)1,765.00 12/31/20 30229 Benistar/Hartford-6795 20-220-00 Medical Insurance 12/20 2,892.08 Check Amount 2,892.08 12/31/20 30230 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 12/20 2,848.16 20-220-00 Dental/Vision Insurance 456.04 Check Amount 3,304.20 12/31/20 30231 Internal Revenue Service 20-230-00 Internal Revenue Service 22,469.58 ACH Amount (Direct Deposit)22,469.58 Total Payments 111,285.83 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts October 1, 2020 - December 31, 2020 See Accountants' Compilation Report 11-2 57 of 70 Organization:Year: Hours Required Hours Completed Date Completed Cert on File 8 CTE 1 1/29/2020 No 1 4/28/2020 No 1 7/31/2020 No 1 10/22/2020 No 4 2 6/24/2020 Yes Hours Required Hours Completed Date Completed Cert on File 8 CTE 1 1/29/2020 No 1 4/28/2020 No 4 2 6/24/2020 Yes Hours Required Hours Completed Date Completed Cert on File 8 CTE 1 1/29/2020 No 1 4/28/2020 No 1 7/31/2020 No 1 10/22/2020 No 8 12/3/2020 Yes 4 2 6/24/2020 Yes 2 11/10/2020 Yes Hours Required Hours Completed Date Completed Cert on File 8 CTE 1 4/28/2020 No 1 7/31/2020 No 8 11/6/2020 Yes 4 2 6/24/2020 Yes 2 11/10/2020 Yes Hours Required Hours Completed Date Completed Cert on File 16 CTTE 1 4/28/2020 No 1 7/31/2020 No 4 Jim Bodony Gino Picciola Certified Trustee Training Type of Training Sawyer Falduto Continuing Education Session Sawyer Falduto Continuing Education Session Sawyer Falduto Continuing Education Session SB 1300 - Mandatory Consolidation Training OMA Oak Brook Firefighters' Pension Fund OMA FOIA Sawyer Falduto Continuing Education Session SB 1300 - Mandatory Consolidation Training OMA FOIA SB 1300 Training - REGISTERED (IPFA) Sawyer Falduto Continuing Education Session IPFA Fall Conference SB 1300 Training - REGISTERED (IPFA) Sawyer Falduto Continuing Education Session SB 1300 Training - REGISTERED (IPFA) Sawyer Falduto Continuing Education Session Type of Training Kevin Tan Sawyer Falduto Continuing Education Session Type of Training IPFA Fall Conference SB 1300 Training - IFPIF Timothy Schlindwein SB 1300 Training - IFPIF Sawyer Falduto Continuing Education Session Sawyer Falduto Continuing Education Session Sawyer Falduto Continuing Education Session Sawyer Falduto Continuing Education Session Type of Training Type of Training Sawyer Falduto Continuing Education Session FOIA January 1, 2020 - December 31, 2020 John Fagan Sawyer Falduto Continuing Education Session 58 of 70 59 of 70 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Bahnsen, Mark C.Service 6,311.37 189.34 6,500.71 78,008.52 Bodony, James G.Service 11,106.58 333.20 11,439.78 137,277.36 Brazel, John T.Service 9,082.06 272.46 9,354.52 112,254.24 Clark, Ruth A.Spouse 4,963.93 0.00 4,963.93 59,567.16 Cote, Mary A.Spouse 4,090.96 0.00 4,090.96 49,091.52 Cronholm, Robert R.Service 6,458.14 193.74 6,651.88 79,822.56 DeWitt, Charles W.Duty Disability 5,549.73 95.14 5,644.87 67,738.44 Di Iorio, Margaret Spouse - NT 2,846.72 0.00 2,846.72 34,160.64 Ekkert, Clifford A.Service 6,646.32 199.39 6,845.71 82,148.52 Erickson, Michael D.Service 4,878.97 0.00 4,878.97 58,547.64 Fleishman, Mark L.Service 5,702.87 171.09 5,873.96 70,487.52 Garrigan, William Duty Disability - T 5,543.77 119.65 5,663.42 67,961.04 Grodek, Margaret A.Spouse 3,742.15 0.00 3,742.15 44,905.80 Harris, Scott B.Duty Disability - T 5,168.02 106.92 5,274.94 63,299.28 Heitschel-Arling, Joyce A.Spouse 3,390.67 0.00 3,390.67 40,688.04 Horn, Arthur W.Duty Disability 3,271.77 48.59 3,320.36 39,844.32 Huffman, Lawrence W.Non-Duty Disability 1,992.20 24.20 2,016.40 24,196.80 Jacobs, Paul R.Duty Disability 3,852.39 0.00 3,852.39 46,228.68 Jacobs, Adam - Dependent # 4 Duty Disability 29.40 0.88 30.28 363.36 Jacobs, Jayson - Dependent # 5 Duty Disability 29.40 0.88 30.28 363.36 Jacobs, Logan - Dependent # 3 Duty Disability 29.40 0.88 30.28 363.36 Kovarik, Joseph Service 7,822.01 234.66 8,056.67 96,680.04 Lindeman, William H.Service 5,379.89 161.40 5,541.29 66,495.48 Lundahl, Roberta M.Spouse - NT 2,994.94 0.00 2,994.94 35,939.28 Mager, Arthur C.Service 6,091.89 182.76 6,274.65 75,295.80 McEllin, Thomas J.Service 10,490.63 314.72 10,805.35 129,664.20 Meyers, Gail C.Spouse - NT 4,070.43 0.00 4,070.43 48,845.16 Morton, Robert J.Service 9,169.51 275.09 9,444.60 113,335.20 Mylin, Robert P.Duty Disability 2,244.06 27.41 2,271.47 27,257.64 Naus, Gary Duty Disability - T 5,559.94 115.03 5,674.97 68,099.64 Nielsen, Robert D.Service 7,993.45 239.80 8,233.25 98,799.00 O'Rourke, William T.Service 4,185.26 125.56 4,310.82 51,729.84 Petter, Raymond H.Occupational Disability 5,185.14 84.54 5,269.68 