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Agenda Packet - 01/12/2023 - 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, January 12, 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.October 20, 2022 Regular Meeting b.Semi-Annual Review of Closed Session Meeting Minutes 6.Investment Reports 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 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.Affidavits of Continued Eligibility b.Statements of Economic Interest 10.Applications for Membership/Withdrawals from the Fund 11.Applications for Retirement/Disability Benefits a.Approve Regular Retirement Benefits – Brian Bitterlin 12.Old Business a.FPIF Status Update and Discussion/Possible Action to be taken on all FPIF Requests Pertaining to Consolidation 13.New Business a.Approve Annual Cost of Living Adjustments for Pensioners b.Review Trustee Term Expirations and Election Procedures c.Updated Local Bank Account Collateralization Agreement d.Discussion/Possible Action – Pensionable Salary Request e.Discussion/Possible Action – 2nd Quarter Meeting Date 14.Attorney’s Report – Reimer Dobrovolny & LaBardi PC a.Legal Updates 15.Closed Session, if needed 16.Adjournment 1 of 107 2 of 107 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 20, 2022 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 eight-month period ended August 31, 2022 prepared by L&A. As of August 31, 2022, the net position held in trust for pension benefits is $30,884,945.19 for a change in position of ($6,932,365.66). The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and Vendor Check Report for the period June 1, 2022 through August 31, 2022 for total disbursements of $126,964.49. 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 $126,964.49. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, Bahnsen, McCarthy and Lamplot 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 noted that no changes were needed 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: The Board noted that Affidavits of Continued Eligibility will be mailed to all pensioners with the December payroll cycle. A status update will be provided at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Conversion from Non-Duty Disability to Regular Retirement Benefit – Scott Harris: The Board noted that L&A mailed correspondence to Scott Harris regarding his request to convert from a non-duty disability benefit to a regular retirement benefit, but no response has been received to date. Further discussion will be held at the next regular meeting. OLD BUSINESS: FPIF Status Update and Discussion/Possible Action to be taken on all FPIF Requests Pertaining to Consolidation: The Board noted that there are no additional requests from FPIF pertaining to consolidation. Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Fagan and seconded by Trustee Lamplot to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, Bahnsen, McCarthy and Lamplot NAYES: None ABSENT: None NEW BUSINESS: Establish 2023 Board Meeting Dates: The Board discussed establishing the 2023 Board meeting dates as January 12, 2023; April 20, 2023; July 20, 2023; and October 19, 2023 at 9:00 AM 3 of 107 Oak Brook Firefighters’ Pension Fund Meeting Minutes – October 20, 2022 Page 3 of 3 in the Butler Government Center located at 1200 Oak Brook Road, Oak Brook, Illinois 60523. A motion was made by Trustee Fagan and seconded by Trustee Bahnsen to establish the 2023 Board meeting dates as stated. Motion carried unanimously by voice vote. Review/Update – GCM Recurring Withdrawal Instructions for 2023: The Board discussed the FPIF Global Cash Movement Recurring Withdrawal Instructions and the current balance in the Charles Schwab money market account. A motion was made by Trustee McCarthy and seconded by Trustee Picciola to set the monthly recurring withdrawal amount at $300,000 to be sent in cash from FPIF with a start date of January 1, 2023 and to maintain a target balance in the Schwab account of $300,000 and once the balance reaches $350,000, transfer the excess funds to the BMO Harris operating account to remit to FPIF for investing . Motion carried by roll call vote. AYES: Trustees Fagan, Picciola, Bahnsen, McCarthy and Lamplot NAYES: None ABSENT: None 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. Status of Duty Disability – Sean Kelly: The Board noted that Sean Kelly has not filed an appeal in regards to his duty disability case. Further discussion will be held at the next regular meeting. Annual Independent Medical Examination – Jennifer White: The Board noted that the annual independent medical examination for Jennifer White has been scheduled for November 17, 2022. 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 Bahnsen to adjourn the meeting at 10:47 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 12, 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 107 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, 2022 5 of 107 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 December 31 2022 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 107 Disclosures Information in this report was compiled using data from the custodian available as of the publishing date. While we believe the data to be reliable,we do not independently verify pricing and valuation data. Please refer to the official statements provided by the account custodian. All date period references are on a calendar year basis. Fiscal year reports are available upon request. Past performance does not guarantee future investment results. Performance Review Index Quarter 1 Return Quarter 2 Return Quarter 3 Return Quarter 4 Return Year to Date Return S&P 500 Composite (4.6%)(16.1%)(4.9%)7.6%(18.1%) Russell 2000 (7.5%)(17.2%)(2.2%)6.2%(20.4%) MSCI EAFE Net (5.9%)(14.5%)(9.4%)17.3%(14.5%) Blended FI (5.7%)(3.5%)(4.0%)1.4%(11.4%) M-Star MMF 0.0%0.1%0.4%0.8%1.3% Long-Term Performance Index 1 YearReturn 3 YearReturn 5 YearReturn 10 YearReturn S&P 500 Composite (18.1%)7.7%9.4%12.6% Russell 2000 (20.4%)3.1%4.1%9.0% MSCI EAFE Net (14.5%)0.9%1.5%4.7% Blended FI (11.4%)(2.0%)0.3%0.8% M-Star MMF 1.3%0.5%1.1%0.7% Returns for periods exceeding 12 months are annualized. Cash Flow Quarter 4 Year to Date Beginning Market Value $360,277 $37,810,750 Contributions / Additions $467,828 $1,769,616 Distributions ($544,403)($34,682,768) Ending Market Value $285,263 $285,263 Investment Gain $1,560 ($4,612,335) Oak Brook Firefighters' Pension Fund Cash Flow and Performance Review Oak Brook Firefighters' Pension Fund As of December 31, 2022 SFAM Page 3 of 10 7 of 107 Inception to Date (4/3/2016) Beginning Market Value $0 Receipts of Securities $19,470,298 Contributions / Additions $12,153,938 Distributions ($44,175,914) Ending Market Value $285,263 Investment Return $12,836,939 Oak Brook Firefighters' Pension Fund Portfolio Value vs Cumulative Net Investment Oak Brook Firefighters' Pension Fund As of December 31, 2022 SFAM Page 4 of 10 8 of 107 Weight Description Symbol Moody'sRating S&PRating Quantity Value CurrentYield AnnualIncome Cash Equivalent Cash Equivalent Cash Equivalent 100.0%Schwab Government Money Fund SWGXX $285,263 3.8%$10,869 100.0%Total $285,263 3.8%$10,869 Oak Brook Firefighters' Pension Fund Holdings Oak Brook Firefighters' Pension Fund As of December 31, 2022 SFAM Page 5 of 10 9 of 107 Trade Date Activity Description Quantity Amount Accrued Interest 12/30/2022 Income (Reinvested Dividend) Schwab Government Money Fund 1,383.70 $1,384 12/30/2022 Income (ReinvestedDividend)Schwab GovernmentMoney Fund 0.38 $0 12/20/2022 Withdrawal Schwab Government Money Fund $15,621 12/14/2022 Expense (Management Fee) Schwab Government Money Fund $500 12/12/2022 Withdrawal Schwab GovernmentMoney Fund $154,565 12/9/2022 Deposit Schwab Government Money Fund $154,248 11/15/2022 Income (Reinvested Dividend) Schwab Government Money Fund 816.20 $816 11/14/2022 Expense(Management Fee)Schwab GovernmentMoney Fund $500 11/10/2022 Withdrawal Schwab Government Money Fund $154,474 11/9/2022 Deposit Schwab Government Money Fund $154,474 10/31/2022 Withdrawal Schwab GovernmentMoney Fund $219,742 10/28/2022 Deposit Schwab Government Money Fund $159,105 10/17/2022 Income (Reinvested Dividend) Schwab Government Money Fund 859.58 $860 10/13/2022 Expense(Management Fee)Schwab GovernmentMoney Fund $500 Oak Brook Firefighters' Pension Fund From September 30, 2022 to December 31, 2022 Transactions Oak Brook Firefighters' Pension Fund As of December 31, 2022 SFAM Page 6 of 10 10 of 107 11 of 107 12 of 107 13 of 107 14 of 107 Illinois Firefighters’ Pension Investment Fund Monthly Summary October 31, 2022 *Preliminary,subject to change 15 of 107 16 of 107 Ending October 31, 2022 Asset Class Market Value % of Portfolio Policy % Total Fund Composite $6,952,824,020 100.0%100.0% Total Fund Composite excl. Member Funds $6,952,823,931 100.0%100.0% Total Equity Composite $4,421,350,108 63.6%65.0% U.S. Equity Composite $2,526,659,633 36.3%36.0% Rhumbline Russell 200 Large-Cap Core $1,746,220,890 25.1%25.0% Rhumbline Russell Midcap Mid-Cap Core $638,761,120 9.2%9.0% Rhumbline S&P 600 Small-Cap Core $141,677,623 2.0%2.0% Non-U.S. Equity Composite $1,894,690,475 27.3%29.0% International Developed Equity Composite $1,264,358,876 18.2%19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,072,174,812 15.4%16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $192,184,064 2.8%3.0% Emerging Markets Equity Composite $630,331,599 9.1%10.0% SSGA MSCI EM Emerging Markets $499,913,503 7.2%8.0% SSGA EM Small EM Small-Cap $130,418,097 1.9%2.0% Total Fixed Income Composite $2,087,221,148 30.0%30.0% Rate Sensitive Composite $1,881,941,690 27.1%27.0% Treasury Inflation Protected Securities Composite $217,559,431 3.1%3.0% SSGA TIPS TIPS $217,559,431 3.1%3.0% Core Fixed Income Composite $1,664,382,259 23.9%24.0% SSGA Intermediate Credit Int. Fixed Income $637,916,368 9.2%9.0% SSGA Intermediate Treasury Int. Fixed Income $428,993,963 6.2%6.0% SSGA Securitized MBS Fixed Income $409,402,833 5.9%6.0% SSGA Long Treasury Long-Term Fixed Income $188,069,095 2.7%3.0% Credit Fixed Income Composite $205,279,458 