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Agenda Packet - 01/20/2022 - Firefighter's Pension Fund Board
VILLAGE OF OAK BROOK BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND WEST WING CONFERENCE ROOM OF THE BUTLER GOVERNMENT CENTER 1200 OAK BROOK ROAD OAK BROOK, IL 60523 630-368-5000 In accordance with the provisions of the Americans with Disabilities Act, any individual who is in the need of a reasonable accommodation in order to participate in or benefit from attendance at this public meeting should contact the Butler Government Center (Village Hall), at (630) 368-5010, or for TDD response (630) 990-2131, as soon as possible before the meeting date. NOTICE OF A REGULAR MEETING OF THE OAK BROOK FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES The Oak Brook Firefighters’ Pension Fund Board of Trustees will conduct a regular meeting in-person on Thursday, January 20, 2022 at 9:00 a.m. at 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. Trustee Continuing Education Session: 8:00 a.m. – 9:00 a.m. 2. Call to Order 3. Roll Call 4. Public Comment – Limited to 3 minutes per person 5. Approval of Meeting Minutes a. July 22, 2021 Regular Meeting b. October 21, 2021 Regular Meeting c. Semi-Annual Review of Closed Session Meeting Minutes 6. Investment Report – Sawyer Falduto Asset Management, LLC a. Quarterly Investment Performance Report b. Review/Update Investment Policy 7. Accountant’s Report – Lauterbach & Amen, LLP a. Monthly Financial Report b. Presentation and Approval of Bills c. Additional Bills, if any 8. Trustee Training Updates a. Approval of Trustee Training Registration Fees and Reimbursable Expenses i. IPPFA Certified Trustee Training Program – Trustees Nemura and McCarthy 9. Communications and Reports a. Affidavits of Continued Eligibility b. Statements of Economic Interest 10. Applications for Membership/Withdrawals from the Fund a. Contribution Refund – Barry Liss 11. Applications for Retirement/Disability Benefits 12. Old Business a. Certify Special Election Results – Retired Member Position b. Discussion/Approval – FPIF Letter of Direction c. Review/Adopt – Resolution Authorizing Account Representatives for Norther Trust Global Cash Movement Portal 13. New Business a. Reciprocity Update – Sarie Lorence b. Review Trustee Term Expirations and Election Procedures c. Approve Annual Cost of Living Adjustments for Pensioners d. IFPIF Status Update and Discussion/Possible Action to be taken on all IFPIF Requests Pertaining to Consolidation 14. Attorney’s Report – Reimer Dobrovolny & LaBardi PC a. Review of Disability Hearing Processes b. Status of Duty Disability – Sean Kelly c. Legal Updates 15. Closed Session, if needed 16. Adjournment 1 of 88 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 JULY 22, 2021 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday, July 22, 2021 at 8:00 a.m. in the Upper Level Conference Room of the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523 CALL TO ORDER: President Fagan called the meeting to order at 8:00 a.m. ROLL CALL: PRESENT: President John Fagan, Secretary Gino Picciola and Trustee Jim Bodony ABSENT: None ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Jennifer Flores, Lauterbach & Amen, LLP (L&A) TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Schlindwein, 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: April 22, 2021 Regular Meeting: The Board reviewed the April 22, 2021 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Bodony to approve the April 22, 2021 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. INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending June 30, 2021. As of June 30, 2021, the second quarter net return is 5.2% versus the second quarter account benchmark of 5.1%. The investment return for the quarter is $1,818,887 for an ending market value of $36,488,799. The current asset allocation is as follows: fixed income at 37.3%; equities at 62.1%; and cash equivalents at 0.6%. Mr. Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Report with the Board. A motion was made by Trustee Fagan and seconded by Trustee Bodony to accept the Quarterly Investment Performance Report as presented. Motion carried unanimously by voice vote. Review/Update Investment Policy: The Board reviewed the current Investment Policy and determined that no changes are required at this time. 2 of 88 Oak Brook Firefighters’ Pension Fund Meeting Minutes – July 22, 2021 Page 2 of 4 Investment Advisory Agreement – Amendment Notification Dated June 30, 2021: The Board reviewed the amendment to the investment advisory agreement dated June 30, 2021. A motion was made by Trustee Fagan and seconded by Trustee Piccola to accept the amendment to the investment advisory agreement as prepared. Motion carried unanimously by voice vote. Post-Consolidation Services: The Board discussed the post-consolidation services presented by SFAM. Further discussion will be held at the next regular meeting. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the six-month period ended June 30, 2021 prepared by L&A. As of June 30, 2021, the net position held in trust for pension benefits is $36,638,563.81 for a change in position of $2,118,523.36. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and Vendor Check Report for the period April 1, 2021 through June 30, 2021 for total disbursements in the amount of $131,259.08. A motion was made by Trustee Fagan and seconded by Trustee Picciola to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $131,259.08. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola and Bodony NAYS: None ABSENT: None 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: IPFA Fall Pension Conference Registration – Trustee Fagan: The Board discussed Trustee training registration fees for Trustee Fagan to attend the IPFA Fall Pension Conference. This item was tabled for discussion until the next regular meeting as registration is not open at this time COMMUNICATIONS AND REPORTS: Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefit – Gary Clark: The Board reviewed the regular retirement benefit calculation for Gary Clark prepared by L&A. Battalion Chief Clark had an entry date of June 8, 1992, retirement date of May 9, 2021, effective date of pension of May 10, 2021, 60 years of age at date of retirement, 28 years and 11 months of creditable service, applicable salary of $136,610.71, applicable pension percentage of 72.29%, amount of originally granted monthly pension of $8,229.85 and amount of originally granted annual pension of $98,758.20. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve Gary Clark’s regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola and Bodony NAYS: None ABSENT: None OLD BUSINESS: IDOI Annual Statement: The Board noted that the finalized report was filed with the IDOI prior to the deadline of June 30, 2021. 3 of 88 Oak Brook Firefighters’ Pension Fund Meeting Minutes – July 22, 2021 Page 3 of 4 Appointed Member Position Term Expiration – Timothy Schlindwein: The Board noted that Timothy Schlindwein was not reappointed to the Oak Brook Firefighters’ Pension Fund Board of Trustees and there are currently no appointed member Trustees serving on the Board. A motion was made by Trustee Fagan and seconded by Trustee Bodony to request RDL to issue correspondence to the Village seeking appointment of two citizen Trustees to the Pension Board. Motion carried unanimously by voice vote. Reciprocity Update – Brian Bitterlin: The Board discussed Brian Bitterlin’s request to combine service under reciprocity and noted that the repayment from Mr. Bitterlin to “make whole” the additional 1% contributions plus interest from his date of hire until the payment date of June 30, 2021 was received after the June 30, 2021 calculation date. A motion was made by Trustee Fagan and seconded by Trustee Picciola to accept the member’s payment in the amount of $43,500.28 without the requirement of a recalculation as the delay was a result of the 457 plan and not the member. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola and Bodony NAYS: None ABSENT: None NEW BUSINESS: Discussion/Possible Action – Adoption of Resolution to Transfer Funds to IFPIF: The Board acknowledged the FPIF Notice of Transfer Date as January 4, 2022. A motion was made by Trustee Fagan and seconded by Trustee Picciola to acknowledge the transfer date and to adopt the Resolution to Transfer Funds to IFPIF. Motion carried unanimously by voice vote. Discussion/Possible Action – Cash Management Funding Policy: The Board reviewed the Post-Asset Transition Cash Management Policy Memo prepared by L&A. Further discussion will be held at the next regular meeting. Review/Adopt – Updated Board Rules and Regulations: The Board reviewed the updated Board Rules and Regulations prepared by Reimer Dobrovolny & LaBardi PC amending section 801(d). A motion was made by Trustee Fagan and seconded by Trustee Picciola to accept the revised Board Rules and Regulations as prepared. Motion carried unanimously by voice vote. The Board also discussed distributing the updated Board Rules and Regulations to pensioners of the Oak Brook Firefighters’ Pension Fund. A motion was made by Trustee Fagan and seconded by Trustee Bodony to direct L&A to email a copy of the updated Board Rules and Regulations to all pensioners once executed. Motion carried unanimously by voice vote. Review/Adopt – Municipal Compliance Report: The Board noted that the Municipal Compliance Report is in process. Further discussion will be held at the next regular meeting. Board Officer Elections – President and Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: John Fagan as President and Gino Picciola as Secretary. A motion was made by Trustee Bodony and seconded by Trustee Picciola to elect Trustee Fagan as President. Motion carried unanimously by voice vote. A motion was made by Trustee Fagan and seconded by Trustee Bodony to elect Trustee Piccola as Secretary. Motion carried unanimously by voice vote. FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Fagan as the FOIA Officer and OMA Designee. A motion was made by Trustee Fagan and seconded by Trustee Bodony to maintain Trustee Fagan as the FOIA Officer and OMA Designee and Trustee Picciola as the secondary FOIA Officer 4 of 88 Oak Brook Firefighters’ Pension Fund Meeting Minutes – July 22, 2021 Page 4 of 4 and OMA Designee. Motion carried unanimously by voice vote. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Status of Duty Disability – Sean Kelly: The Board noted that Sean Kelly is in the process of attending the independent medical examinations and reports will be forthcoming. 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 Fagan and seconded by Trustee Bodony to adjourn the meeting at 10:13 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 21, 2021 at 8:00 a.m. Board President or Secretary Approved by the Board of Trustees on _______________________ Minutes prepared by Jennifer Flores, Pension Services Administrator, Lauterbach & Amen, LLP 5 of 88 VILLAGE OF OAK BROOK BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND WEST WING CONFERENCE ROOM OF THE BUTLER GOVERNMENT CENTER 1200 OAK BROOK ROAD OAK BROOK, IL 60523 630-368-5000 MINUTES OF A REGULAR MEETING OF THE OAK BROOK FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES OCTOBER 21, 2021 A regular meeting of the Oak Brook Firefighters’ Pension Fund Board of Trustees was held on Thursday, October 21, 2021 at 8:00 a.m. in-person at the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523 and via teleconference pursuant to 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, Trustee Nemura Pencyla and Trustee Mike McCarthy ABSENT: None ALSO PRESENT: Finance Director Jason Paprocki, Village of Oak Brook; Tom Sawyer, Sawyer Falduto Asset Management, LLC (SFAM); Jennifer Flores and Cristina Argumendo, Lauterbach & Amen, LLP (L&A) TRUSTEE CONTINUING EDUCATION SESSION: Trustees Fagan, Picciola, Pencyla and McCarthy 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: July 22, 2021 Regular Meeting: The Board reviewed the July 22, 2021 regular meeting minutes. A motion was made by Trustee Fagan and seconded by Trustee Pencyla to table the approval of the July 22, 2021 regular meeting minutes until the next regular meeting to allow Trustees Pencyla and McCarthy an opportunity to review the meeting recording to confirm the accuracy of the drafted meeting minutes. Motion carried unanimously by voice vote. INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending September 30, 2021. As of September 30, 2021, the third quarter net return is (0.6%) versus the third quarter account benchmark of (0.3%). The investment return for the quarter is ($205,036) for an ending market value of $36,053,109. The current asset allocation is as follows: fixed income at 37.3%; equities at 61.2%; and cash equivalents at 1.6%. Mr. Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Report with the Board. A motion was made by Trustee Fagan and seconded by Trustee Picciola 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. 6 of 88 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 21, 2021 Page 2 of 4 Post-Consolidation Services Proposal: Mr. Sawyer presented an overview of post-consolidation services offered by Sawyer Falduto Asset Management, LLC. A motion was made by Trustee Fagan and seconded by Trustee Picciola to retain Sawyer Falduto Asset Management, LLC for post-consolidation services at the monthly rate of $500 on a month-to-month basis. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: None ABSENT: None ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the eight-month period ended September 30, 2021 prepared by L&A. As of September 30, 2021, the net position held in trust for pension benefits is $36,191,169 for a change in position of $1,671,128.86. 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 July 1, 2021 through September 30, 2021 for total disbursements in the amount of $129,502.10. 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 $139,017.12. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: 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: IPFA Fall Pension Conference Registration – Trustee Fagan and Trustee Piccola: The Board discussed Trustee training registration fees for Trustees Fagan and Picciola to attend the IPFA Fall Pension Conference. A motion was made by Trustee Fagan and seconded by Trustee Picciola to approve the registration fees for the training event. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: None ABSENT: None COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A will send Affidavits of Continued Eligibility to all pensioners with the December payroll cycle. Further discussion will be held at the next regular meeting. Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters and provide the letters to the Board for distribution to all active members requesting any additional pension file documents. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. 