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Agenda Packet - 07/20/2023 - Firefighter's Pension Fund BoardVILLAGE OF OAK BROOK BOARD OF TRUSTEES, FIREFIGHTERS’ PENSION FUND WEST WING CONFERENCE ROOM OF THE BUTLER GOVERNMENT CENTER 1200 OAK BROOK ROAD OAK BROOK, IL 60523 630-368-5000 In accordance with the provisions of the Americans with Disabilities Act, any individual who is in the need of a reasonable accommodation in order to participate in or benefit from attendance at this public meeting should contact the Butler Government Center (Village Hall), at (630) 368 -5010, or for TDD response (630) 990-2131, as soon as possible before the meeting date. NOTICE OF A REGULAR MEETING OF THE OAK BROOK FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES The Oak Brook Firefighters’ Pension Fund Board of Trustees will conduct a regular meeting on Thursday, July 20, 2023 at 9:00 a m. in 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.April 13, 2023 Regular Meeting b.Semi-Annual Review of Closed Session Meeting Minutes 6.Investment Report a.Sawyer Falduto Asset Management, LLC Investment Performance Report b.FPIF – Marquette Associates i.Statement of Results 7.Accountant’s Report – Lauterbach & Amen, LLP a.Monthly Financial Report b.Presentation and Approval of Bills c.Additional Bills, if any i.FYE 12/31/2021 Audit Fee d.Review/Update – Cash Management Policy 8.Trustee Training Updates a.Approval of Trustee Training Registration Fees and Reimbursable Expenses 9.Communications and Reports a.Active Member File Maintenance 10.Applications for Membership/Withdrawals from the Fund 11.Applications for Retirement/Disability Benefits a.Deceased Pensioner – Charles Templin/Approve Surviving Spouse Benefits – Susan Templin b.Conversion from Non-Duty Disability to Regular Retirement Benefit – Charles DeWitt 12.Old Business a.IDOI Annual Statement b.Fiduciary Liability Insurance Renewal c.Affidavit of Continued Eligibility – Lindeman 13.New Business a.Review/Approve – Actuarial Valuation and Tax Levy Request b.Review/Adopt – Municipal Compliance Report c.Board Officer Election – President d.FOIA Officer and OMA Designee e.Application for Disability – Tom Sinclair 14.Attorney’s Report – Reimer Dobrovolny & LaBardi PC a.Legal Updates b.Review/Approve – Attorney Fee Increase 15.Closed Session, if needed 16.Adjournment 1 of 84 2 of 84 Oak Brook Firefighters’ Pension Fund Meeting Minutes – April 13, 2023 Page 2 of 3 ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the two-month period ended February 28, 2023 prepared by L&A. As of February 28, 2023, the net position held in trust for pension benefits is $31,419,946.69 for a change in position of $1,127,857.05. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and Vendor Check Report for the period December 1, 2022 through February 28, 2023 for total disbursements of $1,036,041.45. A motion was made by Trustee Fagan and seconded by Trustee McCarthy to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $1,036,041.45. Motion carried by roll call vote. AYES: Trustees Fagan, Bahnsen, McCarthy, Lamplot and Ebsen NAYES: None ABSENT: None Additional Bills, if any: There were no additional bills presented for approval. Review/Update – Cash Management Policy: The Board discussed the Cash Management Policy and determined that no changes are required at this time. TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses presented for approval. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: L&A informed the Board that third request Affidavits of Continued Eligibility were mailed to the outstanding pensioners via certified mail on March 22, 2023 and a due date of April 5, 2023. To date, one affidavit remains outstanding. The Board authorized L&A to follow up with the outstanding pensioner. Updates will be provided to the Board as they become available. Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2023. 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 Benefits – Shawn Swagler: The Board reviewed the regular retirement benefit calculation for Shawn Swagler. Firefighter/Paramedic Swagler had an entry date of February 15, 1993, retirement date of March 4, 2023, effective date of pension of March 5, 2023, 56 years old at date of retirement, 30 years of creditable service, applicable salary of $105,343.69, applicable pension percentage of 75%, amount of originally granted monthly pension of $6,583.98 and amount of originally granted annual pension of $79,007.76. A motion was made by Trustee Lamplot and seconded by Trustee Bahnsen to approve the regular retirement benefits for Shawn Swagler calculated by L&A. Motion carried by roll call vote. AYES: Trustees Fagan, Bahnsen, McCarthy, Lamplot and Ebsen NAYES: None ABSENT: None OLD BUSINESS: There was no old business to discuss. 3 of 84 Oak Brook Firefighters’ Pension Fund Meeting Minutes – April 13, 2023 Page 3 of 3 NEW BUSINESS: Certify Board Election Results – Active Member Position: L&A conducted an election for one of the active member positions on the Oak Brook Firefighters’ Pension Fund Board of Trustees. Rob Ebsen ran unopposed and was elected for a three-year term expiring April 30, 2026. A motion was made by Trustee Fagan and seconded by Trustee McCarthy to certify the active member election results. Motion carried unanimously by voice vote. Board Officer Election – Secretary: The Board discussed the position of Board Secretary and nominated Trustee Ebsen. A motion was made by Trustee Fagan and seconded by Trustee Lamplot to elect Trustee Ebsen as stated. Motion carried unanimously by voice vote. IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. Review Letter of Credit: The Board reviewed the Federal Home Loan Bank of Chicago Letter of Credit for the Oak Brook Firefighters’ Pension Fund. No further action is needed at this time. Discussion/Possible Action – Authorized Agents and Account Representatives for FPIF: The Board reviewed the Authorized Agents and Account Representatives for FPIF. A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to remove Gino Picciola as an Authorized Agent for the Oak Brook Firefighters’ Pension Fund and to add Rob Ebsen. Motion carried unanimously by voice vote. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board was provided with the Legal and Legislative Update quarterly newsletter from Reimer Dobrovolny & LaBardi PC. QILDRO – David Kornfiend: The Board noted that QILDRO documentation has been received for David Kornfiend and placed on file for execution upon his retirement. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Fagan and seconded by Trustee Lamplot to adjourn the meeting at 9:49 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for July 20, 2023 at 9:00 a.m. Board President or Secretary Approved by the Board of Trustees on _______________________ Minutes prepared by Molly Weslow, Pension Services Administrator, Lauterbach & Amen, LLP 4 of 84 5 of 84 Table of Contents Cash Flow and Performance Review ............................................................................................................................................................................... 3 Portfolio Value vs Cumulative Net Investment ............................................................................................................................................................... 4 Holdings ........................................................................................................................................................................................................................... 5 Transactions .................................................................................................................................................................................................................... 6 Market Commentary ....................................................................................................................................................................................................... 7 Oak Brook Firefighters' Pension Fund As of June 30 2023 There may be a slight difference in the ending value between this report and the Schwab statement due to accrued income, timing of transactions, and/or rounding. The Schwab statement continues to be the official custodial record for the account. SFAM Page 2 of 10 6 of 84 Disclosures Information in this report was compiled using data from the custodian available as of the publishing date. While we believe the data to be reliable,we do not independently verify pricing and valuation data. Please refer to the official statements provided by the account custodian. All date period references are on a calendar year basis. Fiscal year reports are available upon request. Past performance does not guarantee future investment results. Performance Review Index Quarter 1 Return Quarter 2 Return Year to Date Return S&P 500 Composite 7.5%8.7%16.9% Russell 2000 2.7%5.2%8.1% MSCI EAFE Net 8.5%3.0%11.7% Blended FI 2.9%(0.8%)2.1% M-Star MMF 1.0%1.1%2.2% Long-Term Performance Index 1 YearReturn 3 YearReturn 5 YearReturn 10 YearReturn S&P 500 Composite 19.6%14.6%12.3%12.9% Russell 2000 12.3%10.8%4.2%8.3% MSCI EAFE Net 18.8%8.9%4.4%5.4% Blended FI (0.7%)(3.5%)0.9%1.2% M-Star MMF 3.4%1.2%1.4%0.9% Returns for periods exceeding 12 months are annualized. Cash Flow Quarter 2 Year to Date Beginning Market Value $300,000 $285,263 Contributions / Additions $465,432 $1,551,936 Distributions ($466,703)($1,539,412) Income/Expenses $1,979 $2,922 Ending Market