63,236.16 Pine, Joanne F.Spouse - NT 4,672.46 0.00 4,672.46 56,069.52 Richter, Frank H.Duty Disability 4,553.81 92.31 4,646.12 55,753.44 Robertson, Robert V.Service 5,780.88 173.43 5,954.31 71,451.72 Schoppe, Mark S.Service 6,815.23 204.46 7,019.69 84,236.28 Schultz, Dennis M.Service 6,431.33 192.94 6,624.27 79,491.24 Sittig, Daryl L.Service 7,269.18 218.08 7,487.26 89,847.12 Smyth, Sean F.Duty Disability 1,855.59 0.00 1,855.59 22,267.08 Oak Brook Firefighters' Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2021 Page 1 60 of 70 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Oak Brook Firefighters' Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2021 Stanfa, Thomas P.Service 7,551.47 226.54 7,778.01 93,336.12 Templin, Charles E.Service 5,821.08 174.63 5,995.71 71,948.52 Vassios, Theodore W.Service 5,709.52 171.29 5,880.81 70,569.72 Vassios, Theodore W. - QILDRO QILDRO 1,449.75 43.49 1,493.24 17,918.88 Watkins, Garry R.Duty Disability 2,963.46 0.00 2,963.46 35,561.52 Watkins, Joseph - Dependent # 3 Duty Disability 32.13 0.96 33.09 397.08 White, Jennifer M.Duty Disability 4,611.43 0.00 4,611.43 55,337.16 White, Amelia - Dependent # 1 Duty Disability 23.90 0.72 24.62 295.44 Weis, Konrad R.Service 8,834.72 265.04 9,099.76 109,197.12 Zamboni, James F.Service 5,420.90 162.63 5,583.53 67,002.36 Zamboni, James F. - QILDRO QILDRO 1,028.99 30.87 1,059.86 12,718.32 Totals 246,699.80 5,474.72 252,174.52 3,026,094.24 Page 2 61 of 70 Amount of New Monthly Reason Date Change Benefit Erickson, Michael D.Initial Increase 6/1/2021 146.37 5,025.34 White, Amelia - Dependent # 1 - Cease Benefits Cease Pro Rata 8/25/2021 (4.77)19.85 White, Amelia - Dependent # 1 Benefits Cease 1st Full Month 9/1/2021 (19.85)0.00 Watkins, Garry R.Initial Increase 1/1/2022 1,600.27 4,563.73 Jacobs, Logan - Dependent # 3 Benefits Cease 2/1/2022 (31.19)0.00 Watkins, Joseph - Dependent # 3 Benefits Cease 6/1/2022 (34.08)0.00 Smyth, Sean F.Initial Increase 1/1/2024 1,725.70 3,581.29 Jacobs, Adam - Dependent # 4 Benefits Cease 4/1/2024 (33.09)0.00 Jacobs, Jayson - Dependent # 5 Benefits Cease 4/1/2024 (33.09)0.00 Jacobs, Paul R.Initial Increase 1/1/2025 1,964.72 5,817.11 White, Jennifer M.Initial Increase 1/1/2035 2,766.86 7,378.29 1.None Notes Oak Brook Firefighters' Pension Fund Summary of Benefit Changes and Notes Effective as of January 1, 2021 Pensioner Page 3 62 of 70 MEMO TO: Pension Board Trustees and Employers FROM: Lauterbach & Amen, LLP DATE: November 2020 RE: Operating Accounts Held at Harris Bank We are sending out this memo to inform your Pension Board of changes coming to your checking account held at BMO Harris Bank. As you know, your Pension Fund maintains a no-interest / no-cost operating account at Harris Bank from which benefit and vendor payments are remitted. Even though most pension funds maintain a relatively small account balance, interest credits to the Bank on those balances have historically offset the costs associated with the activities of your account. As you are likely aware, these unprecedented times have pushed interest and lending rates to an all-time low. As a result, our contacts at Harris Bank have informed us that the interest rates used to offset costs are now too low to continue to offer no-interest/no-cost accounts. Accordingly, Harris Bank is restructuring your account to an interest-bearing account which incurs costs based on activity. Your account transition will take place as of December 1, 2020. After the transition occurs, your account activity costs will be offset by interest credits at a rate of 20 bps. Once those monthly costs have been offset, your account will earn interest at a rate of 10 bps. Needless to say, we did not accept this news lightly. During the past few weeks, our Directors have been communicating with several local and national banks to determine if maintaining the account at Harris Bank is still a cost-effective option for your Board. Through those conversations it was clear that Harris Bank is still offering crediting rates at the high-end of the competitive range for the current banking industry; there was no treasury department that would offer our clients an interest credit higher than 20bps. Your account’s transaction activity will determine the monthly costs (for example, $0.25 per physical check cleared, $30 to reverse a payment to a deceased member, etc.) and the historical account balance will drive the interest credit applied to mitigate those costs. Lauterbach & Amen receives no compensation or payment of any kind as a result of your Pension Fund’s operating account at Harris Bank. What we do receive is a dedicated team of professionals who always makes sure your pensioners are paid regardless of any funding issues. The responsiveness from the team at Harris Bank has been second-to-none and they are truly invaluable to L&A as the administrator of your Pension Fund’s benefit services. You will see the changes discussed above reflected on your December bank statement; no action is required on your part. Please feel free to contact our team should have any questions regarding this transition. 