7 of 88 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 21, 2021 Page 3 of 4 The Board noted that Chief Liss has resigned from the Oak Brook Fire Department. A request for a refund of contributions has not been submitted to date. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: Reciprocity Update – Brian Bitterlin: The Board noted that the balance due from Brian Bitterlin to the Oak Brook Firefighters’ Pension Fund to combine service under reciprocity has been received in full. A motion was made by Trustee Fagan and seconded by Trustee Pencyla to accept this payment and recognize the purchase as paid in full AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: None ABSENT: None Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Picciola and seconded by Trustee McCarthy to adopt the MCR as prepared. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: None ABSENT: None NEW BUSINESS: Discussion/Approval – Interim Cash Management Policy: The Board discussed the cash flow needs to pay pension benefits and administrative expenses post asset transfer to Northern Trust and FPIF. A motion was made by Trustee Fagan and seconded by Trustee Picciola to hold $1,000,000 in the Schwab Money Market local cash account for the period December 15, 2021 through March 31, 2022. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: None ABSENT: None Discussion/Approval – Cash Reserve Balance: The Board discussed monthly cash flow needs to pay pension benefits and administrative expenses after March 31, 2022. A motion was made by Trustee Fagan and seconded by Trustee McCarthy to retain $1,000,000 in the Charles Schwab Money Market local cash account. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, McCarthy and Pencyla NAYES: None ABSENT: None Discussion/Possible Action – Collateralization Agreement: The Board reviewed the Bank of American Collateralization Agreement to protect assets in excess of the standard $250,000 FDIC insured amount in the Harris Bank checking account. Further discussion may be held at future meetings once the Schwab Money Market local cash account is closed and all cash assets reside in the BMO Harris Bank account. IFPIF Status Update and Discussion/Possible Action to be taken on all FPIF Requests Pertaining to Consolidation: The Board discussed the status of the Letter of Direction required by IFPIF. Trustee Fagan will send correspondence to Attorney Reimer’s office requesting their recommendations for the Letter of Direction. Further discussion will be held at the next regular meeting. Review/Approve – Resolution Authorizing Account Representatives for Northern Trust Global Cash Movement Portal and New-Set Up Authorization Form: The Board discussed the Global Cash Movement New Set-Up Authorization Form and Resolution Authorizing Account Representatives for the Northern 8 of 88 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 21, 2021 Page 4 of 4 Trust Global Cash Movement Portal. A motion was made by Trustee Fagan and seconded by Trustee Pencyla to table these items for further discussion until the next regular meeting. Motion carried unanimously by voice vote. Status Update – Special Election for Retired Member Position: The Board noted that the special election is in process and election ballots are due on or before October 25, 2021. Updates will be provided as they become available. Appointed Member Trustee Terms: The Board noted that Nemura Pencyla and Michael McCarthy have been appointed as Trustees to the Oak Brook Firefighters’ Pension Board or Trustees with an appointment date of September 12, 2021. Establish Board Meeting Dates: The Board established the 2022 Board meeting dates as: January 20, 2022; April 21, 2022; July 20, 2022; and October 20, 2022 at 9:00 a.m. at the Butler Government Center, located at 1200 Oak Brook Road, Oak Brook, Illinois 60523. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Status of Duty Disability – Sean Kelly: The Board noted that Sean Kelly has attended the three independent medical examinations and a disability hearing is tentatively scheduled for November 29, 2021. Further discussion will be held at the next regular meeting. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Picciola to adjourn the meeting at 10:52 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 20, 2022 at 9:00 a.m. Board President or Secretary Approved by the Board of Trustees on _______________________ Minutes prepared by Jennifer Flores, Pension Services Administrator, Lauterbach & Amen, LLP 9 of 88 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 December 31, 2021 10 of 88 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 December 31, 2021 There may be a slight difference in the ending value between this report and the Schwab statement due to accrued income, timing of transactions, and/or rounding. The Schwab statement continues to be the official custodial record for the account. SFAM Page 2 of 26 11 of 88 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 December 31, 2021SFAM Page 3 of 26 12 of 88 Disclosures Information in this report was compiled using data from the custodian available as of the publishing date. While we believe the data to be reliable,we do not independently verify pricing and valuation data. Please refer to the official statements provided by the account custodian. All date period references are on a calendar year basis. Fiscal year reports are available upon request. Past performance does not guarantee future investment results. Performance Review Asset Class Quarter 1 Gross Return Quarter 2 Gross Return Quarter 3 Gross Return Quarter 4 Gross Return Year to Date Gross Return Equities 5.9%7.8%(0.9%)7.5%21.7% Fixed Income (2.5%)1.3%0.1%(0.6%)(1.8%) Cash Equivalent 0.0%0.0%0.0%0.0%0.0% Total 2.6%5.2%(0.5%)4.4%12.1% 60 EQ/40 FI (Account Benchmark)3.0%5.1%(0.3%)4.9%13.2% 70/20/10 (Equity Benchmark)7.2%7.4%(0.5%)8.4%24.1% Blended FI (Fixed Benchmark)(3.3%)1.8%0.0%(0.3%)(1.9%) M-Star MMF (Cash Benchmark)0.0%0.0%0.0%0.0%0.0% Long-Term Performance Asset Class 1 Year Gross Return 3 Year Gross Return 5 Year Gross Return Inception to Date(6/30/2016) Gross Return Equities 21.7%22.7%15.6%15.9% Fixed Income (1.8%)4.5%3.5%2.6% Cash Equivalent 0.0%0.6%0.7%0.6% Total 12.1%15.6%11.1%10.9% 60 EQ/40 FI (Account Benchmark)13.2%16.0%11.3%11.0% 70/20/10 (Equity Benchmark)24.1%23.7%16.4%16.7% Blended FI (Fixed Benchmark)(1.9%)4.3%3.2%2.2% M-Star MMF (Cash Benchmark)0.0%0.8%1.0%0.9% Returns for periods exceeding 12 months are annualized. Cash Flow Quarter 4 Year to Date Beginning Market Value $36,053,109 $34,521,649 Contributions / Additions $1,111,189 $2,462,915 Distributions ($886,284)($3,200,864) Ending Market Value $37,810,750 $37,810,750 Investment Return $1,532,736 $4,027,050 Account Return (Gross)4.4%12.1% Account Return (Net)4.3%11.8% 60 EQ/40 FI (Account Benchmark)4.9%13.2% Oak Brook Firefighters' Pension Fund Cash Flow and Performance Review Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 4 of 26 13 of 88 The information presented above is as of 12/31/2021. Inception to Date(4/3/2016) Beginning Market Value $0 Receipts of Securities $19,470,298 Contributions / Additions $10,384,323 Distributions ($9,493,146) Ending Market Value $37,810,750 Investment Return $17,449,275 Oak Brook Firefighters' Pension Fund Portfolio Value vs Cumulative Net Investment Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 5 of 26 14 of 88 Equity Market Overview Market Observations • Equity markets proved resilient in 4Q despite periods of volatility • The S&P 500 established 70 new closing highs during 2021 • The potential for rising interest rates may dampen the enthusiasm for growth-oriented companies • An increase in the dispersion of equity results created a bigger divide between winners and losers Equity Allocation Decisions Drive Long Term Performance • Equity allocation decisions are key to generating long term performance – regions, sectors, styles • US large cap domestic stocks have provided excess returns relative to international equities • S&P 500 has generated significant annual outperformance over the last three years SFAM 4Q 2021 Equity Performance Review • A typical 70% allocation to US large cap stocks added significant excess performance • The portfolio tilt toward growth stocks continued to provide a source of outperformance • Overall equity portfolio underperformance during the quarter was driven by T Rowe Price Growth Fund T Rowe Price Growth Fund – Investment Performance Review (as of 12/31/21) 4Q 2021 1 Year Annualized 3 Years Annualized 5 Years Annualized 10 Years Annualized T Rowe Price Growth Fund 4.77% 20.18% 29.23% 23.41% 19.24% S&P 500 Growth Index 13.37% 32.01% 32.20% 24.11% 19.23% S&P 500 Index 11.03% 28.71% 26.07% 18.47% 16.55% • Underweights to top performing stocks and outright losing positions drove the underperformance • T Rowe Price Growth Fund has provided strong long-term performance despite the 4Q challenges Quarterly Market Commentary Asset Allocation – US Large Cap, US Small Cap & International Benchmark (Typical Allocation) 2019 2020 2021 4Q 2021 Annualized Return S&P 500 (70%) US Large Cap 31.49% 18.40% 28.71% 11.03% 26.04% Russell 2000 (20%) US Small Cap 25.49% 19.93% 14.78% 2.12% 19.97% MSCI EAFE (10%) Developed International Markets 22.01% 7.82% 11.26% 2.69% 13.53% Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 6 of 26 15 of 88 Fixed Income Overview Market Observations • Federal Reserve has signaled an increase in the Fed Fund Target Rate during 2022 • Inflation remains the primary source of uncertainty in the fixed income markets • The timing and magnitude of Federal Reserve actions will be critical in controlling inflation Fixed Income Yield Overview • The long-end of the yield curve was little changed during the quarter while the short-term yields increased in response to anticipated Federal Reserve policy changes • Changes in the shape of the yield curve resulted in short duration bonds underperforming longer duration bonds - the yield curve “flattened” as short-term rates increased • Short and medium-term yields (6 months to 5 years) increased significantly during the 4th quarter as market participants responded to inflation and anticipated changes to the Federal Reserve monetary policy • Portfolios benefit as new purchases have higher yields - more investment income Fixed Income Yield Changes – 4Q 2021 Issue 9/30/2021 Yield 12/31/2021 Yield 4Q Absolute Yield Change 4Q Percentage Yield Change 6 Month U.S. Treasury 0.05% 0.19% +0.14% +280% 1 Year U.S. Treasury 0.09% 0.39% +0.30% +333% 2 Year U.S. Treasury 0.28% 0.73% +0.45% +161% 3 Year U.S. Treasury 0.53% 0.97% +0.44% +83% 5 Year U.S. Treasury 0.98% 1.26% +0.28% +29% Quarterly Market Commentary 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y U.S. Treasury Yield Curve 12/31/2020 9/30/2021 12/31/2021 Yield increase during 4Q Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 7 of 26 16 of 88 Fixed Income Overview (continued) Fixed Income – Broad Market Characteristics • Market yields moved higher while credit quality continues to trend positive based on the strength of the underlying balance sheets Fixed Income Index Characteristics – December 31, 2021 Index Duration Market Yield Average Coupon Blended Fixed Income Benchmark 5.64 1.58% 3.56% Barclay’s U.S. Government 7.07 1.23% 1.57% Barclay’s U.S. Intermediate Government / Credit 4.06 1.30% 1.91% Economic Overview 4Q 2021 Key Observations Positive Developments • Strong corporate profits and robust consumer spending provide momentum going into 2022 • Increased distribution of Covid vaccines worldwide provides a catalyst for the global recovery • Policies and economies seem poised to move toward a more normal state in 2022 • Economic fundamentals are positioned to coming back into focus as headline risks recede Potential Headwinds • Covid-19 variants continue to pose significant risks to a full economic recovery • Elevated levels of inflation erode consumer confidence and lead to slowing economic growth • Federal Reserve policy actions increase market volatility and investor uncertainty • Labor shortages and supply-chain issues continue to keep inflation in the headlines Quarterly Market Commentary 6.80% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% November 1990 March 2001 July 2011 November 2021 Consumer Price Index -Inflation 2.50% Average Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 8 of 26 17 of 88 Economic Overview (continued) • Federal Reserve no longer considers inflation to be “transitory” – Fed Funds Target Rate set to rise Looking Ahead Thoughts & Considerations Economy • Inflation data will continue to be the focus of economic developments • Federal Reserve policy decisions must balance the economic recovery with inflation concerns • Strong consumer spending will continue to be a catalyst for the economic recovery Equity Markets • The uncertain timing and magnitude of Federal Reserve actions will likely increase market volatility • Corporate earnings continue to trend positive despite increased labor and supply costs • Value-oriented equities stand to benefit from the potential of rising interest rates Fixed Income Markets • Yields between one and five years will continue to be volatile in response to Federal Reserve actions • The fixed income market is currently pricing in three Federal Reserve rate hikes in 2022 • Bonds continue to offer positive diversification benefits in a balanced investment portfolio Quarterly Market Commentary 0.125% 0.875% 1.625% 2.500% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2021 2022 2023 Long Term Federal Open Market Committee Median Fed Funds Rate Target Anticipated rate increases designed to control inflation Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 9 of 26 18 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Equities Large Cap Mutual Fund 5.1%Hartford Core Equity Fund Y HGIYX 38,302.962 $1,923,575 0.6%$11,979 7.0%Pioneer Equity Income PYEQX 63,353.871 $2,631,086 1.4%$35,854 13.0%T Rowe Price Growth Stock PRUFX 46,317.167 $4,925,368 0.2%$11,195 16.7%Vanguard 500 Index Fund VFIAX 14,390.448 $6,329,351 1.2%$76,001 Exchange Traded Fund 0.2%Vanguard S&P 500 ETF VOO 184.00 $80,329 1.2%$1,000 Mid Cap Mutual Fund 2.2%Victory Sycamore VEVIX 16,646.520 $826,333 1.3%$10,562 Small Cap Mutual Fund 4.1%T Rowe Price QM SC Growth I TQAIX 33,378.233 $1,555,759 0.0%$334 5.9%TIAA Cref Small Cap Index TISBX 87,254.677 $2,237,210 1.0%$22,202 International Mutual Fund 0.8%First Eagle Overseas SGOIX 12,316.868 $319,376 0.5%$1,501 1.5%Goldman Sachs International GCIIX 38,969.982 $561,947 1.8%$9,950 1.5%MFS International Growth I MQGIX 11,856.600 $582,870 0.6%$3,687 0.9%Oppenheimer Developing Mkts ODVIX 7,188.553 $337,862 0.4%$1,345 Real Estate Mutual Fund 1.6%Cohen & Steers Realty CSRIX 10,275.851 $608,125 1.7%$10,608 60.6%Equities Total $22,919,192 0.9%$196,218 Fixed Income Taxable Bonds U.S. Treasury 0.9%US Treas Note 08/31/2026 1.375% 912828YD6 NR NR 350,000.00 $352,023 1.4%$4,813 