Value $300,708 $300,708 Oak Brook Firefighters' Pension Fund Cash Flow and Performance Review Oak Brook Firefighters' Pension Fund As of June 30, 2023 SFAM Page 3 of 10 7 of 84 Inception to Date (4/3/2016) Beginning Market Value $0 Receipts of Securities $19,470,298 Contributions / Additions $13,705,874 Distributions ($45,715,326) Ending Market Value $300,708 Investment Return $12,839,861 Oak Brook Firefighters' Pension Fund Portfolio Value vs Cumulative Net Investment Oak Brook Firefighters' Pension Fund As of June 30, 2023 SFAM Page 4 of 10 8 of 84 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Cash Equivalent Cash Equivalent Cash Equivalent 100.0%Schwab Government Money Fund SWGXX $300,708 4.7%$14,073 100.0%Total $300,708 4.7%$14,073 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of June 30, 2023 SFAM Page 5 of 10 9 of 84 Trade Date Activity Description Quantity Amount Accrued Interest 6/15/2023 Income (Reinvested Dividend) Schwab Government Money Fund 1,208.22 $1,208 6/6/2023 Expense(Management Fee)Schwab GovernmentMoney Fund $500 6/5/2023 Withdrawal Schwab Government Money Fund $159,929 6/2/2023 Deposit Schwab Government Money Fund $159,370 5/15/2023 Expense(Management Fee)Schwab GovernmentMoney Fund $500 5/15/2023 Income (Reinvested Dividend) Schwab Government Money Fund 1,059.09 $1,059 5/9/2023 Withdrawal Schwab Government Money Fund $148,653 5/8/2023 Deposit Schwab GovernmentMoney Fund $147,441 4/17/2023 Income (Reinvested Dividend) Schwab Government Money Fund 1,212.06 $1,212 4/13/2023 Withdrawal Schwab Government Money Fund $158,121 4/12/2023 Deposit Schwab GovernmentMoney Fund $158,621 4/10/2023 Expense (Management Fee) Schwab Government Money Fund $500 Oak Brook Firefighters' Pension Fund From March 31, 2023 to June 30, 2023 Transactions Oak Brook Firefighters' Pension Fund As of June 30, 2023 SFAM Page 6 of 10 10 of 84 11 of 84 12 of 84 13 of 84 14 of 84 Illinois Firefighters’ Pension Investment Fund Monthly Summary April 30, 2023 * Preliminary, subject to change 15 of 84 16 of 84 Ending April 30, 2023 Asset Class Market Value % of Portfolio Policy % Total Fund Composite $7,719,857,277 100.0%100.0% Total Fund Composite excl. Member Funds $7,719,857,268 100.0%100.0% Total Equity Composite $5,010,955,142 64.9%65.0% U.S. Equity Composite $2,718,281,650 35.2%36.0% Rhumbline Russell 200 Large-Cap Core $1,911,824,804 24.8%25.0% Rhumbline Russell Midcap Mid-Cap Core $662,908,882 8.6%9.0% Rhumbline S&P 600 Small-Cap Core $143,547,964 1.9%2.0% Non-U.S. Equity Composite $2,292,673,492 29.7%29.0% International Developed Equity Composite $1,540,674,809 20.0%19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,313,970,893 17.0%16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $226,703,916 2.9%3.0% Emerging Markets Equity Composite $751,998,683 9.7%10.0% SSGA MSCI EM Emerging Markets $603,763,509 7.8%8.0% SSGA EM Small EM Small-Cap $148,235,174 1.9%2.0% Total Fixed Income Composite $2,239,422,337 29.0%30.0% Rate Sensitive Composite $2,012,877,067 26.1%27.0% Short-Term Treasury Composite $221,491,275 2.9%3.0% SSGA Short Treasury Short-Term Govt. Fixed Income $221,491,275 2.9%3.0% Core Fixed Income Composite $1,791,385,792 23.2%24.0% Garcia Hamilton & Associates Core Fixed Income $891,565,028 11.5%12.0% Brown Brothers Harriman & Co Core Plus Fixed Income $899,797,516 11.7%12.0% Transition Account $23,248 0.0% Credit Fixed Income Composite $226,545,270 2.9%3.0% Emerging Markets Debt Composite $226,545,270 2.9%3.0% SSGA EM Global Diversified EM Fixed Income $226,545,270 2.9%3.0% Total Real Estate Composite $360,629,090 4.7%5.0% Core Real Estate Composite $360,629,090 4.7%5.0% Public Real Estate Composite $126,097,789 1.6%2.0% SSGA FTSE NAREIT U.S. REIT $126,097,789 1.6%2.0% Private Real Estate Composite $234,531,301 3.0%3.0% Principal USPA Fund Core Real Estate $234,531,301 3.0%3.0% Cash Composite $108,824,723 1.4%0.0% Transition Composite $25,977 0.0%0.0% Member Funds Composite $9 0.0%0.0% 2 Marquette Associates, Inc. Total Fund Composite Asset Allocation Market Value: $7,719.9 Million and 100.0% of Fund 17 of 84 Ending April 30, 2023 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date Total Fund Composite 1.1 0.5 6.2 0.7 -------4.2 Oct-21 IFPIF Policy Benchmark 1.0 0.4 6.2 0.8 8.0 5.6 6.5 -3.8 Oct-21 Total Fund Composite excl. Member Funds 1.1 0.5 6.2 0.9 -------5.4 Oct-21 IFPIF Policy Benchmark 1.0 0.4 6.2 0.8 8.0 5.6 6.5 -6.0 Oct-21 Total Equity Composite 1.3 0.8 8.2 2.2 -------6.7 Oct-21 MSCI ACWI IMI Net USD 1.3 0.9 8.3 1.6 12.2 6.6 7.8 -7.2 Oct-21 U.S. Equity Composite 1.0 1.3 8.2 1.5 -------6.8 Oct-21 Russell 3000 1.1 1.3 8.3 1.5 14.1 10.6 11.7 -7.1 Oct-21 Rhumbline Russell 200 1.8 4.3 10.7 3.0 -------5.6 Oct-21 Russell Top 200 1.8 4.3 10.7 3.0 14.4 12.2 12.7 -5.5 Oct-21 Rhumbline Russell Midcap -0.5 -4.4 3.5 -1.8 -------9.7 Oct-21 Russell MidCap -0.5 -4.4 3.5 -1.7 13.8 8.0 9.9 -9.6 Oct-21 Rhumbline S&P 600 -2.8 -8.9 -0.3 -3.8 -------10.0 Oct-21 S&P 600 SmallCap -2.8 -8.9 -0.3 -3.8 15.9 5.5 9.6 -10.0 Oct-21 Non-U.S. Equity Composite 1.7 0.2 8.2 2.5 -------6.7 Oct-21 MSCI ACWI ex USA IMI 1.7 0.4 8.4 2.2 9.9 2.4 4.1 -6.9 Oct-21 International Developed Equity Composite 2.8 2.3 10.6 6.3 -------4.0 Oct-21 MSCI World ex USA IMI NR USD 2.7 2.2 10.5 5.7 11.7 3.6 4.8 -4.4 Oct-21 SSGA World ex US 2.9 2.9 11.3 7.5 -------2.8 Oct-21 MSCI World ex USA 2.8 2.7 11.1 7.1 12.0 3.9 4.7 -3.1 Oct-21 SSGA World ex US Small 1.8 -0.6 7.0 -1.2 -------11.0 Oct-21 MSCI World ex USA Small Cap 1.8 -0.8 6.8 -1.7 10.0 1.6 5.4 -11.3 Oct-21 Emerging Markets Equity Composite -0.5 -4.0 3.6 -4.9 -------12.4 Oct-21 MSCI Emerging Markets IMI -0.9 -4.3 3.0 -6.4 5.6 -0.7 2.0 -13.1 Oct-21 SSGA MSCI EM -0.8 -4.7 3.3 -5.0 -------13.4 Oct-21 MSCI Emerging Markets -1.1 -4.7 2.8 -6.5 4.3 -1.0 1.8 -13.6 Oct-21 SSGA EM Small 0.7 -1.0 5.0 -5.1 -------8.8 Oct-21 MSCI Emerging Markets Small Cap 0.7 -1.3 4.6 -5.7 15.8 2.0 3.0 -9.1 Oct-21 Total Fixed Income Composite 0.6 0.5 3.3 -0.5 -------5.9 Oct-21 Bloomberg US Universal TR 0.6 0.4 3.6 -0.3 -2.5 1.3 1.6 -6.7 Oct-21 Rate Sensitive Composite 0.6 0.6 3.4 -0.5 -------5.4 Oct-21 Bloomberg US Aggregate TR 0.6 0.5 3.6 -0.4 -3.1 1.2 1.3 -6.7 Oct-21 Short-Term Treasury Composite 0.3 ------------0.3 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.3 1.1 1.9 1.0 -0.8 1.2 0.8 0.3 Mar-23 SSGA Short Treasury 0.3 ------------0.3 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.3 1.1 1.9 1.0 -0.8 1.2 0.8 0.3 Mar-23 Investment Manager Annualized Performance (Net of Fees) Market Value: $7,719.9 Million and 100.0% of Fund Marquette Associates, Inc. 318 of 84 Ending April 30, 2023 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date Core Fixed Income Composite 0.7 0.4 3.4 -0.6 -------6.2 Oct-21 Bloomberg US Aggregate TR 0.6 0.5 3.6 -0.4 -3.1 1.2 1.3 -6.7 Oct-21 Garcia Hamilton & Associates 0.6 ------------0.6 Mar-23 Bloomberg US Aggregate TR 0.6 0.5 3.6 -0.4 -3.1 1.2 1.3 0.6 Mar-23 Brown Brothers Harriman & Co 0.8 ------------0.8 Mar-23 Bloomberg US Aggregate TR 0.6 0.5 3.6 -0.4 -3.1 1.2 1.3 0.6 Mar-23 Credit Fixed Income Composite 0.5 -0.8 2.2 -1.0 -------10.7 Oct-21 JP Morgan EMBI Global Diversified 0.5 -0.7 2.4 -0.9 -0.6 -0.2 1.8 -11.1 Oct-21 Emerging Markets Debt Composite 0.5 -0.8 2.2 -1.0 -------10.7 Oct-21 JP Morgan EMBI Global Diversified 0.5 -0.7 2.4 -0.9 -0.6 -0.2 1.8 -11.1 Oct-21 SSGA EM Global Diversified 0.5 -0.8 2.2 -1.0 -------10.7 Oct-21 JP Morgan EMBI Global Diversified 0.5 -0.7 2.4 -0.9 -0.6 -0.2 1.8 -11.1 Oct-21 Total Real Estate Composite 0.5 -3.6 -0.7 -9.1 ------0.4 Oct-21 Real Estate Custom Benchmark 0.3 -4.7 -0.6 -7.6 9.2 7.2 7.9 0.5 Oct-21 Core Real Estate Composite 0.5 -3.6 -0.7 -9.1 ------0.4 Oct-21 Real Estate Custom Benchmark 0.3 -4.7 -0.6 -7.6 9.2 7.2 7.9 0.5 Oct-21 Public Real Estate Composite 0.8 -6.4 3.5 -14.7 -------10.5 Oct-21 FTSE NAREIT Equity REIT 0.8 -6.4 3.5 -14.8 9.4 5.9 5.4 -10.5 Oct-21 SSGA FTSE NAREIT 0.8 -6.4 3.5 -14.7 -------10.5 Oct-21 FTSE NAREIT Equity REIT 0.8 -6.4 3.5 -14.8 9.4 5.9 5.4 -10.5 Oct-21 Private Real Estate Composite 0.3 -1.9 -2.9 -6.7 ------7.1 Oct-21 NFI-ODCE Equal Weighted 0.0 -3.5 -3.5 -3.7 8.2 7.1 8.8 7.1 Oct-21 Principal USPA Fund 0.3 -1.9 -2.9 -6.7 ------7.1 Oct-21 NFI-ODCE Equal Weighted 0.0 -3.5 -3.5 -3.7 8.2 7.1 8.8 7.1 Oct-21 Investment Manager Annualized Performance (Net of Fees) Market Value: $7,719.9 Million and 100.0% of Fund 4 Marquette Associates, Inc.19 of 84 Marquette Associates, Inc. 5 Illinois Firefighters' Pension Investment Fund Fee Schedule 20 of 84 21 of 84 DISCLOSURE Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo‐ political, competitive, and financial risks that are outside of Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐ looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. 