3.0%3.0% Emerging Markets Debt Composite $205,279,458 3.0%3.0% SSGA EM Global Diversified EM Fixed Income $205,279,458 3.0%3.0% Total Real Estate Composite $360,642,617 5.2%5.0% Core Real Estate Composite $360,642,617 5.2%5.0% Public Real Estate Composite $104,637,134 1.5%2.0% SSGA FTSE NAREIT U.S. REIT $104,637,134 1.5%2.0% Private Real Estate Composite $256,005,483 3.7%3.0% Principal USPA Fund Core Real Estate $256,005,483 3.7%3.0% Cash Composite $80,680,587 1.2%0.0% Transition Composite $2,929,470 0.0%0.0% Member Funds Composite $89 0.0%0.0% 2 Marquette Associates, Inc. Total Fund Composite Asset Allocation Market Value: $6,952.8 Million and 100.0% of Fund 17 of 107 Investment Manager Annualized Performance (Net of Fees) Market Value: $6,952.8 Million and 100.0% of Fund Ending October 31, 2022 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date Total Fund Composite 3.4 -7.3 -18.2 -17.3 -------13.8 Oct-21 IFPIF Policy Benchmark 3.6 -7.3 -18.2 -17.2 2.9 4.1 6.4 -13.5 Oct-21 Total Fund Composite excl. Member Funds 3.4 -7.3 -17.0 -16.2 -------16.2 Oct-21 IFPIF Policy Benchmark 3.6 -7.3 -18.2 -17.2 2.9 4.1 6.4 -17.2 Oct-21 Total Equity Composite 5.8 -7.7 -20.9 -20.1 -------20.1 Oct-21 MSCI ACWI IMI Net USD 6.2 -7.5 -21.1 -20.2 4.8 5.0 8.0 -20.2 Oct-21 U.S. Equity Composite 8.2 -5.6 -18.3 -16.1 -------16.1 Oct-21 Russell 3000 8.2 -5.5 -18.4 -16.5 9.8 9.9 12.5 -16.5 Oct-21 Rhumbline Russell 200 7.7 -6.2 -19.0 -16.2 -------16.2 Oct-21 Russell Top 200 7.7 -6.2 -18.9 -16.1 10.8 11.0 13.1 -16.1 Oct-21 Rhumbline Russell Midcap 8.8 -4.3 -17.6 -17.3 -------17.3 Oct-21 Russell MidCap 8.9 -4.3 -17.5 -17.2 7.8 7.9 11.4 -17.2 Oct-21 Rhumbline S&P 600 12.3 -3.2 -13.6 -11.9 -------11.9 Oct-21 S&P 600 SmallCap 12.4 -3.2 -13.7 -11.8 9.0 7.1 11.6 -11.8 Oct-21 Non-U.S. Equity Composite 2.7 -10.5 -24.3 -24.9 -------24.9 Oct-21 MSCI ACWI ex USA IMI 3.0 -10.3 -24.7 -25.2 -1.4 -0.6 3.5 -25.2 Oct-21 International Developed Equity Composite 5.4 -9.1 -22.7 -22.8 -------22.8 Oct-21 MSCI World ex USA IMI NR USD 5.4 -9.1 -23.1 -23.1 -0.6 0.2 4.2 -23.1 Oct-21 SSGA World ex US 5.5 -8.7 -21.9 -21.8 -------21.8 Oct-21 MSCI World ex USA 5.5 -8.7 -22.2 -22.0 -0.5 0.4 4.1 -22.0 Oct-21 SSGA World ex US Small 4.4 -11.3 -27.6 -28.8 -------28.8 Oct-21 MSCI World ex USA Small Cap 4.5 -11.4 -28.0 -29.1 -1.1 -0.7 5.2 -29.1 Oct-21 Emerging Markets Equity Composite -2.2 -13.1 -28.4 -29.5 -------29.5 Oct-21 MSCI Emerging Markets IMI -2.7 -13.3 -28.8 -30.1 -3.4 -2.6 1.1 -30.1 Oct-21 SSGA MSCI EM -2.7 -14.3 -29.6 -31.2 -------31.2 Oct-21 MSCI Emerging Markets -3.1 -14.1 -29.4 -31.0 -4.4 -3.1 0.8 -31.0 Oct-21 SSGA EM Small -0.1 -7.9 -24.2 -23.4 -------23.4 Oct-21 MSCI Emerging Markets Small Cap -0.1 -7.9 -24.3 -23.4 4.2 0.5 3.1 -23.4 Oct-21 Total Fixed Income Composite -0.9 -7.2 -14.3 -14.2 -------14.2 Oct-21 Bloomberg US Universal TR -1.1 -7.8 -15.8 -15.8 -3.6 -0.4 1.0 -15.8 Oct-21 Rate Sensitive Composite -1.0 -7.2 -13.3 -13.1 -------13.1 Oct-21 Bloomberg US Aggregate TR -1.3 -8.2 -15.7 -15.7 -3.8 -0.5 0.7 -15.7 Oct-21 Treasury Inflation Protected Securities Composite 0.9 -2.7 -1.9 -1.3 -------1.3 Oct-21 Bloomberg 1-3 Year US TIPS 0.9 -2.7 -1.9 -1.3 2.7 2.5 1.3 -1.3 Oct-21 SSGA TIPS 0.9 -2.7 -1.9 -1.3 -------1.3 Oct-21 Bloomberg 1-3 Year US TIPS 0.9 -2.7 -1.9 -1.3 2.7 2.5 1.3 -1.3 Oct-21 Marquette Associates, Inc. 318 of 107 Investment Manager Annualized Performance (Net of Fees) Market Value: $6,952.8 Million and 100.0% of Fund Ending October 31, 2022 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Date Core Fixed Income Composite -1.3 -7.7 -14.7 -14.6 -------14.6 Oct-21 Bloomberg US Aggregate TR -1.3 -8.2 -15.7 -15.7 -3.8 -0.5 0.7 -15.7 Oct-21 SSGA Intermediate Credit -0.4 -5.5 -11.7 -11.7 -------11.7 Oct-21 Bloomberg US Credit Int TR -0.4 -5.6 -11.7 -11.7 -2.1 0.5 1.5 -11.7 Oct-21 SSGA Intermediate Treasury -0.5 -4.8 -9.1 -9.1 -------9.1 Oct-21 Bloomberg US Treasury Int TR -0.5 -4.8 -9.1 -9.1 -2.0 0.1 0.6 -9.1 Oct-21 SSGA Securitized -1.4 -9.3 -14.8 -14.9 -------14.9 Oct-21 Bloomberg US Securitized MBS ABS CMBS TR -1.4 -9.4 -14.7 -14.8 -4.1 -1.1 0.5 -14.8 Oct-21 SSGA Long Treasury -5.6 -16.9 -32.8 -32.0 -------32.0 Oct-21 Bloomberg US Treasury Long TR -5.5 -16.9 -32.8 -32.0 -10.0 -2.7 0.0 -32.0 Oct-21 Credit Fixed Income Composite 0.3 -7.0 -23.1 -23.5 -------23.5 Oct-21 JP Morgan EMBI Global Diversified 0.2 -7.1 -23.8 -24.2 -7.2 -2.7 1.0 -24.2 Oct-21 Emerging Markets Debt Composite 0.3 -7.0 -23.1 -23.5 -------23.5 Oct-21 JP Morgan EMBI Global Diversified 0.2 -7.1 -23.8 -24.2 -7.2 -2.7 1.0 -24.2 Oct-21 SSGA EM Global Diversified 0.3 -7.0 -23.1 -23.5 -------23.5 Oct-21 JP Morgan EMBI Global Diversified 0.2 -7.1 -23.8 -24.2 -7.2 -2.7 1.0 -24.2 Oct-21 Total Real Estate Composite 1.0 -4.4 -2.1 5.3 ------5.3 Oct-21 Real Estate Custom Benchmark 2.0 -4.9 -3.0 4.4 7.5 8.1 9.3 4.4 Oct-21 Core Real Estate Composite 1.0 -4.4 -2.1 5.3 ------5.3 Oct-21 Real Estate Custom Benchmark 2.0 -4.9 -3.0 4.4 7.5 8.1 9.3 4.4 Oct-21 Public Real Estate Composite 4.9 -13.4 -24.6 -18.5 -------18.5 Oct-21 FTSE NAREIT Equity REIT 4.9 -13.4 -24.6 -18.5 -0.9 4.1 6.9 -18.5 Oct-21 SSGA FTSE NAREIT 4.9 -13.4 -24.6 -18.5 -------18.5 Oct-21 FTSE NAREIT Equity REIT 4.9 -13.4 -24.6 -18.5 -0.9 4.1 6.9 -18.5 Oct-21 Private Real Estate Composite -0.6 -0.1 10.5 20.0 ------19.8 Oct-21 NFI-ODCE Equal Weighted 0.0 0.8 13.3 21.7 12.1 9.9 10.3 19.9 Oct-21 Principal USPA Fund -0.6 -0.1 10.5 20.0 ------19.8 Oct-21 NFI-ODCE Equal Weighted 0.0 0.8 13.3 21.7 12.1 9.9 10.3 19.9 Oct-21 4 Marquette Associates, Inc.19 of 107 Marquette Associates, Inc. 5 Illinois Firefighters' Pension Investment Fund Fee Schedule 20 of 107 21 of 107 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 107 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 ($)November 2022 2022 YTD Beginning NAVs: Beginning NAV 28,627,699.58 - Contributions 374,216.82 32,130,549.23 Withdrawals 200,000.00 600,000.00 Net Time Weighted Activity -100,859.44 Allocation Balance 28,526,840.14 Allocation Percent 0.41% Income & Expenses: Unrealized Gain/Loss 1,743,269.61 -392,970.90 Realized Gain/Loss -1,464.52 -689,406.77 Dividend Income 21,214.85 142,800.55 Interest Income 5,021.17 -8,437.74 Other Income 0.86 -1,913.22 Total Income 1,768,041.97 -949,928.08 Administrator Expenses (FPIF)-2,809.98 Other Fee & Expenses (FPIF)540.24 7,199.84 Other Expenses 1.29 60.98 Management Fee -1,133.51 Performance Fee -- Total Fee & Expenses 541.53 11,204.31 Net Income 1,767,500.44 -961,132.39 Ending NAVs: Ending NAV 30,569,416.84 30,569,416.84 Rate of Returns: Return on Invested Capital 6.20%-3.13% Return on Total Assets 6.20%-3.13% Ownership 0.41% 23 of 107 Oak Brook Firefighters' Pension Fund Monthly Financial Report For the Month Ended November 30, 2022 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com 24 of 107 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 107 Accountants' Compilation Report 26 of 107 January 03, 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 November 30,2022 and the related statement of changes in net position -modified cash basis for the eleven months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting.If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP 1-1 27 of 107 Financial Statements 28 of 107 Assets Cash and Cash Equivalents 73,785.99$ Investments at Fair Market Value Money Market Mutual Funds 454,564.67 Pooled Investments 30,569,416.84 Total Cash and Investments 31,097,767.50 Prepaids 1,544.00 Total Assets 31,099,311.50 Liabilities Expenses Due/Unpaid 8,155.00 Total Liabilities 8,155.00 Net Position Held in Trust for Pension Benefits 31,091,156.50 Oak Brook Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of November 30, 2022 See Accountants' Compilation Report 2-1 29 of 107 Additions Contributions - Municipal 1,510,777.51$ Contributions - Members 258,838.08 Total Contributions 1,769,615.59 Investment Income Interest and Dividends Earned 234,881.33 Net Change in Fair Value (5,728,494.64) Total Investment Income (5,493,613.31) Less Investment Expense (42,452.56) Net Investment Income (5,536,065.87) Total Additions (3,766,450.28) Deductions Administration 43,466.35 Pension Benefits and Refunds Pension Benefits 2,916,237.72 Refunds 0.00 Total Deductions 2,959,704.07 Change in Position (6,726,154.35) Net Position Held in Trust for Pension Benefits Beginning of Year 37,817,310.85 End of Period 31,091,156.50 Oak Brook Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Eleven Months Ended November 30, 2022 See Accountants' Compilation Report 2-2 30 of 107 Other Supplementary Information 31 of 107 32 of 107 12/31/21 01/31/22 02/28/22 03/31/22 04/30/22 05/31/22 06/30/22 07/31/22 08/31/22 09/30/22 10/31/22 11/30/22 Financial Institutions Harris Bank - CK #318-320-9 15,397$14,966 12,784 14,917 6,583 13,952 13,080 14,954 12,969 214,961 370,032 73,786 15,397 14,966 12,784 14,917 6,583 13,952 13,080 14,954 12,969 214,961 370,032 73,786 Schwab - MM #2043-3707 1,091,913 793,074 505,601 636,323 513,988 898,607 855,384 740,587 492,969 513,892 459,105 454,565 1,091,913 793,074 505,601 636,323 513,988 898,607 855,384 740,587 492,969 513,892 459,105 454,565 Total 1,107,310 808,040 518,385 651,240 520,571 912,559 868,464 755,541 505,938 728,853 829,137 528,351 Contributions Contributions in Lieu of Tax Levy 648,485 134,238 129,245 129,245 131,071 129,520 194,280 129,520 - 265,367 141,212 127,080 Contributions - Current Year 31,384 22,890 22,381 22,133 22,444 22,180 33,270 22,180 22,180 23,259 23,384 22,537 679,869 157,128 151,626 151,378 153,515 151,700 227,550 151,700 22,180 288,626 164,596 149,617 Expenses Pension Benefits 260,089 264,503 264,472 264,472 264,472 264,472 264,685 264,685 264,685 264,685 264,685 270,422 Administration (9,958)34 2,576 683 28,226 5,766 19,906 1,031 12,290 5,649 2,540 7,217 250,131 264,537 267,048 265,155 292,698 270,238 284,591 265,716 276,975 270,334 267,225 277,639 Total Contributions less Expenses 429,738 (107,409) (115,422) (113,777) (139,183) (118,538) (57,041) (114,016) (254,795)18,292 (102,629) (128,022) Oak Brook Firefighters' Pension Fund Cash Analysis Report For the Twelve Periods Ending November 30, 