Accrued Income $1,635 0.4%US Treas Note11/30/2022 2.000%912828M80 Aaa NR 150,000.00 $152,180 2.0%$3,000 Accrued Income $264 0.3%US Treas Note05/15/2027 2.375%912828X88 Aaa NR 100,000.00 $105,516 2.3%$2,375 Accrued Income $308 0.4%US Treas Note 11/15/2023 2.750% 912828WE6 Aaa NR 150,000.00 $155,648 2.7%$4,125 Accrued Income $536 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 10 of 26 19 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Fixed Income Taxable Bonds U.S. Treasury 0.3%US Treas Note 10/31/2023 1.625% 912828T91 Aaa NR 100,000.00 $101,688 1.6%$1,625 Accrued Income $278 0.4%US Treas Note02/15/2030 1.500%912828Z94 Aaa NR 150,000.00 $150,727 1.5%$2,250 Accrued Income $850 0.4%US Treas Note05/15/2026 1.625%912828R36 Aaa NR 150,000.00 $152,508 1.6%$2,438 Accrued Income $316 0.3%US Treas Note 10/31/2026 1.625% 912828YQ7 Aaa NR 100,000.00 $101,688 1.6%$1,625 Accrued Income $278 0.4%US Treas Note 11/15/2028 3.125% 9128285M8 Aaa NR 150,000.00 $166,734 2.8%$4,688 Accrued Income $609 0.3%US Treas Note 12/31/2022 2.125% 912828N30 Aaa NR 100,000.00 $101,672 2.1%$2,125 Accrued Income $6 Certificate of Deposit 0.4%Spiritbank 12/22/2028 0.750% 848608EG6 NR NR 150,000.00 $142,144 0.8%$1,125 Accrued Income $28 0.6%State Bank of India07/10/2025 1.000%856283N93 NR NR 225,000.00 $224,633 1.0%$2,250 Accrued Income $1,079 U.S. Government Agency 0.7%Fed Farm Cr Bk03/14/2029 3.000%3133EKDF0 Aaa AA+250,000.00 $274,397 2.7%$7,500 Accrued Income $2,229 0.2%Fed Farm Cr Bk 11/06/2023 3.170% 3133ED6M9 Aaa AA+68,000.00 $71,024 3.0%$2,156 Accrued Income $329 0.6%Fed Farm Cr Bk 05/17/2028 3.300% 3133EJPN3 Aaa AA+200,000.00 $221,785 3.0%$6,600 Accrued Income $807 0.4%Fed Farm Cr Bk 12/02/2030 2.080% 3133ELBZ6 Aaa AA+150,000.00 $155,089 2.0%$3,120 Accrued Income $251 0.3%Fed Farm Cr Bk 10/24/2025 2.500% 3133EA6C7 Aaa AA+100,000.00 $104,929 2.4%$2,500 Accrued Income $465 0.6%Fed Farm Cr Bk12/24/2026 2.570%3133ECB60 Aaa AA+200,000.00 $212,171 2.4%$5,140 Accrued Income $100 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 11 of 26 20 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome 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 $141,516 1.0%$1,410 Accrued Income $568 0.3%Fed Farm Cr Bk06/09/2026 2.875%3133EEHG8 Aaa AA+100,000.00 $106,975 2.7%$2,875 Accrued Income $176 0.3%Fed Farm Cr Bk08/24/2026 3.100%3133EJXS3 Aaa AA+100,000.00 $108,210 2.9%$3,100 Accrued Income $1,094 0.3%Fed Farm Cr Bk 03/07/2028 3.170% 3133EJFB0 Aaa AA+100,000.00 $109,935 2.9%$3,170 Accrued Income $1,004 0.6%Fed Farm Cr Bk 08/04/2028 2.730% 3133EHTW3 Aaa AA+200,000.00 $215,228 2.5%$5,460 Accrued Income $2,230 0.3%Fed Farm Cr Bk 11/01/2029 2.000% 3133EK5F9 Aaa AA+100,000.00 $102,792 1.9%$2,000 Accrued Income $333 0.8%Fed Farm Cr Bk 09/30/2025 2.470% 3133EEF47 Aaa AA+300,000.00 $314,429 2.4%$7,410 Accrued Income $1,873 0.3%Fed Farm Cr Bk09/07/2023 2.150%3133EEG79 Aaa AA+100,000.00 $102,441 2.1%$2,150 Accrued Income $681 0.1%Fed Farm Cr Bk12/10/2025 3.220%3133EJ2C2 Aaa AA+50,000.00 $53,906 3.0%$1,610 Accrued Income $94 0.1%Fed Farm Cr Bk 04/03/2028 3.150% 3133EJJH3 Aaa AA+50,000.00 $54,932 2.9%$1,575 Accrued Income $385 0.4%Fed Farm Cr Bk 08/09/2027 2.790% 3133EESU5 Aaa AA+150,000.00 $160,848 2.6%$4,185 Accrued Income $1,651 0.4%Fed Farm Cr Bk 09/19/2028 2.650% 3133EHZD8 Aaa AA+150,000.00 $160,665 2.5%$3,975 Accrued Income $1,126 0.5%Fed Farm Cr Bk 12/01/2031 1.810% 3133ENFQ8 Aaa AA+200,000.00 $201,292 1.8%$3,620 Accrued Income $292 0.4%Fed Farm Cr Bk11/28/2028 2.830%3133EGN68 Aaa AA+150,000.00 $162,614 2.6%$4,245 Accrued Income $389 0.1%Fed Farm Cr Bk08/01/2025 2.330%3133EAE61 Aaa AA+49,000.00 $51,034 2.2%$1,142 Accrued Income $476 0.3%Fed Farm Cr Bk 12/14/2028 3.350% 3133EJNZ8 Aaa AA+100,000.00 $111,874 3.0%$3,350 Accrued Income $158 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 12 of 26 21 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Fixed Income Taxable Bonds U.S. Government Agency 0.3%Fed Farm Cr Bk 05/01/2025 2.370% 3133ECN83 Aaa AA+125,000.00 $130,224 2.3%$2,963 Accrued Income $494 0.4%Fed Farm Cr Bk06/15/2027 2.580%3133EHNR0 Aaa AA+150,000.00 $159,315 2.4%$3,870 Accrued Income $172 0.7%Fed Farm Cr Bk11/25/2030 3.000%3133EKJE7 Aaa AA+250,000.00 $277,621 2.7%$7,500 Accrued Income $750 0.3%Fed Farm Cr Bk 01/23/2030 2.080% 3133ELJV7 Aaa AA+100,000.00 $103,470 2.0%$2,080 Accrued Income $913 0.6%Fed Farm Cr Bk 05/03/2029 2.800% 3133EKKG0 Aaa AA+200,000.00 $216,961 2.6%$5,600 Accrued Income $902 0.1%Fed Farm Cr Bk 07/15/2023 3.000% 3133FXEP8 Aaa AA+30,000.00 $31,091 2.9%$900 Accrued Income $415 0.4%Fed Farm Cr Bk 08/18/2026 0.600% 3133EL4F8 Aaa AA+150,000.00 $145,482 0.6%$900 Accrued Income $333 0.3%Fed Farm Cr Bk09/24/2029 2.040%3133EKS64 Aaa AA+100,000.00 $103,120 2.0%$2,040 Accrued Income $550 0.3%Fed Farm Cr Bk06/18/2029 1.150%3133ELL28 Aaa AA+100,000.00 $96,979 1.2%$1,150 Accrued Income $42 0.4%Fed Home Ln Bk 06/13/2025 2.625% 3130A5DA4 Aaa AA+150,000.00 $157,671 2.5%$3,938 Accrued Income $197 0.6%Fed Home Ln Bk 03/13/2026 2.375% 3130A7BA2 Aaa AA+200,000.00 $209,310 2.3%$4,750 Accrued Income $1,425 0.3%Fed Home Ln Bk 06/08/2029 2.750% 3130AGDY8 Aaa AA+100,000.00 $108,165 2.5%$2,750 Accrued Income $176 0.4%Fed Home Ln Bk 09/12/2031 1.875% 3130AJ6A2 Aaa AA+150,000.00 $152,218 1.8%$2,813 Accrued Income $852 0.3%Fed Home Ln Bk09/13/2024 2.875%3130A2UW4 Aaa AA+100,000.00 $105,115 2.7%$2,875 Accrued Income $863 0.4%Fed Home Ln Bk09/10/2027 0.625%3130AJXE4 Aaa AA+150,000.00 $143,261 0.7%$938 Accrued Income $289 0.4%Fed Home Ln Bk 03/10/2028 1.250% 3130ALU36 Aaa AA+150,000.00 $147,958 1.3%$1,875 Accrued Income $578 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 13 of 26 22 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Fixed Income Taxable Bonds U.S. Government Agency 0.1%Fed Home Ln Bk 12/10/2027 2.750% 3130AD7C0 Aaa AA+50,000.00 $53,622 2.6%$1,375 Accrued Income $80 0.5%Fed Home Ln Bk12/14/2029 2.125%3130AHKT9 Aaa AA+200,000.00 $207,522 2.0%$4,250 Accrued Income $201 0.7%Fed Home Ln Bk03/12/2027 2.875%3130AAZ92 Aaa AA+250,000.00 $269,146 2.7%$7,188 Accrued Income $2,176 0.6%Fed Home Ln Bk 03/14/2025 2.625% 3130A67F8 Aaa AA+200,000.00 $209,892 2.5%$5,250 Accrued Income $1,560 0.9%Fed Home Ln Bk 09/10/2027 2.625% 3130ACKB9 Aaa AA+300,000.00 $319,153 2.5%$7,875 Accrued Income $2,414 0.4%Fed Home Ln Bk 06/14/2030 1.250% 3130AJLW7 Aaa AA+150,000.00 $145,302 1.3%$1,875 Accrued Income $89 0.7%Fed Home Ln Bk 09/13/2024 4.375% 3133XVDG3 Aaa AA+250,000.00 $272,739 4.0%$10,938 Accrued Income $3,281 0.4%Fed Home Ln Bk03/12/2027 3.000%3130A3DU5 Aaa AA+150,000.00 $162,425 2.8%$4,500 Accrued Income $1,363 0.3%Fed Home Ln Bk12/12/2031 1.625%3130APZA6 Aaa AA+100,000.00 $98,965 1.6%$1,625 Accrued Income $176 0.6%Tenn Valley Auth 09/15/2024 2.875% 880591ER9 Aaa AA+200,000.00 $209,922 2.7%$5,750 Accrued Income $1,693 U.S. Government Agency - Callable 0.4%Fed Farm Cr Bk 03/30/2027 1.550%Call 03/30/2023 100.00 3133ELUN2 Aaa AA+150,000.00 $150,010 1.5%$2,325 Accrued Income $588 0.3%Fed Farm Cr Bk02/05/2030 2.120% Call 02/05/2025 100.00 3133ELMB7 Aaa AA+100,000.00 $100,908 2.1%$2,120 Accrued Income $860 0.3%Fed Farm Cr Bk 05/16/2028 3.670% Call 05/16/2023 100.00 3133EJPJ2 Aaa AA+100,000.00 $103,903 3.5%$3,670 Accrued Income $459 0.3%Fed Farm Cr Bk 11/07/2028 3.780%Call 11/07/2023 100.00 3133EJR76 Aaa AA+100,000.00 $105,129 3.6%$3,780 Accrued Income $567 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 14 of 26 23 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Fixed Income Taxable Bonds Taxable Municipal 0.4%Bloomingdale, IL 10/30/2028 1.550% 094333LB5 NR AA+150,000.00 $145,757 1.6%$2,325 Accrued Income $394 0.4%Bolingbrook, IL01/01/2030 1.918% Call 01/01/2029 100.00 097552UG6 NR AA 150,000.00 $147,089 2.0%$2,877 Accrued Income $1,439 0.3%Cook Cnty, IL Dolton SD #148 BAM Insured12/01/2024 4.500% 215075KH4 NR AA 100,000.00 $109,042 4.1%$4,500 Accrued Income $375 0.3%Cook Cnty, IL Evanston Sch. Dist 65 12/01/2026 5.100% Call 02/02/2022 100.00 213687JZ0 Aa2 NR 100,000.00 $100,044 5.1%$5,100 Accrued Income $425 0.3%Countryside, IL 01/01/2030 1.692%Call 01/01/2029 100.00 222367FV1 Aa2 NR 125,000.00 $121,951 1.7%$2,115 Accrued Income $1,058 0.3%DuPage & Cook CntyHinsdale Sch Dist 181 01/15/2025 3.300% 262579SA4 Aaa NR 100,000.00 $105,650 3.1%$3,300 Accrued Income $1,522 0.1%Hoffman Estates, IL 12/01/2030 4.500% Call 12/01/2024 100.00 434452KW7 A1 AA+50,000.00 $54,102 4.2%$2,250 Accrued Income $188 0.5%Kane & Kendall Cnty, IL Community College District No516 12/15/2026 1.000% 484062LZ5 Aa1 NR 200,000.00 $195,406 1.0%$2,000 Accrued Income $89 0.3%Kendall Cnty, IL Plano School District No 8802/01/2030 2.080% Call 02/01/2029 100.00 488683KJ1 NR AA 100,000.00 $99,880 2.1%$2,080 Accrued Income $1,242 0.3%Lake Cnty, IL Hawthorn Woods SD #73 01/01/2027 3.429% 508759KK2 NR AA+100,000.00 $108,549 3.2%$3,429 Accrued Income $1,715 0.4%Lake Zurich, IL 02/01/2027 2.850%Call 02/01/2026 100.00 511444RJ2 NR AAA 150,000.00 $158,108 2.7%$4,275 Accrued Income $1,781 0.4%McHenry & Kane Cnty, ILHuntley SD #158 02/15/2031 2.340% Call 02/15/2029 100.00 580773LT4 NR AA 150,000.00 $152,424 2.3%$3,510 Accrued Income $1,326 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 15 of 26 24 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Fixed Income Taxable Bonds Taxable Municipal 0.3%Oakbrook Ter, IL 12/15/2025 3.000% Call 12/15/2022 100.00 67184PGX3 NR AA 100,000.00 $100,564 3.0%$3,000 Accrued Income $133 0.4%Skokie, IL 12/01/2024 2.350% 830728SM4 Aa2 NR 150,000.00 $154,677 2.3%$3,525 Accrued Income $294 0.4%Tinley Park IL 12/01/2029 1.700% 887547QR1 NR AA+145,000.00 $144,023 1.7%$2,465 Accrued Income $62 0.4%Will Cnty IL CSD Plainfield Cmty CSD #202 01/01/2022 3.000% 968648ZL2 Aa2 NR 150,000.00 $150,000 3.0%$4,500 Accrued Income $2,250 0.3%Will County, IL Community College District No525 06/01/2031 1.850%Call 06/01/2030 100.00 969080JG6 Aa2 NR 125,000.00 $122,154 1.9%$2,313 Accrued Income $193 Corporate 0.3%3M Company10/15/2027 2.875% Call 07/15/2027 100.00 88579YAY7 A1 A+115,000.00 $122,232 2.7%$3,306 Accrued Income $698 0.4%Apple 02/08/2031 1.650% Call 11/08/2030 100.00 037833ED8 Aaa AA+150,000.00 $145,899 1.7%$2,475 Accrued Income $983 0.3%Apple Inc 02/23/2026 3.250%Call 11/23/2025 100.00 037833BY5 Aaa AA+100,000.00 $106,884 3.0%$3,250 Accrued Income $1,156 0.3%Berkshire Hathaway03/15/2026 3.125% Call 12/15/2025 100.00 084670BS6 Aa2 AA 100,000.00 $106,786 2.9%$3,125 Accrued Income $920 0.4%Berkshire Hathaway 03/15/2023 2.750% Call 01/15/2023 100.00 084670BR8 Aa2 AA 150,000.00 $153,204 2.7%$4,125 Accrued Income $1,215 0.3%Charles Schwab 03/20/2028 2.000%Call 01/20/2028 100.00 808513BP9 A2 A 100,000.00 $100,899 2.0%$2,000 Accrued Income $561 0.3%Coca Cola Co09/06/2029 2.125%191216CM0 A1 A+100,000.00 $101,661 2.1%$2,125 Accrued Income $679 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 16 of 26 25 of 88 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Fixed Income Taxable Bonds Corporate 0.3%Emerson Electric 10/15/2026 0.875% Call 09/15/2026 100.00 291011BP8 A2 A 100,000.00 $96,946 0.9%$875 Accrued Income $185 0.3%Exxon Mobil 03/01/2026 3.043%Call 12/01/2025 100.00 30231GAT9 Aa2 AA-100,000.00 $105,829 2.9%$3,043 Accrued Income $1,014 0.4%IBM Corp02/12/2024 3.625%459200HU8 A3 A-150,000.00 $158,055 3.4%$5,438 Accrued Income $2,099 0.3%Johnson & Johnson 09/01/2027 0.950% Call 07/01/2027 100.00 478160CP7 Aaa AAA 100,000.00 $97,647 1.0%$950 Accrued Income $317 0.3%Microsoft Corp02/06/2027 3.300% Call 11/06/2026 100.00 594918BY9 Aaa AAA 100,000.00 $108,708 3.0%$3,300 Accrued Income $1,329 0.3%The Home Depot, 06/15/2029 2.950%Call 03/15/2029 100.00 437076BY7 A2 A 100,000.00 $106,498 2.8%$2,950 Accrued Income $131 0.5%Univ of Chicago 10/01/2023 4.760% 91412NAB6 Aa2 AA-180,000.00 $189,863 4.5%$8,568 Accrued Income $2,142 0.1%Wal-Mart Stores 06/26/2023 3.400%Call 05/26/2023 100.00 931142EK5 Aa2 AA 50,000.00 $51,992 3.3%$1,700 Accrued Income $24 36.5%Fixed Income Total $13,799,645 2.3%$320,983 Cash Equivalent Cash Equivalent Cash Equivalent 2.9%Schwab Government Money Fund SWGXX $1,091,913 0.0%$109 100.0%Total $37,810,750 1.4%$517,310 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 17 of 26 26 of 88 Portfolio Snapshot Portfolio Value Benchmark SFAM Equity Model $100,000.00 Custom Analysis 12-31-2021 Asset Allocation Portfolio Net % Bmark Net % Cash 0.55 0.00 US Stocks 86.33 89.16 Non-US Stocks 11.08 10.83 Bonds 0.04 0.00 Other/Not Clsfd 2.00 0.01 Morningstar Equity Style Box %Morningstar Fixed Income Style Box % Value Blend Growth Large Mid Small 12 23 30 6 9 5 4 7 4 Total Stock Holdings 3,514 % 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 108 % Not Classified 100 0-10 10-25 25-50 >50 Stock Analysis 12-31-2021 Stock Sectors CyclicalDefensiveSen s i t i v e Benchmark Portfolio Portfolio (%) Bmark (%) h Cyclical 33.26 32.85 r Basic Matls 3.34 3.00 t Consumer Cycl 12.76 12.36 y Financial Svs 11.89 13.69 u Real Estate 5.27 3.80 j Sensitive 46.86 44.75 i Commun Svs 11.32 8.55 o Energy 2.77 3.11 p Industrials 10.19 10.22 a Technology 22.58 22.87 k Defensive 19.88 22.40 s Consumer Def 5.02 6.00 d Healthcare 13.21 13.89 f Utilities 1.65 2.51 Not Classified 0.00 0.00 World Regions Greater Asia Americas Greater Europe <25 25-50 50-75 >75% Portfolio (%) Bmark (%) Americas 89.82 89.30 North America 89.43 89.19 Latin America 0.39 0.10 Greater Europe 5.73 7.01 United Kingdom 1.31 1.75 Europe-Developed 4.22 5.19 Europe-Emerging 0.14 0.00 Africa/Middle East 0.06 0.07 Greater Asia 4.45 3.69 Japan 1.20 2.35 Australasia 0.30 0.70 Asia-Developed 1.63 0.49 Asia-Emerging 1.32 0.15 Not Classified 0.00 0.00 Performance 12-31-2021 Investment Activity Graph Portfolio Net Initial Mkt Val: $24,628 Final Mkt Val: $100,000 Benchmark 01-12 01-13 01-14 01-15 01-16 01-17 01-18 01-19 01-20 01-21 15 35 55 75 95 $115k Trailing Returns 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr Portfolio Return-Net 7.46 22.18 23.70 17.11 15.66 Benchmark Return 8.38 24.20 23.75 16.42 15.17 +/- Benchmark Return-Net -0.92 -2.02 -0.05 0.69 0.49 Best/Worst Time Periods Best %Worst % 3 Months 21.67 ( Apr 2020-Jun 2020 ) -21.21 ( Jan 2020-Mar 2020 ) 1 Year 60.97 ( Apr 2020-Mar 2021 ) -10.53 ( Apr 2019-Mar 2020 ) 3 Years 23.70 ( Jan 2019-Dec 2021 ) 3.72 ( Apr 2017-Mar 2020 ) Portfolio Yield ( 12-31-2021 )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 12-31-2021 Top 10 holdings out of 12 Symbol Type Holding Value $ % Assets Vanguard 500 Index Admiral (USD)VFIAX MF 28,500 28.50 T. Rowe Price Growth Stock I (USD)PRUFX MF 22,000 22.00 Pioneer Equity Income Y (USD)PYEQX MF 11,000 11.00 TIAA-CREF Small-Cap Blend Idx Inst (USD)TISBX MF 10,000 10.00 Hartford Core Equity Y (USD)HGIYX MF 8,000 8.00 T. Rowe Price QM US Small-Cap Gr Eq I (USD)TQAIX MF 7,000 7.00 Victory Sycamore Established Value I (USD)VEVIX MF 3,000 3.00 Cohen & Steers Instl Realty Shares (USD)CSRIX MF 2,500 2.50 Goldman Sachs Intl Eq Insghts Instl (USD)GCIIX MF 2,400 2.40 MFS International Growth I (USD)MQGIX MF 2,400 2.40 Release date 12-31-2021 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 