22 of 84 Oak Brook Firefighters Pension Fund Disclaimer / Important Information: The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report. NTAC:3NS-20 Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($)May 2023 2023 YTD Beginning NAVs: Beginning NAV 31,623,175.63 29,710,890.29 Contributions 176,935.80 1,450,032.65 Withdrawals 300,000.00 1,500,000.00 Net Time Weighted Activity -125,679.77 Allocation Balance 31,497,495.86 Allocation Percent 0.41% Income & Expenses: Unrealized Gain/Loss -441,568.09 2,022,643.36 Realized Gain/Loss -1,587.01 -749,220.91 Dividend Income 21,383.53 85,961.55 Interest Income 32,345.85 99,113.01 Other Income -0.78 Total Income -389,425.72 1,458,497.79 Administrator Expenses (FPIF)-2,581.09 Other Fee & Expenses (FPIF)411.59 5,843.33 Other Expenses 110.91 218.41 Management Fee 545.36 1,160.05 Performance Fee -- Total Fee & Expenses 1,067.86 9,802.88 Net Income -390,493.58 1,448,694.91 Ending NAVs: Ending NAV 31,109,617.85 31,109,617.85 Rate of Returns: Return on Invested Capital -1.24%4.88% Return on Total Assets -1.24%4.87% Ownership 0.41% 23 of 84 Monthly Financial Report For the Month Ended May 31, 2023 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 24 of 84 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 25 of 84 26 of 84 June 23, 2023 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 May 31,2023 and the related statement of changes in net position -modified cash basis for the five months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting.If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP 1-1 27 of 84 28 of 84 Assets Cash and Cash Equivalents 20,063.82$ Investments at Fair Market Value Money Market Mutual Funds 459,929.03 Pooled Investments 31,109,617.85 Total Cash and Investments 31,589,610.70 Due from Municipality 500,593.24 Prepaids 1,572.66 Total Assets 32,091,776.60 Liabilities Expenses Due/Unpaid 1,195.00 Total Liabilities 1,195.00 Net Position Held in Trust for Pension Benefits 32,090,581.60 Oak Brook Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of May 31, 2023 See Accountants' Compilation Report 2-1 29 of 84 Additions Contributions - Municipal 1,157,021.66$ Contributions - Members 113,134.35 Total Contributions 1,270,156.01 Investment Income Interest and Dividends Earned 191,831.86 Net Change in Fair Value 1,273,422.45 Total Investment Income 1,465,254.31 Less Investment Expense (12,278.08) Net Investment Income 1,452,976.23 Total Additions 2,723,132.24 Deductions Administration 14,191.68 Pension Benefits and Refunds Pension Benefits 1,411,041.84 Refunds 0.00 Total Deductions 1,425,233.52 Change in Position 1,297,898.72 Net Position Held in Trust for Pension Benefits Beginning of Year 30,792,682.88 End of Period 32,090,581.60 Oak Brook Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Five Months Ended May 31, 2023 See Accountants' Compilation Report 2-2 30 of 84 31 of 84 32 of 84 06/30/2207/31/2208/31/2209/30/2210/31/2211/30/2212/31/2201/31/2302/28/2303/31/2304/30/2305/31/23Financial InstitutionsBMO Harris Bank - CK13,080$14,954 12,969 214,961 370,032 73,786 15,163 36,742 52,505 22,044 35,178 20,06413,080 14,954 12,969 214,961 370,032 73,78615,163 36,742 52,505 22,044 35,178 20,064Schwab - MM855,384 740,587 492,969 513,892 459,105 454,565 565,659 453,691 610,135 458,621 448,653 459,929855,384 740,587 492,969 513,892 459,105 454,565 565,659 453,691 610,135 458,621 448,653 459,929Total868,464 755,541 505,938 728,853 829,137 528,351 580,822 490,433 662,640 480,665 483,831 479,993ContributionsContributions in Lieu of Tax Levy194,280 129,520- 265,367 141,212 127,080 741,325630,904 133,233 130,768 125,962 136,154Contributions - Current Year33,270 22,180 22,180 23,259 23,384 22,537 41,048 22,389 22,718 23,333 21,478 23,216227,550 151,700 22,180 288,626 164,596 149,617 782,373 653,293 155,951 154,101 147,440 159,370ExpensesPension Benefits264,685 264,685 264,685 264,685264,685 270,422 272,167 278,428 278,428 284,162 285,012 285,012Administration19,906 1,031 12,290 5,6492,540 7,217 255 1,615 9,821 8,272 3,264 3,498284,591 265,716 276,975 270,334 267,225 277,639 272,422 280,043 288,249 292,434 288,276 288,510Total Contributions less Expenses(57,041) (114,016) (254,795)18,292(102,629) (128,022)509,951 373,250(132,298) (138,333) (140,836) (129,140)Oak Brook Firefighters' Pension FundCash Analysis ReportFor the Twelve Periods Ending May 31, 2023See Accountants' Compilation Report4-133 of 84 34 of 84 Contributions Contributions - Municipal 41-240-00 - Contributions in Lieu of Tax Levy 136,153.71$1,157,021.66 136,153.71 1,157,021.66 Contributions - Members 41-410-00 - Contributions - Current Year 23,216.23 113,134.35 23,216.23 113,134.35 Total Contributions 159,369.94 1,270,156.01 Investment Income Interest and Dividends 43-102-09 - BMO Harris Bank - CK 27.73 157.92 43-252-05 - Schwab - Fixed Income 1,059.09 6,097.62 43-800-01 - IFPIF Consolidated Pool Dividend 21,383.53 85,961.55 43-800-02 - IFPIF Consolidated Pool Interest 32,345.85 99,113.01 43-800-03 - IFPIF Contribution Interest 82.99 500.98 54,899.19 191,831.08 Gains and Losses 44-800-01 - IFPIF Consolidated Pool - Unrealized (441,568.09)2,022,643.36 44-800-02 - IFPIF Consolidated Pool - Realized (1,587.01)(749,220.91) (443,155.10)1,273,422.45 Other Income 49-000-03 - IFPIF Consolidated Pool Other Income 0.00 0.78 0.00 0.78 Total Investment Income (388,255.91)1,465,254.31 Total Revenue (228,885.97) 2,735,410.32 Oak Brook Firefighters' Pension Fund Revenue Report as of May 31, 2023 Received Received this Month this Year See Accountants' Compilation Report 6-1 35 of 84 Oak Brook Firefighters' Pension Fund100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,000ServiceNon-DutyDisabilityDuty Disability OccupationalDiseaseSurviving Spouse AdministrativeExpenses982,090 10,324 243,713 27,194 147,721 26,470Pension Benefits and ExpensesSee Accountants' Compilation Report 7-136 of 84 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 195,023.32$982,089.89 51-030-00 - Non-Duty Disability Pensions 2,064.80 10,324.00 51-040-00 - Duty Disability Pensions 48,742.55 243,712.75 51-050-00 - Occupational Disease Pensions 5,438.76 27,193.80 51-060-00 - Surviving Spouse Pensions 33,742.44 147,721.40 Total Pensions and Benefits 285,011.87 1,411,041.84 Administrative Professional Services 52-170-03 - Accounting & Bookkeeping Services 1,215.00 8,570.00 52-170-04 - Medical Services 0.00 2,041.88 52-170-06 - PSA/Court Reporter 715.00 3,555.00 1,930.00 14,166.88 Investment 52-190-01 - Investment Manager/Advisor Fees 500.00 2,500.00 52-195-01 - Administrator Expenses (IFPIF)0.00 2,581.09 52-195-02 - Other Fee & Expenses (IFPIF)411.59 5,843.33 52-195-03 - Management Fee (IFPIF)545.36 1,160.05 52-195-05 - Other Expenses (IFPIF)110.91 193.61 1,567.86 12,278.08 Other Expense 52-290-35 - Other Expense 0.00 24.80 0.00 24.80 Total Administrative 3,497.86 26,469.76 Total Expenses 288,509.73 1,437,511.60 Oak Brook Firefighters' Pension Fund Expense Report as of May 31, 2023 See Accountants' Compilation Report 8-1 37 of 84 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Babcock, Nicholas W.$119,560.11 3,846.92 0.00 0.00 123,407.03 Bielawa, Matthew G.163,345.55 3,865.83 0.00 0.00 167,211.38 Bowlan, Seth L. 20,478.92 3,002.74 0.00 0.00 23,481.66 Busse, Zachary M.75,292.60 3,809.10 0.00 0.00 79,101.70 Corkey, David B.169,339.14 3,865.83 0.00 0.00 173,204.97 Doran, Connor T.64,751.36 3,809.10 0.00 0.00 68,560.46 Eboli, Adam E.0.00 2,287.61 0.00 0.00 2,287.61 Ebsen, Robert T.106,281.83 3,846.92 0.00 0.00 110,128.75 Fagan, John J.156,587.55 4,709.90 0.00 0.00 161,297.45 Fleege, Kevin W.194,598.47 5,549.83 0.00 0.00 200,148.30 Focht, Eric D.28,505.57 3,283.39 0.00 0.00 31,788.96 Freeman, Joshua L.0.00 467.57 0.00 0.00 467.57 Janney, Michael E.185,086.60 3,865.83 0.00 0.00 188,952.43 Johnson, Marc E.141,455.32 3,856.37 0.00 0.00 145,311.69 Kaczmarczyk, David R.149,375.63 4,656.75 0.00 0.00 154,032.38 Kelly, Sean P.120,439.20 0.00 0.00 0.00 120,439.20 Kornfeind, David 146,152.79 4,173.29 0.00 0.00 150,326.08 Krali, Christopher G.0.00 467.57 0.00 0.00 467.57 Kushner, Jeffrey A.58,913.81 3,809.10 0.00 0.00 62,722.91 Marciniak, Jeffrey D.247,517.17 5,197.60 0.00 0.00 252,714.77 Matousek, Kyle M.104,841.89 4,413.95 0.00 0.00 109,255.84 Meyers, Daniel B.131,369.14 3,856.37 0.00 0.00 135,225.51 Micek, Robert S. Jr.121,376.11 4,272.55 0.00 0.00 125,648.66 Nyhanna, William R.128,495.12 4,489.58 0.00 0.00 132,984.70 Pavlovic, Michael 191,850.22 5,159.62 0.00 0.00 197,009.84 Picciola, Gino 64,915.03 3,809.10 0.00 0.00 68,724.13 Ruska, Michelle H.164,605.17 4,286.37 0.00 0.00 168,891.54 Samawi, Fouad J.15,885.98 3,026.00 0.00 0.00 18,911.98 Schulz, Samuel J.0.00 1,143.80 0.00 0.00 1,143.80 Sinclair, Thomas W. IV 54,501.83 3,775.64 0.00 0.00 58,277.47 Washington, Glen A.162,066.76 3,865.83 0.00 0.00 165,932.59 Wright, Kenneth D.0.00 467.57 0.00 0.00 467.57 3,287,588.87 110,937.63 0.00 0.00 3,398,526.50 Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended May 31, 2023 See Accountants' Compilation Report 9-1 38 of 84 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 May 31, 2023 Bitterlin, Brian 249,085.92 0.00 0.00 0.00 249,085.92 Swagler, Shawn M.194,496.87 2,196.72 0.00 0.00 196,693.59 Totals 3,731,171.66 113,134.35 0.00 0.00 3,844,306.01 Inactive/Terminated Members See Accountants' Compilation Report 9-2 39 of 84 Disability Fire Dependent***-**0454105971 Jacobs, Paul R.0$32.13 $32.13 $0.00 $0.00 $0.00 $0.00 $0.00105971 Jacobs, Paul R.0$32.13 $32.13 $0.00 $0.00 $0.00 $0.00 $0.00***-**0454 Subtotal:$64.26 $64.26 $0.00 $0.00 $0.00 $0.00 $0.00Disability Fire Dependent Subtotal:$64.26 $64.26 $0.00 $0.00 $0.00 $0.00 $0.00Duty Disability***-**8873105944 DeWitt, Charles W.0$5,835.15 $5,835.15 $0.00 $0.00 $0.00 $0.00 $0.00***-**8873 Subtotal:$5,835.15 $5,835.15 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262105945 Garrigan, William H.0$5,902.72 $5,902.72 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262 Subtotal:$5,902.72 $5,902.72 $0.00 $0.00 $0.00 $0.00 $0.00***-**0790105946 Harris, Scott B.0$5,405.58 $5,488.78 $0.00 $83.20 $0.00 $0.00 $0.00***-**0790 Subtotal:$5,405.58 $5,488.78 $0.00 $83.20 $0.00 $0.00 $0.00Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-140 of 84 ***-**5183105958 Horn, Arthur W.0$3,417.54 $3,417.54 $0.00 $0.00 $0.00 $0.00 $0.00***-**5183 Subtotal:$3,417.54 $3,417.54 $0.00 $0.00 $0.00 $0.00 $0.00***-**0454105971 Jacobs, Paul R.0$3,704.41 $3,852.39 $0.00 $147.98 $0.00 $0.00 $0.00***-**0454 Subtotal:$3,704.41 $3,852.39 $0.00 $147.98 $0.00 $0.00 $0.00***-**7304105948 Mylin, Robert P.0$2,326.29 $2,326.29 $0.00 $0.00 $0.00 $0.00 $0.00***-**7304 Subtotal:$2,326.29 $2,326.29 $0.00 $0.00 $0.00 $0.00 $0.00***-**4308105966 Naus, Gary P.0$5,883.10 $5,905.03 $0.00 $0.00 $0.00 $0.00 $21.93***-**4308 Subtotal:$5,883.10 $5,905.03 $0.00 $0.00 $0.00 $0.00 $21.93***-**9998105974 Richter, Frank H.0$4,830.74 $4,830.74 $0.00 $0.00 $0.00 $0.00 $0.00***-**9998 Subtotal:$4,830.74 $4,830.74 $0.00 $0.00 $0.00 $0.00 $0.00***-**6778105973 Smyth, Sean F.