63 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 1 Volume 19, Issue 1, January 2021 Legal and Legislative Update Pension Board’s Termination of Disability Pension Against Manifest Weight of Evidence Pagorek v. Bd. of Trustees of the City of Harvey’s Firefighters Pension Fd., 2020 IL App (1st) 200526-U In an unpublished, non-precedential opinion the First District Appellate Court overturned the decision of the pension board which terminated Firefighter Pagorek’s disability benefits. The pension board found he had recovered from his disability. In 2007, the pension board granted Pagorek’s nonduty disability, finding him unable to perform full and unrestricted firefighter duties as the result of severe pain from spondylosis following a fall. During the disability process, Pagorek underwent a functional capacity evaluation (“FCE”) which revealed he could not lift loads greater than 120 pounds. While Pagorek performed at the very heavy-duty level, it was determined that if he returned to duty, he risked reinjuring himself or others. Further, the unanimous opinion of the three independent medical examiners retained by the board found him disabled. Pagorek was under 50 years old when he was granted the disability. Pursuant to Section 4-112 of the Pension Code, he was required to undergo annual medical examinations to verify continuance of disability. In2015, Pagorekunderwent anannual examination with Dr. Gleason who concluded Pagorek’s spine condition was unchanged since his 2005 MRI and found him disabled from full and unrestricted duty. In his affidavit of eligibility, Dr. Gleason noted Pagorek received no treatment since 2007. In2017, Pagorekunderwent anannual examination with Dr. Wehner who concluded Pagorek was no longer disabled from full and unrestricted duty. I N T H I S I S S U E 1 Pension Board’s Termination of Disability Pension Against Manifest Weight of Evidence 3 Governor Extends Remote Attendance Options 4 Consolidated Funds Update 4 Open Meetings Act and Virtual Meetings 5 No PSEBA Benefits Without an “Emergency” 6 No Waiver of FOIA Exemptions from Disclosure to Third Party Vendors 7 Reimer Dobrovolny & LaBardi PC News 64 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 2 WehnernotedPagorek’s spondylolisthesis was not, by itself, a disabling condition and his pain complaints were subjective in nature. She found he only experienced mild pain and had a very active lifestyle working 40 hours per week climbing ladders as a satellite dish technician. At a hearing to determine whether Pagorek recovered, Dr. Wehner testified despite Pagorek’s complaints of pain, she did not notice any facial grimacing, posturing or splinting. She further testified his gait and motor strength was normal. She found no symptom magnification. Dr. Pagorek disagreed with Dr. Gleason’s 2015 examination because the clinical findings did not show any abnormality, so Dr. Gleason based his opinion on Pagorek’s subjective complaints. Further, Dr. Wehnertestifiedlifting somethingheavywouldnot cause spondylolisthesis to progress. Pagorek refuted Wehner’s testimony with recent reports from his treating physicians who found his condition chronic was unchanged, necessitating interventional pain management, epidural injections and physical therapy. Dr. Wehner disagreed with the treating physicians, accusing them of relying on Pagorek’s subjective complaints alone. At the hearing, Pagorek offered unrefuted testimony of his constant pain and limitations on his daily life. He further testified, while he did not get physical therapy or other treatment from 2006 to 2017, he was on Flexeril, Naproxen and Tramadol for pain. Pagorek was unable to get further treatment because he did not have health insurance. He avoided surgery because he was told to wait until he could not walk. Pagorekalso offeredunrefuted testimonyhis recent jobs were far less physically demanding than firefighter duties. When he finally got a job with health insurance in 2017, he sought treatment. By a 3-1 vote, the pension board terminated Pagorek’s benefits