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® SFAM Page 18 of 26 Portfolio Snapshot Portfolio Value Benchmark SFAM Equity Model $100,000.00 Custom Risk Analysis 12-31-2021 Risk/Reward Scatterplot Portfolio Holdings Bmark 10 Year Mean 4.00 5.80 7.60 9.40 11.20 13.00 14.80 16.60 18.40 20.20 22.00 9.0 9.7 10.4 11.1 11.8 12.5 13.2 13.9 14.6 15.3 16.0 16.7 17.4 18.1 18.8 10 Year Standard Deviation Performance History Graph Portfolio Net Quarterly returns +/- Benchmark in % 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -2.0 Bmark 2.0 4.0 6.0 8.0 10.0% Risk and Return Statistics 3 Yr 5 Yr 10 Yr Portfolio Bmark Portfolio Bmark Portfolio Bmark Standard Deviation 17.68 18.13 15.51 15.86 13.28 13.56 Mean 23.70 23.75 17.11 16.42 15.66 15.17 Sharpe Ratio 1.39 1.36 1.11 1.04 1.20 1.14 MPT Statistics 3 Yr Portfolio 5 Yr Portfolio 10 Yr Portfolio Alpha 0.49 0.94 0.78 Beta 0.97 0.97 0.97 R-Squared 99.39 99.24 98.81 Portfolio-Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Fundamental Analysis 12-31-2021 Asset Allocation -100 -50 0 50 100 Portfolio Net % Portfolio Long % Portfolio Short % Cash 0.55 0.71 0.16 US Stocks 86.33 86.33 0.00 Non-US Stocks 11.08 11.08 0.00 Bonds 0.04 0.04 0.00 Other/Not Clsfd 2.00 2.00 0.00 Total 100.00 100.16 0.16 Market Maturity % of Stocks Portfolio Bmark Developed Markets 98.16 99.80 Emerging Markets 1.84 0.20 Not Available 0.00 0.00 Valuation Multiples Portfolio Bmark Price/Earnings 23.12 20.84 Price/Book 3.88 3.32 Price/Sales 2.59 2.31 Price/Cash Flow 16.25 14.88 Profitability Portfolio Bmark % of Stocks 2021-12 2021-12 Net Margin 16.17 17.41 ROE 24.04 26.40 ROA 8.78 9.41 Debt/Capital 39.42 40.55 Fund Statistics Potential Cap Gains Exposure 34.62 Avg Net Expense Ratio 0.40 Avg Gross Expense Ratio 0.40 Geometric Avg Capitalization ($Mil) Portfolio 75,784.58 Benchmark 79,888.11 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 — 6.60 Type Weightings % of Stocks Portfolio Bmark n High Yield 5.06 7.76 b Distressed 2.67 2.60 v Hard Asset 6.93 5.30 m Cyclical 37.52 38.57 x Slow Growth 5.47 5.92 z Classic Growth 7.16 6.60 l Aggressive Growth 19.91 17.06 c Speculative Growth 5.08 3.40 Not Available 10.20 12.78 0% 5 10 15 20 25 30 35 40 45 50 Release date 12-31-2021 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 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® SFAM Page 19 of 26 Large Cap (US) Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs T Rowe Price Growth Stock PRUFX Large Growth 4.77% 20.18% 29.23% 23.41% 19.24% Vanguard 500 Index Admiral VFIAX Large Blend 11.02% 28.66% 26.03% 18.43% 16.51% Hartford Core Equity Y HGIYX Large Blend 10.21% 24.51% 25.43% 18.85% 17.33% Pioneer Equity Income Fund PYEQX Large Value 10.71% 25.83% 16.56% 10.76% 12.43% S&P 500 Index – Growth 13.37% 32.01% 32.20% 24.11% 19.23% S&P 500 Index 11.03% 28.71% 26.07% 18.47% 16.55% S&P 500 Index – Value 8.31% 24.90% 18.65% 11.90% 13.29% Small & Mid Cap (US) Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs TIAA-CREF Small Cap Index TISBX Small Blend 2.17% 14.89% 20.11% 12.15% 13.42% Victory Sycamore Established Value VEVIX Mid-Cap Value 8.05% 31.91% 22.46% 13.92% 14.87% T Rowe Price QM Small Cap TQAIX Small Growth 3.94% 11.47% 22.48% 15.95% 15.55% Russell 2000 Index – Growth 0.01% 2.83% 21.17% 14.53% 14.14% Russell 2000 Index 2.14% 14.82% 20.02% 12.02% 13.23% Russell 2000 Index - Value 4.36% 28.27% 17.99% 9.07% 12.03% International Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs MFS International Growth MQGIX Large Growth 4.91% 9.51% 17.25% 14.24% 9.99% First Eagle Overseas SGOIX Large Blend 2.47% 5.25% 10.00% 6.50% 6.56% Goldman Sachs Intl Equity GCIIX Large Blend 2.50% 11.75% 12.61% 9.29% 8.75% Invesco Developing Markets ODVIX Emerging Mkts -4.06% -7.13% 10.81% 10.19% 6.65% MSCI EAFE Index 2.69% 11.26% 13.54% 9.55% 8.03% MSCI Emerging Markets Index -1.31% -2.54% 10.94% 9.87% 5.49% Real Estate Ticker Investment Annualized Returns Symbol Objective Q4 1 yr 3 yrs 5 yrs 10 yrs Cohen & Steers Realty CSRIX Real Estate 15.96% 42.47% 22.68% 13.75% 12.73% DJ US Select REIT Index 17.22% 45.91% 16.84% 9.65% 10.70% *YTD Return and Annualized Returns are calculated as of December 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 December 31, 2021SFAM Page 20 of 26 29 of 88 Description Weight Modified Duration (Market) Yield to Maturity (Market) Current Yield Annual Income U.S. Treasury 11.2%4.0 1.1%1.9%$29,063 Certificate of Deposit 2.7%4.7 1.2%0.9%$3,375 U.S. Government Agency 54.2%5.4 1.4%2.4%$175,857 U.S. Government Agency - Callable 3.4%1.8 2.3%2.6%$11,895 Taxable Municipal 15.8%4.4 1.9%2.5%$53,564 Corporate 12.8%4.3 1.5%2.7%$47,230 Total 100.0%4.8 1.5%2.3%$320,983 Oak Brook Firefighters' Pension Fund Bond Analysis Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 21 of 26 30 of 88 Trade Date Activity Description Quantity Amount Accrued Interest 12/31/2021 Income (Interest)US Treas Note (912828N30) 12/31/2022 2.125% $1,063 12/31/2021 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 0.19 $0 12/31/2021 Income (Reinvested Dividend) Schwab Government Money Fund 11.63 $12 12/31/2021 Income (Reinvested Dividend) Schwab Government Money Fund 3.08 $3 12/30/2021 Deposit Schwab GovernmentMoney Fund $679,869 12/29/2021 Buy Fed Farm Cr Bk (3133ENFQ8) 12/01/2031 1.810% 200,000.00 $201,106 $292 12/29/2021 Buy Fed Home Ln Bk(3130ACKB9) 09/10/2027 2.625% 200,000.00 $212,853 $1,604 12/29/2021 Income (ReinvestedQualified Dividend)Hartford Core Equity Fund Y 262.643 $13,263 12/28/2021 Buy Fed Home Ln Bk (3130APZA6) 12/12/2031 1.625% 100,000.00 $99,476 $167 12/28/2021 Income (ReinvestedQualified Dividend)Pioneer Equity Income 321.019 $13,306 12/28/2021 Sell Hartford Core Equity Fund Y 2,461.114 $125,000 12/28/2021 Sell T Rowe Price QM SC Growth I 1,612.556 $75,000 12/28/2021 Sell Vanguard 500 Index Fund 1,358.603 $600,000 12/27/2021 Income (Dividend)Vanguard S&P 500 ETF $282 ($282) 12/26/2021 Income (Interest)Wal-Mart Stores (931142EK5) 06/26/2023 3.400% Call 05/26/2023 100.00 $850 12/24/2021 Income (Interest)Fed Farm Cr Bk (3133ECB60) 12/24/2026 2.570% $2,570 12/23/2021 Income (Interest)Spiritbank (848608EG6)12/22/2028 0.750%$92 12/22/2021 Income (Reinvested Qualified Dividend) Victory Sycamore 122.956 $5,934 12/21/2021 Withdrawal Schwab Government Money Fund $260,905 12/20/2021 Income (ReinvestedQualified Dividend)Goldman SachsInternational 1,252.554 $17,448 12/20/2021 Income (Reinvested Qualified Dividend) Vanguard 500 Index Fund 57.165 $24,089 12/18/2021 Income (Interest)Fed Farm Cr Bk (3133ELL28) 06/18/2029 1.150% $575 12/16/2021 Income (ReinvestedLong Term Gain)Victory Sycamore 851.660 $41,484 12/16/2021 Income (Reinvested Short Term Gain) Victory Sycamore 199.534 $9,719 12/15/2021 Income (Interest)Fed Farm Cr Bk (3133EHNR0) 06/15/2027 2.580% $1,935 Oak Brook Firefighters' Pension Fund From September 30, 2021 to December 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 22 of 26 31 of 88 Trade Date Activity Description Quantity Amount Accrued Interest 12/15/2021 Income (Interest)Kane & Kendall Cnty, IL (484062LZ5)Community College District No 51612/15/2026 1.000% $1,000 12/15/2021 Income (Interest)Oakbrook Ter, IL (67184PGX3)12/15/2025 3.000% Call 12/15/2022 100.00 $1,500 12/15/2021 Income (Interest)The Home Depot, (437076BY7) 06/15/2029 2.950% Call 03/15/2029 100.00 $1,475 12/14/2021 Income (Interest)Fed Farm Cr Bk (3133EJNZ8)12/14/2028 3.350%$1,675 12/14/2021 Income (Interest)Fed Home Ln Bk (3130AHKT9)12/14/2029 2.125% $2,125 12/14/2021 Income (Interest)Fed Home Ln Bk (3130AJLW7) 06/14/2030 1.250% $938 12/14/2021 Income (ReinvestedLong Term Gain)Goldman SachsInternational 1,144.215 $16,465 12/14/2021 Income (Reinvested Long Term Gain) Oppenheimer Developing Mkts 342.963 $15,972 12/14/2021 Income (Reinvested Long Term Gain) T Rowe Price Growth Stock 2,941.028 $309,337 12/14/2021 Income (ReinvestedLong Term Gain)T Rowe Price QM SC GrowthI 4,121.404 $183,609 12/14/2021 Income (Reinvested Qualified Dividend) Oppenheimer Developing Mkts 39.228 $1,827 12/14/2021 Income (Reinvested Short Term Gain) T Rowe Price Growth Stock 1,116.948 $117,481 12/14/2021 Income (ReinvestedShort Term Gain)T Rowe Price QM SC GrowthI 318.877 $14,206 12/13/2021 Income (Interest)Fed Home Ln Bk (3130A5DA4)06/13/2025 2.625% $1,969 12/10/2021 Income (Interest)Fed Farm Cr Bk (3133EJ2C2) 12/10/2025 3.220% $805 12/10/2021 Income (Interest)Fed Home Ln Bk (3130AD7C0)12/10/2027 2.750% $688 12/10/2021 Income (Reinvested Long Term Gain) Hartford Core Equity Fund Y 856.091 $42,685 12/10/2021 Income (Reinvested Long Term Gain) TIAA Cref Small Cap Index 5,114.324 $129,034 12/10/2021 Income (ReinvestedQualified Dividend)TIAA Cref Small Cap Index 1,015.486 $25,621 12/10/2021 Income (Reinvested Short Term Gain) Hartford Core Equity Fund Y 133.063 $6,635 12/10/2021 Income (Reinvested Short Term Gain) TIAA Cref Small Cap Index 1,152.640 $29,081 12/9/2021 Income (Interest)Fed Farm Cr Bk (3133EEHG8) 06/09/2026 2.875% $1,438 Oak Brook Firefighters' Pension Fund From September 30, 2021 to December 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 23 of 26 32 of 88 Trade Date Activity Description Quantity Amount Accrued Interest 12/9/2021 Income (Reinvested Long Term Gain) Cohen & Steers Realty 233.891 $13,089 12/9/2021 Income (ReinvestedLong Term Gain)MFS International Growth I 489.992 $23,804 12/9/2021 Income (Reinvested Qualified Dividend) Cohen & Steers Realty 58.339 $3,265 12/9/2021 Income (Reinvested Qualified Dividend) MFS International Growth I 97.823 $4,752 12/9/2021 Income (ReinvestedShort Term Gain)MFS International Growth I 98.375 $4,779 12/8/2021 Buy Tinley Park IL (887547QR1) 12/01/2029 1.700% 145,000.00 $144,143 12/8/2021 Income (Interest)Fed Home Ln Bk (3130AGDY8)06/08/2029 2.750% $1,375 12/8/2021 Sell Fed Home Ln Bk (3130A3KM5)12/09/2022 2.500% 150,000.00 $153,175 12/3/2021 Deposit Schwab Government Money Fund $143,682 12/2/2021 Income (Interest)Fed Farm Cr Bk (3133ELBZ6) 12/02/2030 2.080% $1,560 12/1/2021 Income (Interest)Cook Cnty, IL (213687JZ0)Evanston Sch. Dist 65 12/01/2026 5.100%Call 02/02/2022 100.00 $2,550 12/1/2021 Income (Interest)Cook Cnty, IL (215075KH4) Dolton SD #148 BAM Insured 12/01/2024 4.500% $2,250 12/1/2021 Income (Interest)Fed Farm Cr Bk (3133EER85) 12/01/2021 2.000% $1,000 12/1/2021 Income (Interest)Hoffman Estates, IL(434452KW7) 12/01/2030 4.500%Call 12/01/2024 100.00 $1,125 12/1/2021 Income (Interest)Skokie, IL (830728SM4) 12/01/2024 2.350% $1,763 12/1/2021 Income (Interest)Will County, IL (969080JG6) Community College DistrictNo 525 06/01/2031 1.850%Call 06/01/2030 100.00 $1,009 12/1/2021 Income (Reinvested Long Term Gain) First Eagle Overseas 250.483 $6,255 12/1/2021 Income (Reinvested Qualified Dividend) First Eagle Overseas 441.481 $11,024 12/1/2021 Income (ReinvestedShort Term Gain)First Eagle Overseas 20.912 $522 12/1/2021 Sell Fed Farm Cr Bk (3133EER85) 12/01/2021 2.000% 100,000.00 $100,000 11/30/2021 Income (Interest)US Treas Note (912828M80) 11/30/2022 2.000% $1,500 11/30/2021 Income (Reinvested Long Term Gain) Pioneer Equity Income 4,855.973 $189,529 Oak Brook Firefighters' Pension Fund From September 30, 2021 to December 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 24 of 26 33 of 88 Trade Date Activity Description Quantity Amount Accrued Interest 11/28/2021 Income (Interest)Fed Farm Cr Bk (3133EGN68)11/28/2028 2.830% $2,123 11/25/2021 Income (Interest)Fed Farm Cr Bk (3133EKJE7) 11/25/2030 3.000% $3,750 11/23/2021 Income (Interest)Spiritbank (848608EG6) 12/22/2028 0.750% $96 11/22/2021 Expense(Management Fee)Schwab GovernmentMoney Fund $19,829 11/22/2021 Withdrawal Schwab Government Money Fund $98,378 11/19/2021 Withdrawal Schwab Government Money Fund $260,704 11/17/2021 Income (Interest)Fed Farm Cr Bk (3133EJPN3)05/17/2028 3.300%$3,300 11/16/2021 Income (Interest)Fed Farm Cr Bk (3133EJPJ2) 05/16/2028 3.670%Call 05/16/2023 100.00 $1,835 11/15/2021 Income (Interest)US Treas Note (9128285M8) 11/15/2028 3.125% $2,344 11/15/2021 Income (Interest)US Treas Note (912828R36) 05/15/2026 1.625% $1,219 11/15/2021 Income (Interest)US Treas Note (912828WE6)11/15/2023 2.750%$2,063 11/15/2021 Income (Interest)US Treas Note (912828X88) 05/15/2027 2.375% $1,188 11/15/2021 Income (Reinvested Dividend) Schwab Government Money Fund 69.84 $70 11/7/2021 Income (Interest)Fed Farm Cr Bk (3133EJR76)11/07/2028 3.780% Call 11/07/2023 100.00 $1,890 11/6/2021 Income (Interest)Fed Farm Cr Bk (3133ED6M9) 11/06/2023 3.170% $1,078 11/5/2021 Deposit Schwab Government Money Fund $143,306 11/3/2021 Income (Interest)Fed Farm Cr Bk(3133EKKG0) 05/03/2029 2.800% $2,800 11/1/2021 Income (Interest)Fed Farm Cr Bk (3133ECN83) 05/01/2025 2.370% $1,481 11/1/2021 Income (Interest)Fed Farm Cr Bk (3133EK5F9) 11/01/2029 2.000% $1,000 10/31/2021 Income (Interest)Bloomingdale, IL(094333LB5) 10/30/2028 1.550% $2,073 10/31/2021 Income (Interest)US Treas Note (912828T91) 10/31/2023 1.625% $813 10/31/2021 Income (Interest)US Treas Note (912828YQ7)10/31/2026 1.625%$813 10/24/2021 Income (Interest)Fed Farm Cr Bk (3133EA6C7)10/24/2025 2.500% $1,250 10/23/2021 Income (Interest)Spiritbank (848608EG6) 12/22/2028 0.750% $92 Oak Brook Firefighters' Pension Fund From September 30, 2021 to December 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 25 of 26 34 of 88 Trade Date Activity Description Quantity Amount Accrued Interest 10/22/2021 Withdrawal Schwab Government Money Fund $266,298 10/15/2021 Income (Interest)3M Company (88579YAY7)10/15/2027 2.875% Call 07/15/2027 100.00 $1,653 10/15/2021 Income (Interest)Emerson Electric (291011BP8) 10/15/2026 0.875% Call 09/15/2026 100.00 $438 10/15/2021 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 4.10 $4 10/12/2021 Buy Fed Home Ln Bk (3130AJ6A2)09/12/2031 1.875% 150,000.00 $152,109 $242 10/8/2021 Deposit Schwab Government Money Fund $144,333 10/5/2021 Expense (Management Fee) Schwab Government Money Fund $18,027 10/4/2021 Income (Dividend)Vanguard S&P 500 ETF $241 ($241) 10/3/2021 Income (Interest)Fed Farm Cr Bk (3133EJJH3) 04/03/2028 3.150% $788 10/1/2021 Income (Interest)Univ of Chicago(91412NAB6) 10/01/2023 4.760% $4,284 Oak Brook Firefighters' Pension Fund From September 30, 2021 to December 31, 2021 Transactions Oak Brook Firefighters' Pension Fund As of December 31, 2021SFAM Page 26 of 26 35 of 88 Monthly Financial Report For the Month Ended December 31, 2021 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 36 of 88 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 37 of 88 38 of 88 January 06, 2022 Oak Brook Firefighters' Pension Fund 1200 Oak Brook Road Oak Brook, IL 60523 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Oak Brook Firefighters'Pension Fund which comprise the statement of net position -modified cash basis as of December 31,2021 and the related statement of changes in net position -modified cash basis for the twelve months then ended in accordance withthe modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting.If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP 1-1 39 of 88 40 of 88 Assets Cash