$1,855.59 $1,855.59 $0.00 $0.00 $0.00 $0.00 $0.00Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-241 of 84 0***-**6778 Subtotal:$1,855.59 $1,855.59 $0.00 $0.00 $0.00 $0.00 $0.00***-**9434105972 Watkins, Garry R.0$3,466.58 $4,652.63 $1,186.05 $0.00 $0.00 $0.00 $0.00***-**9434 Subtotal:$3,466.58 $4,652.63 $1,186.05 $0.00 $0.00 $0.00 $0.00***-**7231105977 White, 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:$47,239.13 $48,678.29 $1,186.05 $231.18 $0.00 $0.00 $21.93Non-Duty Disability***-**6678105964 Huffman, Lawrence W.0$2,064.80 $2,064.80 $0.00 $0.00 $0.00 $0.00 $0.00***-**6678 Subtotal:$2,064.80 $2,064.80 $0.00 $0.00 $0.00 $0.00 $0.00Non-Duty Disability Subtotal:$2,064.80 $2,064.80 $0.00 $0.00 $0.00 $0.00 $0.00Occupational Disability***-**8830105956 Petter, Raymond H.0$4,422.48 $5,438.76 $0.00 $70.10 $946.18 $0.00 $0.00***-**8830 Subtotal:$4,422.48 $5,438.76 $0.00 $70.10 $946.18 $0.00 $0.00Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-342 of 84 Occupational Disability Subtotal:$4,422.48 $5,438.76 $0.00 $70.10 $946.18 $0.00 $0.00QILDRO***-**2551Q115823 Broderick, Mary E.0$1,505.35 $1,584.18 $0.00 $0.00 $0.00 $0.00 $78.83***-**2551 Subtotal:$1,505.35 $1,584.18 $0.00 $0.00 $0.00 $0.00 $78.83***-**0876Q105979 Zamboni, Alida M.0$1,124.41 $1,124.41 $0.00 $0.00 $0.00 $0.00 $0.00***-**0876 Subtotal:$1,124.41 $1,124.41 $0.00 $0.00 $0.00 $0.00 $0.00QILDRO Subtotal:$2,629.76 $2,708.59 $0.00 $0.00 $0.00 $0.00 $78.83Service***-**4555105963 Bahnsen, Mark C.0$5,270.14 $6,896.60 $0.00 $0.00 $0.00 $0.00 $1,026.46105963 Benistar/Hartford 6795454$600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**4555 Subtotal:$5,870.14 $6,896.60 $0.00 $0.00 $0.00 $0.00 $1,026.46***-**7910124101 Bitterlin, Brian W.0$2,095.98 $7,482.55 $2,195.88 $77.45 $0.00 $0.00 $713.24124101 Payment to DuPage Credit Union, Bitterlin -$2,400.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-443 of 84 0***-**7910 Subtotal:$4,495.98 $7,482.55 $2,195.88 $77.45 $0.00 $0.00 $713.24***-**2533105962 Bodony, James G.0$9,146.24 $12,136.46 $0.00 $70.10 $844.64 $0.00 $2,075.48***-**2533 Subtotal:$9,146.24 $12,136.46 $0.00 $70.10 $844.64 $0.00 $2,075.48***-**1229105953 Brazel, John T.0$8,205.32 $9,924.21 $0.00 $0.00 $0.00 $0.00 $1,718.89***-**1229 Subtotal:$8,205.32 $9,924.21 $0.00 $0.00 $0.00 $0.00 $1,718.89***-**2822120198 Clark, Gary E.0$6,913.64 $8,731.05 $0.00 $0.00 $0.00 $0.00 $1,817.41***-**2822 Subtotal:$6,913.64 $8,731.05 $0.00 $0.00 $0.00 $0.00 $1,817.41***-**2895105960 Cronholm, Robert R.0$5,621.66 $7,056.98 $0.00 $0.00 $0.00 $0.00 $1,435.32***-**2895 Subtotal:$5,621.66 $7,056.98 $0.00 $0.00 $0.00 $0.00 $1,435.32***-**1038105954 Ekkert, Clifford A.0$5,799.22 $7,262.61 $0.00 $83.20 $779.34 $0.00 $600.85***-**1038 Subtotal:$5,799.22 $7,262.61 $0.00 $83.20 $779.34 $0.00 $600.85Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-544 of 84 ***-**9954117571 Erickson, Michael D.0$4,962.28 $5,331.38 $0.00 $0.00 $0.00 $0.00 $369.10***-**9954 Subtotal:$4,962.28 $5,331.38 $0.00 $0.00 $0.00 $0.00 $369.10***-**2832105955 Fleishman, Mark L.0$5,581.28 $6,231.69 $0.00 $0.00 $0.00 $0.00 $650.41***-**2832 Subtotal:$5,581.28 $6,231.69 $0.00 $0.00 $0.00 $0.00 $650.41***-**2243105951 Kovarik, Joseph0$7,252.64 $8,547.32 $0.00 $0.00 $458.71 $0.00 $835.97***-**2243 Subtotal:$7,252.64 $8,547.32 $0.00 $0.00 $458.71 $0.00 $835.97***-**0972105957 Lindeman, William H.0$5,405.67 $5,878.76 $0.00 $0.00 $473.09 $0.00 $0.00***-**0972 Subtotal:$5,405.67 $5,878.76 $0.00 $0.00 $473.09 $0.00 $0.00***-**1392105950 Mager Jr, Arthur C.0$5,548.58 $6,656.78 $0.00 $0.00 $0.00 $0.00 $1,108.20***-**1392 Subtotal:$5,548.58 $6,656.78 $0.00 $0.00 $0.00 $0.00 $1,108.20***-**3533105943 McEllin, Thomas J.$3,059.42 $11,463.40 $147.98 $0.00 $0.00 $0.00 $803.07Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-645 of 84 0105943 Payment to Radius, McEllin -0$6,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00105943 Blue Cross Blue Shield - Illinois455$852.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**3533 Subtotal:$10,512.35 $11,463.40 $147.98 $0.00 $0.00 $0.00 $803.07***-**1242105952 Morton Jr, Robert J.0$8,876.37 $10,019.78 $0.00 $0.00 $0.00 $0.00 $1,143.41***-**1242 Subtotal:$8,876.37 $10,019.78 $0.00 $0.00 $0.00 $0.00 $1,143.41***-**9900105941 Nielsen, Robert D.0$7,320.55 $8,734.66 $0.00 $0.00 $0.00 $0.00 $1,414.11***-**9900 Subtotal:$7,320.55 $8,734.66 $0.00 $0.00 $0.00 $0.00 $1,414.11***-**7971105940 O'Rourke, William T.0$4,054.50 $4,573.34 $0.00 $0.00 $0.00 $0.00 $518.84***-**7971 Subtotal:$4,054.50 $4,573.34 $0.00 $0.00 $0.00 $0.00 $518.84***-**7761109373 Robertson, Robert V.0$5,509.54 $6,316.93 $0.00 $0.00 $0.00 $0.00 $807.39***-**7761 Subtotal:$5,509.54 $6,316.93 $0.00 $0.00 $0.00 $0.00 $807.39Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-746 of 84 ***-**3107105970 Schoppe, Mark S.0$6,783.41 $7,447.19 $0.00 $0.00 $0.00 $0.00 $663.78***-**3107 Subtotal:$6,783.41 $7,447.19 $0.00 $0.00 $0.00 $0.00 $663.78***-**5958105967 Schultz, Dennis M.0$6,063.46 $7,027.69 $0.00 $0.00 $0.00 $0.00 $964.23***-**5958 Subtotal:$6,063.46 $7,027.69 $0.00 $0.00 $0.00 $0.00 $964.23***-**1708105976 Sittig, Daryl L.0$6,896.85 $7,943.24 $0.00 $0.00 $0.00 $0.00 $768.52105976Aetna Health & Life Insurance Co453$277.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**1708 Subtotal:$7,174.72 $7,943.24 $0.00 $0.00 $0.00 $0.00 $768.52***-**2658109052 Stanfa, Thomas P.0$7,007.12 $8,251.69 $0.00 $0.00 $0.00 $0.00 $1,244.57***-**2658 Subtotal:$7,007.12 $8,251.69 $0.00 $0.00 $0.00 $0.00 $1,244.57***-**1655124540 Swagler, Shawn M.0$5,928.57 $6,583.98 $0.00 $0.00 $0.00 $0.00 $655.41***-**1655 Subtotal:$5,928.57 $6,583.98 $0.00 $0.00 $0.00 $0.00 $655.41Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-847 of 84 ***-**4489115497 Vassios, Theodore W.0$5,356.57 $7,823.13 $0.00 $0.00 $0.00 $1,584.18 $882.38***-**4489 Subtotal:$5,356.57 $7,823.13 $0.00 $0.00 $0.00 $1,584.18 $882.38***-**0884105949 Wies, Konrad R.0$7,691.37 $9,653.93 $0.00 $83.20 $811.99 $0.00 $1,067.37***-**0884 Subtotal:$7,691.37 $9,653.93 $0.00 $83.20 $811.99 $0.00 $1,067.37***-**9958105969 Zamboni, James F.0$5,224.38 $7,047.97 $0.00 $0.00 $0.00 $1,124.41 $479.18105969 Blue Cross Blue Shield of Illinois456$220.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**9958 Subtotal:$5,444.38 $7,047.97 $0.00 $0.00 $0.00 $1,124.41 $479.18Service Subtotal:$162,525.56 $195,023.32 $2,343.86 $313.95 $3,367.77 $2,708.59 $23,763.59Surviving Spouse***-**3678105975 Clark, Ruth A.0$4,043.64 $4,963.93 $0.00 $0.00 $0.00 $0.00 $920.29***-**3678 Subtotal:$4,043.64 $4,963.93 $0.00 $0.00 $0.00 $0.00 $920.29***-**5784108043 Cote, Mary A.$3,685.86 $4,090.96 $0.00 $0.00 $0.00 $0.00 $405.10Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-948 of 84 0***-**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$3,172.41 $3,742.15 $0.00 $0.00 $0.00 $0.00 $569.74***-**4859 Subtotal:$3,172.41 $3,742.15 $0.00 $0.00 $0.00 $0.00 $569.74***-**3386105965 Lundahl, Roberta M.0$2,994.94 $2,994.94 $0.00 $0.00 $0.00 $0.00 $0.00***-**3386 Subtotal:$2,994.94 $2,994.94 $0.00 $0.00 $0.00 $0.00 $0.00***-**5763108042 Meyers, Gail C.0$4,070.43 $4,070.43 $0.00 $0.00 $0.00 $0.00 $0.00***-**5763 Subtotal:$4,070.43 $4,070.43 $0.00 $0.00 $0.00 $0.00 $0.00***-**0714105947 Pine, Joanne F.0$4,672.46 $4,672.46 $0.00 $0.00 $0.00 $0.00 $0.00***-**0714 Subtotal:$4,672.46 $4,672.46 $0.00 $0.00 $0.00 $0.00 $0.00Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-1049 of 84 ***-**5524105961 Templin, Susan G.0$5,636.21 $6,360.85 $0.00 $0.00 $0.00 $0.00 $724.64***-**5524 Subtotal:$5,636.21 $6,360.85 $0.00 $0.00 $0.00 $0.00 $724.64Surviving Spouse Subtotal:$31,122.67 $33,742.44 $0.00 $0.00 $0.00 $0.00 $2,619.77Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroSee Accountants' Compilation Report 10-1150 of 84 Batches 61669Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date5/31/2023 1RetroTotalsACH FlagPaymentsNet Payment TotalGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRO Deduct Federal TaxYesNo52456$248,117.86$1,950.80$250,068.66$287,720.46$0.00$287,720.46$3,529.91$0.00$3,529.91$615.23$0.00$615.23$4,313.95$0.00$4,313.95$2,708.59$0.00$2,708.59$26,484.12$0.00$26,484.12See Accountants' Compilation Report 10-1251 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 03/06/23 50135 Sawyer Falduto Asset Management, LLC 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 03/13/23 30358 Lauterbach & Amen, LLP 52-170-03 #75461 FYE22 1099's 1,050.00 ACH Amount (Direct Deposit)1,050.00 03/13/23 30359 The Northern Trust Company 13-800-01 Oak Brook Firefighters Pension Fund 151,423.65 ACH Amount (Direct Deposit)151,423.65 03/20/23 30360 Lauterbach & Amen, LLP 52-170-03 #75944 02/23 Accounting & Benefits 1,215.00 52-170-06 #75944 02/23 PSA 715.00 ACH Amount (Direct Deposit)1,930.00 03/27/23 30364 Lauterbach & Amen, LLP 52-170-03 #76366 FYE22 Workpapers 1,480.00 ACH Amount (Direct