2022 See Accountants' Compilation Report 4-1 33 of 107 34 of 107 Contributions Contributions - Municipal 41-240-00 - Contributions in Lieu of Tax Levy 127,080.26$1,510,777.51 127,080.26 1,510,777.51 Contributions - Members 41-410-00 - Contributions - Current Year 22,537.22 258,838.08 22,537.22 258,838.08 Total Contributions 149,617.48 1,769,615.59 Investment Income Interest and Dividends 43-102-09 - Harris Bank - #318-320-9 93.01 106.10 43-252-05 - Schwab - Fixed Income #2043-3707 816.20 140,745.85 43-550-05 - Schwab - Mutual Funds #2043-3707 0.00 34,641.25 43-800-01 - Northern Trust – IFPIF Consolidated Pool Dividend 21,214.85 142,800.55 43-800-02 - Northern Trust – IFPIF Consolidated Pool Interest 5,021.17 (8,437.74) 27,145.23 309,856.01 Gains and Losses 44-252-05 - Schwab - Fixed Income #2043-3707 0.00 (1,121,053.36) 44-550-05 - Schwab - Mutual Funds #2043-3707 0.00 (3,619,449.51) 44-600-01 - Transfer Market Value Adjustment 0.00 94,385.90 44-800-01 - Northern Trust - IFPIF Consolidated Pool - Unrealized 1,743,269.61 (392,970.90) 44-800-02 - Northern Trust - IFPIF Consolidated Pool - Realized (1,464.52) (689,406.77) 1,741,805.09 (5,728,494.64) Other Income 45-200-00 - Accrued Interest 0.00 (73,061.46) 49-000-01 - Other Income 0.86 (1,913.22) 0.86 (74,974.68) Total Investment Income 1,768,951.18 (5,493,613.31) Total Revenue 1,918,568.66 (3,723,997.72) Oak Brook Firefighters' Pension Fund Revenue Report as of November 30, 2022 Received Received this Month this Year See Accountants' Compilation Report 6-1 35 of 107 Oak Brook Firefighters' Pension Fund 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Service Non-Duty Disability Duty Disability Occupational Disease Surviving Spouse Administrative Expenses 2,004,982 22,447 528,716 58,896 301,197 85,919 Pension Benefits and Expenses See Accountants' Compilation Report 7-1 36 of 107 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions 187,598.40$2,004,981.70 51-030-00 - Non-Duty Disability Pensions 2,040.60 22,446.60 51-040-00 - Duty Disability Pensions 48,046.72 528,715.51 51-050-00 - Occupational Disease Pensions 5,354.22 58,896.42 51-060-00 - Surviving Spouse Pensions 27,381.59 301,197.49 Total Pensions and Benefits 270,421.53 2,916,237.72 Administrative Insurance 52-150-01 - Fiduciary Insurance 0.00 4,718.00 0.00 4,718.00 Professional Services 52-170-01 - Actuarial Services 0.00 3,500.00 52-170-03 - Accounting & Bookkeeping Services 3,540.00 20,600.00 52-170-04 - Medical Services 0.00 1,560.00 52-170-05 - Legal Services 0.00 1,746.56 52-170-06 - PSA/Court Reporter 2,085.00 9,650.00 5,625.00 37,056.56 Investment 52-190-01 - Investment Manager/Advisor Fees 500.00 30,860.00 52-190-04 - Bank Fees 0.00 405.04 52-195-01 - Administator Expense 0.00 2,809.98 52-195-02 - Other Fees & Expenses 540.24 7,244.03 52-195-03 - Management Fees 0.00 1,133.51 1,040.24 42,452.56 Other Expense 52-290-25 - Conference/Seminar Fees 550.00 1,675.00 52-290-35 - Other Expense 1.29 16.79 551.29 1,691.79 Total Administrative 7,216.53 85,918.91 Total Expenses 277,638.06 3,002,156.63 Oak Brook Firefighters' Pension Fund Expense Report as of November 30, 2022 See Accountants' Compilation Report 8-1 37 of 107 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Babcock, Nicholas W.$109,316.78 8,790.09 0.00 0.00 118,106.87 Bielawa, Matthew G.153,107.05 8,809.00 0.00 0.00 161,916.05 Bitterlin, Brian W.237,446.10 11,282.84 0.00 0.00 248,728.94 Bowlan, Seth L. 12,370.59 6,853.65 0.00 0.00 19,224.24 Busse, Zachary M.65,084.42 8,752.28 0.00 0.00 73,836.70 Corkey, David B.159,079.56 8,809.00 0.00 0.00 167,888.56 Doran, Connor T.54,533.28 8,706.62 0.00 0.00 63,239.90 Ebsen, Robert T.95,943.53 8,864.25 0.00 0.00 104,807.78 Fagan, John J.144,514.71 10,349.08 0.00 0.00 154,863.79 Fleege, Kevin W.181,091.76 11,910.89 0.00 0.00 193,002.65 Focht, Eric D.19,645.20 7,616.47 0.00 0.00 27,261.67 Janney, Michael E.174,818.14 8,809.00 0.00 0.00 183,627.14 Johnson, Marc E.131,222.51 8,799.54 0.00 0.00 140,022.05 Kaczmarczyk, David R.137,330.28 10,349.07 0.00 0.00 147,679.35 Kelly, Sean P.120,360.13 0.00 0.00 0.00 120,360.13 Kornfeind, David 135,833.44 8,799.55 0.00 0.00 144,632.99 Kushner, Jeffrey A.48,793.92 8,666.47 0.00 0.00 57,460.39 Marciniak, Jeffrey D.233,752.74 12,205.15 0.00 0.00 245,957.89 Matousek, Kyle M.92,992.53 10,179.41 0.00 0.00 103,171.94 Meyers, Daniel B.121,126.79 8,799.54 0.00 0.00 129,926.33 Micek, Robert S. Jr.110,842.34 8,893.48 0.00 0.00 119,735.82 Nyhanna, William R.116,555.63 10,244.98 0.00 0.00 126,800.61 Pavlovic, Michael 178,558.38 11,333.08 0.00 0.00 189,891.46 Picciola, Gino 54,726.83 8,748.65 0.00 0.00 63,475.48 Ruska, Michelle H.153,760.53 9,236.32 0.00 0.00 162,996.85 Samawi, Fouad J.7,945.47 6,806.83 0.00 0.00 14,752.30 Sinclair, Thomas W. IV 44,464.39 8,614.30 0.00 0.00 53,078.69 Swagler, Shawn M.184,237.17 8,809.00 0.00 0.00 193,046.17 Washington, Glen A.151,831.05 8,799.54 0.00 0.00 160,630.59 Totals 3,431,285.25 258,838.08 0.00 0.00 3,690,123.33 Oak Brook Firefighters' Pension Fund Member Contribution Report As of Month Ended November 30, 2022 See Accountants' Compilation Report 9-1 38 of 107 Disability Fire Dependent***-**0454105971 Jacobs, Paul R.0$31.19 $31.19 $0.00 $0.00 $0.00 $0.00 $0.00105971 Jacobs, Paul R.0$31.19 $31.19 $0.00 $0.00 $0.00 $0.00 $0.00***-**0454 Subtotal:$62.38 $62.38 $0.00 $0.00 $0.00 $0.00 $0.00Disability Fire Dependent Subtotal:$62.38 $62.38 $0.00 $0.00 $0.00 $0.00 $0.00Duty Disability***-**8873105944 DeWitt, Charles W.0$5,740.01 $5,740.01 $0.00 $0.00 $0.00 $0.00 $0.00***-**8873 Subtotal:$5,740.01 $5,740.01 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262105945 Garrigan, William H.0$5,783.07 $5,783.07 $0.00 $0.00 $0.00 $0.00 $0.00***-**8262 Subtotal:$5,783.07 $5,783.07 $0.00 $0.00 $0.00 $0.00 $0.00***-**0790105946 Harris, Scott B.0$5,311.76 $5,381.86 $0.00 $70.10 $0.00 $0.00 $0.00***-**0790 Subtotal:$5,311.76 $5,381.86 $0.00 $70.10 $0.00 $0.00 $0.00Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-139 of 107 ***-**5183105958 Horn, Arthur W.0$3,368.95 $3,368.95 $0.00 $0.00 $0.00 $0.00 $0.00***-**5183 Subtotal:$3,368.95 $3,368.95 $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$2,298.88 $2,298.88 $0.00 $0.00 $0.00 $0.00 $0.00***-**7304 Subtotal:$2,298.88 $2,298.88 $0.00 $0.00 $0.00 $0.00 $0.00***-**4308105966 Naus, Gary P.0$5,761.91 $5,790.00 $0.00 $0.00 $0.00 $0.00 $28.09***-**4308 Subtotal:$5,761.91 $5,790.00 $0.00 $0.00 $0.00 $0.00 $28.09***-**9998105974 Richter, Frank H.0$4,738.43 $4,738.43 $0.00 $0.00 $0.00 $0.00 $0.00***-**9998 Subtotal:$4,738.43 $4,738.43 $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 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-240 of 107 0***-**6778 Subtotal:$1,855.59 $1,855.59 $0.00 $0.00 $0.00 $0.00 $0.00***-**9434105972 Watkins, Garry R.0$3,277.68 $4,563.73 $1,286.05 $0.00 $0.00 $0.00 $0.00***-**9434 Subtotal:$3,277.68 $4,563.73 $1,286.05 $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:$46,452.12 $47,984.34 $1,286.05 $218.08 $0.00 $0.00 $28.09Non-Duty Disability***-**6678105964 Huffman, Lawrence W.0$2,040.60 $2,040.60 $0.00 $0.00 $0.00 $0.00 $0.00***-**6678 Subtotal:$2,040.60 $2,040.60 $0.00 $0.00 $0.00 $0.00 $0.00Non-Duty Disability Subtotal:$2,040.60 $2,040.60 $0.00 $0.00 $0.00 $0.00 $0.00Occupational Disability***-**8830105956 Petter, Raymond H.0$4,381.56 $5,354.22 $0.00 $70.10 $902.56 $0.00 $0.00***-**8830 Subtotal:$4,381.56 $5,354.22 $0.00 $70.10 $902.56 $0.00 $0.00Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-341 of 107 Occupational Disability Subtotal:$4,381.56 $5,354.22 $0.00 $70.10 $902.56 $0.00 $0.00QILDRO***-**2551Q115823 Broderick, Mary E.0$1,456.32 $1,538.04 $0.00 $0.00 $0.00 $0.00 $81.72***-**2551 Subtotal:$1,456.32 $1,538.04 $0.00 $0.00 $0.00 $0.00 $81.72***-**0876Q105979 Zamboni, Alida M.0$1,091.66 $1,091.66 $0.00 $0.00 $0.00 $0.00 $0.00***-**0876 Subtotal:$1,091.66 $1,091.66 $0.00 $0.00 $0.00 $0.00 $0.00QILDRO Subtotal:$2,547.98 $2,629.70 $0.00 $0.00 $0.00 $0.00 $81.72Service***-**4555105963 Bahnsen, Mark C.0$4,865.33 $6,695.73 $0.00 $0.00 $0.00 $0.00 $1,024.56105963 Benistar/Hartford 6795430$805.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**4555 Subtotal:$5,671.17 $6,695.73 $0.00 $0.00 $0.00 $0.00 $1,024.56***-**7910Bitterlin Bitterlin, Brian W.0$2,812.48 $5,736.62 $0.00 $0.00 $0.00 $0.00 $524.14Bitterlin Payment to DuPage Credit Union, Bitterlin -$2,400.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-442 of 107 0***-**7910 Subtotal:$5,212.48 $5,736.62 $0.00 $0.00 $0.00 $0.00 $524.14***-**2533105962 Bodony, James G.0$8,862.09 $11,782.97 $0.00 $70.10 $805.84 $0.00 $2,044.94***-**2533 Subtotal:$8,862.09 $11,782.97 $0.00 $70.10 $805.84 $0.00 $2,044.94***-**1229105953 Brazel, John T.0$7,931.35 $9,635.16 $0.00 $0.00 $0.00 $0.00 $1,703.81***-**1229 Subtotal:$7,931.35 $9,635.16 $0.00 $0.00 $0.00 $0.00 $1,703.81***-**2822120198 Clark, Gary E.0$6,630.70 $8,476.75 $0.00 $0.00 $0.00 $0.00 $1,846.05***-**2822 Subtotal:$6,630.70 $8,476.75 $0.00 $0.00 $0.00 $0.00 $1,846.05***-**2895105960 Cronholm, Robert R.0$5,419.04 $6,851.44 $0.00 $0.00 $0.00 $0.00 $1,432.40***-**2895 Subtotal:$5,419.04 $6,851.44 $0.00 $0.00 $0.00 $0.00 $1,432.40***-**1038105954 Ekkert, Clifford A.0$5,628.36 $7,051.08 $0.00 $83.20 $743.64 $0.00 $595.88***-**1038 Subtotal:$5,628.36 $7,051.08 $0.00 $83.20 $743.64 $0.00 $595.88Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-543 of 107 ***-**9954117571 Erickson, Michael D.0$4,805.22 $5,176.10 $0.00 $0.00 $0.00 $0.00 $370.88***-**9954 Subtotal:$4,805.22 $5,176.10 $0.00 $0.00 $0.00 $0.00 $370.88***-**2832105955 Fleishman, Mark L.0$5,401.13 $6,050.18 $0.00 $0.00 $0.00 $0.00 $649.05***-**2832 Subtotal:$5,401.13 $6,050.18 $0.00 $0.00 $0.00 $0.00 $649.05***-**2243105951 Kovarik, Joseph0$7,013.23 $8,298.37 $0.00 $0.00 $437.58 $0.00 $847.56***-**2243 Subtotal:$7,013.23 $8,298.37 $0.00 $0.00 $437.58 $0.00 $847.56***-**0972105957 Lindeman, William H.0$5,256.25 $5,707.53 $0.00 $0.00 $451.28 $0.00 $0.00***-**0972 Subtotal:$5,256.25 $5,707.53 $0.00 $0.00 $451.28 $0.00 $0.00***-**1392105950 Mager Jr, Arthur C.0$5,355.05 $6,462.89 $0.00 $0.00 $0.00 $0.00 $1,107.84***-**1392 Subtotal:$5,355.05 $6,462.89 $0.00 $0.00 $0.00 $0.00 $1,107.84***-**3533105943 McEllin, Thomas J.