and Cash Equivalents 15,397.17$ Investments at Fair Market Value Money Market Mutual Funds 1,091,912.97 Fixed Income 13,724,358.63 Mutual Funds 22,919,191.62 Total Cash and Investments 37,750,860.39 Accrued Interest 73,061.46 Prepaids 1,494.00 Total Assets 37,825,415.85 Liabilities Expenses Due/Unpaid 18,102.85 Total Liabilities 18,102.85 Net Position Held in Trust for Pension Benefits 37,807,313.00 Oak Brook Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of December 31, 2021 See Accountants' Compilation Report 2-1 41 of 88 Additions Contributions - Municipal 2,173,496.00$ Contributions - Members 332,919.34 Total Contributions 2,506,415.34 Investment Income Interest and Dividends Earned 1,689,471.75 Net Change in Fair Value 2,426,308.49 Total Investment Income 4,115,780.24 Less Investment Expense (91,460.93) Net Investment Income 4,024,319.31 Total Additions 6,530,734.65 Deductions Administration 55,056.69 Pension Benefits and Refunds Pension Benefits 3,090,027.56 Refunds 98,377.85 Total Deductions 3,243,462.10 Change in Position 3,287,272.55 Net Position Held in Trust for Pension Benefits Beginning of Year 34,520,040.45 End of Period 37,807,313.00 Oak Brook Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Twelve Months Ended December 31, 2021 See Accountants' Compilation Report 2-2 42 of 88 43 of 88 Oak Brook Firefighters' Pension FundCash & Cash Equivalents0%Money Market Mutual Funds3%Fixed Income36%Mutual Funds61%Cash and InvestmentsSee Accountants' Compilation Report 3-144 of 88 01/31/2102/28/2103/31/2104/30/2105/31/2106/30/2107/31/2108/31/2109/30/2110/31/2111/30/2112/31/21Financial InstitutionsHarris Bank - CK #318-320-914,965$13,096 13,057 11,775 14,955 14,951 51,108 9,956 10,336 14,952 14,621 15,39714,965 13,096 13,057 11,775 14,955 14,951 51,108 9,956 10,336 14,952 14,621 15,397Schwab - MM #2043-3707583,034344,013 625,540 440,614 253,737 358,469 312,495 262,957 734,207 449,587 245,790 1,091,913583,034 344,013 625,540 440,614 253,737 358,469 312,495 262,957 734,207 449,587 245,790 1,091,913Total597,999 357,109 638,597 452,389 268,692 373,420 363,603 272,913 744,543 464,539 260,411 1,107,310ContributionsContributions in Lieu of Tax Levy145,088 139,470 139,525 139,526 139,193 129,567 194,785129,118 123,423 122,544 122,771 648,485Contributions - Current Year24,475 23,527 23,536 23,536 23,480 21,856 33,172 21,870 20,910 20,761 20,911 31,384Contributions - Prior Year------20,871-----Interest Received from Members------ 22,630-----169,563 162,997 163,061 163,062 162,673 151,423 271,458 150,988 144,333 143,305 143,682 679,869ExpensesPension Benefits252,175 252,175 252,175 252,175258,015 260,551 260,551 260,546 260,526 260,526 260,526 260,089Refunds/Transfers of Service---------- 98,378-Administration19,253 1,869 39 25,445 14,519 49 31,575 5,044 9,164 19,182 20,338 40271,428 254,044 252,214 277,620 272,534 260,600 292,126 265,590 269,690 279,708 379,242 260,129Total Contributions less Expenses(101,865) (91,047) (89,153) (114,558) (109,861) (109,177) (20,668) (114,602) (125,357) (136,403) (235,560)419,740Oak Brook Firefighters' Pension FundCash Analysis ReportFor the Twelve Periods Ending December 31, 2021See Accountants' Compilation Report4-145 of 88 Oak Brook Firefighters' Pension Fund$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 5-146 of 88 Contributions Contributions - Municipal 41-240-00 - Contributions in Lieu of Tax Levy 648,484.72$1 2,173,496.00 648,484.72 2,173,496.00 Contributions - Members 41-410-00 - Contributions - Current Year 31,383.96 1 289,418.80 41-420-00 - Contributions - Prior Year 0.00 1 20,870.58 41-440-00 - Interest Received from Members 0.00 1 22,629.96 31,383.96 332,919.34 Total Contributions 679,868.68 1 0 2,506,415.34 Investment Income Interest and Dividends 43-252-05 - Schwab - Fixed Income #2043-3707 33,342.13 1 307,668.51 43-550-05 - Schwab - Mutual Funds #2043-3707 1,084,966.43 1 1,376,108.96 1,118,308.56 6 1,683,777.47 Gains and Losses 44-252-05 - Schwab - Fixed Income #2043-3707 (67,312.78)1 (543,725.00) 44-550-05 - Schwab - Mutual Funds #2043-3707 (295,490.19) 1 2,970,033.49 (362,802.97)4 2,426,308.49 Other Income 45-200-00 - Accrued Interest (9,479.41)1 5,669.28 49-000-01 - Other Income 0.00 1 25.00 (9,479.41)4 5,694.28 Total Investment Income 746,026.18 2 6 4,115,780.24 Total Revenue 1,425,894.86 6,622,195.58 Oak Brook Firefighters' Pension Fund Revenue Report as of December 31, 2021 Received Received this Month this Year See Accountants' Compilation Report 6-1 47 of 88 Oak Brook Firefighters' Pension Fund500,0001,000,0001,500,0002,000,0002,500,000Service Non-DutyDisabilityDuty Disability OccupationalDiseaseSurvivingSpouseRefund AdministrativeExpenses2,082,737 24,197 551,028 63,236 368,830 98,378 146,518Pension Benefits and ExpensesSee Accountants' Compilation Report 7-148 of 88 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 176,564.83$2,082,737.40 51-030-00 - Non-Duty Disability Pensions 2,016.40 24,196.80 51-040-00 - Duty Disability Pensions 45,902.95 551,027.59 51-050-00 - Occupational Disease Pensions 5,269.68 63,236.16 51-060-00 - Surviving Spouse Pensions 30,334.75 368,829.61 51-100-00 - Refund of Contributions 0.00 98,377.85 Total Pensions and Benefits 260,088.61 3,188,405.41 Administrative Insurance 52-150-01 - Fiduciary Insurance 0.00 4,632.00 0.00 4,632.00 Professional Services 52-170-01 - Actuarial Services 0.00 3,500.00 52-170-02 - Auditing Services 0.00 2,800.00 52-170-03 - Accounting & Bookkeeping Services 0.00 14,060.00 52-170-04 - Medical Services 0.00 11,880.00 52-170-05 - Legal Services 0.00 5,661.88 52-170-06 - PSA/Court Reporter 0.00 6,050.00 0.00 43,951.88 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 90,931.00 52-190-04 - Bank Fees 40.34 529.93 40.34 91,460.93 Other Expense 52-290-25 - Conference/Seminar Fees 0.00 290.00 52-290-34 - IDOI Filing Fee Expense 0.00 6,182.81 0.00 6,472.81 Total Administrative 40.34 146,517.62 Total Expenses 260,128.95 3,334,923.03 Oak Brook Firefighters' Pension Fund Expense Report as of December 31, 2021 See Accountants' Compilation Report 8-1 49 of 88 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Babcock, Nicholas W. $99,921.30 9,395.48 0.00 0.00 109,316.78 Bielawa, Matthew G.143,692.66 9,414.39 0.00 0.00 153,107.05 Bitterlin, Brian W.182,064.98 11,880.58 43,500.54 0.00 237,446.10 Bowlan, Seth L. 5,172.27 7,198.32 0.00 0.00 12,370.59 Busse, Zachary M.55,726.76 9,357.66 0.00 0.00 65,084.42 Corkey, David B.149,665.17 9,414.39 0.00 0.00 159,079.56 Doran, Connor T.45,480.60 9,052.68 0.00 0.00 54,533.28 Ebsen, Robert T.86,622.21 9,321.32 0.00 0.00 95,943.53 Fagan, John J.133,452.80 11,061.91 0.00 0.00 144,514.71 Fleege, Kevin W.168,496.06 12,595.70 0.00 0.00 181,091.76 Focht, Eric D.12,239.42 7,405.78 0.00 0.00 19,645.20 Janney, Michael E.165,401.70 9,416.44 0.00 0.00 174,818.14 Johnson, Marc E.121,817.57 9,404.94 0.00 0.00 131,222.51 Kaczmarczyk, David R.126,268.37 11,061.91 0.00 0.00 137,330.28 Kelly, Sean P.116,843.22 3,516.91 0.00 0.00 120,360.13 Kornfeind, David 126,428.50 9,404.94 0.00 0.00 135,833.44 Kushner, Jeffrey A.40,004.29 8,789.63 0.00 0.00 48,793.92 Marciniak, Jeffrey D.220,670.32 13,082.42 0.00 0.00 233,752.74 Matousek, Kyle M.82,445.20 10,547.33 0.00 0.00 92,992.53 Meyers, Daniel B.111,731.31 9,395.48 0.00 0.00 121,126.79 Micek, Robert S. Jr.101,521.02 9,321.32 0.00 0.00 110,842.34 Nyhanna, William R.105,655.26 10,900.37 0.00 0.00 116,555.63 Pavlovic, Michael 167,487.01 11,071.37 0.00 0.00 178,558.38 Picciola, Gino 45,588.87 9,137.96 0.00 0.00 54,726.83 Ruska, Michelle H.144,346.14 9,414.39 0.00 0.00 153,760.53 Samawi, Fouad J.896.37 7,049.10 0.00 0.00 7,945.47 Sinclair, Thomas W. IV 35,998.90 8,465.49 0.00 0.00 44,464.39 Swagler, Shawn M.174,822.78 9,414.39 0.00 0.00 184,237.17 Washington, Glen A.142,416.66 9,414.39 0.00 0.00 151,831.05 3,112,877.72 274,906.99 43,500.54 0.00 3,431,285.25 Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended December 31, 2021 See Accountants' Compilation Report 9-1 50 of 88 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended December 31, 2021 Clark, Gary E.215,534.94 5,012.39 0.00 0.00 220,547.33 Liss, Barry J.88,878.43 9,499.42 0.00 (98,377.85) 0.00 Totals 3,417,291.09 289,418.80 43,500.54 (98,377.85) 3,651,832.58 41-420-00 41-440-00 41-450-00 Prior Year Interest from Other Member Name - Type of Purchase Contributions Members Revenue Total Bitterlin, Brian W. - Reciprocity - Principal 20,870.58 0.00 0.00 20,870.58 Bitterlin, Brian W. - Reciprocity - Interest 0.00 22,629.96 0.00 22,629.96 Totals 20,870.58 22,629.96 0.00 43,500.54 Service Purchases Inactive/Terminated Members See Accountants' Compilation Report 9-2 51 of 88 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 $0.00Disability Fire Dependent Subtotal:$123.93 $123.93 $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 $0.00***-**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 $0.00Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-152 of 88 ***-**8262 Subtotal:$5,663.42 $5,663.42 $0.00 $0.00 $0.00 $0.00 $0.00***-**0790105946 Harris, Scott B.0$4,707.42 $5,274.94 $0.00 $67.52 $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:$5,207.42 $5,274.94 $0.00 $67.52 $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$3,709.37 $3,852.39 $0.00 $143.02 $0.00 $0.00 $0.00***-**0454 Subtotal:$3,709.37 $3,852.39 $0.00 $143.02 $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 $0.00***-**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 $30.09Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-253 of 88 ***-**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$1,710.13 $2,963.46 $1,253.33 $0.00 $0.00 $0.00 $0.00***-**9434 Subtotal:$1,710.13 $2,963.46 $1,253.33 $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:$44,285.06 $45,779.02 $1,253.33 $210.54 $0.00 $0.00 $30.09Non-Duty Disability***-**6678105964 Huffman, Lawrence W.0$2,016.40 $2,016.40 $0.00 $0.00 $0.00 $0.00 $0.00Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-354 of 88 ***-**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$4,299.60 $5,269.68 $0.00 $67.52 $902.56 $0.00 $0.00***-**8830 Subtotal:$4,299.60 $5,269.68 $0.00 $67.52 $902.56 $0.00 $0.00Occupational Disability Subtotal:$4,299.60 $5,269.68 $0.00 $67.52 $902.56 $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 $80.57Service***-**4555105963 Bahnsen, Mark C.0$4,779.12 $6,500.71 $0.00 $0.00 $0.00 $0.00 $999.95Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-455 of 88 105963 Benistar/Hartford 6795385$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$8,567.29 $11,439.78 $0.00 $80.62 $805.84 $0.00 $1,986.03***-**2533 Subtotal:$8,567.29 $11,439.78 $0.00 $80.62 $805.84 $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***-**2822120198 Clark, Gary E.0$6,766.53 $8,229.85 $0.00 $0.00 $0.00 $0.00 $1,463.32***-**2822 Subtotal:$6,766.53 $8,229.85 $0.00 $0.00 $0.00 $0.00 $1,463.32***-**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$5,441.13 $6,845.71 $0.00 $80.62 $743.64 $0.00 $580.32Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-556 of 88 ***-**1038 Subtotal:$5,441.13 $6,845.71 $0.00 $80.62 $743.64 $0.00 $580.32***-**9954117571 Erickson, Michael D.0$4,663.47 $5,025.34 $0.00 $0.00 $0.00 $0.00 $361.87***-**9954 Subtotal:$4,663.47 $5,025.34 $0.00 $0.00 $0.00 $0.00 $361.87***-**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$6,788.12 $8,056.67 $0.00 $0.00 $437.58 $0.00 $830.97***-**2243 Subtotal:$6,788.12 $8,056.67 $0.00 $0.00 $437.58 $0.00 $830.97***-**0972105957 Lindeman, William H.0$5,090.01 $5,541.29 $0.00 $0.00 $451.28 $0.00 $0.00***-**0972 Subtotal:$5,090.01 $5,541.29 $0.00 $0.00 $451.28 $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 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-657 of 88 ***-**3533105943 McEllin, Thomas J.0$2,455.80 $10,805.35 $143.02 $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 - Illinois386$852.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**3533 Subtotal:$9,908.73 $10,805.35 $143.02 $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 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-758 of 88 ***-**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 Co384$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$5,248.12 $5,995.71 $0.00 $37.27 $0.00 $0.00 $710.32Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-859 of 88 ***-**1446 Subtotal:$5,248.12 $5,995.71 $0.00 $37.27 $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$7,208.88 $9,099.76 $0.00 $80.62 $743.64 $0.00 $1,066.62***-**0884 Subtotal:$7,208.88 $9,099.76 $0.00 $80.62 $743.64 $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 Illinois387$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:$148,187.45 $176,564.83 $143.02 $279.13 $3,181.98 $2,553.10 $22,220.15Surviving 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 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-960 of 88 ***-**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 Di Iorio, 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$2,230.54 $2,953.16 $0.00 $0.00 $371.82 $0.00 $350.80***-**5979 Subtotal:$2,230.54 $2,953.16 $0.00 $0.00 $371.82 $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 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-1061 of 88 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:$27,638.07 $30,334.75 $0.00 $0.00 $371.82 $0.00 $2,324.86Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroSee Accountants' Compilation Report 10-1162 of 88 Batches 50915,51289Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date12/31/2021 RetroTotalsACH FlagPaymentsNet Payment TotalGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRO Deduct Federal TaxYesNo53457$226,978.60$2,044.44$229,023.04$262,641.71$0.00$262,641.71$1,396.35$0.00$1,396.35$557.19$0.00$557.19$4,456.36$0.00$4,456.36$2,553.10$0.00$2,553.10$24,655.67$0.00$24,655.67See Accountants' Compilation Report 10-1263 of 88 Check Invoice Check Date Number Vendor Name Amount Amount 10/05/21 50105 Sawyer Falduto Asset Management, LLC 52-190-01 3Q21 Investment Manager/Advisor Fee 18,027.00 Check Amount 18,027.00 10/07/21 30278 Reimer Dobrovolny & Labardi, PC 52-170-05 C2500 F27472 Legal Service 1,107.45 ACH Amount (Direct Deposit)1,107.45 10/22/21 50104 BMO Harris Bank 52-190-04 Harris Banking Fees 47.64 Check Amount 47.64 10/29/21 30279 Bestco Hartford 20-220-00 Medical Insurance - 10/21 4,335.36 ACH Amount (Direct Deposit)4,335.36 10/29/21 30280 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 10/21 1,396.35 20-220-00 Dental/Vision Insurance 557.19 Check Amount 1,953.54 10/29/21 30281 Internal Revenue Service 20-230-00 Internal Revenue Service 24,655.67 ACH Amount (Direct Deposit)24,655.67 11/11/21 30285 IPFA 52-290-25 #693 2021 Fall Conference Registration 130.00 Check Amount 130.00 11/22/21 50106 BMO Harris Bank 52-190-04 Harris Banking Fees 60.97 Check Amount 60.97 11/22/21 50107 Sawyer Falduto Asset Management, LLC 52-190-01 4Q21 Investment Manager/Advisor Fee 19,829.00 Check Amount 19,829.00 11/26/21 30286 Reimer Dobrovolny & Labardi, PC 52-170-05 C2500 F27588 Legal Service 