Deposit)1,480.00 03/31/23 30361 Bestco Hartford 20-220-00 Medical Insurance - 03/23 4,313.95 ACH Amount (Direct Deposit)4,313.95 03/31/23 30362 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 03/23 1,334.03 20-220-00 Dental-Vision Insurance 576.47 Check Amount 1,910.50 03/31/23 30363 Internal Revenue Service 20-230-00 Internal Revenue Service 26,382.17 ACH Amount (Direct Deposit)26,382.17 03/31/23 30365 The Northern Trust Company 13-800-01 Oak Brook Firefighters Pension Fund 196,500.00 ACH Amount (Direct Deposit)196,500.00 03/31/23 50136 IFPIF 52-195-02 Other Fee & Expenses 702.07 52-195-01 Administrator Expenses 2,581.09 52-195-05 Other Expenses 28.69 Check Amount 3,311.85 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts March 1, 2023 - May 31, 2023 See Accountants' Compilation Report 11-1 52 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 04/10/23 50137 Sawyer Falduto Asset Management, LLC 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 04/17/23 30366 Lauterbach & Amen, LLP 52-170-03 #76879 03/23 Accounting & Benefits 1,215.00 52-170-06 #76879 03/23 PSA 715.00 ACH Amount (Direct Deposit)1,930.00 04/17/23 30367 The Northern Trust Company 13-800-01 Oak Brook Firefighters Pension Fund 158,120.84 ACH Amount (Direct Deposit)158,120.84 04/28/23 30368 Bestco Hartford 20-220-00 Medical Insurance - 04/23 4,313.95 ACH Amount (Direct Deposit)4,313.95 04/28/23 30369 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 04/23 1,334.03 20-220-00 Dental-Vision Insurance 537.78 Check Amount 1,871.81 04/28/23 30370 Internal Revenue Service 20-230-00 Internal Revenue Service 26,484.12 ACH Amount (Direct Deposit)26,484.12 04/30/23 50138 IFPIF 52-195-02 Other Fee & Expenses 800.64 52-195-05 Other Expenses 33.36 Check Amount 834.00 05/15/23 30371 Lauterbach & Amen, LLP 52-170-03 #77840 04/23 Accounting & Benefits 1,215.00 52-170-06 #77840 04/23 PSA 715.00 ACH Amount (Direct Deposit)1,930.00 05/15/23 30372 The Northern Trust Company 13-800-01 Oak Brook Firefighters Pension Fund 148,652.81 ACH Amount (Direct Deposit)148,652.81 05/15/23 50139 Sawyer Falduto Asset Management, LLC 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts March 1, 2023 - May 31, 2023 See Accountants' Compilation Report 11-2 53 of 84 Check Invoice Check Date Number Vendor Name Amount Amount 05/25/23 30376 The Northern Trust Company 13-800-01 Oak Brook Firefighters Pension Fund 28,200.00 ACH Amount (Direct Deposit)28,200.00 05/31/23 30373 Bestco Hartford 20-220-00 Medical Insurance - 05/23 4,313.95 ACH Amount (Direct Deposit)4,313.95 05/31/23 30374 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 05/23 3,529.91 20-220-00 Dental-Vision Insurance 615.23 Check Amount 4,145.14 05/31/23 30375 Internal Revenue Service 20-230-00 Internal Revenue Service 26,484.12 ACH Amount (Direct Deposit)26,484.12 05/31/23 50140 IFPIF 52-195-02 Other Fee & Expenses 411.59 52-195-03 Management Fee 545.36 52-195-05 Other Expenses 110.91 Check Amount 1,067.86 Total Payments 798,150.72 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts March 1, 2023 - May 31, 2023 See Accountants' Compilation Report 11-3 54 of 84 55 of 84 56 of 84 57 of 84 58 of 84 59 of 84 60 of 84 61 of 84 06/30/2307/31/2308/31/2309/30/2310/31/2311/30/2312/31/2301/31/2402/29/2403/31/2404/30/2405/31/24Financial InstitutionsCash & MM - Beginning Balance1479,993$ 512,646 545,299 577,952 610,605 643,258 675,911 708,564 741,217 773,870 806,523 839,176 Recurring/ Repeating Transfer2300,000$ 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 Pool - Inflow / (Outflow)- - - - - - - - - - - - ContributionsEmployer - Estimate3- - - - - - - - - - - - Employee - Estimate422,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 Total Inflows22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 22,676 ExpensesPension Benefits - Estimate5285,012 285,012 285,012 285,012 285,012 285,012 285,012 285,012 285,012 285,012 285,012 285,012 Administration - Estimate65,011 5,011 5,011 5,011 5,011 5,011 5,011 5,011 5,011 5,011 5,011 5,011 Total Outflows290,023 290,023 290,023 290,023 290,023 290,023 290,023 290,023 290,023 290,023 290,023 290,023 Net Inflow / (Ouflow)(267,347) (267,347) (267,347) (267,347) (267,347) (267,347) (267,347) (267,347) (267,347) (267,347) (267,347) (267,347) Projected Ending Balance512,646 545,299 577,952 610,605 643,258 675,911 708,564 741,217 773,870 806,523 839,176 871,829Minimum Balance7435,035 435,035 435,035 435,035 435,035 435,035 435,035 435,035 435,035 435,035 435,035 435,0351first month's beginning balance = prior month's Cash Balance, including Money Market balances5estimate = prior month actual2recurring transfer from consolidated fund is set at current month's election6estimate = the average of prior 3 months actual, & that amount carried forward3estimate = 4% higher than the same month from the prior year71.5 times Total Outflows4estimate = first month is the average of the prior three months actual, that amount carried forwardOak Brook Firefighters' Pension FundCash Analysis Projection62 of 84 2023 IPPFA Trustee Training Opportunities 63 of 84 2023 IPPFA Trustee Training Opportunities IPPFA ONLINE SEMINAR COURSE WHEN: Ongoing • Online 8 hr. seminar (Recorded from the 2021 MidAmerican Pension Conference) WHERE: IPPFA Website: www.ippfa.org/education/online-classes/ COST: IPPFA MEMBER: $275.00/seminar IPPFA NON-MEMBER: $525.00/seminar This online seminar agenda includes: • Pension Obligation Bond Panel • Consolidation Update Panel • Mock Disability Trial • Keynote Speaker Admiral Foggo • Ask an Attorney and Legal Updates • Covid-19 Vaccinations and Workplace Rules • Ask an Administrator • Re-Entry into Actie Service and Hot it has Evolved Over Time -this online seminar satisfies 8 hours of the required continuing pension trustee training · IPPFA IN PERSON SEMINAR COURSE WHEN: November 14, 2023 WHERE: John A. Logan College 700 Logan College Road, F104 Carterville, IL 62918 TIME: 8:00 a.m. – 4:30 p.m. COST: IPPFA MEMBER: $225.00 IPPFA NON-MEMBER: $450.00 64 of 84 16-hour Certified Trustee Programs* offered through IPPFA IPPFA ONLINE Certified Trustee Program COST: IPPFA MEMBER: $ 550.00 IPPFA NON-MEMBER: $1,100.00 Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/ IPPFA IN PERSON Certified Trustee Program WHEN: December 5-6, 2023 TIME: 7:30 a.m. – 5:00 p.m. WHERE: NIU Outreach Campus 1120 E. Diehl Road, Room 266 Naperville, IL 60563 COST: IPPFA MEMBER: $500.00 IPPFA NON-MEMBER: $1,000.00 *Walk-ins will be charged an additional $25 Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/ *On December 18, 2019, Governor J.B. Pritzker signed SB 1300, making it Public Act 101 -0610. This act will consolidate all Article 3 and 4 pension fund's investment assets. Under Public Act 101-0610, training requirements have now been reduced from 32-hours to 16-hours of new trustee training, however all pension trustees will still need 4-hours of mandatory consolidation transition training. All Article 3 & 4 Pension Trustees elected or appointed are required to complete the 16-hour trustee certification course within 18 months of election or appointment to the board. 65 of 84 66 of 84 67 of 84 68 of 84 Organization: Year: Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 16 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE 4 Jan. 2023 Yes Hours Required Hours Completed Date Completed Cert on File 8 CTE Michael Lamplot Type of Training Michael McCarthy Type of Training IML Training OMA FOIA Mark Bahnsen Type of Training OMA FOIA Rob Ebsen Type of Training Type of Training Certified Trustee Training Oak Brook Firefighters' Pension Fund 2023 John Fagan 69 of 84 OAK BROOK Templin, Charles E. FIREFIGHTERS' PENSION FUND Templin, Susan G. Pension Calculation Worksheet Surviving Spouse / Retirement 20-50 REVIEWED AND APPROVED BY PENSION FUND: Trustee:Date:______________Name: ____________________ Signature: _________________________ Spouse Name Spouse Social Security Number xxx-xx- Member Birth Date Member Entry Date 05/15/73 Member Retirement Date 06/20/95 Member Effective Date of Pension 06/21/95 Member Age at Effective Date of Pension 50 Years (Y) & Months (M) of Creditable Service Earned Y 22 M 1 Applicable Salary $62,088.00 Amount of the Original Monthly Pension Granted to Member $2,802.59 Member Date of Death 04/09/23 Spousal Effective Date of Benefit 04/10/23 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 06/21/95 Original Benefit (prorated)934.20 934.20 07/01/95 Original Benefit (full month)1,868.39 2,802.59 33,631.08 07/01/00 Initial Increase 420.39 3,222.98 38,675.76 01/01/01 Annual 3% COLA 96.69 3,319.67 39,836.04 01/01/02 Annual 3% COLA 99.59 3,419.26 41,031.12 01/01/03 Annual 3% COLA 102.58 3,521.84 42,262.08 01/01/04 Annual 3% COLA 105.66 3,627.50 43,530.00 01/01/05 Annual 3% COLA 108.83 3,736.33 44,835.96 01/01/06 Annual 3% COLA 112.09 3,848.42 46,181.04 01/01/07 Annual 3% COLA 115.45 3,963.87 47,566.44 01/01/08 Annual 3% COLA 118.92 4,082.79 48,993.48 01/01/09 Annual 3% COLA 122.48 4,205.27 50,463.24 01/01/10 Annual 3% COLA 126.16 4,331.43 51,977.16 Personal Data Templin, Susan G. Pension Calculation History Description printed: 4/18/202370 of 84 OAK BROOK Templin, Charles E. FIREFIGHTERS' PENSION FUND Templin, Susan G. Pension Calculation Worksheet Surviving Spouse / Retirement 20-50 Amount Amount Amount of of Monthly of Annual Date Change Pension Pension 01/01/11 Annual 3% COLA 129.94 4,461.37 53,536.44 01/01/12 Annual 3% COLA 133.84 4,595.21 55,142.52 01/01/13 Annual 3% COLA 137.86 4,733.07 56,796.84 01/01/14 Annual 3% COLA 141.99 4,875.06 