stating it accorded “substantial weight” to Wehner’s opinion and less to the opinions of Pagorek’s treating physicians since he only sought treatment after pension proceedings began. The majority also found it significant Pagorek did not seek treatment for over a decade. Pagorek sought administrative review in the circuit court, which affirmed the pension board’s decision. Pagorek appealed and the Appellate Court reversed. On appeal, the Appellate Court applied the manifest weight standard meaning the court defers to the board’s factual findings unless the opposite conclusion is clearly evident. Under the Pension Code,a firefighter’s pension maynot beterminated without “satisfactory proof” the pensioner has recovered from his disability. In this case, Drs. Gleason, Bayer and Kondamuri all opined Pagorek’s back condition remained unchanged since 2005 and he remained disabled. The Court found the pension board’s reliance on Dr. Wehner’s opinion to the exclusion of all other evidence to be against the manifest weight of the evidence. Dr. Wehner’s opinion was not supported by the facts. First, Dr. Wehner opined Pagorek was physically capable of performing firefighter work because he did not have any daily limitations. However, Pagorek gave detailed, uncontradicted testimony regarding daily limitations including not being able to pick up his children and difficulty performing basic household tasks. Second, Dr. Wehner’s opinion was based on Pagorek’s job as a satellite technician. While the job entailed occasionally climbing ladders carrying up to 30 pounds, it was far less physically demanding than firefighting. None of Pagorek’s activities were inconsistent with his disability claim and his medical opinions corroborated his claim. Third, Dr. Wehner opined Pagorek’s subjective complaints were unfounded as he had not used pain medications for over 10 years. In contrast, the record showed Pagorek was taking multiple medications to alleviate back pain. Fourth, Dr. Wehner opined Pagorek “did function as a firefighter with [L5-S1 spondylolisthesis] in 65 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 3 the period of his initial hiring in 1997 to his report of the accident in 2005.” However, the Court found there was no evidence Pagorek had spondylolisthesis in 1997 and it was unclear when it developed. Further, Dr. Wehner acknowledged there was no symptom magnification. The Court noted, every doctor who examined Pagorek, including Dr. Wehner, determined he was experiencing pain. Further, MRI scans plainly established he had a spinal fracture and slipped vertebrae that caused his initial disability in 2007 and his condition remains unchanged. It is undisputed Pagorek has a spinal condition causing him pain, and three doctors opined his condition prevents him from resuming full and unrestricted firefighter duties. The Court concluded Dr. Wehner’s opinion was founded on multiple statements that are not supported by the recorded, and all the other doctors were unequivocal in their opinion Pagorek remained disabled. As such, the board’s termination of Pagorek’s disability benefits was against the manifest weight of the evidence. Governor Extends Remote Attendance Options As noted in our last newsletter, permanent amendments to the Open Meetings Act have been enacted in response to the necessity to hold public meetings during the ongoing Coronavirus pandemic. On December 11, 2020, Governor Pritzker signed the most recent Gubernatorial Disaster Proclamation which remains in effect through January 10, 2021. Those who have been following this issue will note the Governor has been issuing 30-day disaster proclamations in succession since March 2020. It is likely the current proclamation will be extended beyond the current expiration date of January 10, 2021. As a refresher, the recent amendments to the Open Meetings Act allow a public body the option to hold meetings via phone, video, or other electronic means without the physical presence of a quorum under the following conditions: 1)The Governor or Illinois Department of Public health has issued a disaster declaration covering all or part of the jurisdiction of the public body. 2)The head of the public body determines an in-person meeting is not practical or prudent because of a disaster. 3)All members of the public body participating in the meeting must verify they can hear one another and all discussion or testimony. 