$2,745.18 $11,129.51 $147.98 $0.00 $0.00 $0.00 $783.42Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-644 of 107 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 - Illinois431$852.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**3533 Subtotal:$10,198.11 $11,129.51 $147.98 $0.00 $0.00 $0.00 $783.42***-**1242105952 Morton Jr, Robert J.0$8,564.15 $9,727.94 $0.00 $0.00 $0.00 $0.00 $1,163.79***-**1242 Subtotal:$8,564.15 $9,727.94 $0.00 $0.00 $0.00 $0.00 $1,163.79***-**9900105941 Nielsen, Robert D.0$7,073.09 $8,480.25 $0.00 $0.00 $0.00 $0.00 $1,407.16***-**9900 Subtotal:$7,073.09 $8,480.25 $0.00 $0.00 $0.00 $0.00 $1,407.16***-**7971105940 O'Rourke, William T.0$3,908.31 $4,440.14 $0.00 $0.00 $0.00 $0.00 $531.83***-**7971 Subtotal:$3,908.31 $4,440.14 $0.00 $0.00 $0.00 $0.00 $531.83***-**7761109373 Robertson, Robert V.0$5,327.21 $6,132.94 $0.00 $0.00 $0.00 $0.00 $805.73***-**7761 Subtotal:$5,327.21 $6,132.94 $0.00 $0.00 $0.00 $0.00 $805.73Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-745 of 107 ***-**3107105970 Schoppe, Mark S.0$6,572.11 $7,230.28 $0.00 $0.00 $0.00 $0.00 $658.17***-**3107 Subtotal:$6,572.11 $7,230.28 $0.00 $0.00 $0.00 $0.00 $658.17***-**5958105967 Schultz, Dennis M.0$5,861.51 $6,823.00 $0.00 $0.00 $0.00 $0.00 $961.49***-**5958 Subtotal:$5,861.51 $6,823.00 $0.00 $0.00 $0.00 $0.00 $961.49***-**1708105976 Sittig, Daryl L.0$6,672.83 $7,711.88 $0.00 $0.00 $0.00 $0.00 $761.18105976Aetna Health & Life Insurance Co429$277.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**1708 Subtotal:$6,950.70 $7,711.88 $0.00 $0.00 $0.00 $0.00 $761.18***-**2658109052 Stanfa, Thomas P.0$6,777.36 $8,011.35 $0.00 $0.00 $0.00 $0.00 $1,233.99***-**2658 Subtotal:$6,777.36 $8,011.35 $0.00 $0.00 $0.00 $0.00 $1,233.99***-**1446105961 Templin, Charles E.0$5,414.07 $6,175.58 $0.00 $38.69 $0.00 $0.00 $722.82***-**1446 Subtotal:$5,414.07 $6,175.58 $0.00 $38.69 $0.00 $0.00 $722.82Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-846 of 107 ***-**4489115497 Vassios, Theodore W.0$5,172.54 $7,595.27 $0.00 $0.00 $0.00 $1,538.04 $884.69***-**4489 Subtotal:$5,172.54 $7,595.27 $0.00 $0.00 $0.00 $1,538.04 $884.69***-**0884105949 Wies, Konrad R.0$7,455.82 $9,372.75 $0.00 $83.20 $743.64 $0.00 $1,090.09***-**0884 Subtotal:$7,455.82 $9,372.75 $0.00 $83.20 $743.64 $0.00 $1,090.09***-**9958105969 Zamboni, James F.0$5,065.14 $6,842.69 $0.00 $0.00 $0.00 $1,091.66 $478.89105969 Blue Cross Blue Shield of Illinois432$207.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00***-**9958 Subtotal:$5,272.14 $6,842.69 $0.00 $0.00 $0.00 $1,091.66 $478.89Service Subtotal:$157,733.19 $187,598.40 $147.98 $275.19 $3,181.98 $2,629.70 $23,630.36Surviving Spouse***-**3678105975 Clark, Ruth A.0$4,001.35 $4,963.93 $0.00 $0.00 $0.00 $0.00 $962.58***-**3678 Subtotal:$4,001.35 $4,963.93 $0.00 $0.00 $0.00 $0.00 $962.58***-**5784108043 Cote, Mary A.$3,685.86 $4,090.96 $0.00 $0.00 $0.00 $0.00 $405.10Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-947 of 107 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$3,162.20 $3,742.15 $0.00 $0.00 $0.00 $0.00 $579.95***-**4859 Subtotal:$3,162.20 $3,742.15 $0.00 $0.00 $0.00 $0.00 $579.95***-**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 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSee Accountants' Compilation Report 10-1048 of 107 Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroSurviving Spouse Subtotal:$25,433.96 $27,381.59 $0.00 $0.00 $0.00 $0.00 $1,947.63See Accountants' Compilation Report 10-1149 of 107 Batches 57547Oak Brook Firefighters' Pension FundSSNFamily ID Employee NameAlt Payee NameACHCheck #Net AmountMemberGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRODeductFederal TaxMultiple Batch ReportCheck Date11/30/2022 RetroTotalsACH FlagPaymentsNet Payment TotalGrossMedicalInsuranceDental-VisionInsuranceBenistarInsuranceQILDRO Deduct Federal TaxYesNo51455$236,508.15$2,143.64$238,651.79$273,051.23$0.00$273,051.23$1,434.03$0.00$1,434.03$563.37$0.00$563.37$4,084.54$0.00$4,084.54$2,629.70$0.00$2,629.70$25,687.80$0.00$25,687.80See Accountants' Compilation Report 10-1250 of 107 Check Invoice Check Date Number Vendor Name Amount Amount 09/12/22 30328 Lauterbach & Amen, LLP 52-170-03 #69558 FYE21 IDOI 1,375.00 ACH Amount (Direct Deposit)1,375.00 09/22/22 50124 BMO Harris Bank 52-190-04 Harris Banking Fees 38.67 Check Amount 38.67 09/30/22 30329 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 9/22 1,434.03 20-220-00 Dental/Vision Insurance - 9/22 563.37 Check Amount 1,997.40 09/30/22 30330 Bestco Hartford 20-220-00 Benistar Insurance - 9/22 4,084.54 ACH Amount (Direct Deposit)4,084.54 09/30/22 30331 Internal Revenue Service 20-230-00 Internal Revenue Service 25,163.66 ACH Amount (Direct Deposit)25,163.66 09/30/22 50125 IFPIF 52-290-35 Other Expenses 14.62 52-195-01 Admiistrator Expenses 2,809.98 52-195-02 Other Fee & Expenses 784.68 52-195-03 Management Fee 126.26 Check Amount 3,735.54 09/30/22 50125 Sawyer Falduto Asset Management, LLC 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 10/13/22 50126 Sawyer Falduto Asset Management, LLC 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 10/31/22 30332 Bestco Hartford 20-220-00 Medical Insurance - 10/22 4,084.54 ACH Amount (Direct Deposit)4,084.54 10/31/22 30333 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 10/22 1,434.03 20-220-00 Dental-Vision Insurance 563.37 Check Amount 1,997.40 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts September 1, 2022 - November 30, 2022 See Accountants' Compilation Report 11-1 51 of 107 Check Invoice Check Date Number Vendor Name Amount Amount 10/31/22 30334 Internal Revenue Service 20-230-00 Internal Revenue Service 25,163.66 ACH Amount (Direct Deposit)25,163.66 10/31/22 50127 IFPIF 52-290-35 Other Expenses 0.88 52-195-02 Other Fee & Expenses 1,031.71 52-195-03 Management Fee 1,007.25 Check Amount 2,039.84 11/03/22 30336 IPPFA 52-290-25 Certified Trustee Training Registration 0.00 52-290-25 Lamplot,M #687277 550.00 ACH Amount (Direct Deposit)550.00 11/07/22 30335 Lauterbach & Amen, LLP 52-170-03 #70001 08/22 Accounting & Benefits 1,180.00 52-170-03 #70805 09/22 Accounting & Benefits 1,180.00 52-170-06 #70001 08/22 PSA 695.00 52-170-06 #70805 09/22 PSA 695.00 ACH Amount (Direct Deposit)3,750.00 11/14/22 50128 Sawyer Falduto Asset Management, LLC 52-190-01 Investment Manager/Advisor Fee 500.00 Check Amount 500.00 11/28/22 30340 Lauterbach & Amen, LLP 52-170-03 #71742 10/22 Accounting & Benefits 1,180.00 52-170-06 #71742 10/22 PSA 695.00 ACH Amount (Direct Deposit)1,875.00 11/30/22 30337 Village of Oak Brook - Insurance 20-220-00 Medical Insurance - 11/22 1,434.03 20-220-00 Dentail-Vision Insurance 563.37 Check Amount 1,997.40 11/30/22 30338 Bestco Hartford 20-220-00 Medical Insurance 4,084.54 ACH Amount (Direct Deposit)4,084.54 11/30/22 30339 Internal Revenue Service 20-230-00 Internal Revenue Service 25,687.80 ACH Amount (Direct Deposit)25,687.80 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts September 1, 2022 - November 30, 2022 See Accountants' Compilation Report 11-2 52 of 107 Check Invoice Check Date Number Vendor Name Amount Amount 11/30/22 30341 The Northern Trust Company 13-800-01 Oak Brook Firefighters Pension Fund 219,742.39 13-800-01 Oak Brook Firefighters Pension Fund 154,474.43 ACH Amount (Direct Deposit)374,216.82 11/30/22 50129 IFPIF 52-290-35 Other Expenses 1.29 52-195-02 Other Fee & Expenses 540.24 Check Amount 541.53 Total Payments 483,883.34 Oak Brook Firefighters' Pension Fund Quarterly Vendor Check Report All Bank Accounts September 1, 2022 - November 30, 2022 See Accountants' Compilation Report 11-3 53 of 107 54 of 107 55 of 107 12/31/2201/31/2302/28/2303/31/2304/30/2305/31/2306/30/2307/31/2308/31/2309/30/2310/31/2311/30/23Financial InstitutionsCash & MM - Beginning Balance1528,351$ 1,150,278 913,782 908,589 908,589 910,488 908,875 976,225 908,875 774,174 997,659 921,034 Recurring/ Repeating Transfer2200,000$ 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 Pool - Inflow / (Outflow)- (323,607) (87,111) (81,918) (81,918) (83,817) (82,204) (149,554) (82,204) - (170,988) (94,363) ContributionsEmployer - Estimate3674,424 139,608 134,415 134,415 136,314 134,701 202,051 134,701 - 275,982 146,860 132,163 Employee - Estimate423,060 23,060 23,060 23,060 23,060 23,060 23,060 23,060 23,060 23,060 23,060 23,060 Total Inflows697,484 162,668 157,475 157,475 159,374 157,761 225,111 157,761 23,060 299,042 169,920 155,223 ExpensesPension Benefits - Estimate5270,422 270,422 270,422 270,422 270,422 270,422 270,422 270,422 270,422 270,422 270,422 270,422 Administration - Estimate65,135 5,135 5,135 5,135 5,135 5,135 5,135 5,135 5,135 5,135 5,135 5,135 Total Outflows275,557 275,557 275,557 275,557 275,557 275,557 275,557 275,557 275,557 275,557 275,557 275,557 Net Inflow / (Ouflow)421,927 (112,889) (118,082) (118,082) (116,183) (117,796) (50,446) (117,796) (252,497) 23,485 (105,637) (120,334) Projected Ending Balance1,150,278 913,782 908,589 908,589 910,488 908,875 976,225 908,875 774,174 997,659 921,034 906,337Minimum Balance7413,336 413,336 413,336 413,336 413,336 413,336 413,336 413,336 413,336 413,336 413,336 413,3361first 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 Projection56 of 107 2023 IPPFA Trustee Training Opportunities IPPFA ONLINE SEMINAR COURSE WHEN: Ongoing •Online 8 hr. seminar (Recorded 2022) 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 57 of 107 16-hour Certified Trustee Programs* offered through IPPFA IPPFA Online Certified Trustee Programs Registration is online at the IPPFA website www.ippfa.org/education/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/ 58 of 107 59 of 107 60 of 107 61 of 107 2022 Pension Trustee Training Course Hours Course Titles Credit Hours Articles 3&4 Disability Pension Overview Video 2.5 Hours Duties and Ethical Obligations of a Pension Fund Fiduciary Video 1.5 Hours Board Oversight of Cyber Risk: Before a Breach 2 Hours IL Public Employee Disability Act and Public Safety Employee Benefits Act Video 1.5 Hours