58,500.72 01/01/15 Annual 3% COLA 146.25 5,021.31 60,255.72 01/01/16 Annual 3% COLA 150.64 5,171.95 62,063.40 01/01/17 Annual 3% COLA 155.16 5,327.11 63,925.32 01/01/18 Annual 3% COLA 159.81 5,486.92 65,843.04 01/01/19 Annual 3% COLA 164.61 5,651.53 67,818.36 01/01/20 Annual 3% COLA 169.55 5,821.08 69,852.96 01/01/21 Annual 3% COLA 174.63 5,995.71 71,948.52 01/01/22 Annual 3% COLA 179.87 6,175.58 74,106.96 01/01/23 Annual 3% COLA 185.27 6,360.85 76,330.20 04/10/23 Spousal Benefits Begin (prorated)(1,908.25)4,452.60 05/01/23 Spousal Benefits Begin (full month)1,908.25 6,360.85 76,330.20 Description Pension Calculation History - Continued printed: 4/18/202371 of 84 OAK BROOK Templin, Charles E. FIREFIGHTERS' PENSION FUND Templin, Susan G. Basic Information Worksheet Retirement 20-50 Entry Date Termination/Retirement Date Years Creditable Service Earned 22 Additions to Creditable Service Reductions to Creditable Service Total Creditable Service 22 Marital Status Married Spouse's Name Spouse's Social Security Number xxx-xx- Spouse's Date of Birth Date of Marriage 5/29/2004 Reductions (Days) Templin, Susan G. 1 Spousal Information - If Applicable Additions (Days) Creditable Service 05/15/73 06/20/95 Months 1 Printed: 4/18/202372 of 84 OAK BROOK Templin, Charles E. FIREFIGHTERS' PENSION FUND Templin, Susan G. Benefit Calculation Worksheet Retirement 20-50 Applicable Salary $62,088.00 Years Months Total Creditable Service 22 1 Creditable Service Years 1 to 20 50.00% Creditable Service (# of Years 21 to 30) x 2.0%4.00% Creditable Service (# of Months 1 to 11) x (2.0% / 12)0.17% Total (Maximum = 75%)54.17% Original Annual Pension $33,631.08 Monthly $2,802.59 Age @ Retirement Date 50 Date of Initial Increase 07/01/00 Amount of Initial Increase (monthly)$420.39 Subsequent COLA increases are granted every January in the amount of 3% of the current benefit. Benefits granted to Survivors do NOT receive COLA Increases. The amount of the initial increase is equal to 1/12 of 3% of the original monthly benefit, times the number of full months that have elapsed since the pension began. The initial increase is granted on the latter of: The month after the member turns 55 OR The month after the member has been retired for one full year. Required Information Applicable Pension Percentage Amount of Originally Granted Pension Increases in Pension Printed: 4/18/202373 of 84 OAK BROOK Templin, Charles E. FIREFIGHTERS' PENSION FUND Templin, Susan G. Pension Taxability Calculation Worksheet Retirement 20-50 Effective Date of Pension 06/21/95 Member Date of Birth Spouse's Date of Birth Member Age @ Effective Date of Pension 50 Spouse Age @ Effective Date of Pension 42 Combined Age of Pensioner and Spouse 92 After - Tax Portion of Contributions Not Determined Personal Data IRS Notice 98-2 "The Simplified Method" The simplified method must be used by annuitants and by pension funds to report the taxable portion of pension payments on Form 1099-R. Under the simplified method the pensioner recovers his or her investment in the pension in level amounts over the expected number of monthly payments determined from the table. The new table applies to distributions with annuity starting dates after December 31, 1997. The portion of each monthly pension payment that is excluded from gross income is a level dollar amount determined by dividing the investment in the pension by the number of annuity payments according to the table. The employee's investment in the pension is generally the total amount of after-tax contributions made to the pension plan by the employee. The dollar amount to be excluded from taxable income does not change, even when the amount of the pension payment changes. For example the amount to be excluded from each pension payment does not change with COLA increases or on account of reduced survivor annuity after the death of the pensioner. Printed: 4/18/202374 of 84 OAK BROOK Templin, Charles E. FIREFIGHTERS' PENSION FUND Templin, Susan G. Pension Taxability Calculation Worksheet Retirement 20-50 Age of Annuitant Expected Number of When Annuity Begins Monthly Payments 55 and Under 360 56 - 60 310 61 - 65 260 66 - 70 210 71 and Over 160 Combined Age of Pensioner and Spouse Expected Number of When Annuity Begins Monthly Payments 110 and Under 410 111 - 120 360 121 - 130 310 131 - 140 260 141 and Over 210 After - Tax Portion of Contributions Not Determined Expected # of Monthly Payments from the Table 410 Tax Free Portion of Monthly Pension = After - Tax Contributions / Expected # of Monthly Payments #VALUE! Tax Free Portion of Annual Pension = Tax Free Portion of Monthly Pension x 12 #VALUE! Partial Year = # of Months x Tax Free Portion of Monthly Pension Expected # of Payments Table - Single @ Time of Retirement Expected # of Payments Table - Married @ Time of Retirement Taxability Calculation Printed: 4/18/202375 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 1 Volume 24, Issue 3, July 2023 Legal and Legislative Update Salary Attached to Rank Redefined for Retirement Purposes City of East Peoria v. Bd. of Trustees of the Police Pension Fund of the City of East Peoria, et al., 2023 IL App (4th) 220816 The issue presented in this case centered on the calculation of retirement benefits using the salary attached to rank for an officer demoted during his last year of service. In this case, the officer went from deputy chief to sergeant during his final year of service, resulting in a decrease in his salary attached to rank earned during his final year of service prior to his retirement date. Section 5/3-111(a) of the pension code provides “A police officer age 50 or more with 20 or more years of creditable service . . . shall receive a pension of ½ of the salary attached to the rank held by the officer on the police force for one year immediately prior to retirement or, beginning July 1, 1987 for persons terminating service on or after that date, the salary attached to the rank held on the last day of service or for one year prior to the last day, whichever is greater.” The City of East Peoria intervened before the pension board, arguing the salary used to calculate retirement benefits should be an average of his salaries earned during his final year of service. In This Issue… 1 Salary Attached to Rank Redefined for Retirement Purposes 2 Consolidation Lawsuit to be Heard by Illinois Supreme Court Changes to DOI Compliance Fees 3 Mandatory Retirement Precludes a Supplemental Widow’s Benefit 4 No Disability for Firefighter Claiming PTSD 5 “Catastrophic Injury” for Firefighter Provides Health Insurance Premiums for Plaintiffs 6 Collective Bargaining Agreement Finds Firefighter Not Eligible for Family Insurance Coverage 7 RDL News ire igh er ot 76 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 2 The pension board and the City both sought input from the Illinois Department of Insurance, which issued conflicting statements on the issue. Ultimately, the pension board disagreed with the City’s interpretation, finding it improperly inserted words into the statute and ignored the definition of “salary attached to rank” adopted by Illinois Courts over many decades of jurisprudence. Instead, the pension board calculated retirement benefits using the greatest “salary attached to rank” earned by the officer during his final year of service, which in this case was the deputy chief salary. On administrative review to the Circuit Court of Tazewell County, the pension board’s decision was affirmed. On appeal, the Illinois Appellate Court, Fourth District, reversed the pension board’s decision, finding the pension board should have calculated retirement benefits using a proration of both salaries attached to rank earned by the officer during his final year of service. In reaching its decision, the Appellate Court rejected the City’s interpretation of the Code requiring an averaging of salaries. However, the Appellate Court found the pension board’s interpretation did not follow the plain language of the statute. In this regard, the Appellate Court expanded the term “salary attached to rank” to include more than one salary. The Appellate Court determined it was the legislatures’ intent to create a new “salary” for retirement purposes using a proration of the officer’s deputy chief salary and sergeant salary, despite the fact that the new “salary” (1) was not attached to any rank, (2) was never actually paid to the officer during his service, and (3) was not appropriated by the City as a salary under the collective bargaining agreement. Although the Appellate Court acknowledged a retiring officer could receive the full benefits of a salary increase paid just before retirement (even on the last day of service), it still found the demoted officer was not entitled to a similar benefit, and instead, may only receive retirement benefits based on a proration of the salaries earned during the final year of service. As an issue of first impression throughout Illinois, this methodology would apply to all future retirement benefits calculations. The pension board and the officer have petitioned to appeal to the Illinois Supreme Court.