4)Membersofthepublicpresentattheregular meeting location can hear all discussion or testimony and all votes taken unless attendanceat theregular meeting locationis not feasible due to the disaster. If in-person attendance by the public is not feasible, the public body must provide alternative means for the public to hear the meetings such as using a telephone or web-based link. 5)At least one member of the public body, chief legal counsel, or chief administrative officer is physically present at the regular meeting location, unless not feasible because of the disaster. 6)All votes must be conducted by roll call of each member. 7)Notice must continue to be posted at least 48 hours’ in advance of the meeting. 8)The public body must keep a verbatim record in the form of an audio or video recording of meetings held in this manner. Like prior declarations, the December 11, 2020, declaration finds “in person attendance of more than ten people at the regular meeting location not feasible.” Public bodies exercising a telephonic or electronic attendance option must provide notice and allow members of the public to monitor the meeting. In short, holding pension board meetings solely via phone, video, or other electronic attendance continues to be permissible and likely will remain an option for the foreseeable future. 66 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 4 Consolidated Funds Update Since the last round of quarterly pension board meetings, both the Police Officers’ Pension Investment Fund (IPOPIF) and Firefighters’ Pension Investment Fund (FPIF) have conducted their first ever elections. Recall the initial legislation forming these funds involved the appointment ofinterim boards toserveuntil theend of 2020. On the police side, Shawn Curry (Peoria), Lee Catavu (Aurora), and Paul Swanlund (Bloomington) were elected to represent the active participants of Article 3 funds. Dan Hopkins and Mark Poulos were elected by acclimation to represent the beneficiary members. In addition, the three municipal members elected were Elizabeth Holleb (Lake Forest), Michael Inman (Macomb), and Phil Suess (Wheaton). Finally, Brad Cole (Executive Director of the Illinois Municipal League) was appointed by the Governor. The FPIF elections were also completed. Serving on the permanent Board will be AFFI President Chuck Sullivan, IML Director Brad Cole, active firefighters Kevin Bramwell, Matt Kink, and George Schick, retired firefighter Greg Knoll, and municipal representatives Patrick Nichting, Herb Roach, and Jeff Rowitz. In advance of seating the permanent board of trustees, the IPOPIF has issued an RFP for a Chief Financial Officer. The FPIF has selected Marquette Associates to act as its non-discretionary consultant. Both Funds report they continue to move towards consolidation of all Article 3 and 4 assets which must be complete by June 30, 2022. As a final reminder, it should be noted RDL serves as general legal counsel for the IPOPIF. Open Meetings Act and Virtual Meetings PAC Opinion 2020-007 On November 24, 2020, the Public Access Counselor issued a binding opinion concerning the conduct of virtual meetings under the Open Meetings Act. The final rule is no portion of the virtual meeting may be muted, not even for a brief “side bar”. Until the proper procedures for adjourning to executive session are followed, the public must have “access to contemporaneously hear all discussions, testimony, and roll call votes”. This ruling came about following a village board meeting for the Village of Roanoke. The meeting was being held virtually via the Zoom platform. During the meeting, the mayor needed to have a “side bar” and speak briefly with the village clerk to determine if it would be appropriate to address a personnel matter in open session or hold it for executive session. He asked another trustee to mute all of the microphones for Zoom, spoke with the clerk for about 60 seconds, and ultimately decided to address the personnel matter in executive session. They did in fact hold an executive session and did address the matter there. The Village argued this was a brief and limited discussion for the sole purpose of clarifying a procedural issue. There is nothing in the OMA that prohibits amemberofthevillageboardandanother village official from having a brief, inaudible discussion during an in-person meeting. Notwithstanding this, the Village was found in violation. The reason was thestrict letterofthe law as amended. The OMA was amended in June 2020 to allow for virtual meetings. Section 7(e)(4) of the Act requires any virtual platform “to allow any interested member of the public access to contemporaneously hear all discussion, testimony, and roll call votes”. By muting the audio, even briefly for a procedural reason, the Village violated the OMA. Pension Boards holding Zoom meetings should ensure that trustees remain unmuted at all times they are speaking. 