Developments and Potential Changes in Federal IL Labor and Employment Laws Video 1.5 Hours Qualified Domestic Relations Order “QILDRO” Video 1.5 Hours Pension Plan Funding 101: The Basics of Public Pension Funding Mechanics Video .75 Hours Pension Plan Assumptions 101: Common Approaches to Setting Actuarial Assumptions Video .75 Hours The IL Freedom of Information Act and Open Meetings Act Video 1.5 Hours Cyber Security Best Practices Video 1 Hour Managing Generational Differences and Unconscious Bias in the Workplace 1.5 Hours How to Identify, Address and Prevent Sexual Harassment and Discrimination Video 1 Hour Let Me Ask You a Question Video 2 Hours 62 of 107 63 of 107 Organization: Year: Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 8 CTE Hours Required Hours Completed Date Completed Cert on File 16 CTE Type of Training Certified Trustee Training Oak Brook Firefighters' Pension Fund 2023 John Fagan OMA FOIA Gino Picciola Type of Training OMA FOIA Mark Bahnsen Type of Training Michael McCarthy Type of Training OMA FOIA Michael Lamplot Type of Training 64 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Basic Information Worksheet 20-50 Name Social Security Number Birth Date Entry Date Termination Date Retirement Date/Effective date of combined retirement Age @ Retirement Creditable Service - Creditable service is the time served as a Firefighter of a Municipality Includes - See Statutes for Details Leaves of absence for illness or accident, regardless of length [5/4-108. (a)] Periods of disability for which a Firefighter received no disability pension under this article [5/4-108. (a)] Furloughs and leaves of absence of 30 days or less in any one year may be counted, if the Firefighter makes the required contributions to the fund (With Restrictions) [5/4-108. (b)] Service in the military, entered upon while an active Firefighter (With Restrictions) [5/4-108. (c)-(1)] Service prior to July 1, 1976 by a Firefighter initially excluded by reason of age (With Restrictions) Service by a Firefighter as an officer in a statewide Firefighters' association when he is on a leave of absence (With Restrictions) [5/4-108. (c)-(3)] Time spent as an on-call Fireman for a Municipality (With Restrictions) [5/4-108. (c)-(4)] Time spent between July 1, 1976 and July 1, 1988 in the position of protective inspection officer or Administrative assistant (With Restrictions) [5/4-108.(c)-(5)] Service before becoming a participant by a Firefighter initially excluded from participation by reason of age who becomes a participant under the amendatory act of 1993 (section 5/4-107 (c)-(1) and pays the required contributions [5/4-108. (c)-(6)] Creditable service for re-entry into active service (Limitation) [5/4-117.] Creditable service for re-entry into the Fund Up to 3 years of time during which the Firefighter receives a disability pension (With Restrictions) Excludes - See Statutes for Details Furloughs and leaves of absence without pay exceeding 30 days in any one year [5/4-108. (c)-(4)] Time spent as a volunteer Firefighter, except as allowed above [5/4-108. (c)-(4)] Felony conviction (Limitation) [5/4-138.] Personal Data Creditable Service [5/4-108.] 07/17/95 11/08/22 55 xxx-xx- Bitterlin, Brian W. 11/07/22 Page 1 65 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Basic Information Worksheet 20-50 Entry Date Termination/Retirement Date Years Months Creditable Service Earned - # of Years + # of Months 27 3 Plus - Specify 2 4 Less - Specify Total Creditable Service 29 8 Including Compensation for overtime which is included in the salary so established Salary for re-entry into active service (Limitation) [5/4-117.] Excluding Overtime pay, holiday pay, bonus pay, and merit pay Any other cash benefit not included in the salary so established Applicable Salary = Final Monthly Salary @ Last Day of Service Salary used $123,889.81 Creditable Service [5/4-108.] - Continued 11/07/22 07/17/95 Service with Chicago Ridge Firefighters (2 years, 4 month 10 days) $10,324.15 Salary for Pension Calculation [5/4-118.1.] Salary -"Salary" means the monthly salary,including longevity,attached to the Firefighter's rank,as established by the Municipality's appropriation ordinance. Page 2 66 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Basic Information Worksheet 20-50 Contributions - Each Firefighter shall contribute to the pension fund a percentage of his or her salary Pre - Tax Portion After - Tax Portion Total Contributions M Name Social Security Number Marriage Date Birth Date Age @ Pensioneer's Retirement/Disability Date This information is required to determine taxability of pension. Spousal Data n/a $0.00 Contributions [5/4-118.1.] 55 n/a Bitterlin, Nancy A. xxx-xx- 11/09/15 Page 3 67 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 Name Social Security Number Birth Date Entry Date Retirement Date Age @ Retirement Date (Must be 50 or More) Creditable Service - Creditable service is the time served as a Firefighter of a Municipality Includes - See Statutes for Details Leaves of absence for illness or accident, regardless of length [5/4-108. (a)] Periods of disability for which a Firefighter received no disability pension under this article [5/4-108. (a)] Furloughs and leaves of absence of 30 days or less in any one year may be counted, if the Firefighter makes the required contributions to the fund (With Restrictions) [5/4-108. (b)] Service in the military, entered upon while an active Firefighter (With Restrictions) [5/4-108. (c)-(1)] Service prior to July 1, 1976 by a Firefighter initially excluded by reason of age (With Restrictions) [5/4-108. (c)-(2)] Service by a Firefighter as an officer in a statewide Firefighters' association when he is on a leave of absence (With Restrictions) [5/4-108. (c)-(3)] Time spent as an on-call Fireman for a Municipality (With Restrictions) [5/4-108. (c)-(4)] Time spent between July 1, 1976 and July 1, 1988 in the position of protective inspection officer or Administrative assistant (With Restrictions) [5/4-108.(c)-(5)] 5/4-109.3 (e)From the last pension fund a firefighter may elect to receive a monthly pension calculated as if the firefighter participated in the last fund for the entire period of creditable service under all pension funds, less the original amounts of the retirement pensions payable to the firefighter by all other pension funds under subsection (d). 07/17/95 xxx-xx- Type of Pension Required Information Retirement [5/4-109.(a)]- A Firefighter age 50 or more with 20 or more years of creditable service,who is no longer in service as a Firefighter. 11/08/22 Bitterlin, Brian W. 55 Creditable Service [5/4-108.] Page 4 68 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 Service before becoming a participant by a Firefighter initially excluded from participation by reason of age who becomes a participant under the amendatory act of 1993 (section 5/4-107 (c)-(1) and pays the required contributions [5/4-108. (c)-(6)] Creditable service for re-entry into active service (Limitation) [5/4-117.] Creditable service for re-entry into the Fund Up to 3 years of time during which the Firefighter receives a disability pension (With Restrictions) Excludes - See Statutes for Details Furloughs and leaves of absence without pay exceeding 30 days in any one year [5/4-108. (c)-(4)] Time spent as a volunteer Firefighter, except as allowed above [5/4-108. (c)-(4)] Felony conviction (Limitation) [5/4-138.] Years Months Creditable Service Earned - # of Years + # of Months 27 3 Plus - Specify Service with Chicago Ridge Firefighters (2 years, 4 months,2 4 Less - Specify Total Creditable Service 29 8 Creditable Service - # of Years + # of Months If Greater Than 20 Years But Not More Than 30 Years Number of Years 21 to 30 - Maximum of 10 Years 9 Number of Months 1 to 11 - Maximum of 11 Months 8 Creditable Service [5/4-108.] - Continued 10 days) Page 5 69 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 Including Compensation for overtime which is included in the salary so established Salary for re-entry into active service (Limitation) [5/4-117.] Excluding Overtime pay, holiday pay, bonus pay, and merit pay Any other cash benefit not included in the salary so established Applicable Monthly Salary = Annual Salary @ Last Day of Service / 12 Creditable Service Years 1 to 20 50.00% Creditable Service (# of Years 21 to 30) x 2.5%22.50% Creditable Service (# of Months 1 to 11) x (2.5% / 12)1.67% Total (Maximum = 75%)74.17% Applicable Monthly Salary x Percentage (Minimum $1,000 @ 2001) Partial Months = Monthly Pension / Number of Days in the Month x Number of Days on Pension Salary -"Salary" means the monthly salary,including longevity,attached to the Firefighter's rank,as established by the Municipalities appropriation ordinance. $10,324.15 Salary for Pension Calculation [5/4-118.1.] $7,657.08 Applicable Pension Percentage - COMBINED Amount of Originally Granted Monthly Pension - COMBINED Page 6 70 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 First Increase If Age 55 or Greater @ Retirement Date Applicable Date = The 1st Day of the Month Following the First Anniversary of the Retirement Date 12/01/23 Amount of Increase = 3% of the Originally Granted Monthly Pension $229.71 If Less Than Age 55 @ Retirement Date N/A Date The 1st Day of the Month Following Attainment of Age 55 08/01/22 The 1st Day of the Month Following the First Anniversary of the Retirement Date 12/01/23 Date = Whichever is Later 12/01/23 Amount of Increase = 3% of the Originally Granted Monthly Pension x Each Full Month That Has Elapsed Since the Pension Began $229.72 Second and Subsequent Increases Date = January 1 of Each Year Thereafter Amount of Increase = 3% of the Amount of The Pension Payable at the Time of the Increase Increases in Pension [5/4-109.1. (d)] - COMBINED Page 7 71 of 107 CHICAGO RIDGE FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 Name Birth Date Entry Date Retirement Date Age @ Retirement Date (Must be 50 or More) Creditable Service - Creditable service is the time served as a Firefighter of a Municipality Includes - See Statutes for Details Leaves of absence for illness or accident, regardless of length [5/4-108. (a)] Periods of disability for which a Firefighter received no disability pension under this article [5/4-108. (a)] Furloughs and leaves of absence of 30 days or less in any one year may be counted, if the Firefighter makes the required contributions to the fund (With Restrictions) [5/4-108. (b)] Service in the military, entered upon while an active Firefighter (With Restrictions) [5/4-108. (c)-(1)] Service prior to July 1, 1976 by a Firefighter initially excluded by reason of age (With Restrictions) [5/4-108. (c)-(2)] Service by a Firefighter as an officer in a statewide Firefighters' association when he is on a leave of absence (With Restrictions) [5/4-108. (c)-(3)] Time spent as an on-call Fireman for a Municipality (With Restrictions) [5/4-108. (c)-(4)] Time spent between July 1, 1976 and July 1, 1988 in the position of protective inspection officer or Administrative assistant (With Restrictions) [5/4-108.