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Agenda Packet - 04/22/2021 - Firefighter's Pension Fund Board (2)
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 on Thursday, April 22, 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: 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. January 21, 2021 Regular Meeting 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 i. Illinois Department of Insurance Compliance Fee 8. Trustee Training Updates a. Approval of Trustee Training Registration Fees and Reimbursable Expenses 9. Communications and Reports a. Affidavits of Continued Eligibility b. Statements of Economic Interest 10. Applications for Membership/Withdrawals from the Fund 11. Applications for Retirement/Disability Benefits a. Approve Regular Retirement Benefit – Gary Clark 12. Old Business a. IDOI Annual Statement b. Review/Approve – Fiduciary Liability Insurance Renewal 13. New Business a) Review/Approve – Actuarial Valuation and Municipal Contribution Request b) Certify Board Election Results – Active and Retired Member Positions c) Appointed Member Term Expiration – Timothy Schlindwein d) Reciprocity Update – Brian Bitterlin 14. Attorney’s Report – Reimer Dobrovolny & LaBardi PC a. Annual Independent Medical Examination – Jennifer White b. Status of Line of Duty Disability Application – Sean Kelly c. Status Update – Pension Fund Consolidation d. Legal Updates 15. Closed Session, if needed 16. Adjournment 1 of 78 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 JANUARY 21, 2021 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held 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 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, Secretary Gino Picciola, Trustees Jim Bodony, Timothy Schlindwein (via teleconference) and Kevin Tan ABSENT: None ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer Falduto Asset Management, LLC; Jennifer Flores and Steve Earnhart (arrived at 9:08 a.m. via teleconference), Lauterbach & Amen, LLP (L&A); Firefighter Sean Kelly, Village of Oak Brook Fire Department; Attorney Scott Moran, Legal Counsel for Firefighter Sean Kelly (arrived at 9:11 a.m. via teleconference) TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Tan, Schlindwein (via teleconference), Picciola 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, LLC. PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 22, 2020 Regular Meeting: The Board reviewed the October 22, 2020 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve the October 22, 2020 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for review. Mr. Earnhart arrived at 9:08 a.m. Attorney Moran arrived at 9:11 a.m. INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending December 31, 2020. As of December 31, 2020, the fourth quarter net return is 8.86% versus the fourth quarter account benchmark of 9.76%. The investment return for the quarter is $2,846,461 for an ending market value of $34,521,649. The current asset allocation is as follows: fixed income at 37.1%; equities at 60.7%; and cash equivalents at 2.2%. 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. 2 of 78 Oak Brook Firefighters’ Pension Fund Meeting Minutes – January 21, 2020 Page 2 of 3 ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the twelve-month period ended December 31, 2020 prepared by L&A. As of December 31, 2020, the net position held in trust for pension benefits is $34,520,323.63 for a change in position of $3,624,088.04. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal. A motion was made by Trustee Fagan and seconded by Trustee Picciola 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 October 1, 2020 through December 31, 2020, for total disbursements in the amount of $111,285.83. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve the disbursements shown on the Vendor Check Report in the amount of $111,285.83. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan NAYS: None ABSENT: None 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 that L&A mailed Affidavits of Continued Eligibility to all pensioners with the December payroll cycle and a due date of January 28, 2021. A status update will be provided at the next regular meeting. 2021 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for reimbursement decreased to $0.56 per mile effective January 1, 2021. Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2021. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2021. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership – Samawi Fouad: The Board reviewed the Application for Membership submitted by Samawi Fouad to join the Oak Brook Firefighters’ Pension Fund effective November 11, 2020 as a Tier II participant. Contribution Refund – Jacob Arzer: The Board reviewed the contribution refund request submitted by Jacob Arzer and noted that Mr. Arzer received a refund in the amount of $61,655.16 paid directly to himself issued on December 29, 2020. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Approve Annual Cost of Living Adjustments (COLAs) for Pensioners: The Board reviewed the 2021 Cost of Living Adjustments (see attached) calculated by L&A. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve the 2021 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan NAYS: None ABSENT: None Attorney Moran and Mr. Kelly left the meeting at 9:43 a.m. 3 of 78 Oak Brook Firefighters’ Pension Fund Meeting Minutes – January 21, 2020 Page 3 of 3 Review Trustee Term Expirations and Election Procedures: The Board noted that the active member term currently held by Trustee Fagan and the retired member term currently held by Trustee Bodony are expiring in April 2021. L&A will conduct an election on behalf of the Pension Fund for one of the two active member Trustee positions and the retired member position. The Board also noted that the appointed Trustee position held by Trustee Schlindwein is expiring in April 2021 and he desires to remain on the Board. The Board will contact the Village and seek reappointment of Trustee Schlindwein to the Board. IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. Discussion/Possible Action – BMO Harris Operating Account: Mr. Earnhart reviewed the memorandum prepared by L&A regarding the BMO Harris Bank operating account indicating that due to the current market environment, the account was transitioned to an interest-bearing account as of December 1, 2020, which incurs cost based on activity. All questions were answered by Mr. Earnhart. Discussion/Possible Action – Fiduciary Liability Insurance Renewal: The Board discussed the renewal of the Fiduciary Liability Insurance Policy expiring April 30, 2021. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve renewal of the Fiduciary Liability Insurance policy from Mesirow Insurance Services, Inc through Ullico Casualty Group, LLC effective April 30, 2021 through April 30, 2022 in an amount not to exceed an increase of 10% of the current premium fees. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, Bodony, Schlindwein and Tan NAYS: None ABSENT: None ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Annual Independent Medical Examination – Jennifer White: The Board discussed the status of Jennifer White’s Annual Independent Medical Examination and directed Trustee Bodony to reach out to Attorney Reimer to obtain a status update. Further discussion will be held at the next regular meeting. Status Update – Pension Fund Consolidation: The Board discussed ongoing developments pertaining to the consolidation of Article 4 Pension Fund assets into the Illinois Firefighters Pension Investment Fund. Further discussion will be held at the next regular 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 Bodony and seconded by Trustee Fagan to adjourn the meeting at 10:07 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for April 22, 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 78 Quarterly Investment Performance Report 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 St. Elmhurst, IL 60126 O: (630) 941‐8560 www.sawyerfalduto.com As of March 31, 2021 5 of 78 Table of Contents Investment Policy Guidelines ..........................................................................................................................................................................................3 Cash Flow and Performance Review ...............................................................................................................................................................................4 Portfolio Value vs Cumulative Net Investment ...............................................................................................................................................................5 Market Commentary .......................................................................................................................................................................................................6 Holdings ...........................................................................................................................................................................................................................10 Equity Portfolio ................................................................................................................................................................................................................18 Mutual Fund Performance ..............................................................................................................................................................................................20 Bond Analysis ..................................................................................................................................................................................................................21 Transactions ....................................................................................................................................................................................................................22 Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 2 of 25 6 of 78 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% Investment Policy and Asset Allocation Guidelines Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 3 of 25 7 of 78 Sawyer Falduto Asset Management Client Update On January 1, 2021, Sawyer Falduto implemented a new system to manage investment portfolios, calculate performance and prepare client reporting. The system (Envestnet / Tamarac) enhances our ability to provide more timely reporting in an efficient manner. In addition, our reports have a refreshed look and performance calculations continue to meet industry standards, include all historical portfolio data and provide enhanced measurement frequency capabilities. As always, we appreciate the opportunity to serve and welcome any feedback. Thank you for your continued confidence in our firm. Performance Review Asset Class Quarter 1 Gross Return Year to Date Gross Return Equities 5.9%5.9% Fixed Income (2.5%)(2.5%) Cash Equivalent 0.0%0.0% Total 2.6%2.6% 60 EQ/40 FI (Account Benchmark)3.0%3.0% 70/20/10 (Equity Benchmark)7.2%7.2% Blended FI (Fixed Benchmark)(3.3%)(3.3%) M-Star MMF (Cash Benchmark)0.0%0.0% Long-Term Performance Asset Class 1 YearGross Return 3 YearGross Return Inception to Date (6/30/2016)Gross Return Equities 60.2%13.8%15.3% Fixed Income 0.3%5.0%2.8% Cash Equivalent 0.0%2.0%1.4% Total 33.3%10.7%10.6% 60 EQ/40 FI (Account Benchmark)34.7%11.4%10.6% 70/20/10 (Equity Benchmark)62.4%15.4%16.0% Blended FI (Fixed Benchmark)0.5%4.5%2.2% M-Star MMF (Cash Benchmark)0.0%1.3%1.1% Returns for periods exceeding 12 months are annualized. Cash Flow Quarter 1 Year to Date Beginning Market Value $34,521,649 $34,521,649 Contributions / Additions $495,621 $495,621 Distributions ($758,480)($758,480) Ending Market Value $35,139,254 $35,139,254 Investment Return $880,464 $880,464 Account Return (Gross)2.6%2.6% Account Return (Net)2.5%2.5% 60 EQ/40 FI (Account Benchmark)3.0%3.0% Oak Brook Firefighters' Pension Fund Cash Flow and Performance Review Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 4 of 25 8 of 78 Inception to Date (4/3/2016) Beginning Market Value $0 Receipts of Securities $19,470,298 Contributions / Additions $8,417,029 Distributions ($7,050,763) Ending Market Value $35,139,254 Investment Return $14,302,689 Portfolio Value vs Cumulative Net Investment Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 5 of 25 9 of 78 Economic Overview 1Q 2021 