67 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 5 No PSEBA Benefits Without An “Emergency” Heneghan v. City of Evanston,2020 IL App (1st) 192163-U Firefighters who are (1) catastrophically injury (2) in response to what is reasonably perceived to be an emergency are entitled to health insurance benefits pursuant to the Public Safety Employee Benefits Act (PSEBA) 820 ILCS 320 et seq. While case law holds a police officer or firefighter awarded a line of duty disability by their pension fund is “catastrophically injury” by definition (Krohe v. City of Bloomington), the applicant for PSEBA benefits must still demonstrate their catastrophic injury occurred “as the result of what is reasonable believed to be an emergency.” This second prong was the issue before the court for an injured firefighter in this case. The firefighter in this case was injured during a live fire training exercise. The training exercise was carried out using a structure made of shipping containers in an effort to re-create conditions a firefighter would face in an emergency. Plaintiff was assigned to ventilate the roof for firefighters withintheburningstructure. Theroofincludedtwo pre-cut holes covered with plywood. Plaintiff’s partner was instructed to open the first hole using a saw. When the saw failed, Plaintiff opened the first ventilation hole using his axe. After removing the first vent hole cover, Plaintiff moved to the rear of the roof to remove the second cover. Plaintiff proceededtopryopenthesecond covertofindlittle resistance. His act of prying open the second cover expecting resistance but finding none caused him to lose his balance and fall 12 feet to the ground. He suffered bilateral heel fractures, underwent multiple surgeries, and was awarded a line of duty disability by the firefighters’ pension fund. After award of his line of duty disability, Plaintiff made application to the City for PSEBA benefits. The City denied his request on the basis his injury was not incurred in response to what was reasonably believed to be an emergency. The circuit court affirmed the City’s decision to deny health insurance benefits. Onappeal, theAppellate Court recognizedPlaintiff is “catastrophically injury” under PSEBA because he received a line of duty disability. The sole issue was whether his injury was incurred “as the result of what is reasonably believed to be an emergency”. In the PSEBA context, the Illinois Supreme Court has defined “emergency” as, “an unforeseen circumstance involving imminent danger to a person or property requiring an urgent response.” (Gaffney v. Bd. of Trustees of Orland Fire Prot. Dist.). In applying this definition to a prior PSEBA case, the Supreme Court in Gaffney found a firefighter injured during a training exercise when his hose became entangled inside a burning structure rose to the level of an “emergency”. Conversely, the same Court found another firefighter injured rescuing a firefighter during a training exercise using “black out” masks and no live fire was not an “emergency” for PSEBA purposes because it was conducted under controlled circumstances, no one was in imminent danger, and no unexpected development occurred. Applying the Gaffney case to this matter, the Appellate Court agreed Plaintiff was not injured in response to an emergency. It reasoned the unforeseen circumstance occurring in this case was thefailureofthesaw. Oncethefirst vent coverwas opened using an axe, the unforeseen circumstance ended. The Court agreed the failure of the saw qualified as an “emergency” under PSEBA, but found that after opening the first vent cover, Plaintiff knew he could open the second cover using the axe. The Court held, “the emergency ended once Plaintiff found a suitable replacement for the saw. The loose vent cover, although unforeseen, did not create a new emergency. Therefore, plaintiff’s fall was due to his miscalculation of force, not from a consequence of the saw’s failure.” In short, the Court found Plaintiff was not injured as the result of an emergency and PSEBA benefits were properly denied. 