(c)-(5)] Service before becoming a participant by a Firefighter initially excluded from participation by reason of age who becomes a participant under the amendatory act of 1993 (section 5/4-107 (c)-(1) and pays the required contributions [5/4-108. (c)-(6)] Creditable service for re-entry into active service (Limitation) [5/4-117.] Creditable service for re-entry into the Fund Up to 3 years of time during which the Firefighter receives a disability pension (With Restrictions) Type of Pension Required Information Retirement [5/4-109.3] - A Firefighter age 50 or more with 20 or more years of creditable service (service being established with more than one fund,with at least one year in each fund and three years in the last fund),who was in service on or after July 1, 2004 but is no longer in service as a Firefighter 55 08/08/95 Creditable Service [5/4-108.] Bitterlin, Brian W. 03/30/93 Page 8 72 of 107 CHICAGO RIDGE FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 Excludes - See Statutes for Details Furloughs and leaves of absence without pay exceeding 30 days in any one year [5/4-108. (c)-(4)] Time spent as a volunteer Firefighter, except as allowed above [5/4-108. (c)-(4)] Felony conviction (Limitation) [5/4-138.] Entry Date Retirement Date Number of full months of service 28 Including Compensation for overtime which is included in the salary so established Salary for re-entry into active service (Limitation) [5/4-117.] Excluding Overtime pay, holiday pay, bonus pay, and merit pay Any other cash benefit not included in the salary so established Applicable Salary = Final Monthly Salary @ Last Day of Service From each pension fund other than the last pension fund, in lieu of any retirement pension otherwise payable under (40 ILCS 5/4-109.3 (d)), a firefighter may elect to receive a monthly pension of 1/12th of 2.5% of his or her final monthly salary under that fund for each month of service in that fund. Total (Maximum = 75%)5.83% Applicable Pension Percentage 2,991.98 03/30/93 Salary for Pension Calculation [5/4-118.1.] Creditable Service [5/4-108.] - Continued Salary -"Salary" means the monthly salary,including longevity,attached to the Firefighter's rank,as established by the Municipalities appropriation ordinance. 08/08/95 Page 9 73 of 107 CHICAGO RIDGE FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Benefit Calculation Worksheet 20-50 Applicable Monthly Salary x Percentage First Increase If Age 55 or Greater @ Retirement Date Applicable Date = The 1st Day of the Month Following the First Anniversary of the Retirement Date 12/01/23 Amount of Increase = 3% of the Originally Granted Monthly Pension $5.24 If Less Than Age 55 @ Retirement Date N/A Date The 1st Day of the Month Following Attainment of Age 55 08/01/22 The 1st Day of the Month Following the First Anniversary of the Retirement Date 12/01/23 Date = Whichever is Later 12/01/23 Amount of Increase = 3% of the Originally Granted Monthly Pension x Each Full Month That Has Elapsed Since the Pension Began $5.24 Second and Subsequent Increases Date = January 1 of Each Year Thereafter Amount of Increase = 3% of the Amount of The Pension Payable at the Time of the Increase Increases in Pension [5/4-109.1. (d)] $174.53 Amount of Originally Granted Monthly Pension Page 10 74 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Pension Calculation History Worksheet:Retirement Entire Creditable Service between All Funds 20-50 Name Bitterlin, Brian W. Social Security Number Nontaxable Amount of Annual Pension Retirement Date Amount of the Originally Granted Monthly Pension Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 11/08/22 Original Pension - prorated 5,870.43 70,445.16 12/01/22 Original Pension 7,657.08 91,884.98 12/01/23 First Increase 229.72 7,886.80 94,641.60 01/01/24 Second Increase 236.60 8,123.40 97,480.80 01/01/25 Annual COLA 243.70 8,367.10 100,405.20 01/01/26 Annual COLA 251.01 8,618.11 103,417.32 01/01/27 Annual COLA 258.54 8,876.65 106,519.80 01/01/28 Annual COLA 266.30 9,142.95 109,715.40 01/01/29 Annual COLA 274.29 9,417.24 113,006.88 01/01/30 Annual COLA 282.52 9,699.76 116,397.12 01/01/31 Annual COLA 290.99 9,990.75 119,889.00 01/01/32 Annual COLA 299.72 10,290.47 123,485.64 01/01/33 Annual COLA 308.72 10,599.19 127,190.28 01/01/34 Annual COLA 317.98 10,917.17 131,006.04 01/01/35 Annual COLA 327.51 11,244.68 134,936.16 01/01/36 Annual COLA 337.34 11,582.02 138,984.24 01/01/37 Annual COLA 347.46 11,929.48 143,153.76 01/01/38 Annual COLA 357.89 12,287.37 147,448.44 01/01/39 Annual COLA 368.62 12,655.99 151,871.88 01/01/40 Annual COLA 379.68 13,035.67 156,428.04 01/01/41 Annual COLA 391.07 13,426.74 161,120.88 01/01/42 Annual COLA 402.80 13,829.54 165,954.48 01/01/43 Annual COLA 414.89 14,244.43 170,933.16 01/01/44 Annual COLA 427.33 14,671.76 176,061.12 01/01/45 Annual COLA 440.15 15,111.91 181,342.92 01/01/46 Annual COLA 453.36 15,565.27 186,783.24 Personal Data Pension Calculation History - COMBINED/All Funds 11/08/22 $7,657.08 xxx-xx- $0.00 Page 11 75 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Pension Calculation History Worksheet:Retirement Entire Creditable Service between All Funds 20-50 Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 01/01/47 Annual COLA 466.96 16,032.23 192,386.76 01/01/48 Annual COLA 480.97 16,513.20 198,158.40 01/01/49 Annual COLA 495.40 17,008.60 204,103.20 01/01/50 Annual COLA 510.26 17,518.86 210,226.32 01/01/51 Annual COLA 525.57 18,044.43 216,533.16 01/01/52 Annual COLA 541.33 18,585.76 223,029.12 01/01/53 Annual COLA 557.57 19,143.33 229,719.96 01/01/54 Annual COLA 574.30 19,717.63 236,611.56 01/01/55 Annual COLA 591.53 20,309.16 243,709.92 01/01/56 Annual COLA 609.27 20,918.43 251,021.16 01/01/57 Annual COLA 627.55 21,545.98 258,551.76 01/01/58 Annual COLA 646.38 22,192.36 266,308.32 01/01/59 Annual COLA 665.77 22,858.13 274,297.56 01/01/60 Annual COLA 685.74 23,543.87 282,526.44 01/01/61 Annual COLA 706.32 24,250.19 291,002.28 01/01/62 Annual COLA 727.51 24,977.70 299,732.40 01/01/63 Annual COLA 749.33 25,727.03 308,724.36 01/01/64 Annual COLA 771.81 26,498.84 317,986.08 01/01/65 Annual COLA 794.97 27,293.81 327,525.72 01/01/66 Annual COLA 818.81 28,112.62 337,351.44 01/01/67 Annual COLA 843.38 28,956.00 347,472.00 01/01/68 Annual COLA 868.68 29,824.68 357,896.16 01/01/69 Annual COLA 894.74 30,719.42 368,633.04 01/01/70 Annual COLA 921.58 31,641.00 379,692.00 01/01/71 Annual COLA 949.23 32,590.23 391,082.76 01/01/72 Annual COLA 977.71 33,567.94 402,815.28 01/01/73 Annual COLA 1,007.04 34,574.98 414,899.76 01/01/74 Annual COLA 1,037.25 35,612.23 427,346.76 01/01/75 Annual COLA 1,068.37 36,680.60 440,167.20 01/01/76 Annual COLA 1,100.42 37,781.02 453,372.24 01/01/77 Annual COLA 1,133.43 38,914.45 466,973.40 01/01/78 Annual COLA 1,167.43 40,081.88 480,982.56 01/01/79 Annual COLA 1,202.46 41,284.34 495,412.08 01/01/80 Annual COLA 1,238.53 42,522.87 510,274.44 Pension Calculation History - COMBINED/All Funds - Continued Page 12 76 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Pension Calculation History Worksheet - Oak Brook only 20-50 REVIEWED AND APPROVED BY PENSION FUND: Trustee:Date:______________Name: ___________________ Signature: __________________ Treasurer:Date:______________Name: ___________________ Signature: __________________ Name Social Security Number Nontaxable Amount of Annual Pension Retirement Date Amount of the Originally Granted Monthly Pension Nontaxable Amount Amount Amount Amount of of Monthly of Annual of Annual Date Description Change Pension Pension Pension 11/08/22 Original Pension - prorated 5,736.62 12/01/22 Original Pension 7,482.55 89,790.60 0.00 12/01/23 First Increase 224.48 7,707.03 92,484.36 0.00 01/01/24 Second Increase 231.21 7,938.24 95,258.88 0.00 01/01/25 Annual COLA 238.15 8,176.39 98,116.68 0.00 01/01/26 Annual COLA 245.29 8,421.68 101,060.16 0.00 01/01/27 Annual COLA 252.65 8,674.33 104,091.96 0.00 01/01/28 Annual COLA 260.23 8,934.56 107,214.72 0.00 01/01/29 Annual COLA 268.04 9,202.60 110,431.20 0.00 01/01/30 Annual COLA 276.08 9,478.68 113,744.16 0.00 01/01/31 Annual COLA 284.36 9,763.04 117,156.48 0.00 01/01/32 Annual COLA 292.89 10,055.93 120,671.16 0.00 01/01/33 Annual COLA 301.68 10,357.61 124,291.32 0.00 01/01/34 Annual COLA 310.73 10,668.34 128,020.08 0.00 01/01/35 Annual COLA 320.05 10,988.39 131,860.68 0.00 01/01/36 Annual COLA 329.65 11,318.04 135,816.48 0.00 01/01/37 Annual COLA 339.54 11,657.58 139,890.96 0.00 01/01/38 Annual COLA 349.73 12,007.31 144,087.72 0.00 01/01/39 Annual COLA 360.22 12,367.53 148,410.36 0.00 01/01/40 Annual COLA 371.03 12,738.56 152,862.72 0.00 01/01/41 Annual COLA 382.16 13,120.72 157,448.64 0.00 01/01/42 Annual COLA 393.62 13,514.34 162,172.08 0.00 01/01/43 Annual COLA 405.43 13,919.77 167,037.24 0.00 01/01/44 Annual COLA 417.59 14,337.36 172,048.32 0.00 01/01/45 Annual COLA 430.12 14,767.48 177,209.76 0.00 01/01/46 Annual COLA 443.02 15,210.50 182,526.00 0.00 Personal Data $0.00 11/08/22 $7,482.55 Pension Calculation History - Oak Brook only xxx-xx- Bitterlin, Brian W. Page 13 77 of 107 OAK BROOK FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Pension