Key Observations • Economic optimism continued to grow based on the vaccine distribution and federal stimulus funding • Treasury yields increased with expectations for a strong economy and potential future inflation • Economically sensitive stocks outperformed in 1Q – large cap value and small cap stocks led the way • “Reflation Trade” – upswing in the economy where both growth and inflation are accelerating 1Q 2021 Key Indicators • Consumer confidence is increasing based on the rollout of vaccines, more business re-openings and an improving job market • The improvement in March 2021 is the sharpest one-month gain in nearly 18 years • Inflation has increased from the pandemic low levels and expectations are for a continuing rise 80 90 100 110 120 130 140 March 2016 March 2017 March 2018 March 2019 March 2020 March 2021LevelConsumer Confidence Consumer Confidence Five Year Average Quarterly Market Commentary 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% March 2016 September 2018 March 2021 Consumer Price Index -Inflation 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% March 2016 September 2018 March 2021 Inflation Expectations -5 Year Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 6 of 25 10 of 78 Equity Overview Market Performance • Equity performance factors shifted during 1Q – small cap and value stocks outperformed • Increasing U.S. Treasury yields created headwinds for growth stocks – both large cap and small cap • Value stocks benefited from increased near-term profit forecasts and improved economic conditions • Companies with weak financials outperformed their counterparts as quality was out-of-favor o L Brands +66%, Occidental Petroleum +54%, American Airlines +52% Equity Performance Overview • Large cap stocks have outperformed on average since 2017 despite the recent strong small cap results • Growth stocks led the pandemic equity rally driven by large cap technology companies • Increasing interest rates have challenged growth stock valuations and slowed the upward performance trend • Value stocks have surged in recent months due to improving prospects for a strong economic recovery • Corporate earnings and financials will be more closely analyzed going forward Quarterly Market Commentary 0.00% 8.00% 16.00% 24.00% 32.00% 6/30/2020 3/31/2021 S&P 500 -Growth vs. Value S&P 500 Growth S&P 500 Value -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2017 2018 2019 2020 2021 YTD Annualized Average U.S. Equity Index Performance S&P 500 Russell 2000 MSCI EAFE Allocation to large cap equities has provided excess returns since 2017 Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 7 of 25 11 of 78 Equity Overview (continued) • The divergence in S&P 500 sector performance highlights the ongoing need for portfolio diversification Fixed Income Overview Market Observations • Yield curve steepened in 1Q – long term yields increased while short term yields decreased • Federal Reserve monetary policy continues to depress short-term interest rates • Optimism for economic revival and the threat of inflation drove long-term yields higher Fixed Income Yield Overview • Bond prices decreased and fixed income performance was negative as the result rising yields 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Materials Energy Consumer Discretionary Industrials Financials Info Tech Comm Health Care Real Estate Consumer Staples Utilities S&P 500 Sector Performance 04/01/20 - 12/31/20 01/01/21 - 03/31/21 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y U.S. Treasury Yield Curve 12/31/2020 3/31/2021 Quarterly Market Commentary 10-year yield change = +0.80% Total return = (6.95%) 5-year yield change = +0.53% Total return = (2.33%) 1-year yield change = (0.04%) Total return = +0.07% Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 8 of 25 12 of 78 Fixed Income Overview (continued) Fixed Income Yields 3 Year Maturity 5 Year Maturity 10 Year Maturity 12/31/20 03/31/21 12/31/20 03/31/21 12/31/20 03/31/21 U.S. Treasury 0.17% 0.32% 0.36% 0.89% 0.93% 1.73% U.S. Agency 0.17% 0.35% 0.36% 0.92% 0.93% 1.74% Taxable Municipal 0.78% 0.71% 1.06% 1.36% 1.78% 2.10% Corporate 0.44% 0.66% 0.78% 1.33% 1.62% 2.40% Fixed Income – Broad Market Characteristics Fixed Income Index Characteristics – March 31, 2021 Index Duration Market Yield Average Coupon Barclay’s U.S. Government 6.79 0.98% 1.71% Barclay’s U.S. Intermediate Government / Credit 4.08 0.81% 1.78% Blended Fixed Income Benchmark 5.91 1.47% 3.51% Looking Ahead Thoughts & Considerations Economy • Economic forecasts signal robust economic conditions – an accelerating recovery and strong GDP • Recent signs of potential inflation might be transitory as moderation in price levels is expected • Further improvement in the unemployment rate will be an important economic catalyst Equity Markets • Equity market expectations will be correlated with the vaccine rollout and economies re-opening • A focus on company fundamentals will once again be an important factor in equity valuation • Equity portfolio diversification by market capitalization and style remains important Fixed Income Markets • Maintain conservative duration position to hedge against additional interest rates increases • Fixed income credit quality will continue to be a point of emphasis • Federal Reserve communications and actions will be followed closely for clues about the future Quarterly Market Commentary Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 9 of 25 13 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Equities Large Cap Mutual Fund 4.9%Hartford Core Equity Fund Y HGIYX 39,512.279 $1,719,970 0.7%$12,405 6.5%Pioneer Equity Income PYEQX 57,758.861 $2,293,604 1.6%$37,047 13.0%T Rowe Price Growth Stock PRUFX 45,849.904 $4,561,148 0.2%$11,082 16.3%Vanguard 500 Index Fund VFIAX 15,588.520 $5,716,154 1.5%$82,983 Exchange Traded Fund 0.2%Vanguard S&P 500 ETF VOO 184.00 $67,031 1.5%$991 Mid Cap Mutual Fund 2.1%Victory Sycamore VEVIX 15,360.921 $729,183 1.2%$8,413 Small Cap Mutual Fund 4.3%T Rowe Price QM SC Growth I TQAIX 30,550.508 $1,525,081 0.0%$306 6.7%TIAA Cref Small Cap Index TISBX 85,401.109 $2,343,406 0.9%$21,811 International Mutual Fund 0.9%First Eagle Overseas SGOIX 11,603.992 $306,926 0.5%$1,404 1.5%Goldman Sachs International GCIIX 36,573.213 $526,289 1.8%$9,363 1.5%MFS International Growth I MQGIX 11,170.410 $535,845 0.6%$3,468 1.0%Oppenheimer Developing Mkts ODVIX 6,806.362 $366,931 0.3%$1,264 Real Estate Mutual Fund 1.3%Cohen & Steers Realty CSRIX 9,896.910 $463,373 2.5%$11,442 60.2%Equities Total $21,154,942 1.0%$201,979 Fixed Income Taxable Bonds U.S. Treasury 1.0%US Treas Note 08/31/2026 1.375% 912828YD6 NR NR 350,000.00 $356,125 1.4%$4,813 Accrued Income $418 0.4%US Treas Note 05/15/2026 1.625% 912828R36 Aaa NR 150,000.00 $154,922 1.6%$2,438 Accrued Income $922 0.3%US Treas Note 10/31/2023 1.625% 912828T91 Aaa NR 100,000.00 $103,531 1.6%$1,625 Accrued Income $682 0.5%US Treas Note11/15/2023 2.750%912828WE6 Aaa NR 150,000.00 $159,750 2.6%$4,125 Accrued Income $1,561 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 10 of 25 14 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds U.S. Treasury 0.3%US Treas Note 10/31/2026 1.625% 912828YQ7 Aaa NR 100,000.00 $102,891 1.6%$1,625 Accrued Income $682 0.4%US Treas Note 02/15/2030 1.500% 912828Z94 Aaa NR 150,000.00 $148,195 1.5%$2,250 Accrued Income $280 0.5%US Treas Note 11/15/2028 3.125% 9128285M8 Aaa NR 150,000.00 $167,719 2.8%$4,688 Accrued Income $1,774 0.3%US Treas Note05/15/2027 2.375%912828X88 Aaa NR 100,000.00 $106,859 2.2%$2,375 Accrued Income $899 0.3%US Treas Note12/31/2022 2.125%912828N30 Aaa NR 100,000.00 $103,438 2.1%$2,125 Accrued Income $534 0.4%US Treas Note 11/30/2022 2.000% 912828M80 Aaa NR 150,000.00 $154,641 1.9%$3,000 Accrued Income $1,005 U.S. Government Agency 0.3%Fed Farm Cr Bk 09/07/2023 2.150% 3133EEG79 Aaa AA+100,000.00 $104,555 2.1%$2,150 Accrued Income $143 0.6%Fed Farm Cr Bk 12/24/2026 2.570% 3133ECB60 Aaa AA+200,000.00 $215,875 2.4%$5,140 Accrued Income $1,385 0.3%Fed Farm Cr Bk 12/01/2021 2.000% 3133EER85 Aaa AA+100,000.00 $101,298 2.0%$2,000 Accrued Income $667 0.8%Fed Farm Cr Bk03/14/2029 3.000%3133EKDF0 Aaa AA+250,000.00 $276,135 2.7%$7,500 Accrued Income $354 0.3%Fed Farm Cr Bk06/18/2029 1.150%3133ELL28 Aaa AA+100,000.00 $96,510 1.2%$1,150 Accrued Income $329 0.6%Fed Farm Cr Bk 08/04/2028 2.730% 3133EHTW3 Aaa AA+200,000.00 $216,820 2.5%$5,460 Accrued Income $865 0.3%Fed Farm Cr Bk 10/24/2025 2.500% 3133EA6C7 Aaa AA+100,000.00 $107,419 2.3%$2,500 Accrued Income $1,090 0.3%Fed Farm Cr Bk 06/09/2026 2.875% 3133EEHG8 Aaa AA+100,000.00 $109,376 2.6%$2,875 Accrued Income $894 0.3%Fed Farm Cr Bk 08/24/2026 3.100% 3133EJXS3 Aaa AA+100,000.00 $110,644 2.8%$3,100 Accrued Income $319 0.4%Fed Farm Cr Bk08/18/2026 0.600%3133EL4F8 Aaa AA+150,000.00 $146,360 0.6%$900 Accrued Income $108 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 11 of 25 15 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds U.S. Government Agency 0.2%Fed Farm Cr Bk 04/03/2028 3.150% 3133EJJH3 Aaa AA+50,000.00 $55,624 2.8%$1,575 Accrued Income $779 0.2%Fed Farm Cr Bk 11/06/2023 3.170% 3133ED6M9 Aaa AA+68,000.00 $73,063 3.0%$2,156 Accrued Income $868 0.4%Fed Farm Cr Bk 12/02/2030 2.080% 3133ELBZ6 Aaa AA+150,000.00 $153,642 2.0%$3,120 Accrued Income $1,031 0.1%Fed Farm Cr Bk08/01/2025 2.330%3133EAE61 Aaa AA+49,000.00 $52,209 2.2%$1,142 Accrued Income $190 0.3%Fed Farm Cr Bk03/07/2028 3.170%3133EJFB0 Aaa AA+100,000.00 $111,409 2.8%$3,170 Accrued Income $211 0.6%Fed Farm Cr Bk 05/03/2029 2.800% 3133EKKG0 Aaa AA+200,000.00 $218,059 2.6%$5,600 Accrued Income $2,302 0.3%Fed Farm Cr Bk 09/24/2029 2.040% 3133EKS64 Aaa AA+100,000.00 $103,194 2.0%$2,040 Accrued Income $40 0.1%Fed Farm Cr Bk 07/15/2023 3.000% 3133FXEP8 Aaa AA+30,000.00 $31,889 2.8%$900 Accrued Income $190 0.4%Fed Farm Cr Bk 05/01/2025 2.370% 3133ECN83 Aaa AA+125,000.00 $133,234 2.2%$2,963 Accrued Income $1,234 0.3%Fed Farm Cr Bk11/01/2029 2.000%3133EK5F9 Aaa AA+100,000.00 $102,506 2.0%$2,000 Accrued Income $833 0.2%Fed Farm Cr Bk12/10/2025 3.220%3133EJ2C2 Aaa AA+50,000.00 $55,367 2.9%$1,610 Accrued Income $496 0.6%Fed Farm Cr Bk 05/17/2028 3.300% 3133EJPN3 Aaa AA+200,000.00 $224,460 2.9%$6,600 Accrued Income $2,457 0.5%Fed Farm Cr Bk 11/28/2028 2.830% 3133EGN68 Aaa AA+150,000.00 $163,755 2.6%$4,245 Accrued Income $1,450 0.3%Fed Farm Cr Bk 01/23/2030 2.080% 3133ELJV7 Aaa AA+100,000.00 $102,889 2.0%$2,080 Accrued Income $393 0.9%Fed Farm Cr Bk 09/30/2025 2.470% 3133EEF47 Aaa AA+300,000.00 $321,818 2.3%$7,410 Accrued Income $21 0.8%Fed Farm Cr Bk11/25/2030 3.000%3133EKJE7 Aaa AA+250,000.00 $276,344 2.7%$7,500 Accrued Income $2,625 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 12 of 25 16 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds U.S. Government Agency 0.4%Fed Farm Cr Bk 08/06/2030 0.940% 3133EL2Z6 Aaa AA+150,000.00 $138,884 1.0%$1,410 Accrued Income $215 0.5%Fed Farm Cr Bk 06/15/2027 2.580% 3133EHNR0 Aaa AA+150,000.00 $161,640 2.4%$3,870 Accrued Income $1,140 0.5%Fed Farm Cr Bk 08/09/2027 2.790% 3133EESU5 Aaa AA+150,000.00 $163,635 2.6%$4,185 Accrued Income $605 0.3%Fed Farm Cr Bk12/14/2028 3.350%3133EJNZ8 Aaa AA+100,000.00 $112,903 3.0%$3,350 Accrued Income $996 0.5%Fed Farm Cr Bk09/19/2028 2.650%3133EHZD8 Aaa AA+150,000.00 $161,755 2.5%$3,975 Accrued Income $133 0.4%Fed Home Ln Bk 06/14/2030 1.250% 3130AJLW7 Aaa AA+150,000.00 $143,215 1.3%$1,875 Accrued Income $557 0.5%Fed Home Ln Bk 03/12/2027 3.000% 3130A3DU5 Aaa AA+150,000.00 $165,405 2.7%$4,500 Accrued Income $238 0.3%Fed Home Ln Bk 06/08/2029 2.750% 3130AGDY8 Aaa AA+100,000.00 $108,749 2.5%$2,750 Accrued Income $863 0.3%Fed Home Ln Bk 09/10/2027 2.625% 3130ACKB9 Aaa AA+100,000.00 $108,064 2.4%$2,625 Accrued Income $153 0.8%Fed Home Ln Bk03/12/2027 2.875%3130AAZ92 Aaa AA+250,000.00 $273,887 2.6%$7,188 Accrued Income $379 0.4%Fed Home Ln Bk12/09/2022 2.500%3130A3KM5 Aaa AA+150,000.00 $155,901 2.4%$3,750 Accrued Income $1,167 0.5%Fed Home Ln Bk 06/13/2025 2.625% 3130A5DA4 Aaa AA+150,000.00 $161,544 2.4%$3,938 Accrued Income $1,181 0.8%Fed Home Ln Bk 09/13/2024 4.375% 3133XVDG3 Aaa AA+250,000.00 $283,006 3.9%$10,938 Accrued Income $547 0.6%Fed Home Ln Bk 03/13/2026 2.375% 3130A7BA2 Aaa AA+200,000.00 $213,753 2.2%$4,750 Accrued Income $238 0.6%Fed Home Ln Bk 03/14/2025 2.625% 3130A67F8 Aaa AA+200,000.00 $215,068 2.4%$5,250 Accrued Income $248 0.3%Fed Home Ln Bk09/13/2024 2.875%3130A2UW4 Aaa AA+100,000.00 $108,079 2.7%$2,875 Accrued Income $144 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 13 of 25 17 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds U.S. Government Agency 0.2%Fed Home Ln Bk 12/10/2027 2.750% 3130AD7C0 Aaa AA+50,000.00 $54,379 2.5%$1,375 Accrued Income $424 0.4%FHLBanks 1.250 03/10/28 03/10/2028 1.250% 3130ALU36 Aaa AA+150,000.00 $148,170 1.3%$1,875 Accrued Income $26 0.6%Tenn Valley Auth 09/15/2024 2.875% 880591ER9 Aaa AA+200,000.00 $215,612 2.7%$5,750 Accrued Income $256 U.S. Government Agency - Callable 0.4%Fed Farm Cr Bk03/30/2027 1.550% Call 03/30/2023 100.00 3133ELUN2 Aaa AA+150,000.00 $152,174 1.5%$2,325 Accrued Income $6 0.3%Fed Farm Cr Bk 02/05/2030 2.120%Call 02/05/2025 100.00 3133ELMB7 Aaa AA+100,000.00 $102,080 2.1%$2,120 Accrued Income $330 0.3%Fed Farm Cr Bk 05/16/2028 3.670% Call 05/16/2023 100.00 3133EJPJ2 Aaa AA+100,000.00 $107,057 3.4%$3,670 Accrued Income $1,376 0.3%Fed Farm Cr Bk11/07/2028 3.780% Call 11/07/2023 100.00 3133EJR76 Aaa AA+100,000.00 $108,607 3.5%$3,780 Accrued Income $1,512 0.4%Fed Home Ln Bk 11/29/2024 0.650%Call 06/29/2021 100.00 3130ALPC2 Aaa AA+150,000.00 $150,059 0.6%$975 Accrued Income $5 0.4%Fed Home Ln Bk 09/10/2027 0.625% 3130AJXE4 Aaa AA+150,000.00 $143,625 0.7%$938 Accrued Income $55 Certificate of Deposit 0.4%Spiritbank 12/22/2028 0.750% 848608EG6 NR NR 150,000.00 $143,722 0.8%$1,125 Accrued Income $28 0.7%State Bank of India 07/10/2025 1.000% 856283N93 NR NR 225,000.00 $228,126 1.0%$2,250 Accrued Income $499 Taxable Municipal 0.4%Bloomingdale, IL 10/30/2028 1.550% 094333LB5 NR AA+150,000.00 $144,050 1.6%$2,325 Accrued Income $723 0.4%Bolingbrook, IL01/01/2030 1.918% Call 01/01/2029 100.00 097552UG6 NR AA 150,000.00 $145,040 2.0%$2,877 Accrued Income $719 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 14 of 25 18 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds Taxable Municipal 0.3%Cook Cnty, IL Evanston Sch. Dist 6512/01/2026 5.100% Call 05/02/2021 100.00 213687JZ0 Aa2 NR 100,000.00 $100,053 5.1%$5,100 Accrued Income $1,700 0.3%Cook Cnty, IL Dolton SD #148 BAM Insured12/01/2024 4.500% 215075KH4 NR AA 100,000.00 $109,730 4.1%$4,500 Accrued Income $1,500 0.3%Countryside, IL 01/01/2030 1.692% Call 01/01/2029 100.00 222367FV1 Aa2 NR 125,000.00 $120,184 1.8%$2,115 Accrued Income $300 0.3%DuPage & Cook CntyHinsdale Sch Dist 181 01/15/2025 3.300% 262579SA4 Aaa NR 100,000.00 $107,205 3.1%$3,300 Accrued Income $697 0.2%Hoffman Estates, IL 12/01/2030 4.500%Call 12/01/2024 100.00 434452KW7 Aa3 AA+50,000.00 $53,043 4.2%$2,250 Accrued Income $750 0.6%Kane & Kendall Cnty, IL 12/15/2026 1.000% 484062LZ5 Aa1 NR 200,000.00 $196,256 1.0%$2,000 Accrued Income $250 0.3%Lake Cnty, IL Hawthorn Woods SD #7301/01/2027 3.429% 508759KK2 NR AA+100,000.00 $107,632 3.2%$3,429 Accrued Income $857 0.4%Lake Zurich, IL02/01/2027 2.850% Call 02/01/2026 100.00 511444RJ2 NR AAA 150,000.00 $155,726 2.7%$4,275 Accrued Income $713 0.4%McHenry & Kane Cnty, IL Huntley SD #158 02/15/2031 2.340% Call 02/15/2029 100.00 580773LT4 NR AA 150,000.00 $145,032 2.4%$3,510 Accrued Income $449 0.3%Oakbrook Ter, IL12/15/2025 3.000% Call 12/15/2022 100.00 67184PGX3 NR AA 100,000.00 $101,500 3.0%$3,000 Accrued Income $883 0.4%Skokie, IL 12/01/2024 2.350% 830728SM4 Aa2 NR 150,000.00 $155,438 2.3%$3,525 Accrued Income $1,175 0.4%Will Cnty IL CSD Plainfield Cmty CSD #202 01/01/2022 3.000% 968648ZL2 Aa2 NR 150,000.00 $152,475 3.0%$4,500 Accrued Income $1,125 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 15 of 25 19 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds Corporate 0.4%3M Company 10/15/2027 2.875%Call 07/15/2027 100.00 88579YAY7 A1 A+115,000.00 $123,259 2.7%$3,306 Accrued Income $1,525 0.4%Apple02/08/2031 1.650% Call 11/08/2030 100.00 037833ED8 Aa1 AA+150,000.00 $142,761 1.7%$2,475 Accrued Income $364 0.3%Apple Inc 02/23/2026 3.250% Call 11/23/2025 100.00 037833BY5 Aa1 AA+100,000.00 $109,084 3.0%$3,250 Accrued Income $343 0.4%Berkshire Hathaway 03/15/2023 2.750%Call 01/15/2023 100.00 084670BR8 Aa2 AA 150,000.00 $156,628 2.6%$4,125 Accrued Income $183 0.3%Berkshire Hathaway03/15/2026 3.125% Call 12/15/2025 100.00 084670BS6 Aa2 AA 100,000.00 $108,621 2.9%$3,125 Accrued Income $139 0.3%Charles Schwab 2.000 03/20/28 28 03/20/2028 2.000% Call 01/20/2028 100.00 808513BP9 A2 A 100,000.00 $100,479 2.0%$2,000 Accrued Income $72 0.3%Coca Cola Co09/06/2029 2.125%191216CM0 A1 A+100,000.00 $100,132 2.1%$2,125 Accrued Income $148 0.3%Emerson Electric10/15/2026 0.875% Call 09/15/2026 100.00 291011BP8 A2 A 100,000.00 $96,926 0.9%$875 Accrued Income $459 0.3%Exxon Mobil 03/01/2026 3.043% Call 12/01/2025 100.00 30231GAT9 Aa2 AA-100,000.00 $107,753 2.8%$3,043 Accrued Income $254 0.4%Gilead Sciences 12/01/2021 4.400%Call 09/01/2021 100.00 375558AU7 A3 BBB+150,000.00 $152,489 4.3%$6,600 Accrued Income $2,200 0.5%IBM Corp02/12/2024 3.625%459200HU8 A2 A 150,000.00 $162,814 3.3%$5,438 Accrued Income $740 0.3%Johnson & Johnson 09/01/2027 0.950% Call 07/01/2027 100.00 478160CP7 Aaa AAA 100,000.00 $96,901 1.0%$950 Accrued Income $79 0.3%Microsoft Corp02/06/2027 3.300% Call 11/06/2026 100.00 594918BY9 Aaa AAA 100,000.00 $110,001 3.0%$3,300 Accrued Income $504 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 16 of 25 20 of 78 Weight Description Symbol Moody's Rating S&P Rating Quantity Value Current Yield Annual Income Fixed Income Taxable Bonds Corporate 0.3%The Home Depot, 06/15/2029 2.950%Call 03/15/2029 100.00 437076BY7 A2 A 100,000.00 $105,686 2.8%$2,950 Accrued Income $869 0.6%Univ of Chicago10/01/2023 4.760%91412NAB6 Aa2 AA-180,000.00 $192,137 4.5%$8,568 Accrued Income $4,284 0.4%US Bancorp 05/24/2021 4.125% Call 04/23/2021 100.00 91159HHA1 A1 A+125,000.00 $125,252 4.1%$5,156 Accrued Income $1,819 0.2%Wal-Mart Stores06/26/2023 3.400% Call 05/26/2023 100.00 931142EK5 Aa2 AA 50,000.00 $53,244 3.2%$1,700 Accrued Income $449 38.0%Fixed Income Total $13,358,772 2.4%$315,049 Cash Equivalent Cash Equivalent Cash Equivalent 1.8%Schwab Government Money Fund SWGXX $625,540 0.2%$1,189 100.0%Total $35,139,254 1.5%$518,216 Holdings Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 17 of 25 21 of 78 Portfolio Snapshot Portfolio Value Benchmark $21,154,941.64 Custom Oak Brook Firefighters' Pension Fund: 20433707 Analysis 03-31-2021 Asset Allocation Portfolio Net % Bmark Net % Cash 0.62 0.00 US Stocks 87.53 89.28 Non-US Stocks 11.58 10.71 Bonds 0.03 0.00 Other/Not Clsfd 0.24 0.01 Morningstar Equity Style Box %Morningstar Fixed Income Style Box % Value Blend Growth Large Mid Small 11 25 27 6 10 5 3 8 5 Total Stock Holdings 3,497 % 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 100 % Not Classified 100 0-10 10-25 25-50 >50 Stock Analysis 03-31-2021 Stock Sectors CyclicalDefensiveSen s i t i ve Benchmark Portfolio Portfolio (%) Bmark (%) h Cyclical 33.99 33.64 r Basic Matls 3.36 3.26 t Consumer Cycl 13.59 12.36 y Financial Svs 12.36 14.56 u Real Estate 4.68 3.46 j Sensitive 44.38 42.92 i Commun Svs 10.10 8.81 o Energy 1.99 2.84 p Industrials 10.71 11.23 a Technology 21.58 20.04 k Defensive 21.63 23.44 s Consumer Def 5.39 6.36 d Healthcare 14.11 14.31 f Utilities 2.13 2.77 Not Classified 0.00 0.00 World Regions Greater Asia Americas Greater Europe <25 25-50 50-75 >75% Portfolio (%) Bmark (%) Americas 89.55 89.28 North America 89.05 89.19 Latin America 0.50 0.09 Greater Europe 5.35 6.88 United Kingdom 1.20 1.78 Europe-Developed 3.84 5.02 Europe-Emerging 0.21 0.00 Africa/Middle East 0.10 0.08 Greater Asia 5.10 3.85 Japan 1.30 2.48 Australasia 0.20 0.73 Asia-Developed 1.53 0.50 Asia-Emerging 2.07 0.14 Not Classified 0.00 0.00 Performance 03-31-2021 Investment Activity Graph Portfolio Initial Mkt Val: $6,241,256 Final Mkt Val: $21,154,942 Benchmark 04-11 04-12 04-13 04-14 04-15 04-16 04-17 04-18 04-19 04-20 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 6.29 61.53 15.69 16.23 13.32 Benchmark Return 7.24 62.43 15.46 15.72 12.76 +/- Benchmark Return -0.95 -0.90 0.23 0.51 0.56 Best/Worst Time Periods Best %Worst % 3 Months 21.73 ( Apr 2020-Jun 2020 ) -21.39 ( Jan 2020-Mar 2020 ) 1 Year 61.53 ( Apr 2020-Mar 2021 ) -10.79 ( Apr 2019-Mar 2020 ) 3 Years 21.70 ( Oct 2011-Sep 2014 )3.57 ( Apr 2017-Mar 2020 ) Portfolio Yield ( 03-31-2021 )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 03-31-2021 Top 10 holdings out of 13 Symbol Type Holding Value $ % Assets Vanguard 500 Index Admiral (USD)VFIAX MF 5,716,155 27.02 T. Rowe Price Growth Stock I (USD)PRUFX MF 4,561,149 21.56 TIAA-CREF Small-Cap Blend Idx Inst (USD)TISBX MF 2,343,407 11.08 Pioneer Equity Income Y (USD)PYEQX MF 2,293,604 10.84 Hartford Core Equity Y (USD)HGIYX MF 1,719,970 8.13 T. Rowe Price QM US Small-Cap Gr Eq I (USD)TQAIX MF 1,525,081 7.21 Victory Sycamore Established Value I (USD)VEVIX MF 729,183 3.45 MFS International Growth I (USD)MQGIX MF 535,845 2.53 Goldman Sachs Intl Eq Insghts Instl (USD)GCIIX MF 526,289 2.49 Cohen & Steers Instl Realty Shares (USD)CSRIX MF 463,373 2.19 Release date 03-31-2021 | 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 146 of 250 SFAM Page 18 of 25 22 of 78 Portfolio Snapshot Portfolio Value Benchmark $21,154,941.64 Custom Oak Brook Firefighters' Pension Fund: 20433707 Risk Analysis 03-31-2021 Risk/Reward Scatterplot Portfolio Holdings Bmark 10 Year Mean 3.00 4.60 6.20 7.80 9.40 11.00 12.60 14.20 15.80 17.40 19.00 9.0 9.8 10.6 11.4 12.2 13.0 13.8 14.6 15.4 16.2 17.0 17.8 18.6 19.4 20.2 10 Year Standard Deviation Performance History Graph Portfolio Quarterly returns +/- Benchmark in % 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -2.0 Bmark 2.0 4.0 6.0 8.0 10.0% Risk and Return Statistics 3 Yr 5 Yr 10 Yr Portfolio Bmark Portfolio Bmark Portfolio Bmark Standard Deviation 18.97 19.36 15.25 15.59 14.14 14.31 Mean 15.69 15.46 16.23 15.72 13.32 12.76 Sharpe Ratio 0.85 0.82 1.06 1.01 0.97 0.92 MPT Statistics 3 Yr Portfolio 5 Yr Portfolio 10 Yr Portfolio Alpha 0.46 0.77 0.70 Beta 0.98 0.97 0.98 R-Squared 99.56 99.24 98.99 Portfolio-Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Fundamental Analysis 03-31-2021 Asset Allocation -100 -50 0 50 100 Portfolio Net % Portfolio Long % Portfolio Short % Cash 0.62 0.69 0.07 US Stocks 87.53 87.53 0.00 Non-US Stocks 11.58 11.58 0.00 Bonds 0.03 0.03 0.00 Other/Not Clsfd 0.24 0.24 0.00 Total 100.00 100.07 0.07 Market Maturity % of Stocks Portfolio Bmark Developed Markets 97.23 99.81 Emerging Markets 2.77 0.19 Not Available 0.00 0.00 Valuation Multiples Portfolio Bmark Price/Earnings 27.39 26.27 Price/Book 3.61 3.31 Price/Sales 2.44 2.35 Price/Cash Flow 15.34 14.63 Profitability Portfolio Bmark % of Stocks 2021-03 2021-03 Net Margin 12.19 12.20 ROE 18.53 19.50 ROA 5.84 5.85 Debt/Capital 41.00 42.48 Fund Statistics Potential Cap Gains Exposure 33.58 Avg Net Expense Ratio 0.40 Avg Gross Expense Ratio 0.41 Geometric Avg Capitalization ($Mil) Portfolio 61,383.23 Benchmark 66,593.89 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 10.43 5.74 b Distressed 3.04 5.31 v Hard Asset 5.80 3.43 m Cyclical 35.01 39.17 x Slow Growth 4.37 6.67 z Classic Growth 7.35 8.08 l Aggressive Growth 17.67 15.14 c Speculative Growth 6.12 3.88 Not Available 10.21 12.58 0% 5 10 15 20 25 30 35 40 45 50 Release date 03-31-2021 | 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 147 of 250 SFAM Page 19 of 25 23 of 78 Large Cap (US) Ticker Investment Annualized Returns Symbol Objective Q1 1 yr 3 yrs 5 yrs 10 yrs T Rowe Price Growth Stock PRUFX Large Growth 2.58% 64.71% 20.68% 21.26% 16.66% Vanguard 500 Index Admiral VFIAX Large Blend 6.18% 56.33% 16.75% 16.26% 13.88% Hartford Core Equity Y HGIYX Large Blend 4.56% 53.68% 17.29% 16.10% 14.71% Pioneer Equity Income Fund PYEQX Large Value 9.69% 49.35% 8.81% 10.73% 10.79% = S&P 500 Index – Growth 2.12% 59.43% 20.58% 19.35% 16.16% S&P 500 Index 6.17% 56.35% 16.78% 16.29% 13.91% S&P 500 Index – Value 10.77% 50.37% 11.83% 12.31% 11.15% Small & Mid Cap (US) Ticker Investment Annualized Returns Symbol Objective Q1 1 yr 3 yrs 5 yrs 10 yrs TIAA-CREF Small Cap Index TISBX Small Blend 12.69% 94.96% 14.88% 16.50% 11.87% Victory Sycamore Established Value VEVIX Mid-Cap Value 16.40% 78.15% 13.85% 14.44% 12.48% T Rowe Price QM Small Cap TQAIX Small Growth 4.24% 69.64% 16.24% 17.45% 13.71% Russell 2000 Index – Growth 4.88% 90.20% 17.16% 18.61% 13.02% Russell 2000 Index 12.70% 94.85% 14.76% 16.35% 11.68% Russell 2000 Index - Value 21.17% 97.05% 11.57% 13.56% 10.06% International Ticker Investment Annualized Returns Symbol Objective Q1 1 yr 3 yrs 5 yrs 10 yrs MFS International Growth MQGIX Large Growth 0.67% 43.21% 10.99% 12.58% 7.73% First Eagle Overseas SGOIX Large Blend 1.15% 31.69% 5.13% 6.21% 5.33% Goldman Sachs Intl Equity GCIIX Large Blend 4.65% 49.74% 4.22% 8.92% 5.89% Invesco Developing Markets ODVIX Emerging Mkts 0.86% 53.74% 