317.61 ACH Amount (Direct Deposit)317.61 11/30/21 30282 Village of Oak Brook - Insurance 20-220-00 Dental/Vision Insurance 557.19 20-220-00 Medical Insurance - 11/21 1,396.35 Check Amount 1,953.54 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts October 1, 2021 - December 31, 2021 See Accountants' Compilation Report 11-1 64 of 88 Check Invoice Check Date Number Vendor Name Amount Amount 11/30/21 30283 Bestco Hartford 20-220-00 Medical Insurance - 11/21 4,335.36 ACH Amount (Direct Deposit)4,335.36 11/30/21 30284 Internal Revenue Service 20-230-00 Internal Revenue Service 24,655.67 ACH Amount (Direct Deposit)24,655.67 12/22/21 50108 BMO Harris Bank 52-190-04 Harris Banking Fees 40.34 Check Amount 40.34 12/31/21 30287 Bestco Hartford 20-220-00 Medical Insurance - 12/21 4,456.36 ACH Amount (Direct Deposit)4,456.36 12/31/21 30288 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 12/21 1,396.35 20-220-00 Dental Insurance 557.19 Check Amount 1,953.54 12/31/21 30289 Internal Revenue Service 20-230-00 Internal Revenue Service 24,655.67 ACH Amount (Direct Deposit)24,655.67 Total Payments 132,514.72 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts October 1, 2021 - December 31, 2021 See Accountants' Compilation Report 11-2 65 of 88 Registration Confirmation Order:671502 10/27/2021Entered: Jennifer Flores Lauterbach & Amen, LLP 668 N. River Road Naperville IL 60563 IPPFA Online Certified Trustee Program (2020) (17518)Fri 06/05/2020 - Sun 06/05/2022Start-End: Program Information: IPPFA Certified Trustee Program (2020) Course Login Instructions The IPPFA Online Learning Center is located at http://ippfa.niu.edu. Follow these steps to access your course the first time: Go to http://ippfa.niu.edu Click on the 'Create new account' button Enter the requested information and click the 'Create my new account' button You will receive an email with a link that you must click to confirm your Username Once you click this link, it will take you to the IPPFA Online Learning Center homepage. Click on your course link located on the left of the page. 1.You will be prompted to enter an enrollment key. This code must be entered exactly as you see it. (You will only need to enter this key once.) Your enrollment key is: Ai7_rrkgw Follow these steps to access your course any time after you have acquired your Username and Password: Go to http://ippfa.niu.edu Enter your Username and Password and click the 'Login' button Click on the Online Certified Trustee Program (2020) link located on the left in the “Available Courses” box. 1.You have forty-five (45) days tocomplete the course once accessing the online material. If you have any questions or problems accessing the Online Certified Trustee Program (2020), please send an email to cpesupportcenter@niu.edu Cancellation/Refund Policy: Requests to cancel must be received in writing via email or fax. Send to OutreachRegistration@NIU.edu or fax to 815-753-6900. CEM310 Page 1 of 2 NIU -- Non-Credit SQL (40), A1664028, 01/07/2022 4:21 PM 66 of 88 Registration Confirmation Order:671502 10/27/2021Entered: IPPFA Online Certified Trustee Program (2020) (17518)Fri 06/05/2020 - Sun 06/05/2022Start-End: A refund, less a $95.00 cancellation fee will be given to participants who have not begun the course. Once the online course has been accessed, NO REFUNDS will be issued. Participants have forty-five (45) days to complete the course once accessing the online material. If you have chosen to Pay Later on the payment page, make checks payable to NIU. Send your payment to Registration Office, Outreach Services, Northern Illinois University, DeKalb IL 60115. Thank-you for your registration! ChargesRegistrationRateUnits Collechia, Joe (Palos Hills Police) (00670856) Trustee Program Registration (Member 16 Contact Hours) 550.00 EA 1.00 EANew $550.00 Registration Options (All Registrant Types) 6/ 5 12:00 AM - 6/ 5 12:00 AM 0.00EA 1.00 EANew 0.00 McCarthy, Mike (Oak Brook Firefighters' Pension Fund) (00670858) Trustee Program Registration (Member 16 Contact Hours) 550.00 EA 1.00 EANew 550.00 Registration Options (All Registrant Types) 6/ 5 12:00 AM - 6/ 5 12:00 AM 0.00EA 1.00 EANew 0.00 Pencyla, Nemura (Oak Brook Firefighters' Pension Fund) (00670859) Trustee Program Registration (Member 16 Contact Hours) 550.00 EA 1.00 EANew 550.00 Registration Options (All Registrant Types) 6/ 5 12:00 AM - 6/ 5 12:00 AM 0.00EA 1.00 EANew 0.00 $1,650.00Total For Registration: Total Amount Due:$1,650.00 CEM310 Page 2 of 2 NIU -- Non-Credit SQL (40), A1664028, 01/07/2022 4:21 PM 67 of 88 ILLINOIS PROFESSIONAL FIREFIGHTERS ASSOCIATION 188 Industrial Drive, Suite 134 Elmhurst, IL 60126-1608 V 630-833-2405 F 630-833-2412 ipfa@aol.com www.ipfaonline.org SCHEDULED AS A LIMITED SEATING IN-PERSON EVENT 2021 FALL PENSION SEMINAR Friday - November 5th - Gold Shift 07:00–08:00 REGISTRATION Continental Breakfast and Exhibitors IFPIF UPDATE Updates concerning the progress of the Illinois Fire Pension Investment Fund and progress on investment asset consolidation. IPOPIF UPDATE Updates concerning the progress of the Illinois Police Officers Pension Investment Fund and progress on investment asset consolidation. CURRENT COURT DECISIONS Recent court decisions & other legal concerns impacting Article 3 and/or Article 4 Pension Funds. DISABILITY HEARING LOGISTICS A panel discussion on preparing for a disability hearing, including preliminary motions, testimony, and deliberations. CONSOLIDATION ISSUES Consolidation experiences by local boards and an update on consolidation litigation. YOUR LOCAL OPERATING FUND A method of determining local fund cash flow needs. How to develop a worksheet to assist in projecting future needs. Sources of information to compile historical data about your local fund. TRAUNCHES & CHANGES Article 4 asset transition traunches and recent Open Meeting Act changes. New service transfers for Article 3 and Article 4. PHYSICALS FOR DISABLED FUND PARTICIPANTS An explanation of the statutory requirements of annual physical exams concerning the continuation of a disability pension. POST TRANSITION TRUSTEE RESPONSIBILITIES Local Board responsibilities after investment asset transition. 2020 IDOI DATA 2020 local fund data as released by the Public Pension Division. What does it show? IPFA Members: $170.00 Non-Members: $220.00 Walk-Ins: $240.00 (Over for registration information) YOUR PENSION PROTECTORS THIS IS STILL AVAILABLE ONLINE 68 of 88 Did you know, IAFPD has Pension Training for Trustees? This program is one of the newest webinars available on demand. Article 4 Pension Developments & State Fund Consolidation Carolyn Welch Clifford Partner - Ottosen DiNolfo Hasenbalg & Castaldo, Ltd. The process of transferring the investments of local Article 4 pension funds to the state level continues. This program will provide an update regarding that process and how local funds can address the consolidation process at their level. This program was recorded at the 77th Annual Conference. Carolyn Welch Clifford has devoted her legal career to the representation of local governments in Illinois with a special emphasis on legal issues involving the fire service. In her practice, Ms. Clifford represents public pension funds, fire and police commissions, and fire protection districts. Ms. Clifford is actively involved in legal issues regarding the management of public pension funds and has extensive experience in handling disability pension matters from the initial hearing stage to appellate review. To download this program or view topics available, visit IAFPD’s Education page at iafpd.org/online-programs.html 69 of 88 June 24, 2020 Article 4 Trustee Training The 1st Article 4 Trustee Training session conducted on June 24th was recorded and is available for trustees who were unable to attend. The 2-hour training covers the background of the FPIF, Public Act 101-610, Ethics and Fiduciary Responsibilities and the upcoming FPIF 2020 Trustee Election. The training counts towards the 4-hour training requirement prescribed by Section 1-109.3 (a-5) of the Illinois Pension Code. Trustees may listen to the recording by registering at: https://fpif.webex.com/fpif/lsr.php?RCID=63d8172597c5473f9f6f5a70303fb22d Recording Password: Fpif2020 November 10, 2020 Article 4 Trustee Training The 2nd Article 4 Trustee Training session conducted on November 10, 2020 was recorded and is available for trustees who were unable to attend. The 2-hour training covers an update on FPIF operations, the statutory transition process and investment portfolio construction. The training counts towards the 4- hour training requirement prescribed by Section 1-109.3 (a-5) of the Illinois Pension Code. Trustees may listen to the recording by registering at: https://fpif.webex.com/fpif/lsr.php?RCID=466d64792d3a491abb3a89d6db550930 Recording Password: Fire2020 70 of 88 ^ϭϯϬϬDEdKZzϰ,KhZdZ/E/E' ŽĨĨĞƌĞĚďLJ/W&ŝŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚDŽƌĂŝŶĞsĂůůĞLJŽŵŵƵŶŝƚLJŽůůĞŐĞĂŶĚƚŚĞ,ŽŵĞǁŽŽĚ&ŝƌĞĨŝŐŚƚĞƌƐ͛ WĞŶƐŝŽŶ&ƵŶĚ͘ 2Q'HFHPEHU *RYHUQRU3ULW]NHUVLJQHG6HQDWH%LOOLQWRODZ$VSDUWRIWKLVOHJLVODWLRQ ³«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´ Course Information 7UDFNV 0DQGDWRU\ &DWHJRULHV )LUH3HQVLRQ)XQG7UDLQLQJ3ROLFH Course Instructor /DUU\0RUDQ0RGHUDWRU Register <($52)$&&(66 1RQ,3)$0HPEHUV IPFA Members <($52)$&&(66 $FWLYH5HWLUHG'LVDEOHGRU$VVRFLDWH ILLINOIS PROFESSIONAL FIREFIGHTERS ASSOCIATION ,QGXVWULDO'ULYH6XLWH(OPKXUVW,/ 3KRQH (PDLO VWDII#LSIDRQOLQHRUJ 71 of 88 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. 72 of 88 73 of 88 Oak Brook Firefighters' Pension Fund Board of Trustees Notice of Election Results October 2021 Special Election Retired Member All Ballots were opened and tallied at Lauterbach & Amen, LLP on December 20,202I with a total of 31 envelopes opened and29 Ballots counted with 2 Ballots being spoiled The results are as follows: Member of the Board of Trustees of the Oak Brook Firefighters' Pension Fund Three-Year Unexpired Term Expiring April 30r2024 Mark Bahnsen - l8 votes FrankRichter-6votes RobertMorton-5votes Prepared by:Date:\e\ara\ J Flores, Pension Services Administrator Witnessed by: Argumendo STATE OF ILLINOIS COUNTY OF Subscribed and Notary Public: before me on this date: \ Q.trotary Seal) ASHLEY WRAIGHT ' OFf ICIAL SEAL Notary Public, State of lllrnors My Commtsston ExPtres uBt 202? Elections conducted by Jennifer Flores, at Lauterbach & Amen, LLP 74 of 88 December 6, 2021 Sarie T. Lorence Sent via email: turner.sarie73@gmail.com RE: Creditable Service / “Reciprocity” Sarie Lorence: Regarding your request to combine your creditable service under 40 ILCS 5/4-109.3 between the Oak Brook Firefighters’ Pension Fund and the Schaumburg Firefighters’ Pension Fund, please be advised of the following: OAK BROOK FIREFIGHTERS’ PENSION FUND Your length of service with this Fund was 5 years, 0 months, 14 days (July 7, 2014 through July 20, 2019); Pursuant to statutes, all monies representing the repayment of your contribution refund plus interest (if applicable) and the payment of the additional 1% contribution plus interest have been paid in full; Your final pensionable salary with Oak Brook was $85,123.38. SCHAUMBURG FIREFIGHTERS’ PENSION FUND Your date of hire with this Fund is July 23, 2019; The additional 1% contribution is being withheld directly from your paycheck by the Village; Please do not hesitate to contact me at (630) 393-1483 should you have any questions. Cordially, Anie M. Wascher Lauterbach & Amen, LLP CC: Oak Brook Firefighters’ Pension Fund Schaumburg Firefighters’ Pension Fund 75 of 88 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Bahnsen, Mark C.Service 6,500.71 195.02 6,695.73 80,348.76 Bodony, James G.Service 11,439.78 343.19 11,782.97 141,395.64 Brazel, John T.Service 9,354.52 280.64 9,635.16 115,621.92 Clark, Gary E.Service 8,229.85 0.00 8,229.85 98,758.20 Clark, Ruth A.Spouse 4,963.93 0.00 4,963.93 59,567.16 Cote, Mary A.Spouse 4,090.96 0.00 4,090.96 49,091.52 Cronholm, Robert R.Service 6,651.88 199.56 6,851.44 82,217.28 DeWitt, Charles W.Duty Disability 5,644.87 95.14 5,740.01 68,880.12 Di Iorio, Margaret Spouse - NT 2,846.72 0.00 2,846.72 34,160.64 Ekkert, Clifford A.Service 6,845.71 205.37 7,051.08 84,612.96 Erickson, Michael D.Service 5,025.34 150.76 5,176.10 62,113.20 Fleishman, Mark L.Service 5,873.96 176.22 6,050.18 72,602.16 Garrigan, William Duty Disability - T 5,663.42 119.65 5,783.07 69,396.84 Grodek, Margaret A.Spouse 3,742.15 0.00 3,742.15 44,905.80 Harris, Scott B.Duty Disability - T 5,274.94 106.92 5,381.86 64,582.32 Horn, Arthur W.Duty Disability 3,320.36 48.59 3,368.95 40,427.40 Huffman, Lawrence W.Non-Duty Disability 2,016.40 24.20 2,040.60 24,487.20 Jacobs, Paul R.Duty Disability 3,852.39 0.00 3,852.39 46,228.68 Jacobs, Adam - Dep. # 4 Duty Disability 30.28 0.91 31.19 374.28 Jacobs, Jayson - Dep. # 5 Duty Disability 30.28 0.91 31.19 374.28 Jacobs, Logan - Dep. # 3 Duty Disability 30.28 0.91 31.19 374.28 Kovarik, Joseph Service 8,056.67 241.70 8,298.37 99,580.44 Lindeman, William H.Service 5,541.29 166.24 5,707.53 68,490.36 Lundahl, Roberta M.Spouse - NT 2,994.94 0.00 2,994.94 35,939.28 Mager, Arthur C.Service 6,274.65 188.24 6,462.89 77,554.68 McEllin, Thomas J.Service 10,805.35 324.16 11,129.51 133,554.12 Meyers, Gail C.Spouse - NT 4,070.43 0.00 4,070.43 48,845.16 Morton, Robert J.Service 9,444.60 283.34 9,727.94 116,735.28 Mylin, Robert P.Duty Disability 2,271.47 27.41 2,298.88 27,586.56 Naus, Gary Duty Disability - T 5,674.97 115.03 5,790.00 69,480.00 Nielsen, Robert D.Service 8,233.25 247.00 8,480.25 101,763.00 O'Rourke, William T.Service 4,310.82 129.32 4,440.14 53,281.68 Petter, Raymond H.Occupational Disability 5,269.68 84.54 5,354.22 64,250.64 Pine, Joanne F.Spouse - NT 4,672.46 0.00 4,672.46 56,069.52 Richter, Frank H.Duty Disability 4,646.12 92.31 4,738.43 56,861.16 Robertson, Robert V.Service 5,954.31 178.63 6,132.94 73,595.28 Schoppe, Mark S.Service 7,019.69 210.59 7,230.28 86,763.36 Schultz, Dennis M.Service 6,624.27 198.73 6,823.00 81,876.00 Sittig, Daryl L.Service 7,487.26 224.62 7,711.88 92,542.56 Smyth, Sean F.Duty Disability 1,855.59 0.00 1,855.59 22,267.08 Oak Brook Firefighters' Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2022 Page 1 76 of 88 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Oak Brook Firefighters' Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2022 Stanfa, Thomas P.Service 7,778.01 233.34 8,011.35 96,136.20 Templin, Charles E.Service 5,995.71 179.87 6,175.58 74,106.96 Vassios, Theodore W.Service 5,880.81 176.42 6,057.23 72,686.76 Vassios, Theodore W. - QILDRO QILDRO 1,493.24 44.80 1,538.04 18,456.48 Watkins, Garry R.Duty Disability 2,963.46 1,600.27 4,563.73 54,764.76 Watkins, Joseph - Dep. # 3 Duty Disability 33.09 0.99 34.08 408.96 White, Jennifer M.Duty Disability 4,611.43 0.00 4,611.43 55,337.16 Weis, Konrad R.Service 9,099.76 272.99 9,372.75 112,473.00 Zamboni, James F.Service 5,583.53 167.50 5,751.03 69,012.36 Zamboni, James F. - QILDRO QILDRO 1,059.86 31.80 1,091.66 13,099.92 Totals 257,135.45 