Calculation History Worksheet - Oak Brook only 20-50 Nontaxable Amount Amount Amount Amount of of Monthly of Annual of Annual Date Description Change Pension Pension Pension 01/01/47 Annual COLA 456.32 15,666.82 188,001.84 0.00 01/01/48 Annual COLA 470.00 16,136.82 193,641.84 0.00 01/01/49 Annual COLA 484.10 16,620.92 199,451.04 0.00 01/01/50 Annual COLA 498.63 17,119.55 205,434.60 0.00 01/01/51 Annual COLA 513.59 17,633.14 211,597.68 0.00 01/01/52 Annual COLA 528.99 18,162.13 217,945.56 0.00 01/01/53 Annual COLA 544.86 18,706.99 224,483.88 0.00 01/01/54 Annual COLA 561.21 19,268.20 231,218.40 0.00 01/01/55 Annual COLA 578.05 19,846.25 238,155.00 0.00 01/01/56 Annual COLA 595.39 20,441.64 245,299.68 0.00 01/01/57 Annual COLA 613.25 21,054.89 252,658.68 0.00 01/01/58 Annual COLA 631.65 21,686.54 260,238.48 0.00 01/01/59 Annual COLA 650.60 22,337.14 268,045.68 0.00 01/01/60 Annual COLA 670.11 23,007.25 276,087.00 0.00 01/01/61 Annual COLA 690.22 23,697.47 284,369.64 0.00 01/01/62 Annual COLA 710.92 24,408.39 292,900.68 0.00 01/01/63 Annual COLA 732.25 25,140.64 301,687.68 0.00 01/01/64 Annual COLA 754.22 25,894.86 310,738.32 0.00 01/01/65 Annual COLA 776.85 26,671.71 320,060.52 0.00 01/01/66 Annual COLA 800.15 27,471.86 329,662.32 0.00 01/01/67 Annual COLA 824.16 28,296.02 339,552.24 0.00 01/01/68 Annual COLA 848.88 29,144.90 349,738.80 0.00 01/01/69 Annual COLA 874.35 30,019.25 360,231.00 0.00 01/01/70 Annual COLA 900.58 30,919.83 371,037.96 0.00 01/01/71 Annual COLA 927.59 31,847.42 382,169.04 0.00 01/01/72 Annual COLA 955.43 32,802.89 393,634.68 0.00 01/01/73 Annual COLA 984.09 33,786.98 405,443.76 0.00 01/01/74 Annual COLA 1,013.61 34,800.59 417,607.08 0.00 01/01/75 Annual COLA 1,044.02 35,844.61 430,135.32 0.00 01/01/76 Annual COLA 1,075.34 36,919.95 443,039.40 0.00 01/01/77 Annual COLA 1,107.60 38,027.55 456,330.60 0.00 01/01/78 Annual COLA 1,140.82 39,168.37 470,020.44 0.00 01/01/79 Annual COLA 1,175.05 40,343.42 484,121.04 0.00 01/01/80 Annual COLA 1,210.30 41,553.72 498,644.64 0.00 Pension Calculation History - Oak Brook only Page 14 78 of 107 CHICAGO RIDGE FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Pension Calculation History Worksheet - Chicago Ridge only 20-50 Name Retirement Date 11/08/22 Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 11/08/22 Original Pension - prorated 133.81 12/01/22 Original Pension 174.53 2,094.38 12/01/23 First Increase 5.24 179.77 2,157.24 01/01/24 Second Increase 5.39 185.16 2,221.92 01/01/25 Annual COLA 5.55 190.71 2,288.52 01/01/26 Annual COLA 5.72 196.43 2,357.16 01/01/27 Annual COLA 5.89 202.32 2,427.84 01/01/28 Annual COLA 6.07 208.39 2,500.68 01/01/29 Annual COLA 6.25 214.64 2,575.68 01/01/30 Annual COLA 6.44 221.08 2,652.96 01/01/31 Annual COLA 6.63 227.71 2,732.52 01/01/32 Annual COLA 6.83 234.54 2,814.48 01/01/33 Annual COLA 7.04 241.58 2,898.96 01/01/34 Annual COLA 7.25 248.83 2,985.96 01/01/35 Annual COLA 7.46 256.29 3,075.48 01/01/36 Annual COLA 7.69 263.98 3,167.76 01/01/37 Annual COLA 7.92 271.90 3,262.80 01/01/38 Annual COLA 8.16 280.06 3,360.72 01/01/39 Annual COLA 8.40 288.46 3,461.52 01/01/40 Annual COLA 8.65 297.11 3,565.32 01/01/41 Annual COLA 8.91 306.02 3,672.24 01/01/42 Annual COLA 9.18 315.20 3,782.40 01/01/43 Annual COLA 9.46 324.66 3,895.92 01/01/44 Annual COLA 9.74 334.40 4,012.80 01/01/45 Annual COLA 10.03 344.43 4,133.16 01/01/46 Annual COLA 10.33 354.76 4,257.12 Pension Calculation History - Chicago Ridge only Personal Data Bitterlin, Brian W. Page 15 79 of 107 CHICAGO RIDGE FIREFIGHTERS' PENSION FUND COMBINATION BETWEEN FUNDS Retirement Pension Calculation History Worksheet - Chicago Ridge only 20-50 Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 01/01/47 Annual COLA 10.64 365.40 4,384.80 01/01/48 Annual COLA 10.96 376.36 4,516.32 01/01/49 Annual COLA 11.29 387.65 4,651.80 01/01/50 Annual COLA 11.63 399.28 4,791.36 01/01/51 Annual COLA 11.98 411.26 4,935.12 01/01/52 Annual COLA 12.34 423.60 5,083.20 01/01/53 Annual COLA 12.71 436.31 5,235.72 01/01/54 Annual COLA 13.09 449.40 5,392.80 01/01/55 Annual COLA 13.48 462.88 5,554.56 01/01/56 Annual COLA 13.89 476.77 5,721.24 01/01/57 Annual COLA 14.30 491.07 5,892.84 01/01/58 Annual COLA 14.73 505.80 6,069.60 01/01/59 Annual COLA 15.17 520.97 6,251.64 01/01/60 Annual COLA 15.63 536.60 6,439.20 01/01/61 Annual COLA 16.10 552.70 6,632.40 01/01/62 Annual COLA 16.58 569.28 6,831.36 01/01/63 Annual COLA 17.08 586.36 7,036.32 01/01/64 Annual COLA 17.59 603.95 7,247.40 01/01/65 Annual COLA 18.12 622.07 7,464.84 01/01/66 Annual COLA 18.66 640.73 7,688.76 01/01/67 Annual COLA 19.22 659.95 7,919.40 01/01/68 Annual COLA 19.80 679.75 8,157.00 01/01/69 Annual COLA 20.39 700.14 8,401.68 01/01/70 Annual COLA 21.00 721.14 8,653.68 01/01/71 Annual COLA 21.63 742.77 8,913.24 01/01/72 Annual COLA 22.28 765.05 9,180.60 01/01/73 Annual COLA 22.95 788.00 9,456.00 01/01/74 Annual COLA 23.64 811.64 9,739.68 01/01/75 Annual COLA 24.35 835.99 10,031.88 01/01/76 Annual COLA 25.08 861.07 10,332.84 01/01/77 Annual COLA 25.83 886.90 10,642.80 01/01/78 Annual COLA 26.61 913.51 10,962.12 01/01/79 Annual COLA 27.41 940.92 11,291.04 01/01/80 Annual COLA 28.23 969.15 11,629.80 Pension Calculation History - Chicago Ridge only Page 16 80 of 107 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Bahnsen, Mark C.Service 6,695.73 200.87 6,896.60 82,759.20 Bitterlin, Brian W.Service 7,482.55 0.00 7,482.55 89,790.60 Bodony, James G.Service 11,782.97 353.49 12,136.46 145,637.52 Brazel, John T.Service 9,635.16 289.05 9,924.21 119,090.52 Clark, Gary E.Service 8,476.75 254.30 8,731.05 104,772.60 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 6,851.44 205.54 7,056.98 84,683.76 DeWitt, Charles W.Duty Disability 5,740.01 95.14 5,835.15 70,021.80 Di Iorio, Margaret Spouse - NT 2,846.72 0.00 2,846.72 34,160.64 Ekkert, Clifford A.Service 7,051.08 211.53 7,262.61 87,151.32 Erickson, Michael D.Service 5,176.10 155.28 5,331.38 63,976.56 Fleishman, Mark L.Service 6,050.18 181.51 6,231.69 74,780.28 Garrigan, William Duty Disability - T 5,783.07 119.65 5,902.72 70,832.64 Grodek, Margaret A.Spouse 3,742.15 0.00 3,742.15 44,905.80 Harris, Scott B.Duty Disability - T 5,381.86 106.92 5,488.78 65,865.36 Horn, Arthur W.Duty Disability 3,368.95 48.59 3,417.54 41,010.48 Huffman, Lawrence W.Non-Duty Disability 2,040.60 24.20 2,064.80 24,777.60 Jacobs, Paul R.Duty Disability 3,852.39 0.00 3,852.39 46,228.68 Jacobs, Adam - Dep. # 4 Duty Disability 31.19 0.94 32.13 385.56 Jacobs, Jayson - Dep. # 5 Duty Disability 31.19 0.94 32.13 385.56 Kovarik, Joseph Service 8,298.37 248.95 8,547.32 102,567.84 Lindeman, William H.Service 5,707.53 171.23 5,878.76 70,545.12 Lundahl, Roberta M.Spouse - NT 2,994.94 0.00 2,994.94 35,939.28 Mager, Arthur C.Service 6,462.89 193.89 6,656.78 79,881.36 McEllin, Thomas J.Service 11,129.51 333.89 11,463.40 137,560.80 Meyers, Gail C.Spouse - NT 4,070.43 0.00 4,070.43 48,845.16 Morton, Robert J.Service 9,727.94 291.84 10,019.78 120,237.36 Mylin, Robert P.Duty Disability 2,298.88 27.41 2,326.29 27,915.48 Naus, Gary Duty Disability - T 5,790.00 115.03 5,905.03 70,860.36 Nielsen, Robert D.Service 8,480.25 254.41 8,734.66 104,815.92 O'Rourke, William T.Service 4,440.14 133.20 4,573.34 54,880.08 Petter, Raymond H.Occupational Disability 5,354.22 84.54 5,438.76 65,265.12 Pine, Joanne F.Spouse - NT 4,672.46 0.00 4,672.46 56,069.52 Richter, Frank H.Duty Disability 4,738.43 92.31 4,830.74 57,968.88 Robertson, Robert V.Service 6,132.94 183.99 6,316.93 75,803.16 Schoppe, Mark S.Service 7,230.28 216.91 7,447.19 89,366.28 Schultz, Dennis M.Service 6,823.00 204.69 7,027.69 84,332.28 Sittig, Daryl L.Service 7,711.88 231.36 7,943.24 95,318.88 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, 2023 Page 1 81 of 107 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, 2023 Stanfa, Thomas P.Service 8,011.35 240.34 8,251.69 99,020.28 Templin, Charles E.Service 6,175.58 185.27 6,360.85 76,330.20 Vassios, Theodore W.Service 6,057.23 181.72 6,238.95 74,867.40 Vassios, Theodore W. - QILDRO QILDRO 1,538.04 46.14 1,584.18 19,010.16 Watkins, Garry R.Duty Disability 4,563.73 88.90 4,652.63 55,831.56 White, Jennifer M.Duty Disability 4,611.43 0.00 4,611.43 55,337.16 Weis, Konrad R.Service 9,372.75 281.18 9,653.93 115,847.16 Zamboni, James F.Service 5,751.03 172.53 5,923.56 71,082.72 Zamboni, James F. - QILDRO QILDRO 1,091.66 32.75 1,124.41 13,492.92 Totals 272,167.46 6,260.43 278,427.89 3,341,134.68 Page 2 82 of 107 Amount of New Monthly Reason Date Change Benefit Bitterlin, Brian W.Initial Increase 12/1/2023 224.48 7,707.03 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, 2023 Pensioner Page 3 83 of 107 THIRD PARTY CUSTODIAN AGREEMENT (Collateralized Municipal Deposits) THIS AGREEMENT, made and executed as of between ___________________________________________________________________________(the "Local Government"), BMO Harris Bank N.A. (the "Bank") and The Bank of New York Mellon (the "Custodian"). WITNESSETH WHEREAS, the Local Government desires to maintain or continue to maintain public deposits with the Bank; and WHEREAS, the Bank desires to obtain such deposits and to provide security therefor as required by applicable law, regulation or rule; and WHEREAS, the Custodian agrees to provide safekeeping services and to hold any securities pledged by the Bank in a custodial account established for the benefit of the Local Government as secured party pursuant to this Agreement. NOW, THEREFORE, in consideration of the mutual promises set forth hereafter, the parties hereto agree as follows: 1.Security Requirements. (a)The Bank, to secure the timely payment of Uninsured Deposits heretofore or hereafter made by the Local Government, including any interest due thereon and any costs or expenses incurred by the Local Government and arising out of the collection of any deposits made with the Bank, has deposited with Custodian certain collateral as identified by the parties on Schedule A, attached hereto, and as more fully described in the initial confirmation or safekeeping receipt of such deposit delivered by the Custodian to the Bank and the