8.16% 12.94% 5.48% MSCI EAFE Index 3.48% 44.57% 6.02% 8.85% 5.52% MSCI Emerging Markets Index 2.29% 58.39% 6.48% 12.07% 3.65% Real Estate Ticker Investment Annualized Returns Symbol Objective Q1 1 yr 3 yrs 5 yrs 10 yrs Cohen & Steers Realty CSRIX Real Estate 8.56% 37.01% 13.07% 8.15% 9.64% DJ US Select REIT Index 10.00% 36.66% 7.55% 3.94% 7.89% *YTD Return and Annualized Returns are calculated as of March 31, 2021 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. Mutual Fund Performance and Fund Characteristics Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 20 of 25 24 of 78 Description Weight ModifiedDuration (Market) Yield toMaturity (Market) Current Yield Annual Income U.S. Treasury 11.7%4.6 0.9%1.9%$29,063 U.S. Government Agency 50.8%5.6 1.2%2.4%$163,112 U.S. Government Agency - Callable 5.7%6.0 1.6%1.8%$13,808 Certificate of Deposit 2.8%5.5 0.9%0.9%$3,375 Taxable Municipal 13.5%5.4 2.1%2.6%$46,706 Corporate 15.4%4.3 1.6%2.9%$58,986 Total 100.0%5.3 1.3%2.4%$315,049 Bond Analysis Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 21 of 25 25 of 78 Trade Date Activity Description Quantity Amount AccruedInterest 3/31/2021 Income (Dividend)Vanguard S&P 500 ETF $232 ($232) 3/31/2021 Income (Reinvested Qualified Dividend) Cohen & Steers Realty 41.258 $1,932 3/30/2021 Deposit Schwab GovernmentMoney Fund $163,061 3/30/2021 Income (Interest)Fed Farm Cr Bk (3133EEF47) 09/30/2025 2.470% $3,705 3/30/2021 Income (Interest)Fed Farm Cr Bk (3133ELUN2) 03/30/2027 1.550% Call 03/30/2023 100.00 $1,163 3/25/2021 Income (ReinvestedQualified Dividend)Vanguard 500 Index Fund 54.317 $19,596 3/24/2021 Buy FHLBanks 1.250 03/10/28 (3130ALU36)03/10/2028 1.250% 150,000.00 $149,801 3/24/2021 Income (Interest)Fed Farm Cr Bk (3133EKS64) 09/24/2029 2.040% $1,020 3/24/2021 Withdrawal Schwab Government Money Fund $252,175 3/23/2021 Buy Fed Farm Cr Bk(3133ELUN2) 03/30/2027 1.550%Call 03/30/2023 100.00 150,000.00 $152,510 $1,124 3/23/2021 Income (Interest)Spiritbank (848608EG6) 12/22/2028 0.750% $86 3/22/2021 Income (Reinvested Qualified Dividend) Victory Sycamore 44.872 $2,108 3/19/2021 Buy Fed Home Ln Bk(3130ALPC2) 11/29/2024 0.650%Call 06/29/2021 100.00 150,000.00 $150,000 3/19/2021 Income (Interest)Fed Farm Cr Bk (3133EHZD8) 09/19/2028 2.650% $1,988 3/18/2021 Income (Interest)Fed Farm Cr Bk (3133ECJF2)03/18/2021 1.770%$1,770 3/18/2021 Income (Reinvested Qualified Dividend) Pioneer Equity Income 218.784 $8,631 3/18/2021 Sell Fed Farm Cr Bk (3133ECJF2) 03/18/2021 1.770% 200,000.00 $200,000 3/16/2021 Buy Charles Schwab 2.00003/20/28 28 (808513BP9) 03/20/2028 2.000%Call 01/20/2028 100.00 100,000.00 $99,831 3/15/2021 Income (Interest)Berkshire Hathaway (084670BR8)03/15/2023 2.750% Call 01/15/2023 100.00 $2,063 3/15/2021 Income (Interest)Berkshire Hathaway (084670BS6) 03/15/2026 3.125% Call 12/15/2025 100.00 $1,563 3/15/2021 Income (Interest)Tenn Valley Auth(880591ER9) 09/15/2024 2.875% $2,875 3/15/2021 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 4.26 $4 From December 31, 2020 to March 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 22 of 25 26 of 78 Trade Date Activity Description Quantity Amount AccruedInterest 3/14/2021 Income (Interest)Fed Farm Cr Bk(3133EKDF0) 03/14/2029 3.000% $3,750 3/14/2021 Income (Interest)Fed Home Ln Bk (3130A67F8) 03/14/2025 2.625% $2,625 3/13/2021 Income (Interest)Fed Home Ln Bk (3130A2UW4)09/13/2024 2.875% $1,438 3/13/2021 Income (Interest)Fed Home Ln Bk (3130A7BA2)03/13/2026 2.375% $2,375 3/13/2021 Income (Interest)Fed Home Ln Bk (3133XVDG3) 09/13/2024 4.375% $5,469 3/12/2021 Income (Interest)Fed Home Ln Bk(3130A3DU5) 03/12/2027 3.000% $2,250 3/12/2021 Income (Interest)Fed Home Ln Bk(3130AAZ92) 03/12/2027 2.875% $3,594 3/10/2021 Income (Interest)Fed Home Ln Bk (3130ACKB9) 09/10/2027 2.625% $1,313 3/10/2021 Income (Interest)Fed Home Ln Bk (3130AJXE4)09/10/2027 0.625% $557 3/9/2021 Buy US Treas Note (912828Z94) 02/15/2030 1.500% 150,000.00 $150,545 $143 3/8/2021 Deposit Schwab Government Money Fund $162,997 3/7/2021 Income (Interest)Fed Farm Cr Bk(3133EEG79) 09/07/2023 2.150% $1,075 3/7/2021 Income (Interest)Fed Farm Cr Bk (3133EJFB0)03/07/2028 3.170%$1,585 3/6/2021 Income (Interest)Coca Cola Co (191216CM0) 09/06/2029 2.125% $1,063 3/2/2021 Buy Vanguard 500 Index Fund 422.367 $151,216 3/2/2021 Sell AQR Large Cap Defensive 36,983.009 $977,831 3/1/2021 Income (Interest)Exxon Mobil (30231GAT9) 03/01/2026 3.043% Call 12/01/2025 100.00 $1,522 3/1/2021 Income (Interest)Johnson & Johnson(478160CP7) 09/01/2027 0.950%Call 07/01/2027 100.00 $491 2/28/2021 Income (Interest)US Treas Note (912828YD6) 08/31/2026 1.375% $2,406 2/24/2021 Income (Interest)Fed Farm Cr Bk (3133EJXS3) 08/24/2026 3.100% $1,550 2/23/2021 Income (Interest)Apple Inc (037833BY5)02/23/2026 3.250% Call 11/23/2025 100.00 $1,625 2/23/2021 Income (Interest)Spiritbank (848608EG6)12/22/2028 0.750%$96 2/22/2021 Withdrawal Schwab Government Money Fund $252,175 From December 31, 2020 to March 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 23 of 25 27 of 78 Trade Date Activity Description Quantity Amount AccruedInterest 2/19/2021 Sell T Rowe Price Growth Stock 1,937.609 $200,000 2/18/2021 Income (Interest)Fed Farm Cr Bk (3133EL4F8) 08/18/2026 0.600% $450 2/16/2021 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 3.98 $4 2/15/2021 Income (Interest)McHenry & Kane Cnty, IL (580773LT4)Huntley SD #158 02/15/2031 2.340%Call 02/15/2029 100.00 $1,043 2/12/2021 Income (Interest)IBM Corp (459200HU8) 02/12/2024 3.625% $2,719 2/9/2021 Buy Kane & Kendall Cnty, IL (484062LZ5)12/15/2026 1.000% 200,000.00 $202,700 2/9/2021 Income (Interest)Fed Farm Cr Bk (3133EESU5)08/09/2027 2.790% $2,093 2/6/2021 Income (Interest)Fed Farm Cr Bk (3133EL2Z6) 08/06/2030 0.940% $705 2/6/2021 Income (Interest)Microsoft Corp (594918BY9) 02/06/2027 3.300%Call 11/06/2026 100.00 $1,650 2/5/2021 Income (Interest)Fed Farm Cr Bk (3133ELMB7)02/05/2030 2.120% Call 02/05/2025 100.00 $1,060 2/4/2021 Income (Interest)Fed Farm Cr Bk (3133EHTW3) 08/04/2028 2.730% $2,730 2/3/2021 Deposit Schwab Government Money Fund $169,563 2/2/2021 Sell Apple Inc (037833AS9)05/06/2024 3.450%100,000.00 $109,745 $843 2/1/2021 Buy Apple (037833ED8) 02/08/2031 1.650% Call 11/08/2030 100.00 150,000.00 $149,958 2/1/2021 Income (Interest)Fed Farm Cr Bk (3133EAE61)08/01/2025 2.330%$571 2/1/2021 Income (Interest)Lake Zurich, IL (511444RJ2) 02/01/2027 2.850%Call 02/01/2026 100.00 $2,138 1/25/2021 Buy Countryside, IL (222367FV1) 01/01/2030 1.692% Call 01/01/2029 100.00 125,000.00 $126,206 1/25/2021 Withdrawal Schwab GovernmentMoney Fund $254,131 1/23/2021 Income (Interest)Fed Farm Cr Bk (3133ELJV7) 01/23/2030 2.080% $1,040 1/23/2021 Income (Interest)Spiritbank (848608EG6) 12/22/2028 0.750% $96 1/15/2021 Income (Interest)DuPage & Cook Cnty(262579SA4) Hinsdale Sch Dist 18101/15/2025 3.300% $1,650 1/15/2021 Income (Interest)Fed Farm Cr Bk (3133FXEP8) 07/15/2023 3.000% $450 From December 31, 2020 to March 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 24 of 25 28 of 78 Trade Date Activity Description Quantity Amount AccruedInterest 1/15/2021 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 2.98 $3 1/11/2021 Buy Johnson & Johnson (478160CP7) 09/01/2027 0.950% Call 07/01/2027 100.00 100,000.00 $99,735 $364 1/10/2021 Income (Interest)State Bank of India (856283N93)07/10/2025 1.000% $1,134 1/6/2021 Expense (Management Fee) Schwab Government Money Fund $17,261 1/1/2021 Income (Interest)Bolingbrook, IL (097552UG6) 01/01/2030 1.918% Call 01/01/2029 100.00 $991 1/1/2021 Income (Interest)Lake Cnty, IL (508759KK2)Hawthorn Woods SD #73 01/01/2027 3.429% $1,715 1/1/2021 Income (Interest)Will Cnty IL CSD(968648ZL2) Plainfield Cmty CSD #20201/01/2022 3.000% $2,250 From December 31, 2020 to March 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of March 31, 2021 SFAM Page 25 of 25 29 of 78 Monthly Financial Report For the Month Ended March 31, 2021 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 30 of 78 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 31 of 78 32 of 78 April 07, 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 March 31,2021 and the related statement of changes in net position -modified cash basis for the three months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting.If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP 1-1 33 of 78 34 of 78 Assets Cash and Cash Equivalents 13,057.32$ Investments at Fair Market Value Money Market Mutual Funds 625,540.37 Fixed Income 13,289,147.73 Mutual Funds 21,154,941.64 Total Cash and Investments 35,082,687.06 Accrued Interest 69,627.16 Prepaids 1,494.00 Total Assets 35,153,808.22 Liabilities Expenses Due/Unpaid 18,102.85 Total Liabilities 18,102.85 Net Position Held in Trust for Pension Benefits 35,135,705.37 Oak Brook Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of March 31, 2021 See Accountants' Compilation Report 2-1 35 of 78 Additions Contributions - Municipal 424,083.50$ Contributions - Members 71,537.91 Total Contributions 495,621.41 Investment Income Interest and Dividends Earned 110,241.55 Net Change in Fair Value 787,486.05 Total Investment Income 897,727.60 Less Investment Expense (17,378.68) Net Investment Income 880,348.92 Total Additions 1,375,970.33 Deductions Administration 3,781.85 Pension Benefits and Refunds Pension Benefits 756,523.56 Refunds 0.00 Total Deductions 760,305.41 Change in Position 615,664.92 Net Position Held in Trust for Pension Benefits Beginning of Year 34,520,040.45 End of Period 35,135,705.37 Oak Brook Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Three Months Ended March 31, 2021 See Accountants' Compilation Report 2-2 36 of 78 37 of 78 Oak Brook Firefighters' Pension FundCash & Cash Equivalents0%Money Market Mutual Funds2%Fixed Income38%Mutual Funds60%Cash and InvestmentsSee Accountants' Compilation Report 3-138 of 78 04/30/2005/31/2006/30/2007/31/2008/31/2009/30/2010/31/2011/30/2012/31/2001/31/2102/28/2103/31/21Financial InstitutionsHarris Bank - CK #318-320-913,235$9,943 15,000 9,495 11,203 14,850 15,000 12,895 15,000 14,965 13,096 13,05713,235 9,943 15,000 9,495 11,203 14,850 15,000 12,895 15,000 14,965 13,096 13,057Schwab - MM #2043-3707523,467485,447 397,768 965,212 319,605 368,404 400,026 805,395 775,634 583,034 344,013 625,540523,467 485,447 397,768 965,212 319,605 368,404 400,026 805,395 775,634 583,034 344,013 625,540Total536,702 495,390 412,768 974,707 330,808 383,254 415,026 818,290 790,634 597,999 357,109 638,597ContributionsContributions in Lieu of Tax Levy 162,497 161,718 162,799 240,352158,726 156,058 155,515 146,958(77,655)145,088 139,470 139,525Contributions - Current Year 23,876 23,761 23,920 35,315 23,322 22,930 22,850 23,091 35,045 24,475 23,527 23,536186,373 185,479 186,719 275,667 182,048 178,988 178,365 170,049(42,610)169,563 162,997 163,061ExpensesPension Benefits247,533 247,691 252,412 252,412252,412 247,461 246,700 246,700 246,700 252,175 252,175 252,175Refunds/Transfers of Service-------- 61,655---Administration15,337 13,266 3,320 25,1933,798 1,915 18,112 2,105 2,272 19,253 1,869 39262,870 260,957 255,732 277,605 256,210 249,376 264,812 248,805 310,627 271,428 254,044 252,214Total Contributions less Expenses(76,497) (75,478) (69,013) (1,938) (74,162) (70,388)(86,447) (78,756) (353,237) (101,865) (91,047) (89,153)Oak Brook Firefighters' Pension FundCash Analysis ReportFor the Twelve Periods Ending March 31, 2021See Accountants' Compilation Report4-139 of 78 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 5-140 of 78 Contributions Contributions - Municipal 41-240-00 - Contributions in Lieu of Tax Levy 139,525.19$1 424,083.50 139,525.19 424,083.50 Contributions - Members 41-410-00 - Contributions - Current Year 23,536.25 1 71,537.91 23,536.25 71,537.91 Total Contributions 163,061.44 8 495,621.41 Investment Income Interest and Dividends 43-252-05 - Schwab - Fixed Income #2043-3707 47,746.43 1 75,507.06 43-550-05 - Schwab - Mutual Funds #2043-3707 32,499.51 1 32,499.51 80,245.94 6 108,006.57 Gains and Losses 44-252-05 - Schwab - Fixed Income #2043-3707 (179,491.54)1 (411,138.86) 44-550-05 - Schwab - Mutual Funds #2043-3707 528,851.94 1 1,198,624.91 349,360.40 4 787,486.05 Other Income 45-200-00 - Accrued Interest (18,093.62)1 2,234.98 (18,093.62)3 2,234.98 Total Investment Income 411,512.72 2 3 897,727.60 Total Revenue 574,574.16 1,393,349.01 Oak Brook Firefighters' Pension Fund Revenue Report as of March 31, 2021 Received Received this Month this Year See Accountants' Compilation Report 6-1 41 of 78 Oak Brook Firefighters' Pension Fund100,000200,000300,000400,000500,000600,000ServiceNon-DutyDisabilityDuty Disability OccupationalDiseaseSurviving Spouse AdministrativeExpenses504,566 6,049 137,783 15,809 92,317 21,161Pension Benefits and ExpensesSee Accountants' Compilation Report 7-142 of 78 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 168,188.61$504,565.83 51-030-00 - Non-Duty Disability Pensions 2,016.40 6,049.20 51-040-00 - Duty Disability Pensions 45,927.57 137,782.71 51-050-00 - Occupational Disease Pensions 5,269.68 15,809.04 51-060-00 - Surviving Spouse Pensions 30,772.26 92,316.78 Total Pensions and Benefits 252,174.52 756,523.56 Administrative Professional Services 52-170-03 - Accounting & Bookkeeping Services 0.00 2,265.00 52-170-05 - Legal Services 0.00 191.85 52-170-06 - PSA/Court Reporter 0.00 1,325.00 0.00 3,781.85 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 17,261.00 52-190-04 - Bank Fees 39.06 117.68 39.06 17,378.68 Total Administrative 39.06 21,160.53 Total Expenses 252,213.58 777,684.09 Oak Brook Firefighters' Pension Fund Expense Report as of March 31, 2021 See Accountants' Compilation Report 8-1 43 of 78 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Babcock, Nicholas W.