❖ Consolidation Lawsuit to be Heard by Illinois Supreme Court Arlington Heights Police Pension Fund et al. v. Pritzker et al., 2023 IL App (2d) 220198 As we reported in our last newsletter, the Second District Appellate Court affirmed the Kane County trial court ruling finding P.A. 101-610 consolidating Article 3 and 4 pension funds for investment purposes valid. As expected, subsequent to that ruling Plaintiffs filed a Petition for Leave to Appeal (PLA) to the Illinois Supreme Court. On May 24, 2023, the Supreme Court granted Plaintiffs’ petition and agreed to hear the case. It is anticipated briefing will occur throughout the summer. A hearing date is not yet known inasmuch as the Supreme Court is in recess until September. Stay tuned for further developments. Finally, as a reminder, RDL is not involved in this litigation but does serve as general legal counsel for the Illinois Police Officers’ Pension Investment Fund. ❖ Changes to DOI Compliance Fees P.A. 103-0008 Attached to the most recent State budget was a little noticed but potentially dramatic change to the Department of Insurance “compliance fee” paid by local Article 3 and 4 funds. Prior to the consolidation of assets, local police and firefighter pension funds paid an annual fee to the DOI equal to 2 basis points (0.02%) of the total assets of the fund. This fee was capped at $8,000. The consolidation legislation eliminated this fee and instead substituted an $8,000 fee payable from each consolidated fund to the DOI. With this covert addition to the legislation implementing the State budget, the consolidated funds will continue 77 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 3 to owe an $8,000 annual fee. However, effective July 1, 2023, Article 3 and 4 pension funds will be required to pay an annual compliance fee of at least 0.02% but not more than 0.05% of the total assets of the pension fund unless the appropriate Consolidated Fund agrees to conduct an audit or examination of all pension funds. The DOI retains the discretion to set the annual compliance fee to be paid by each pension fund. Under this new formula, the fee is not capped at $8,000. The consolidation legislation left audit and examination of Article 3 and 4 funds to either the DOI or the consolidated fund. At present, the Firefighters’ Pension Investment Fund is performing audits of the local Article 4 funds. At the time of this writing, the DOI continues to audit Article 3 pension funds inasmuch as the Police Officers’ Pension Investment Fund is still considering the matter. Given this ever changing landscape surrounding audit and examination of Article 3 and 4 funds and the fees associated therewith, we recommend you contact your RDL attorney should your fund receive any invoices or audit materials from the DOI. ❖ Mandatory Retirement Precludes a Supplemental Widow’s Benefit Salcedo v. The Retirement Board of the Policemen’s Annuity & Benefit Fund of the City of Chicago, 2023 IL App (1st) 220728 Plaintiff, the widow of a Chicago police officer, sought a supplemental widow’s benefit after her husband passed away. Ofc. Salcedo was disabled following a high-speed motor vehicle accident, resulting in serious physical/brain injuries. He was awarded a duty disability pension, which he continued to receive until reaching the mandatory retirement age of 63. Upon reaching age 63, Ofc. Salcedo’s benefits converted to a life annuity. Ofc. Salcedo died approximately two years after reaching retirement age, and the cause of his death (as determined by the coroner) was unrelated to the injuries causing his disability. Upon his death, Plaintiff began receiving a lifetime annuity benefit for widows. Several years later, Plaintiff petitioned the pension board for a compensatory/supplemental widow’s benefit, which required proof Ofc. Salcedo’s death was the direct result of the injury sustained while on duty or was of such character as to prevent him from resuming service as a police officer. Plaintiff introduced medical evidence establishing her husband’s injuries prevented him from ever resuming service as a police officer. However, the pension board found the officer’s mandatory retirement at age 63 was the reason for his inability to ever resume service as a police officer. Accordingly, the pension board denied Plaintiff’s request for a supplemental widow’s benefit, finding Plaintiff’s interpretation of the Code would expand benefits payable to widows of disabled police officers after they reach age 63 resulting in an additional and unintended financial burden on the fund. Both the Circuit Court and the Appellate Court affirmed the pension board’s decision. The Appellate Court specifically found “mandatory retirement precluded the plaintiff from receiving a widow’s supplemental annuity pursuant to the Code.” In this regard, “mandatory retirement was the unavoidable and intervening reason that plaintiff did not qualify for a widow’s supplemental annuity, even if the evidence may have established that Salcedo was permanently disabled from his on- injury at the time of his death.” No appeal was taken from this ruling.❖ 78 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 4 No Disability for Firefighter Claiming PTSD Szymala v. Romeoville Firefighters’ Pension Fd. et al., 2023 IL App (3d) 220093-U The firefighter in this case applied for a line of duty or, in the alternative, a not in the line of duty disability benefit claiming disability due to PTSD and major depressive disorder. Throughout the course of the disability process before the pension board, two incidents appeared which plaintiff claimed caused his disability. First, plaintiff attributed his disability to a 2007 fall from a training tower during firefighter training. Plaintiff claimed he fell approximately 15 feet and did not recall anything until waking up in the hospital following the incident. While plaintiff claimed he suffered a concussion and/or some head injury, records from the time indicate he suffered no loss of consciousness, neck pain, numbness, or tingling. X-rays of his spine and heels showed no injury and he was released from the hospital following a two-hour stay. Following the 2007 fall, plaintiff returned to work. He was promoted to lieutenant in 2013. Issues arose concerning his job performance and he was placed on an improvement plan and ultimately, a “last chance agreement”. In January 2019, plaintiff was demoted from lieutenant to firefighter/paramedic. He testified at the disability hearing that, while being told he would be demoted, “something just snapped”. Following the meeting, he wept in his car and subsequently requested FMLA leave to seek professional help. He never returned to fire service and applied for disability in April, 2019. His disability application claimed multiple causes including physical and mental conditions triggered by the 2007 fall, issues related to past non-Hodgkin’s lymphoma treatments, and various effects from orthopedic injuries. Voluminous medical evidence was introduced at hearing before the pension board. The medical evidence showed plaintiff was first diagnosed with major depressive disorder by his primary care physician in February 2019. Plaintiff underwent neuropsychological testing with a neuropsychologist who concluded, based on plaintiff’s self-report of the fall, he suffered cognitive changes stemming from the 2007 fall and mild traumatic brain injury with loss of consciousness. When it came time for the pension board IMEs, plaintiff saw one physician for physical injury and two psychiatrists. Dr. Samo opined plaintiff was not disabled due to any physical reason and did not offer any opinion on his claim for mental disability. Dr. Agarwal found plaintiff had no mental health condition that would cause him to be disabled from service as a firefighter. In fact, Dr. Agarwal stated plaintiff admitted his mental health issues were related to mistreatment by a supervisor, workplace politics, and unfair demotion. The board’s other examining psychiatrist, Dr. Wahlstrom, opined plaintiff could not perform as a firefighter due to his major depressive disorder and poor response to treatments for the same. Dr. Wahltrom found this disability was not caused by any act of firefighting duty. Plaintiff’s testimony at hearing before the pension board credited his disability to the 2007 fall causing a gradual decline in his abilities and the January 2019 demotion which resulted in further anxiety and depression. Ultimately, the pension board found plaintiff was not disabled finding: (1) minor injuries suffered in the fall had completed recovered, (2) neuropsychological testing linking the fall and his mental condition was based on inaccurate information provided to the doctor by plaintiff, (3) following the fall plaintiff was successful in his career even being promoted to lieutenant, (4) plaintiff only reported a change in work conditions when a new battalion chief challenged his work demonstrating a personal dispute as opposed to declining cognitive function from the fall, and (5) plaintiff only reported these claimed disabling conditions immediately following his demotion. On appeal, the board’s decision plaintiff was not disabled was affirmed. The appellate court agreed 79 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 5 the board, as the finder of fact, had the ability to lend more weight to one doctor’s opinion than the others. In this case, the board credited the opinion of Dr. Agarwal over Dr. Wahlstrom, noting plaintiff admitted to Dr. Agarwal his primary failure to return to work was due to his demotion. The board also noted none of the IME physicians diagnosed plaintiff with PTSD. While the neuropsychological testing found PTSD, this was based on the plaintiff’s inaccurate and subjective reports to the administering doctor. In short, the appellate court did not disturb the findings of the pension board inasmuch as some evidence in the record supported the conclusion plaintiff was not disabled and those otherwise were correctly discounted by the pension board based on plaintiff’s lack of creditability.