68 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 6 While PSEBA is not a benefit administered by pension funds, as you can see it does have some interplay with award of duty disability benefits. Each case is a fact specific inquiry. Actions that qualify as an emergency in one context may not meet that threshold in another. Here, the Appellate Court affirmed the denial of PSEBA benefits for the firefighter. No Waiver of FOIA Exemptions from Disclosure to Third Party Vendor Mancini Law Group, P.C. v. Schaumburg Police Dept.,2020 IL App (1st) 191131-U The Plaintiff in this case, a personal injury law firm,sentaFOIArequest totheSchaumburgPolice Department seeking traffic accident reports for a certain period of time. While Plaintiff’s request acknowledged certain information included in the accident reports would be exempt from disclosure under the FOIA, the reports produced in response also redacted home addresses, phone numbers, and insurance policy numbers under Section (7)(1)(b) of the FOIA for information constituting an unwanted invasion of personal privacy. Rather than taking issue with whether this information is exempt under the FOIA, Plaintiff instead argued the police department waived its ability to redact this information because it voluntarily disclosed it to a third party vendor – Lexis Nexis. Through the course of discovery, it was revealed the police department provided unredacted accident reports to Lexis Nexis via contracttosatisfyitsrequirementundertheVehicle Code to provide these reports to the Secretary of State. Lexis Nexis also acts as contractor for the State to allow municipalities to fulfil this reporting requirement. Once the reports are provided to Lexis Nexis, they may be obtained if a fee is paid. However, based on testimony from the Village, only those individuals involved in the traffic accident may obtain unredacted reports for this fee. Any party requesting the report not involved in the accident would receive a redacted version. Plaintiff argued this was not the case inasmuch as one of its lawyers obtained an unredacted report from Lexis Nexis after paying the required fee. However, the Appellate Court found this issue raised by affidavit hadbeen waivedby Plaintiff and did not support the conclusion put forth. In support of its waiver argument Plaintiff relied on the 1997 Illinois Supreme Court case of Lieber v. Bd. of Trustees of Southern Ill. Univ.In that case, the Illinois Supreme Court found the university had waived its argument certain information was exempt from the FOIA because it had previously voluntarily disclosed the same information to other parties. The Appellate Court in this case found that circumstance distinguishable inasmuch as the disclosure made to Lexis Nexis by the Schaumburg Police Department was mandated reporting to the State (through its vendor) required by the Illinois Vehicle Code. In a split decision, the Appellate Court found no waiver had occurred and the redactions made by the police department were appropriate. The takeaway here might be voluntary disclosure may still result in waiver of a FOIA exemption but mandated disclosure, even if made to a third party vendor, protects potential exemptions. Suggested Agenda Items for April (or 2nd Quarter) Review statutory asset allocation requirements and portfolio allocation prior to close of fiscal year. Election of active/retired/disabled Trustees. Review and/or modification of Board’s investment policy. Authorize preparation of annual Department of Insurance Report. Authorize payment of annual Department of Insurance Compliance Fee. Status of independent audit report. (Due within 6 months of close of fiscal year). Review and/or modification of Board’s Administrative Rules and Regulations. Annual filing of statement of economic interest statements for each Trustee. 69 of 70 © 2021 REIMER DOBROVOLNY & LABARDI PC 7 REIMER DOBROVOLNY & LABARDI PC NEWS RDL partner Brian LaBardi presented at the IPPFA MidAmerican Pension Conference held both virtually and in person in Naperville from September 30-October 2, 2020. RDL partner Rick Reimer presented at the IPPFA certified new trustee training at NIU in Hoffman Estates on October 19, 2020. RDL partner Brian LaBardi presented at the IPFA fall seminar held virtually on November 6, 2020. RDL partners Rick Reimer and Brian LaBardi have been chosen for inclusion in “Top Attorneys of North America” for 2020-2021. Legal and Legislative Update Volume 19, Issue 1, January 2021 This publication constitutes advertising material. Information contained herein should not be considered legal advice. Legal and Legislative Update is published periodically. Questions may be directed to: REIMER DOBROVOLNY & LABARDI PC A Public Safety Law Firm 15 Spinning Wheel Road, Suite 310, Hinsdale, IL 60521 (630) 654-9547 Fax (630) 654-9676 www.rdlaborlawpc.com Unauthorized reproduction prohibited. All rights reserved. 70 of 70