$99,921.30 2,197.28 0.00 0.00 102,118.58 Bielawa, Matthew G.143,692.66 2,216.19 0.00 0.00 145,908.85 Bitterlin, Brian W.182,064.98 2,601.20 0.00 0.00 184,666.18 Bowlan, Seth L. 5,172.27 1,644.24 0.00 0.00 6,816.51 Busse, Zachary M.55,726.76 2,159.46 0.00 0.00 57,886.22 Clark, Gary E.215,534.94 3,033.91 0.00 0.00 218,568.85 Corkey, David B.149,665.17 2,216.19 0.00 0.00 151,881.36 Doran, Connor T.45,480.60 2,089.08 0.00 0.00 47,569.68 Ebsen, Robert T.86,622.21 2,197.28 0.00 0.00 88,819.49 Fagan, John J.133,452.80 2,589.11 0.00 0.00 136,041.91 Fleege, Kevin W.168,496.06 2,843.82 0.00 0.00 171,339.88 Focht, Eric D.12,239.42 1,691.40 0.00 0.00 13,930.82 Janney, Michael E.165,401.70 2,218.24 0.00 0.00 167,619.94 Johnson, Marc E.121,817.57 2,206.74 0.00 0.00 124,024.31 Kaczmarczyk, David R.126,268.37 2,589.11 0.00 0.00 128,857.48 Kelly, Sean P.116,843.22 2,206.74 0.00 0.00 119,049.96 Kornfeind, David 126,428.50 2,206.74 0.00 0.00 128,635.24 Kushner, Jeffrey A.40,004.29 1,956.12 0.00 0.00 41,960.41 Liss, Barry J.88,878.43 3,431.17 0.00 0.00 92,309.60 Marciniak, Jeffrey D.220,670.32 3,033.90 0.00 0.00 223,704.22 Matousek, Kyle M.82,445.20 2,439.20 0.00 0.00 84,884.40 Meyers, Daniel B.111,731.31 2,197.28 0.00 0.00 113,928.59 Micek, Robert S. Jr.101,521.02 2,197.28 0.00 0.00 103,718.30 Nyhanna, William R.105,655.26 2,505.37 0.00 0.00 108,160.63 Pavlovic, Michael 167,487.01 2,598.57 0.00 0.00 170,085.58 Picciola, Gino 45,588.87 2,108.76 0.00 0.00 47,697.63 Ruska, Michelle H.144,346.14 2,216.19 0.00 0.00 146,562.33 Samawi, Fouad J.896.37 1,569.87 0.00 0.00 2,466.24 Sinclair, Thomas W. IV 35,998.90 1,945.09 0.00 0.00 37,943.99 Swagler, Shawn M.174,822.78 2,216.19 0.00 0.00 177,038.97 Washington, Glen A.142,416.66 2,216.19 0.00 0.00 144,632.85 Totals 3,417,291.09 71,537.91 0.00 0.00 3,488,829.00 Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended March 31, 2021 See Accountants' Compilation Report 9-1 44 of 78 Disability Fire Dependent***-**0454105971 Jacobs, Paul R.0$30.28 $30.28 $0.00 $0.00 $0.00 $0.00 $0.00105971 Jacobs, Paul R.0$30.28 $30.28 $0.00 $0.00 $0.00 $0.00 $0.00105971 Jacobs, Paul R.0$30.28 $30.28 $0.00 $0.00 $0.00 $0.00 $0.00***-**0454 Subtotal:$90.84 $90.84 $0.00 $0.00 $0.00 $0.00 $0.00***-**9434105972 Watkins, Garry R.0$33.09 $33.09 $0.00 $0.00 $0.00 $0.00 $0.00***-**9434 Subtotal:$33.09 $33.09 $0.00 $0.00 $0.00 $0.00 $0.00***-**7231105977 White Everhart, Jennifer M.0$24.62 $24.62 $0.00 $0.00 $0.00 $0.00 $0.00***-**7231 Subtotal:$24.62 $24.62 $0.00 $0.00 $0.00 $0.00 $0.00Disability Fire Dependent Subtotal:$148.55 $148.55 $0.00 $0.00 $0.00 $0.00 $0.00Duty Disability***-**8873105944 DeWitt, Charles W.0$5,644.87 $5,644.87 $0.00 $0.00 $0.00 $0.00 $0.00Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-145 of 78 ***-**8873 Subtotal:$5,644.87 $5,644.87 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262105945 Garrigan, William H.0$5,663.42 $5,663.42 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262 Subtotal:$5,663.42 $5,663.42 $0.00 $0.00 $0.00 $0.00 $0.00***-**0790105946 Harris, Scott B.0$4,710.59 $5,274.94 $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:$5,210.59 $5,274.94 $0.00 $64.35 $0.00 $0.00 $0.00***-**5183105958 Horn, Arthur W.0$3,320.36 $3,320.36 $0.00 $0.00 $0.00 $0.00 $0.00***-**5183 Subtotal:$3,320.36 $3,320.36 $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$2,271.47 $2,271.47 $0.00 $0.00 $0.00 $0.00 $0.00Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-246 of 78 ***-**7304 Subtotal:$2,271.47 $2,271.47 $0.00 $0.00 $0.00 $0.00 $0.00***-**4308105966 Naus, Gary P.0$5,644.88 $5,674.97 $0.00 $0.00 $0.00 $0.00 $30.09***-**4308 Subtotal:$5,644.88 $5,674.97 $0.00 $0.00 $0.00 $0.00 $30.09***-**9998105974 Richter, Frank H.0$4,646.12 $4,646.12 $0.00 $0.00 $0.00 $0.00 $0.00***-**9998 Subtotal:$4,646.12 $4,646.12 $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 $0.00***-**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:$44,664.79 $45,779.02 $882.87 $201.27 $0.00 $0.00 $30.09Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-347 of 78 Non-Duty Disability***-**6678105964 Huffman, Lawrence W.0$2,016.40 $2,016.40 $0.00 $0.00 $0.00 $0.00 $0.00***-**6678 Subtotal:$2,016.40 $2,016.40 $0.00 $0.00 $0.00 $0.00 $0.00Non-Duty Disability Subtotal:$2,016.40 $2,016.40 $0.00 $0.00 $0.00 $0.00 $0.00Occupational Disability***-**8830105956 Petter, Raymond H.0$4,324.77 $5,269.68 $0.00 $64.35 $880.56 $0.00 $0.00***-**8830 Subtotal:$4,324.77 $5,269.68 $0.00 $64.35 $880.56 $0.00 $0.00Occupational Disability Subtotal:$4,324.77 $5,269.68 $0.00 $64.35 $880.56 $0.00 $0.00QILDRO***-**2551Q115823 Broderick, Mary E.0$1,412.67 $1,493.24 $0.00 $0.00 $0.00 $0.00 $80.57***-**2551 Subtotal:$1,412.67 $1,493.24 $0.00 $0.00 $0.00 $0.00 $80.57***-**0876Q105979 Zamboni, Alida M.0$1,059.86 $1,059.86 $0.00 $0.00 $0.00 $0.00 $0.00***-**0876 Subtotal:$1,059.86 $1,059.86 $0.00 $0.00 $0.00 $0.00 $0.00QILDRO Subtotal:$2,472.53 $2,553.10 $0.00 $0.00 $0.00 $0.00 $80.57Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-448 of 78 Service***-**4555105963 Bahnsen, Mark C.0$4,779.12 $6,500.71 $0.00 $0.00 $0.00 $0.00 $999.95105963 Benistar/Hartford 6795348$721.64 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**4555 Subtotal:$5,500.76 $6,500.71 $0.00 $0.00 $0.00 $0.00 $999.95***-**2533105962 Bodony, James G.0$8,592.46 $11,439.78 $0.00 $77.45 $783.84 $0.00 $1,986.03***-**2533 Subtotal:$8,592.46 $11,439.78 $0.00 $77.45 $783.84 $0.00 $1,986.03***-**1229105953 Brazel, John T.0$7,694.61 $9,354.52 $0.00 $0.00 $0.00 $0.00 $1,659.91***-**1229 Subtotal:$7,694.61 $9,354.52 $0.00 $0.00 $0.00 $0.00 $1,659.91***-**2895105960 Cronholm, Robert R.0$5,245.09 $6,651.88 $0.00 $0.00 $0.00 $0.00 $1,406.79***-**2895 Subtotal:$5,245.09 $6,651.88 $0.00 $0.00 $0.00 $0.00 $1,406.79***-**1038105954 Ekkert, Clifford A.0$4,437.02 $6,845.71 $1,828.37 $0.00 $0.00 $0.00 $580.32Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-549 of 78 ***-**1038 Subtotal:$4,437.02 $6,845.71 $1,828.37 $0.00 $0.00 $0.00 $580.32***-**9954117571 Erickson, Michael D.0$4,534.66 $4,878.97 $0.00 $0.00 $0.00 $0.00 $344.31***-**9954 Subtotal:$4,534.66 $4,878.97 $0.00 $0.00 $0.00 $0.00 $344.31***-**2832105955 Fleishman, Mark L.0$5,236.97 $5,873.96 $0.00 $0.00 $0.00 $0.00 $636.99***-**2832 Subtotal:$5,236.97 $5,873.96 $0.00 $0.00 $0.00 $0.00 $636.99***-**2243105951 Kovarik, Joseph0$6,799.12 $8,056.67 $0.00 $0.00 $426.58 $0.00 $830.97***-**2243 Subtotal:$6,799.12 $8,056.67 $0.00 $0.00 $426.58 $0.00 $830.97***-**0972105957 Lindeman, William H.0$5,101.01 $5,541.29 $0.00 $0.00 $440.28 $0.00 $0.00***-**0972 Subtotal:$5,101.01 $5,541.29 $0.00 $0.00 $440.28 $0.00 $0.00***-**1392105950 Mager Jr, Arthur C.0$5,189.94 $6,274.65 $0.00 $0.00 $0.00 $0.00 $1,084.71***-**1392 Subtotal:$5,189.94 $6,274.65 $0.00 $0.00 $0.00 $0.00 $1,084.71Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-650 of 78 ***-**3533105943 McEllin, Thomas J.0$2,461.90 $10,805.35 $136.92 $0.00 $0.00 $0.00 $753.60105943 Payment to Radius, McEllin -0$6,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00105943 Blue Cross Blue Shield - Illinois349$852.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**3533 Subtotal:$9,914.83 $10,805.35 $136.92 $0.00 $0.00 $0.00 $753.60***-**1242105952 Morton Jr, Robert J.0$8,306.56 $9,444.60 $0.00 $0.00 $0.00 $0.00 $1,138.04***-**1242 Subtotal:$8,306.56 $9,444.60 $0.00 $0.00 $0.00 $0.00 $1,138.04***-**9900105941 Nielsen, Robert D.0$6,861.91 $8,233.25 $0.00 $0.00 $0.00 $0.00 $1,371.34***-**9900 Subtotal:$6,861.91 $8,233.25 $0.00 $0.00 $0.00 $0.00 $1,371.34***-**7971105940 O'Rourke, William T.0$3,789.15 $4,310.82 $0.00 $0.00 $0.00 $0.00 $521.67***-**7971 Subtotal:$3,789.15 $4,310.82 $0.00 $0.00 $0.00 $0.00 $521.67***-**7761109373 Robertson, Robert V.0$5,160.93 $5,954.31 $0.00 $0.00 $0.00 $0.00 $793.38Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-751 of 78 ***-**7761 Subtotal:$5,160.93 $5,954.31 $0.00 $0.00 $0.00 $0.00 $793.38***-**3107105970 Schoppe, Mark S.0$6,377.71 $7,019.69 $0.00 $0.00 $0.00 $0.00 $641.98***-**3107 Subtotal:$6,377.71 $7,019.69 $0.00 $0.00 $0.00 $0.00 $641.98***-**5958105967 Schultz, Dennis M.0$5,688.21 $6,624.27 $0.00 $0.00 $0.00 $0.00 $936.06***-**5958 Subtotal:$5,688.21 $6,624.27 $0.00 $0.00 $0.00 $0.00 $936.06***-**1708105976 Sittig, Daryl L.0$6,466.09 $7,487.26 $0.00 $0.00 $0.00 $0.00 $743.30105976Aetna Health & Life Insurance Co347$277.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**1708 Subtotal:$6,743.96 $7,487.26 $0.00 $0.00 $0.00 $0.00 $743.30***-**2658109052 Stanfa, Thomas P.0$6,577.07 $7,778.01 $0.00 $0.00 $0.00 $0.00 $1,200.94***-**2658 Subtotal:$6,577.07 $7,778.01 $0.00 $0.00 $0.00 $0.00 $1,200.94***-**1446105961 Templin, Charles E.0$5,249.87 $5,995.71 $0.00 $35.52 $0.00 $0.00 $710.32Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-852 of 78 ***-**1446 Subtotal:$5,249.87 $5,995.71 $0.00 $35.52 $0.00 $0.00 $710.32***-**4489115497 Vassios, Theodore W.0$5,016.64 $7,374.05 $0.00 $0.00 $0.00 $1,493.24 $864.17***-**4489 Subtotal:$5,016.64 $7,374.05 $0.00 $0.00 $0.00 $1,493.24 $864.17***-**0884105949 Wies, Konrad R.0$5,790.77 $9,099.76 $0.00 $77.45 $2,164.92 $0.00 $1,066.62***-**0884 Subtotal:$5,790.77 $9,099.76 $0.00 $77.45 $2,164.92 $0.00 $1,066.62***-**9958105969 Zamboni, James F.0$4,923.66 $6,643.39 $0.00 $0.00 $0.00 $1,059.86 $467.87105969 Blue Cross Blue Shield of Illinois350$192.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**9958 Subtotal:$5,115.66 $6,643.39 $0.00 $0.00 $0.00 $1,059.86 $467.87Service Subtotal:$138,924.91 $168,188.61 $1,965.29 $190.42 $3,815.62 $2,553.10 $20,739.27Surviving Spouse***-**3678105975 Clark, Ruth A.0$3,983.05 $4,963.93 $0.00 $0.00 $0.00 $0.00 $980.88***-**3678 Subtotal:$3,983.05 $4,963.93 $0.00 $0.00 $0.00 $0.00 $980.88Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-953 of 78 ***-**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.0$3,154.07 $3,742.15 $0.00 $0.00 $0.00 $0.00 $588.08***-**4859 Subtotal:$3,154.07 $3,742.15 $0.00 $0.00 $0.00 $0.00 $588.08***-**5979108044 Heitschel-Arling, Joyce A.0$2,679.05 $3,390.67 $0.00 $0.00 $360.82 $0.00 $350.80***-**5979 Subtotal:$2,679.05 $3,390.67 $0.00 $0.00 $360.82 $0.00 $350.80***-**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.