❖ “Catastrophic Injury” for Firefighter Provides Health Insurance Premiums for Plaintiffs Ivetic v. Bensenville Fire Protection District No.2, 2023 IL App (1st) 220879-U The issue presented in this case focused on whether the Fire Protection District was obligated to pay health insurance premiums for Plaintiffs where it was undisputed that Plaintiff was awarded by the Pension Board a line-of-duty disability pension based on a cancer diagnosis. In other words, did the Plaintiff suffer a “catastrophic injury” as a matter of law and did that the injury occur during an emergency response? While serving as a Lieutenant with the Bensenville Fire Department, Plaintiff was diagnosed in 2008 with small lymphocytic lymphoma which metastasized into Chronic Lymphocytic Leukemia (CLL/SLL), a debilitating form of cancer. He began receiving treatment for that cancer while still in the service but retired later that same year after a total of 30 years of service. In 2012, he applied for a line-of-duty disability, or in the alternative, an occupational disease disability. The Pension Board initially denied his application, relying on a DOI opinion that once retired, a firefighter is ineligible for disability benefits. The Circuit Court reversed the Pension Board and allowed Ivetic to proceed on the line-of-duty claim only. After evidence was presented to the Pension Board on remand, Ivetic’s application for line-of-duty disability was granted based on the cumulative effects of his acts of duty and the concurrent exposure to cancer-causing factors. Note that the Pension Board did not consider an occupational disease disability, as per the court’s order for remand. Thereafter, he applied to the Fire District for insurance coverage under PSEBA. The Fire District denied coverage, indicating that Ivetic suffered from “illness” and not “injury,” and therefore under the Act was not entitled to the insurance coverage. The Fire District also indicated that the Plaintiff had not established that he was injured in the course of responding to what he reasonably believed was an emergency, as required under the Act. Ivetic brought a declaratory action against the Fire District for payment of their insurance premiums. The Circuit Court found for Ivetic at summary judgment (indicating that there was no factual dispute). The Court found that the expert medical testimony was “either inconclusive or determinative” that Ivetic’s cancer was caused by exposure to toxins and the Pension Board had found that he had been injured in the line of duty as a result of exposure to those toxins. As the reader may know, to receive benefits of insurance coverage under 820 ILCS 320/10(a) and (b), the firefighter must have suffered a “catastrophic injury” while responding to what he believed was an emergency. The Appellate Court addressed two issues on appeal in light of the two prongs of PSEBA. First, does a cancer disability constitutes a “catastrophic injury?” Second, was Plaintiff responding to what he reasonably believed was an emergency when he was exposed to the cancer-causing toxins, thereby satisfying the “emergency prong?” The Court said yes to both. 80 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 6 As to the first prong, the Appellate Court found that “[t]he Illinois Supreme Court has held that, where, as here, a pension board awards a line-of-duty disability pension, this establishes as a matter of law that the public safety employee has suffered a catastrophic injury under section 10(a) of the Act.” Krohe v. City of Bloomington, 204 Ill. 2d 392, 400 (2003). Additional support through an examination of legislative history was also included in its analysis. As to the “emergency prong,” the Appellate Court again relied on the findings of the Pension Board, disregarding the Fire District’s argument that Plaintiff could not point to an incident as being the “sole cause” of his cancer. The Appellate Court re- affirmed the idea that what is truly at issue is “proximate cause” and not “sole cause.” As the Court stated, “the cause need not be the only, last, or nearest cause, rather, the combination of multiple causes may result in the [covered] injury.” The testimony at the Pension Board hearing clearly showed that the Plaintiff was responding to emergencies at the times he was exposed to toxins; while he may have also been exposed to toxins at other times, the Appellate Court again pointed to the concept of “proximate cause.”❖ Collective Bargaining Agreement Finds Firefighter Not Eligible for Family Insurance Coverage Owen v. Village of Maywood, 2023 IL App (1st) 220350 Plaintiff, a former firefighter who was injured in the line of duty and was pensioned in 2015, sought family insurance coverage for his wife, whom he married in May 2019, pursuant to a collective bargaining agreement (CBA). The First District Appellate Court, in Owen v. Village of Maywood, 2023 IL App (1st) 220350, held as a matter of law that the Village did not have a contractual obligation to pick up the costs of family insurance under these specific facts. The Plaintiff/Appellant, a firefighter/EMT for the Village, was injured in the line of duty in 2015. He applied for and was eventually awarded a line-of- duty disability on August 17, 2017, retroactive to October 11, 2015. Unmarried at the time he was awarded the disability, he later married his spouse in 2019. In the interim, a CBA had been ent ered into that the Courts examined to determine what, if any, coverage his new spouse was entitled to. The CBA’s key language analyzed was as follows: “The Village shall pay the medical insurance premiums for employees injured in the line of duty. Upon certification of the Maywood Fireman's Pension Board that the employee is being pensioned with an on-the-job medical pension pursuant to Illinois State Statutes, the Village agrees to pay the entire amount of the individual or, where applicable, family medical insurance in an amount not to exceed the cost paid by the Village for the employee and his dependents in this category.” The Appellate Court first explained the fundamental principles involved in its analysis. The CBA was a contract, whose terms are subject to de novo review like any other contract. The Court’s primary goal is to give effect to the intent of the parties. If the contract terms are clear and unambiguous, those terms must be given their plain, ordinary, and popular meaning. If ambiguous, the Court may use other tools to interpret the terms; however, disagreement on the meaning of a term doesn’t make the term ambiguous. The parties’ fundamental disagreement rested on whether the CBA had expressed an effective triggering event or date that vested the family insurance coverage. The Plaintiff claimed that the CBA vested family coverage once he married his spouse, even though he married his spouse over five years after getting injured and two years after being awarded his line-of-duty disability. The Village disagreed and asserted that whatever coverage the member had was fixed at the time his disability claim was awarded. The Appellate Court found that the CBA clearly stated that the vesting of any rights raised in this case occurred when the disability was awarded, i.e. 81 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 7 in 2017. In finding that the arguments by Plaintiff were without merit, the Appellate Court stated that the CBA’s terms expressed a contingency, or pre- condition, that must first be met that would determine the Village’s responsibility for insurance coverage. That contingency was the certification by the pension board that the member would receive an “on-the-job medical pension.” As the Plaintiff was awarded his pension in 2017 while he was still single, he was only entitled to his own insurance coverage. The Appellate Court also dismissed Plaintiff’s claims based on the Wage Act and Wage Collection Act, stating that since he wasn’t entitled to the family insurance coverage to begin with his claims for coverage under either act were baseless. This case re-affirms the principle that drafting any contract, including CBAs, must be done carefully so that the intent of the parties is clearly expressed in the contract’s terms.❖ REIMER DOBROVOLNY & LABARDI PC NEWS _______________________________________________ Suggested Agenda Items for October (or 4th Quarter of 2023) • Adoption of recommended tax levy from actuarial valuation and forward request to Municipality. • Adoption of municipal compliance report and forward to Municipality. • Schedule next calendar year quarterly meeting dates/times. • Deadline for filing independent audit report with DOI. • Deadline for filing of DOI annual report. (October 31st). • May 5, 2023: RDL partners Brian LaBardi and Nemura Pencyla presented at the IPPFA spring pension conference in Addison. • May 10-12, 2023: RDL managing partner Rick Reimer presented at the IPPFA spring pension conference in Galena. • October 4-6, 2023: RDL attorneys will attend and present at the IPPFA MidAmerican Pension Conference in Lincolnshire. • November 3, 2023: RDL attorneys will attend and present at the IPFA Fall Pension Conference in Addison. 82 of 84 © 2023 REIMER DOBROVOLNY & LABARDI PC 8 Legal and Legislative Update Volume 24, Issue 3, July 2023 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. 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