7,367.83 264,503.28 3,174,039.36 Page 2 77 of 88 Amount of New Monthly Reason Date Change Benefit Watkins, Garry R.Initial Increase 1/1/2022 1,600.27 4,563.73 Jacobs, Logan - Dep. # 3 Benefits Cease 2/1/2022 (31.19)0.00 Clark, Gary E.Initial Increase 6/1/2022 246.90 8,476.75 Watkins, Joseph - Dep. # 3 Benefits Cease 6/1/2022 (34.08)0.00 Smyth, Sean F.Initial Increase 1/1/2024 1,725.70 3,581.29 Jacobs, Adam - Dep. # 4 Benefits Cease 4/1/2024 (33.09)0.00 Jacobs, Jayson - Dep. # 5 Benefits Cease 4/1/2024 (33.09)0.00 Jacobs, Paul R.Initial Increase 1/1/2025 1,964.72 5,817.11 White, Jennifer M.Initial Increase 1/1/2035 2,766.86 7,378.29 1.None Notes Oak Brook Firefighters' Pension Fund Summary of Benefit Changes and Notes Effective as of January 1, 2022 Pensioner Page 3 78 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 1 Volume 23, Issue 1, January 2022 Legal and Legislative Update Police Consolidation Board Announces Asset Transfer Dates On December 20, 2021, the Police Officers’ Pension Investment Fund (POPIF) advised all Article 3 funds of their asset transfer date. Assets will be transferred in three stages on either March 1, April 1, or May 2, 2022. Individual boards should refer to the correspondence received from POPIF for the specific date on which its funds will be transferred. Included with the notice from POPIF was an instruction letter, draft resolution appointing authorized agents, and draft notice to custodians for consideration and execution by the local Article 3 funds. Execution of the Resolution attached to the POPIF correspondence as Exhibit A requires pension board action and should be added to the agenda for review, consideration, and potential approval at your Fund’s first quarter meeting. As noted in the instruction letter received from POPIF, once executed a copy of the resolution should be sent to POPIF and notice of the same sent to the local fund’s custodian and In This Issue… 1 Police Consolidation Board Announces Asset Transfer Dates 2 Police Officers’ Pension Investment Fund Update 2 Fire Consolidation Board Updates 4 Consolidation Lawsuit Update 4 Pension Board Still Have Remote Meeting Option 5 Court Implores Legislature to Re-write Indecipherable Portions of the Pension Code 6 QILDRO Calculation Only Includes Periods of Creditable Service 7 Pension Board Finding of No Disability Against the Manifest Weight of the Evidence 8 Firefighters’ Alleged Pre-employment Fraud Does Not Preclude Disability Benefits 10 RDL News 79 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 2 investment professionals. We recommend Authorized Agents appointed by Article 3 Funds be a pension board trustee and preferably a signer on the fund’s custody accounts. Of course, one of the issues to be addressed with the impending transfer of assets is how local funds will continue to pay benefits and other expenses. Local police pension funds should formulate, adopt, and implement a written cash management policy prior to their funds transfer date. While the POPIF has not yet provided guidelines for a cash management policy, as was the case with the firefighters’ transfer, it is anticipated local police pension funds will need to hold at least three months benefits and expenses in a local account. How cash is drawn after this initial period has yet to be determined. Local funds should consult with their accountants, treasurer, and payroll administrator to create and adopt a policy best suited to their needs. Once these details are worked out, your RDL attorney will be happy to assist in making recommended changes to any template cash management policy. This policy should be adopted and implemented prior to the receipt of a certified asset list which should occur no later than 10 business days prior to your fund’s transfer date although it may occur earlier. “Discussion/adoption of Cash Management Policy” should also be added to your first quarter meeting agendas. The announcement of transfer dates is the first step in what will be many in the near future implementing the consolidation of all Article 3 pension fund assets. Developments are expected to continue to occur quickly in this area in the near future. We will continue to keep funds up to date on any new developments. In the meantime, please do not hesitate to contact your RDL attorney should you have additional questions. Police Officers’ Pension Investment Fund Update Since our last newsletter, significant developments have occurred at the Illinois Police Officers’ Pension Investment Fund (IPOPIF). The IPOPIF has now adopted a number of new administrative rules pertaining to asset transfer and approved an Investment Policy Statement. All of these documents may be found on the IPOPIF website. IPOPIF also hired Foster & Foster to provide actuary services. Most significantly, IPOPIF has announced three tranches to begin transfer of assets from Article 3 funds. Depending on your Fund, assets will transfer on March 1, April 1, or May 2, 2022. Correspondence from IPOPIF was sent to all Article 3 funds on December 20, 2021 announcing your Fund’s transfer date and providing additional instructions and actions to be taken in anticipation of that event. Please see the article included elsewhere in this newsletter for additional details on asset transfer. Any additional updates may be found on the Fund’s website at https://www.ipopif.org/ One final reminder; please recall Reimer Dobrovolny & LaBardi PC serve as general counsel for the IPOPIF. Fire Consolidation Board Updates By the time you read this newsletter, most Article 4 fund assets in the State will have been transferred to the Firefighters’ Pension Investment Fund (FPIF). You may recall the initial schedule for transfer of assets was October 1, 2021, November 1, 2021, December 1, 2021, or January 4, 2022. Funds that did not timely complete the required paperwork were moved to either a February or 80 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 3 April 2022 transfer date. Correspondence to these funds from FPIF also informed them they are considered in violation of the Pension Code and reported the same to the Department of Insurance. The FPIF also recently adopted actuary assumptions which will be used in it’s computation for actuary reports for all Article 4 funds. Among other assumptions, FPIF elected to use an actuarial rate of return of 7.125%. This is significantly higher than the rate of return assumptions presently used by most Article 4 funds or the Department of Insurance which employs a 6.5% as the maximum rate of return assumption for the largest and most well-funded Article 3 and 4 funds. For most Article 4 funds, this will likely decrease the employer contribution. Article 4 funds that transferred October 1 have also received their first account statement from FPIF which curiously have no accounting of fees or expenses. Presumably these will be reflected on future statements received by funds. As a reminder to funds that have not yet transferred or those funds who have not completed all the steps needed to begin management of benefits at the local level without ready access to assets, by this time all funds should have approved and executed the draft resolution appointing authorized agents. During this process and as a guidepost to future transfer date funds, it was determined individuals appointed as authorized agents should also be signers on the fund’s custody account. Following these preliminary documents, funds were asked to execute a letter of direction (LOD) giving authority to share information with FPIF and, ultimately, transfer their assets upon receipt of the transferable asset list. An important change to these LODs was made by RDL attorneys splitting the single LOD into two separate LODs. The first LOD authorized information sharing while the second LOD authorized transfer of the assets after receipt and review of the transferable asset list by the fund. Without this change, the funds were being asked to approve transfer of assets appearing on a list that had yet to be generated or reviewed by the local fund. This has already proven valuable as some funds have identified errors in the transferable asset list received from FPIF. Most funds should also have been sent paperwork to open the electronic portal between the local fund and Northern Trust as custodian for FPIF. This will allow money to flow both to and from FPIF. Finally, at this point all Article 4 funds should have adopted or at least discussed how they will continue to pay benefits and other expenses post- consolidation. “Discussion/adoption of Cash Management Policy” should be added to agendas for funds that have not yet addressed this issue inasmuch as this policy must be adopted prior to receipt of the certified asset list which will occur approximately two weeks prior to your fund’s transfer date. Local firefighter pension funds should formulate, adopt, and implement a written cash management policy prior to their funds transfer date. While the FPIF has provided guidelines for a cash management policy on it’s website (https://ifpif.org/policies-publications/), each fund’s needs are unique. The FPIF guidelines suggest keeping at least three months benefits and expenses in a local account. It should also be noted, local funds will not be able to call on assets transferred to FPIF for 60 days following the initial transfer of assets. According to the policy adopted by FPIF, following this initial period, local funds may request cash on a monthly basis. Local funds should consult with their accountants, treasurer, and payroll administrator to create and adopt a policy best suited to their needs. Once these details are worked out, your RDL attorney will be happy to assist in making recommended changes to any template cash management policy. 81 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 4 As we go deeper into this never before attempted process, please do not hesitate to contact your RDL attorney with any questions. Consolidation Lawsuit Update Arlington Heights Police Pension Fund, et al. v. Governor Jay Robert “J.B.” Pritzker, et al. Kane Co. Case No. 2021 CH 55 As reported in prior RDL newsletters, on February 23, 2021, a lawsuit was filed in Kane County challenging the Pension Consolidation Act. Since our last newsletter, on November 10, 2021 the Court heard argument on cross-motions for summary judgment and class certification. Following a lengthy oral argument, the Court took the matter under advisement. At the time of this writing, no ruling has been issued. A ruling on the cross motions for summary judgment would likely finally resolve this matter at the Circuit Court level. In the event the Circuit Court found any portion of the Act unconstitutional, a direct appeal may be filed with the Illinois Supreme Court. In the event the Court finds the Act constitutional, any appeal would follow the usual procedure and be filed in the Second District Appellate Court in Elgin. We continue to daily monitor this case for any additional activity. Updates may be checked at the Kane County Circuit Clerk under No. 21-CH- 000055. As a reminder, RDL serves as general legal counsel for the Consolidated Police Board and some of the Plaintiff pension boards. In a situation such as this where two or more clients of the firm are suing one another, RDL is conflicted out and is not involved in any fashion in this litigation nor can we give legal opinion on the same. Pension Boards Still Have Remote Meeting Option As we have all become aware over the course of the pandemic, permanent amendments to the Open Meetings Act have been enacted in response to the necessity to hold public meetings during the ongoing Coronavirus pandemic. On December 10, 2021, Governor Pritzker signed the most recent Gubernatorial Disaster Proclamation which remains in effect through January 9, 2022. Given the recent increase in cases, it is anticipated this most recent order will be renewed upon expiration. Those who have been following this issue will note the Governor has been issuing 30-day disaster proclamations in succession since March 2020. While recent proclamations have eliminated the finding attendance at the regular meeting location is “not feasible”, this finding may still be made by pension board presidents. As a reminder, the “feasibility” portion of the OMA in this context pertains to how the public attends/participates. If a pension board continues to find in-person attendance at the regular meeting location “not feasible”, that finding should be included on the agenda and the public should be given the opportunity to attend and comment via whatever remote means the public body employs. As a refresher, the recent amendments to the Open Meetings Act allow a public body the option to hold meetings via phone, video, or other electronic means without the physical presence of a quorum under the following conditions: 1) The Governor or Illinois Department of Public health has issued a disaster declaration covering all or part of the jurisdiction of the public body. 82 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 5 2) The head of the public body determines an in-person meeting is not practical or prudent because of a disaster. 3) All members of the public body participating in the meeting must verify they can hear one another and all discussion or testimony. 4) Members of the public present at the regular meeting location can hear all discussion or testimony and all votes taken unless attendance at the regular meeting location is not feasible due to the disaster. If in-person attendance by the public is not feasible, the public body must provide alternative means for the public to hear the meetings such as using a telephone or web-based link. 5) At least one member of the public body, chief legal counsel, or chief administrative officer is physically present at the regular meeting location, unless not feasible because of the disaster. 6) All votes must be conducted by roll call of each member. 7) Notice must continue to be posted at least 48 hours’ in advance of the meeting. 