$4,070.43 $4,070.43 $0.00 $0.00 $0.00 $0.00 $0.00Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-1054 of 78 0***-**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:$28,086.58 $30,772.26 $0.00 $0.00 $360.82 $0.00 $2,324.86Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroSee Accountants' Compilation Report 10-1155 of 78 Batches 46492Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date3/31/2021 1RetroTotalsACH FlagPaymentsNet Payment TotalGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRO Deduct Federal TaxYesNo53457$218,594.09$2,044.44$220,638.53$254,727.62$0.00$254,727.62$2,848.16$0.00$2,848.16$456.04$0.00$456.04$5,057.00$0.00$5,057.00$2,553.10$0.00$2,553.10$23,174.79$0.00$23,174.79See Accountants' Compilation Report 10-1256 of 78 Check Invoice Check Date Number Vendor Name Amount Amount 01/11/21 30233 Reimer Dobrovolny & Labardi, PC 52-170-05 C2500 F26833 Legal Service 191.85 ACH Amount (Direct Deposit)191.85 01/25/21 30237 Lauterbach & Amen, LLP 52-170-03 #52017 12/20 Accounting Service 1,115.00 52-170-06 #52017 12/20 PSA 650.00 ACH Amount (Direct Deposit)1,765.00 01/29/21 30234 Internal Revenue Service 20-230-00 Internal Revenue Service 23,174.79 ACH Amount (Direct Deposit)23,174.79 01/29/21 30235 Benistar/Hartford-6795 20-220-00 Medical Insurance 01/21 2,892.08 Check Amount 2,892.08 01/29/21 30236 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 01/21 2,848.16 20-220-00 Dental Insurance 456.04 Check Amount 3,304.20 01/31/21 50092 Sawyer Falduto Asset Management, LLC 52-190-01 4Q20 Investment Manager/Advisor Fee 17,261.00 Check Amount 17,261.00 01/31/21 50093 BMO Harris Bank 52-190-04 Harris Banking Fees – 12/20 34.91 Check Amount 34.91 02/22/21 50094 BMO Harris Bank 52-190-04 Harris Banking Fees - 01/21 43.71 Check Amount 43.71 02/25/21 30241 Lauterbach & Amen, LLP 52-170-03 #52571 01/21 Accounting Service 1,150.00 52-170-06 #52571 01/21 PSA 675.00 ACH Amount (Direct Deposit)1,825.00 02/26/21 30238 Benistar/Hartford-6795 20-220-00 Medical Insurance 2,892.08 Check Amount 2,892.08 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts January 1, 2021 - March 31, 2021 See Accountants' Compilation Report 11-1 57 of 78 Check Invoice Check Date Number Vendor Name Amount Amount 02/26/21 30239 Village of Oak Brook - Insurance 20-220-00 Dental-Vision Insurance 456.04 20-220-00 Medical Insurance - 02/21 2,848.16 Check Amount 3,304.20 02/26/21 30240 Internal Revenue Service 20-230-00 Internal Revenue Service 23,174.79 ACH Amount (Direct Deposit)23,174.79 03/22/21 50095 BMO Harris Bank 52-190-04 Harris Banking Fees - 02/21 39.06 Check Amount 39.06 03/31/21 30242 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 03/21 2,848.16 20-220-00 Dental/Vision Insurance 456.04 Check Amount 3,304.20 03/31/21 30243 Benistar/Hartford-6795 20-220-00 Medical Insurance 5,057.00 Check Amount 5,057.00 03/31/21 30244 Internal Revenue Service 20-230-00 Internal Revenue Service 23,174.79 ACH Amount (Direct Deposit)23,174.79 Total Payments 111,438.66 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts January 1, 2021 - March 31, 2021 See Accountants' Compilation Report 11-2 58 of 78 Organization: Year: Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 16 CTTE 4 8/17/2015 YESOMA FOIA Kevin Tan Type of Training SB 1300 Training - REGISTERED (IPFA) Timothy Schlindwein Type of Training Type of Training OMA FOIA Jim Bodony FOIA Gino Picciola Type of Training OMA Certified Trustee Training Oak Brook Firefighters' Pension Fund January - December 2021 John Fagan Type of Training 59 of 78 Available online through 1st week of May 2021 60 of 78 61 of 78 SB 1300 MANDATORY 4 HOUR TRAINING offered by IPFA in cooperation with Moraine Valley Community College and the Homewood Firefighters’ Pension Fund. On December 17, 2019 Governor Pritzker signed Senate Bill 1300 into law. As part of this legislation “…all elected and appointed trustees who were elected or appointed on or before the effective date of this amendatory Act of the 101st General Assembly shall also participate in 4 hours of training on the changes made by this amendatory Act of the of the 101st General Assembly. For trustees of funds under Article 3, this training shall be conducted at a training facility that is accredited and affiliated with a State of Illinois certified college or university. For trustees of funds under Article 4, this training may be conducted by a fund, the Department of Insurance, or both a fund and the Department of Insurance. This training is required to be completed once by each trustee required to participate.” Course Information Tracks: Mandatory Categories: Fire, Pension Fund Training, Police Course Instructor Larry Moran Moderator Register $85.00 1 YEAR OF ACCESS Non IPFA Members IPFA Members $75.00 1 YEAR OF ACCESS Active, Retired, Disabled, or Associate ILLINOIS PROFESSIONAL FIREFIGHTERS ASSOCIATION 188 Industrial Drive, Suite 134 Elmhurst, IL 60126-1609 Phone: (630) 833-2405 Email: staff@ipfaonline.org 62 of 78 NNeed Pension Training? IAFPD Can Help! IAFPD HAS CONVENIENT, AFFORDABLE & TIMELY TOPICS AVAILABLE ONLINE 24/7 - VISIT THE ONLINE LEARNING PAGE AT IAFPD.ORG FOR DETAILS Fiduciary Responsibility: Duties, Responsibilities & Worse Case Scenarios (2-hours) Part One - Fiduciary Duty 101 Presented by Ryan R. Morton In addition to general best practices, the presentation also details specific requirements of the Illinois Pension Code for fiduciaries. Part Two - When What Can Go Wrong, Goes Wrong: Fiduciary Dilemmas Presented by: John E. Motylinski This presentation highlights examples of fiduciary breaches in Illinois, focusing on what went wrong and what the consequences were. The presentation also provides advice to avoid similar situations in your pension fund. The Fundamentals of Pension Fund Administration (2 Hours) Part One - An Overview of the Legal Aspects of Pension Fund Administration Presented by Carolyn Welch Clifford This webinar presents an overview of the legal authority and State oversight of firefighter pension funds, as well as an introduction to fund membership and legal aspects of the control and management of the fund. Part Two - The Practical Aspects of Administering a Firefighters’ Pension Fund Presented by Lt. J.D. Bruchsaler A veteran pension fund trustee provides a firsthand account of the responsibilities for administering a pension fund, from learning your role as trustee to what has worked (and not worked) in overseeing responsibilities as a fiduciary to the fund. 63 of 78 64 of 78 GOV-1000-Q (11/2014) Page 1 of 2 ULLICO ORGANIZED LABOR PROTECTION GROUP, LLC a voluntary membership organization operating pursuant to the Liability Risk Retention Act of 1986 and whose principal office is: 1625 Eye Street NW, Washington, DC 20006 GOVERNMENTAL FIDUCIARY LIABILITY INSURANCE PREMIUM QUOTATION DATE ISSUED: QUOTATION NO: 04/06/2021 QT0000066071 UNDERWRITER: RENEWAL: Kimberly Allen Y ISSUED BY: INSURANCE REPRESENTATIVE: PRODUCER: ADDRESS: TRUST(S) OR PLAN(S): Markel American Insurance Company Ullico Casualty Group, LLC 8403 Colesville Road, 13th Floor Silver Spring, MD 20910 Mesirow Insurance Services, Inc 353 N Clark St Chicago, IL 60654 Oak Brook Firefighters Pension Fund ADDRESS: POLICY PERIOD: PRIOR & PENDING LITIGATION DATE: 1200 Oak Brook Rd. Oak Brook, IL 60523 04/30/2021 to 04/30/2022 04/30/2010 LIMITS OF LIABILITY: (a) $1,000,000 Limit of Liability for all Loss (Aggregate) (b) $100,000 Voluntary Compliance Program Expenditure Sub-Limit: Aggregate Limit of Liability for all Voluntary Compliance Program Expenditures (included within and not in addition to the maximum Aggregate Limit of Liability set forth in Item 04(a) of the Policy Certificate. SELF-INSURED RETENTION: $0 each Claim COVERAGE: Markel American Insurance Company Governmental Fiduciary Liability Insurance Claims-Made Policy Form GOV-1000 (11/2014), Claims Expenses Inclusive 65 of 78 GOV-1000-Q (11/2014) Page 2 of 2 PREMIUM: (a) $4,632.00 Basic Premium (b) $0.00 Tax/Other (c) $4,632.00 Total CONDITIONS/COVERAGE SUBJECT TO: Nothing else required THE FOLLOWING ENDORSEMENTS WILL ATTACH TO THE POLICY: END NO./REF NO. ENDORSEMENT 1. MIL 1214 (09/17) Trade or Economic Sanctions 2. MIL 1217 (01/20) Extended Reporting Period for Terrorism Coverage 3. MPIL 1121 (01/20) Notice To Policyholders of Potential Restrictions of Terrorism Coverage 4. MIL 1310 (01/20) Conditional Exclusion Of Terrorism 5. MPIL 1113-IL (04/18) Notice To Policyholder Illinois Important Notice 6. TRIA (06/15) Cap on Losses From Certified Acts of Terrorism 7. GOV-IL (09/15) Illinois Amendatory Endorsement 8. GOV-044 (06/15) Defense and Settlement Endorsement 9. GOV-054 (05/16) Modification Endorsement This quotation is valid for a period of thirty (30) days from the Issue Date shown above unless amended or withdrawn by Markel American Insurance Company (Insurer), with or without cause, prior to its acceptance and binding, and is subject to the terms and conditions of the policy (ies) to be issued. If the information supplied by the Trust or Plan in the application changes between the date of the application for this insurance and the Effective Date of the insurance or the time when the policy is bound (whichever is later), the Trust or Plan must immediately notify Insurer in writing of such changes and the Insurer may withdraw or amend any outstanding quotations based upon such changes. Ullico Organized Labor Protection Group, LLC is administered by Ullico Casualty Group, LLC, a/k/a Ullico Insurance Agency, LLC in CA, and Ullico Casualty Agency in NY. CA License #OH86030 and FL (Craig Arneson) License # A008437. 66 of 78 Elections conducted by Jennifer Flores, Pension Services Administrator Lauterbach & Amen, LLP Oak Brook Firefighters’ Pension Fund Board of Trustees ______________________________ Notice of Election Results ______________________________ April 2021 Election Active Member Position Nominations are closed and have resulted in: John Fagan running unopposed for the position of: Active Member Trustee Three-Year Term Expiring April 30, 2024 Mr. Fagan has accepted the position as a member of the Board of Trustees and has agreed to uphold the duties required. 67 of 78 Elections conducted by Jennifer Flores, Pension Services Administrator Lauterbach & Amen, LLP Oak Brook Firefighters’ Pension Fund Board of Trustees ______________________________ Notice of Election Results ______________________________ April 2021 Election Retired Member Position Nominations are closed and have resulted in: James Bodony running unopposed for the position of: Retired Member Trustee Three-Year Term Expiring April 30, 2024 Mr. Bodony has accepted the position as a member of the Board of Trustees and has agreed to uphold the duties required. 68 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 1 Volume 20, Issue 2, April 2021 Legal and Legislative Update Mistake in Benefit Statute Not Retroactive Cronholm v. Bd. of Trustees of the Lockport Township FPD Firefighters’ Pension Fund, 2021 IL App (3d) 190636-U As you may recall, in 2014 the “Mistake in Benefit” sections were added to both Articles 3 and 4 of the Pension Code. At least according to the text of the statutory amendments, these new provisions allowed a fund to correct a benefit mistake upon discovery of the “mistake”. However, the same amendments narrowly defined “mistake” to exclude many of the issues pension funds see on a regular basis when it comes to overpayments. Factually in this case, the member was a member of the Lockport Firefighters’ Pension Fund when he left for the Oak Brook Firefighters’ Pension Fund. He subsequently returned to Lockport. Upon his return to Lockport, Cronholm elected reciprocity allowing him to proportionally collect I N T H I S I S S U E 1 Mistake in Benefit Statute Not Retroactive 2 FOIA Requestor Denied Attorney Fees and Penalties 3 Line of Duty Disability Denied for Officer Returning from Testifying at Grand Jury 3 Pension Board Unable to Rely on Two of Three IME Reports 4 Home Rule Municipality May Not Change Substantive Terms of PSEBA by Ordinance 5 PTSD Line-of-Duty Disability Approved on Appeal for Officer Involved in Shooting where Firearm Jammed 7 Entering Closed Session for “Probable or Imminent” Litigation 8 Consolidation Lawsuit Summary Consolidated FIRE fund update 9 Consolidated POLICE fund update Reimer Dobrovolny & LaBardi PC News 69 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 2 benefits from both Oak Brook and Lockport upon retirement. Unbeknownst to Lockport at the time of approval of Cronholm’s reciprocity request, the demographic information provided by Oak Brook and used to compute the request was incorrect. In 2009, Cronholm retired and began receiving benefits from both pension funds based on the incorrect information. Six months after retirement, Oak Brook discovered it’s error and corrected Cronholm’s benefit resulting in an increase from that Fund. This should have resulted in a proportionate decrease in the amount being received from Lockport but Oak Brook did not inform Lockport of the discovery of this error. Fast forward to 2016 when Lockport’s newly retained accountants discovered the error had resulted in ongoing overpayments to Cronholm totaling over $20,000 to date. The Board commenced a hearing whereby it prospectively decreased the monthly benefit amount to Cronholm to the corrected amount pursuant to the mistake in benefit statute. Cronholm sued. On appeal, the Board’s action was reversed and the Appellate Court ordered the full benefit, even though too high, paid to Cronholm. In reaching this result, the Appellate Court first found the mistake in benefit amendment to the Pension Code in 2014 cannot be applied retroactively because the legislature did not explicitly include retroactive language. Because Cronholm was first awarded retirement benefits in 2009, the statute could not apply even to correct future payments. The Court concluded the 35 day period of Administrative Review Law applied instead. Addressing the 35 day limitation of Administrative Review Law, the Court found it began to run in 2009 when he began to receive benefits. As such, the award could not be modified. Moreover, the Court found even if the amended version of the statute could apply retroactively, it did not meet the definition of “mistake” inasmuch as no “error” occurred because Lockport had intentionally used the figures provided to calculate Cronholm’s retirement benefit without verifying their accuracy with Oak Brook. Finally, the Appellate Court also found Cronholm’s entitlement to the overpaid pension protected by the Pension Protection Clause of the Illinois Constitution. Unlike several prior Courts that have found a member never has a constitutional right to an incorrect pension benefit, here the Appellate Court reasoned the new “Mistake in Benefit” statute cannot be applied to Cronholm because it would change the terms of his contract with the pension fund years after he had first entered service. Lockport also raised issues suggesting allowing Cronholm to continue to collect an overpaid benefit may have adverse consequences on the tax-exempt status of the Fund. To this concern, the Appellate Court replied, “the responsibility to remain qualified lies with the Lockport Fund itself to act with greater care when finalizing pensioners’ benefits. Indeed, to allow the Lockport Board to reopen Cronholm’s final pension decision because ‘it failed to certify the accuracy of the information on which it based its decision’ would both allow the Administrative Review Law to be circumvented and cause pensioners uncertainty as to their entitled benefits.” While this may seem a harsh result for the pension fund, it certainly drives home how difficult it is to modify benefits once they have been paid. The moral is to “measure twice and cut once” when it comes to granting of any benefit. Failure to do so may result in the inability to set things right if a 70 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 3 mistake, even one not caused by the Fund, is discovered at a later date. ❖ FOIA Requestor Denied Attorney Fees and Penalties Watson v. Foxx, 2021 IL App (1st) 200424-U This case involved a request for fees and penalties under FOIA. Watson was a criminal defendant who was serving a 40-year sentence. He sought records from the Cook County State’s Attorney’s Office concerning five of his criminal convictions. After Watson filed this case, the Cook County SAO tendered about 3,000 pages worth of responsive documents Watson had been seeking, with appropriate redactions. The trial court ruled, and the Appellate Court affirmed, this matter was moot because the SAO had now provided the responsive records. Watson also claimed he was due over $15,000 in costs, fees, and civil penalties under the FOIA. The Court found civil penalties under §11(j) of the FOIA were not proper because there were no facts presented to show the SAO had acted willfully or had intentionally failed to comply with FOIA. The court further noted, since the inmate represented himself in the FOIA lawsuit, he was not entitled to attorneys under §11(i) of the Act. This was because as a pro se litigant, he did not incur any attorney fees. Although this was a favorable ruling for governmental bodies, please keep in mind, §3 of the Act requires a 5-day response time in most cases. Please let us know ASAP if you have a FOIA issue arise. ❖ Line of Duty Disability Denied for Officer Returning from Testifying at Grand Jury Griffin v. Vill. of New Lenox Police Pension Fund, 2021 IL App (3d) 190557 Plaintiff Paul Griffin (“Applicant”) applied for a line-of-duty disability pension and an alternative not-on-duty pension after injuring his knee tripping on a curb while walking back to his police vehicle after providing subpoenaed grand jury testimony. Applicant testified at the time of his injury he was not looking for crimes, was not contacted by anyone to respond to any emergency or call for service and completed his duties before the grand jury. He was simply walking back to the car to return to the police station to complete more paperwork. The unanimous opinion of all three (3) independent medical examiners was Applicant was disabled. While the Pension Board found Applicant was disabled, they denied his line-of-duty claim and awarded him a not-on-duty pension. Applicant appealed to the circuit court, the circuit court reversed the decision and the Pension Board appealed to the appellate court. On appeal, the Appellate Court analyzed numerous cases where it was determined officers were injured in the performance of acts of duty and where they were not injured in the performance of an act of duty. The Court found Applicant’s injury was most similar to Filskov v. Board of Trustees of the Northlake Pension Fund¸409 Ill. App. 3d 66 (2011), wherein an officer’s foot was inadvertently run over by his partner as he walked from the police station to the squad car to resume patrol duties. The Filskov Court found the officer was not responding to a call, had yet to resume patrol duties and was 71 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 4 acting in the capacity in which civilians commonly act, acting as an automobile passenger, which did not involve special risk. Here, the Court found ordinary citizens are called up every day to testify in court and face the same risk of slipping on a curb returning to their vehicle with papers in hand. Applicant was not looking for crimes, he was not contacted to respond to any call, and he completed his court duties. Despite Applicant’s contention he was under order to appear, the Court found no evidence he was exposed to special risk. Further, the Court found Applicant’s argument that carrying a police report and subpoena is unique to police work unconvincing as they were subject to FOIA and the content did not change his risk. The Court concluded an officer must be doing something more than merely being on duty and the act of wearing a service weapon, handcuffs and a police radio does not involve special risks not ordinarily assumed by a citizen in the ordinary walks of life. As such the Court reversed the circuit court’s judgment. ❖ Pension Board Unable to Rely on Two of Three IME Reports Hampton v. Bd. of Trustees of the Bolingbrook Police Pension Fund, et al., 2021 IL App (3d) 190416 Police officer Alan Hampton was injured while positioning his squad car to block an intersection at an accident scene when another vehicle struck his car. He suffered an injury to his left shoulder and was transported to the hospital via ambulance. A subsequent MRI of his left shoulder showed osteoarthritis, degenerative joint disease and superior labral tear. Following several weeks of physical therapy, Hampton was sent for a functional capacity evaluation (“FCE”). Because the FCE evaluator did not have a copy of the correct job description, he used the job description for police officer found in the Dictionary of Occupational Titles (DOT) and found Hampton could perform at the “heavy” demand level such that he could return to work. Upon receipt of the FCE report, Hampton’s doctor was more cautious and instructed a return to work with restrictions as set forth in the FCE. The Village’s workers’ compensation doctor also directed a return to work but with restrictions. Based on the medical records and a physical examination, two of three pension board doctors found Hampton “not disabled”. Subsequent to the pension board’s IMEs, Hampton underwent a second FCE which concluded he had functional limitations when it came to specific aspects of the job description for police officer in Bolingbrook. Based on the record, the board found Hampton not disabled. On appeal, the Appellate Court found the pension board’s conclusion Hampton was not disabled to be against the manifest weight of the evidence. Specifically, the Court found the board erred in placing greater weight on the two IME reports that found Hampton not disabled. In the case of the IME performed by Dr. Williams, the Court observed he found Hampton not disabled based on the first FCE which only returned him to restricted duty and ignored the conclusion of Hampton’s treating physicians the FCE restrictions included the inability to use physical force and subdue resisting individuals. Likewise, the Court found fault with the opinion of Dr. Biafora who merely found a temporary exacerbation of a pre-existing condition as inconsistent with the facts in the record. 72 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 5 Finally, the Appellate Court found the board erred in placing greater weight on the first FCE while discounting the second FCE finding Hampton could not return to work. The Court found the second FCE to be more reliable inasmuch as it was conducted with the benefit of the job description for a Bolingbrook police officer. The Court concluded, “Considering all the evidence in the record, and the fact that the Board erred in relying on certain evidence in support of its decision that Hampton was not disabled, we conclude that the Board’s decision was against the manifest weight of the evidence.” While the board had not reached the issue of whether Hampton’s disability was the result of an “act of duty”, based on the evidence in the record, the Appellate Court awarded Hampton a line of duty disability. While it is not unheard of for a reviewing court to find a pension board should not have relied on one of its doctor’s reports, in this case the Appellate Court found two of the three pension board doctor’s reports against the manifest weight of the evidence. This illustrates the detailed analysis court’s perform in examining the evidence relied upon by pension boards in making disability determinations. ❖ Home Rule Municipality May Not Change Substantive Terms of PSEBA by Ordinance Int'l Ass'n of Fire Fighters, Loc. 50 v. City of Peoria, 2021 IL App (3d) 190758 In 2018, the City of Peoria passed an ordinance specifically defining undefined terms from the Public Safety Employee Benefit Act (“Act”) 820 ILCS 320/1 et seq. including “injury”, “gainful employment” and “catastrophic injury”. The ordinance also amended the application procedures for those seeking benefits under the Act. After the City passed the ordinance, the Union filed a complaint seeking a declaratory judgment that the definitions were not consistent with the Act. The City responded its definitions were not inconsistent with the Act and as such it had the power to define the terms under its home rule authority. The circuit court granted summary judgment in favor of the Union finding the Act’s definitions were not ambiguous considering the language along with previous court opinions. The circuit court ruled the City’s definitions were invalid and superfluous. The City appealed. In Krohe v. City of Bloomington, 204 Ill. 2d 392 (2003), the Illinois Supreme Court found the phrase “catastrophic injury” as used in the Act was ambiguous and concluded the legislative intent was to make the phrase synonymous with an injury resulting in a line-of-duty disability under Section 4-110 of the Illinois Pension Code. Here, the City attempted to distinguish Krohe on the basis the City was a home rule municipality. The Court concluded, while the City has authority as a home rule unit to adopt procedures for administering the Act, it may not provide benefits in a manner inconsistent with the requirements of the Act. The City can define the administrative proceedings for benefit determination but cannot define the Act’s substantive terms. Once the Illinois Supreme Court construes a statute, the construction becomes a part of the statute and the General Assembly can change it if desired. After Krohe, the General Assembly made no such change. Thus, if a firefighter is injured and awarded a line-of-duty disability, he has a catastrophic injury. 