8) The public body must keep a verbatim record in the form of an audio or video recording of meetings held in this manner. Court Implores Legislature to Re-write Indecipherable Portions of the Pension Code Robbins v. The County Employees’ & Officers’ Annuity & Benefit Fd. of Cook Co., et al., 2021 IL App (1st) 192142 The Court considered whether a recent retiree qualified for a cost of living increase (COLA) under Article 9 of the Pension Code. Initially, the Court made some interesting comments about the confusing nature of the Pension Code and the lack of clarity in the legislature’s drafting. Noting that even judges and lawyers have great difficulty understanding and interpreting many provisions of the Code, the opinion’s first few paragraphs constitute a public service announcement for the legislature to redraft portions of the Pension Code. As for the merits, the Court’s opinion provides an analysis of when a recent retiree receives a COLA. The retiree filed for and formally retired before reaching at age 59, but then turned 60 before receiving her annuity benefit. Prior to her retirement, she was advised by a co-worker that she would receive the COLA adjustment on January 1st of the next year if she retired at age 59. However, both the fund and the board found otherwise. The Appellate Court agreed with the fund and the board. In doing so, the Court interpreted and cross- referenced sections 9-134, 9-127, and 9-133 of the Pension Code, concluding that a retiree is not “on annuity” until she was actually receiving her annuity benefit. Since the retiree was 60 when she started receiving her benefit, despite officially retiring at age 59, she was “on annuity” at that time and did not qualify for a COLA on the subsequent January 1st. Essentially, a retiree would have to retire and receive her benefit before age 60 in order to receive the adjustment the following year. 83 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 6 While this case involves an interpretation of Article 9 of the Pension Code, it does serve as a good reminder the legislative wordsmiths tasked with drafting the Pension Code did not always make clear the benefit structure for members. Even the Appellate Court sometimes has difficulty interpreting and applying what the Legislature has wrought. Counsel experienced in pension matters is vital to addressing the complicated issues arising under the Pension Code. QILDRO Calculation Only Includes Periods of Creditable Service In re Marriage of Wehr, 2021 IL App (2d) 200726 In the setting of a divorce case, a Qualified Illinois Domestic Relations Order (QILDRO) is a court order needed to divide a pension benefit between the divorcing parties. QILDRO’s are a creation of the Pension Code and provide a form for both the QILDRO and QILDRO calculation order. (See 40 ILCS 5/1-119). In the case where a percentage of a retirement benefit is awarded to the non-member (alternate payee), a calculation order is needed to set the dollar amount payable to the alternate payee. One of the parties to the divorce in this case was a participant in IMRF. The parties entered a Marital Settlement Agreement (MSA) dissolving their marriage and, among other things, ordered a QILDRO be entered dividing the IMRF pension. The MSA contemplated a QILDRO dividing the benefit using a formula considering the number of months married while a plan participant. Implementing the terms of the MSA, the parties entered a form QILDRO provided by IMRF. Using the form QILDRO and calculation order, the ex-spouse entered orders indicating she was due $821.31 per month. After consideration of the formula, the member contented he should only be paying $459.31 per month. The issue and difference in calculations stemmed from the phrase “while a plan participant”. In this case, the former IMRF member had two periods of service during the marriage. First from March 1982 – May 2007 and then again from May 2015-April 2019. While his total IMRF service was 29 years 6 months, because of the break in IMRF service not all of this time was accrued during the marriage. The member contended the ex-spouse was only eligible for benefit based on service accrued during the marriage while the ex- spouse argued the member continued to be a “plan participant” during the entire duration of the marriage regardless of whether he was actively participating in IMRF. The Circuit Court agreed with the ex-spouse and awarded the higher benefit to her based on the entire amount of IMRF service. The Appellate Court disagreed and ordered the QILDRO be based only on the amount of service in IMRF accrued during the marriage. While the member had 29 years 6 months of total IMRF service credit, only 10 years 8 months occurred the marriage. Interpreting what it meant to be a “plan participant”, the Appellate Court found he member was not a “plan participant” when not accruing benefits. The time during which he had no service, made no contributions, nor accrued additional service credits did not constitute time during which he was a plan participant. As such, the QILDRO calculation based on 10 years 8 months resulting in a payment to the alternate payee of $459.31 per months was correct and the Circuit Court erred in using the dictionary definition of “participant” resulting in the higher award. 84 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 7 While any QILDRO or calculation order should be provided to your pension attorney for review and approval prior to implementation by your Fund, by statute the calculations are the responsibilities of the parties. The Fund must accept them even if incorrect. As such, diligence by the parties to the divorce case here corrected the error by the Circuit Court in awarding a higher benefit to the alternate payee. Pension Board Finding of No Disability is Against the Manifest Weight of the Evidence Girot v. Bd. of Trustees of the Braidwood Police Pension Fd., 2021 IL App (3d) 200008-U Prior to being hired as the Braidwood Police Chief, Girot had been a Will County Deputy for 22 years. As a Will county Deputy, Girot sustained a number of injuries, one of which involved a finding from the worker’s compensation commission he had a permanent disability to his left leg. He started a four year term as chief in Braidwood in April of 2011. Three relevant incidents occurred shortly thereafter. In July of 2011, Girot tripped on the concrete outside the station injuring himself. In January of 2012, Girot received a total left knee replacement to alleviate symptoms from knee injuries suffered prior to becoming chief. This surgery led to him develop another condition known as complex regional pain syndrome (CRPS). In October of 2012, he again tripped on the concreate outside the station injuring himself. Girot filed an application for line-of-duty disability benefits in April of 2015, seven days before his last day of duty. He cited the trip and fall incidents outside the PD indicating they occurred while he was performing his duties as police chief thus entitling him to a line-of-duty pension. At hearing the application was amended to include a request for a not-on-duty pension in the alternative. Medical opinions found Girot was disabled due to his CRPS and the opioid medications he was required to take for associated pain. Medical opinions did not find a link between the two trip and fall incidents and Girot’s disability. Following a hearing, the Board denied all claims for disability benefits, finding the chief was no less disabled when he left Braidwood than when he started. The Board found no link between the trip and fall incidents and disability as any disability was due to his CRPS and corresponding treatment. Furthermore, at the time of the trip and fall incidents, the chief was not acting in any capacity that would constitute an “act of duty”. Finally, the Board found Girot’s disability did not necessitate his retirement or suspension from duty because he actually completed his four-year term. On review, both the Circuit Court and Appellate Court disagreed with the Pension Board and awarded Girot a not-on-duty disability pension. The Court explained that medical evidence in the record all concurred that Girot was disabled from CRPS as well as the medications needed to treat it. Therefore, the Boards decision on disability was against the manifest weight of the evidence. With respect to the Board’s finding that Girot was not retired or suspended from duty due to the disability, the Court disagreed. The Court relied on Batka v. Board of Trustees of the Village of Orland Park Police Pension Fund, 186 Ill. App. 3d 715, 722 (1989), which previously interpreted the statute to mean “the plaintiff’s disability rendered him unfit for duty”. The Court pointed out Girot was unfit for duty due to his medications and further had a Deputy Chief appointed to assist him. 85 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 8 Firefighters’ Alleged Pre- employment Fraud Does Not Preclude Disability Benefits The Village of Roselle v. The Board of Trustees of the Roselle Firefighters’ Pension Fund and Ryan Case, 2021 IL App. (2d) 200360 Ryan Case began his firefighting career in 2002 and worked for various departments until he was hired by the Roselle Fire Department in 2015. Prior to his appointment to the Fire Department, Case suffered various back ailments treated conservatively with muscle relaxers. During the Fire Department’s pre- employment process, Case completed pre- employment medical questionnaires and physical examinations during which he denied or omitted his well-documented history of back issues. Nonetheless, he passed said examinations and the Village hired him as a firefighter. In 2016, while on duty and preparing for a fire department open house, Case injured his back carrying cases of water bottles in preparation for the event. Case was completing this task under the station maintenance rules of the Fire Department and orders from a superior officer. Case applied for a line of duty disability and was found disabled by three (3) independent medical examiners as the result of the water carrying incident. During the disability process, evidence came to light suggesting Case may not have completely disclosed his prior medical issues to the Fire Department during the preemployment process. The IME physicians were provided additional records which did not alter their opinions as to Case’s disability and its cause. After two (2) hearings, the Pension Board found Case disabled by an act of duty and awarded him a line of duty disability pension. The Village filed a complaint for administrative review alleging Case was not disabled from an act of duty and that he became a member of the Fire Department through deception and fraud by concealing prior and ongoing back problems. The circuit court reversed the Pension Board’s decision concluding Case was not injured during an act of duty and the Pension Board’s determination it lacked authority to deny Case benefits after finding out he was untruthful at the time of hire was contrary to law. The circuit court ruled Case was not entitled to any benefit and further ordered the Pension Board to recoup any payments made to Case. On appeal, the Second Appellate District Court addressed two issues. First, whether a pension board can deny a duty disability pension application based on preemployment misrepresentations; and second, whether Firefighter Case’s injury occurred while performing an “act of duty.” The Court found the plain and ordinary reading of Section 4-110 (line of duty disability pension) restricts pension boards to consideration of only whether a firefighter “shall be entitled to a [duty] disability pension” if he or she “as the result of sickness, accident or injury incurred in or resulting from the performance of an act of duty *** is found *** to be physically or mentally permanently disabled from service in the fire department” and whether there is a causal link between the disabling injury and an act of duty.” Whether a firefighter misrepresented his fitness for duty at the time of hire is not properly considered by the Pension Board in determining whether he is disabled. The Appellate Court concluded objective medical imagining established a disabling condition did not exist before his appointment and the disabling event was unrefuted. As such, with the clear 86 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 9 objective evidence of the disabling injury, its cause and the unanimous findings of the IME’s, the Court found the Board did not err in declining to consider the preemployment misstatements. Confronting the Village’s contention it was the pension board’s fiduciary duty to screen out Case’s claim as unqualified or fraudulent, the Court reiterated that a pension board’s fiduciary duties under Section 4-110 do not give it authority or license to act as an investigative or prosecutorial body with respect to preemployment misstatements. However, the Court advised boards are not without recourse if disability applicants are later convicted of a felony in connection those alleged untruths. Finally, the Court turned to the central issue, whether Case was performing an act of duty when he suffered his disabling injury. Here, the Village relied on Frisby, 2018 IL App (2d) 180218), a pre- shift slip and fall, to argue an “act of duty” under Section 6-110, as adopted by courts in Article 4 cases, must be undertaken for the purpose of saving life or property. The Court noted the Village clearly misread Frisby’s holding and reiterated if a firefighter’s on-duty action was required by law or fire department regulations, it would qualify as an act of duty regardless of whether it was undertaken for the purpose of saving life or property. In summary, a firefighter may prove an act of duty by showing they were performing (1) “any act imposed on an active fireman by the ordinances of a city”, OR (2) any act imposed by “by the rules and regulations of its fire department,” OR (3) “any act performed by an active fireman while on duty, having for its direct purpose the saving of the life or property of another person.” 40 ILCS 5/6-110. Here, Case was not required to prove his action was taken to protect life or property. Because he was acting pursuant to the order of a superior and the rules of the department, he was performing an act of duty when injured. As such, the Court reversed the circuit court’s judgment and affirmed the board granting Case a line of duty disability. Suggested Agenda Items for April (or 2nd Quarter) • Rebalance portfolio to conform with statutory asset allocation prior to close of fiscal year. • Election of active/retired/disabled Trustees. • Review and/or modification of Board’s investment policy. • Authorize preparation of annual Department of Insurance Report. • Authorize payment of annual Department of Insurance Compliance Fee. • Status of independent audit report. (Due within 6 months of close of fiscal year beginning with F.Y. 2016). • Review and/or modification of Board’s Administrative Rules and Regulations. • Annual filing of statement of economic interest statements for each Trustee. 87 of 88 © 2021 REIMER DOBROVOLNY & LABARDI PC 10 REIMER DOBROVOLNY & LABARDI PC NEWS _______________________________________________ Legal and Legislative Update Volume 23, Issue 1, January 2022 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. • RDL partner Rick Reimer will present at the IPPFA Certified New Trustee Training on March 14, 2022. • RDL partner Rick Reimer was a guest speaker at the Illinois Public Employers Labor Relations Assoc. (IPELRA) seminar on December 10, 2021. • RDL partners Rick Reimer & Brian LaBardi presented at the IPPFA Illinois Pension Conference held both virtually and in person in Oak Brook from September 29-October 1, 2021. • RDL partner Brian LaBardi presented at the IPFA Spring Pension Seminar November 5, 2021. 88 of 88