73 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 6 In conclusion, the ordinance defining the Act’s terms was not a valid exercise of home rule authority. ❖ PTSD Line-of-Duty Disability Approved on Appeal for Officer Involved in Shooting where Firearm Jammed Staford v. Bd. of Trustees of the Crest Hill Police Pension Fd., et al., 2021 IL App (3d) 190779 In unreported Rule 23 case, the Third District Appellate Court upheld the circuit court’s reversal of the pension board’s denial of line-of-duty disability pension benefits for an officer who developed PTSD following an on-the-job shooting incident. Officer Staford (“Applicant”) was working as a patrol officer when he and a suspect exchanged gunfire. During the incident, Applicant’s gun jammed. After the incident, Applicant was hospitalized with reports of and diagnosed with anxiety. He was later diagnosed with PTSD when his symptoms worsened and took three leaves of absence. Several years later, Applicant was placed on administrative leave while investigated for prescription narcotic use. The evaluating physician found Applicant accessed hydrocodone from multiple providers in large quantities. Applicant reported to the physician symptoms of anxiety, difficulty sleeping, nightmares and irritability following the shooting incident. Applicant was diagnosed with substance dependence and PTSD. Applicant voluntarily resigned following the internal investigation and filed for line-of-duty and/or non-duty disability pensions. Applicant underwent three (3) independent medical examinations. Initially, the unanimous opinion was Applicant was disabled as a result of the shooting incident. The pension board then asked for supplemental opinions based upon later hospitalization reports in which Applicant was diagnosed with PTSD and major depressive disorder. The first doctor issued two supplement reports. In the first report the doctor noted Applicant’s erratic behavior was caused in part by pain medication abuse, not PTSD. In the second supplemental report, the doctor noted Applicant’s PTSD disability was the direct result of the incident. The second doctor found Applicant disabled due more to his inability to follow the code of conduct than PTSD. The doctor admitted Applicant suffered from elements of PTSD and his prognosis for sustained remission was guarded to poor. The doctor concluded Applicant’s use of narcotics was not due to PTSD and that the precipitant to his 2016 hospitalization was not the shooting but rather the pregnancy of his estranged by another man. The third doctor maintained Applicant suffered from PTSD and major depressive order caused directly by the shooting incident and found there was no evidence Applicant abused drugs prior to the shooting incident. A fourth doctor retained by the worker’s compensation carrier submitted two reports that noted Applicant was functionally effective prior to the shooting incident and was thereafter properly diagnosed with PTSD, although some symptoms could have been related to excessive narcotic use. At hearing, Applicant’s psychologist testified regarding his PTSD diagnosis, his prescription medication use and treatment session history. The psychologist provided a written summary which 74 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 7 noted Applicant did not have symptoms prior to the shooting incident. At hearing, the board reviewed Applicant’s primary care physician’s records which indicated he came to her after the shooting incident with complaints of insomnia and nightmares. Applicant was prescribed an anti-depressant and sleep aid. It was noted his symptoms increased as did his anti- depressant dosage. At hearing, Applicant testified as to the onset and status of his symptoms along with a timeline of his post-incident work history, leaves of absence and sick leave usage. In denying the line-of-duty benefit, the board concluded Applicant was disabled but not because of the shooting incident. The board focused on the reports of two IME doctors as “most persuasive” and discounted the third IME doctor’s report as “less persuasive” because they did not address the intervening cause of prescription medication abuse as a precipitant to Applicant’s mental health. Additionally, the board ignored Applicant’s psychologist’s opinion on causation because he was not a medical doctor and did not reference Applicant’s prescription drug abuse. Last, the board found Applicant evasive and/or dishonest regarding his drug use. On administrative review, the circuit court reversed the board’s decision finding it against the manifest weight of the evidence because each IME physician found Applicant disabled as a result of the shooting incident. The pension board appealed. On appeal, the Court noted four (4) medical professionals initially found Applicant unable to return to work as the result of PTSD caused by the shooting incident, although one later changed their mind. The Court found no evidence Applicant recovered from the effects of the shooting incident. Rather, the medical records indicated Applicant suffered from PTSD symptoms from the time of the incident until long after his resignation. The Court further found the board relied on the opinion of one doctor whose conclusions were not supported by evidence. Additionally, the Court found the board’s decision to discount the medical opinions of two other IME physicians baseless and unsupported by evidence. Further, the Court rejected the board’s finding that Applicant’s psychologist conclusions were “unreliable”. The Court noted the opinion of a physician who had the benefit of assessing the plaintiff’s condition through an extended course of treatment is entitled to greater weight than appointed evaluators. Applicant’s psychologist did in fact evaluate his drug use and concluded it was caused by his PTSD. Last, the Court concluded the board’s determination Applicant’s 2016 hospitalization was not a result of PTSD was unsupported by the evidence. In concluding it was the result of marital problems, the board ignored PTSD has far ranging effects that could have been the cause of Applicant’s marital problems. During this hospitalization, Applicant was again diagnosed with PTSD and major depressive disorder. As such, the board’s determination the shooting incident had nothing to do with his later hospitalization was unsupported. In conclusion, the board’s conclusion Applicant was not suffering from PTSD was against the manifest weight of the evidence. ❖ 75 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 8 Entering Closed Session for “Probable or Imminent” Litigation Public Access Opinion 21-003 The Open Meetings Act allows public bodies to enter closed session to discuss “litigation, when an action against, affecting, or on behalf of the particular body has been filed and is pending before a court or administrative tribunal, or when the public body finds that an action is probable or imminent, in which case the basis for the findings shall be recorded and entered into the minutes of the closed meeting.” 5 ILCS 120/2(c)(11). In this case before the Pubic Access Counselor at the Illinois Attorney General’s Office, a citizen complained when the City of Hillsboro City Council entered closed session to discuss a storm sewer main located without easement underneath a property on which the citizen wanted to build a garage. After several email exchanges with the Mayor and making public comment at the meeting, the citizen was displeased with the progress being made on resolution of the issue. Impo rtantly, no threat of litigation had been made by either party. Following the citizen’s public comment, the City Council entered closed session to discuss “possible litigation”. No other details were provided nor did the Council make a finding as to whether the litigation was “probably or imminent” or the basis for such a finding. The citizen filed a complaint asserting the City Council improperly entered executive session with the Public Access Counselor at the Attorney General’s Office. Reviewing the matter, the PAC first noted the strict language of the statute requiring an action be “probably or imminent” and requiring the public body articulate the basis for such a finding in the closed session. Looking to several cases and prior Attorney General Opinions, the PAC noted that, “for litigation to be probably or imminent, warranting the closing of a meeting, there must be reasonable grounds to believe that a lawsuit is more likely than not to be instituted or that such an occurrence is close at hand.” The possibility a public body may become a party to a lawsuit is not sufficient. Moreover, assuming the litigation exception is properly invoked to enter closed session, the only matters that may be discussed are the “strategies, posture, theories, and consequences of the litigation itself.” After analyzing the recording of the City Council meeting, the PAC found the Council violated the Open Meetings Act by improperly entering closed session. Specifically, the PAC found the Council incorrectly cited the standard as “possible or threatened litigation” (as opposed to “probable or imminent”), did not make a finding in closed session as to why the storm sewer issue litigation could be probable or imminent, and, because no reasonable threat of litigation had been made, such a finding could not be made. The City Council was ordered to make the closed session verbatim recoding and meeting minutes publicly available. This case serves as a good reminder of the stringent requirements for a public body to enter closed session for “probable or imminent” litigation. The public body must have reason to believe litigation is more likely than not to be filed involving the public body, the reason for so finding must be stated in the closed portion of the meeting, and only the “strategies, posture, theories, and consequence of the litigation itself” may be discussed behind closed doors. ❖ Consolidation Lawsuit Summary On February 23, 2021, a lawsuit was filed in Kane County challenging the Pension Consolidation Act. 76 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 9 Plaintiffs are various Police and Fire Pension Boards, as well as active and retired members; Defendants are the Governor, Illinois Finance Authority, Illinois Department of Insurance, and the Consolidated Boards for both Police and Fire. The complaint alleges unconstitutional infringement of rights and cites the Pension Protection clause of the Illinois Constitution, as well as the Contracts Clause, and the Takings Clause. Challenges asserted in the complaint include stripping the Plaintiffs of their autonomy and authority, diminishment of voting rights, and applying the costs of transition to the Plaintiff funds. Remedies sought include a preliminary injunction preventing the Defendants from implementing any changes under the Act and a declaration that the Act is unconstitutional. At the time of this writing, no additional filings have been made, updates may be checked at the Kane County Circuit Clerk under Case No. 21-CH-000055. As has been noted at several past quarterly meetings, RDL serves as general legal counsel for the Consolidated Police Board. RDL is conflicted out and is not involved in any fashion in this litigation. ❖ Consolidated Fire Fund Update The Fire Board approved their asset transition plan, it establishes October 1, 2021 as the start date for the transition of assets, with the goal of completion by December 31, 2021. They plan to notify each fund more than 30 days in advance of their transition dates. The Board is working on rules required to conduct the transition. Additional updated may be available at: https://ifpif.org/ ❖ Consolidated Police Fund Update The Police Board is in the process of hiring a Chief Investment Officer and will be interviewing six candidates for the position of investment consultant in the near future. No date has been set for transfer of assets, by statute it must be done prior to June 30, 2022. The Board is currently looking for a location for its permanent office. Additional updates may be available at: http://ipopif- 2020.lrsws.co/ or https://www.facebook.com/Illinois-Police- Officers-Pension-Investment-Fund- 102374691374141/❖ Suggested Agenda Items for July (or 3rd Quarter) • Semi-annual review of closed executive session minutes to determine what needs to remain confidential. • Election of Board Officers. (e.g. President, Secretary, etc.) • Potential selection of independent enrolled actuary for recommended tax levy. • Review status of Trustees’ annual training requirements. 77 of 78 © 2021 REIMER DOBROVOLNY & LABARDI PC 10 REIMER DOBROVOLNY & LABARDI PC NEWS • RDL partners Rick Reimer & Brian LaBardi will present at the IPPFA Illinois Pension Conference held both virtually and in person in Lincolnshire from May 5-7, 2021. • RDL partner Brian LaBardi will present at the IPFA Spring Pension Seminar to be held virtually on May 7, 2021. Legal and Legislative Update Volume 20, Issue 2, April 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. 78 of 78