Local Government respectively (which property together with any additions thereto, substitutions therefor and the proceeds thereof, are hereinafter collectively called the "Securities). The Bank hereby grants to the Local Government a pledge and security interest in and to such Securities and shall deliver Securities to the Custodian in the manner prescribed in Section 2 of this Agreement. The security interest of the Local Government in Securities shall terminate upon the transfer of such Securities from the Account. (b)The Bank may substitute Securities for any Securities previously provided pursuant to this Agreement (the "Substitute Securities") so long as the Substitute Securities have a Market Value equal to or greater than the Securities which they will replace. Custodian has no obligation to determine whether the Market Value of Substitute Securities in the Account is equal to or greater than the Securities which they will replace. The Bank is responsible at all times for ensuring that the Market Value of Substitute Securities in the Account is equal to or greater than the Securities they will replace. Except as set forth in Section 2 (c)(i), Custodian shall have no obligations with respect to the determination of Market Value. The Bank shall give Oral or Written Instructions to the Custodian with respect to any proposed substitution. The Custodian shall act in accordance with the Bank's Oral and Written Instructions with respect to the transfer the Securities out of the Account and delivery of Substitute Securities to the Account. (c)The Bank and the Local Government agree that on each Business Day, the Custodian shall be proved with the total amount of Uninsured Deposits held at the Bank at the end of the immediately preceding Business Day. The Custodian assumes no responsibility to determine or monitor whether or not any such Securities originally deposited hereunder or substitute or additional Securities hereafter deposited are eligible for deposit under any applicable provision of law or whether the Market Value of the Securities thereof meets the requirements of any law, rule or regulation applicable to the deposit hereunder. The determination of eligibility and whether the Market Value of the Securities satisfies statutory or regulatory requirements will be the responsibility of the Bank. The Custodian shall be fully protected in relying on Oral or Written Instructions of either the Bank or the Local Government directing the Custodian to release any of the Securities to the Bank. To the extent of any conflict in the instructions of the Local Government Oak Brook Firefighters' Pension Fund 84 of 107 2 and the Bank, the instructions of the Local Government shall control and the Bank shall hold the Custodian harmless for acting in accordance with the Local Government's instructions. 2. Custody of Securities (a) The Bank and Local Government hereby appoint the Custodian as custodian of all Securities at any time delivered to the Custodian pursuant to this Agreement. The Custodian hereby accepts appointment as custodian and agrees to establish and maintain the Account and appropriate records identifying the Securities as pledged by the Bank to the Local Government. The Account shall be kept separate and apart from the general assets of the Custodian on the Custodian's books and records and will not, in any circumstances, be commingled with or become part of the backing for any other deposit or liability of the Custodian or any other person or entity. The Custodian, in performing its duties and responsibilities pursuant to this Agreement, shall act as custodian for, and agent of, the Local Government. (b) The Bank and the Local Government agree that Securities delivered to the Custodian for deposit in the Account may be in the form of credits to the accounts of Custodian at the Book Entry System or a Depository or by delivery to the Custodian of physical certificates in a form suitable for transfer or with an assignment in blank to the Local Government or Custodian. The Bank and the Local Government hereby authorize the Custodian on a continuous and ongoing basis to deposit in the Book Entry System and/or the Depositories all Securities that may be deposited therein and to utilize the Book Entry System and/or Depositories and the receipt and delivery of physical Securities or any combination thereof in connection with its performance hereunder. Securities credited to the Account and deposited in the Book Entry System or Depositories or other financial intermediaries will be represented in accounts of the Custodian that include only assets held by the Custodian for its customers, and including but not limited to accounts in which the Custodian acts in a fiduciary, agency or representative capacity. Securities that are not held in the Book Entry System, Depositories or through another financial intermediary will be held in the Custodian's vault and physically segregated from securities and other non-cash property belonging to the Custodian. (c) (i) The Custodian shall provide to the Local Government weekly and monthly statements reflecting the activity in the Account. Upon request, the Custodian shall also provide to the Local Government a daily statement on any Business Day on which Securities are transferred to and from the Account. Such statements shall identify the specific Securities which are the subject of the statement and state the Market Value thereof. (ii) The Local Government agrees that it shall promptly review all statements and shall promptly advise Custodian by Oral or Written Instruction of any error, omission or inaccuracy in such statements. In the event that Custodian receives such a Oral or Written Instruction identifying a specific concern with respect to the Market Value or any other matter connected with the Account, Custodian shall undertake to correct any errors, failures or omissions, if any, that are reported to Custodian by the Local Government, provided that Custodian determines in its sole discretion that such error, failure or omission actually occurred. Any such corrections shall be reflected on subsequent statements. (d) The Account shall not be subject to any security interest, lien or right of set-off by the Custodian or any third party claiming through Custodian. (e) With respect to all Securities held in the Account, the Custodian by itself, or through the use of the Book Entry System or the appropriate Depository, shall, unless otherwise instructed to the contrary by the Bank: (i) collect all income and other payments reflecting interest and principal on the Securities in the Account and credit such amounts to the account of the Bank; (ii) forward to the Bank copies of all information or documents that it may receive from an issuer of Securities which, in the opinion of the Custodian, is intended for the beneficial owner of the Securities including, without limitation all proxies and other authorizations properly executed and all proxy statements, notices and reports; (iii) execute, as Custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in effect in connection with the collection of bond and note coupons; (iv) hold directly, or through the Book Entry System or Depository, all rights issued with respect to any Securities held by the Custodian hereunder; and (v) upon receipt of Written Instructions from the Bank, the Custodian will exchange Collateral held hereunder for other securities and/or cash in connection with (A) any conversion privilege, reorganization, recapitalization, redemption in kind, consolidation, tender offer or exchange offer, or (B) any exercise, subscription, purchase or other similar rights. 85 of 107 3 3. Events of Default In the event the Bank shall fail to pay the Local Government any amount of the Uninsured Deposits by the Local Government covered by this Agreement in accordance with the terms of such Deposit, or should the Bank fail or suspend active operations, the Uninsured Deposits in the Bank shall become due and payable immediately and the Local Government shall have the right to unilaterally demand delivery of all Securities in the Account by Written Instructions to the Custodian and to sell such securities at public or private sale. Delivery of such Written Instructions to the Custodian shall constitute a representation and warranty by the Local Government that Custodian's compliance therewith does not violate any law, regulation, court order or other legal impediment or the terms of the deposit agreement or any other agreement between the Local Government and the Bank. Custodian may fully rely without further inquiry on the statements set forth in such Written Instructions. In the event of such sale, the Local Government, after deducting all legal expenses and other costs, including reasonable attorney's fees, from the proceeds of such sale, shall apply the remainder towards any one or more of the liabilities of the Bank to the Local Government and shall return the surplus, if any, to the Bank. 4. Representation and Warranties (a) Representations of the Bank. The Bank represents and warrants, which representations and warranties shall be deemed to be continuing that: (1) this Agreement has been legally and validly entered into, does not and will not violate any statute or regulation applicable to it and is enforceable against the Bank in accordance with its terms; (2) it is the legal and actual owner, free and clear of all liens and claims, of all Securities pledged pursuant to this Agreement; (3) this Agreement was executed by an officer of the Bank who was authorized by the Bank's board of directors to do so and will at all times be maintained as an official record of the Bank; (4) all Securities held by Custodian hereunder are eligible to secure Local Government's deposits at the Bank under applicable statute or regulation and the Market Value of the Securities held by Custodian hereunder at all times meet the requirements of any such statute or regulation; (5) the Bank is a bank or trust company duly authorized to do business in the state where it is located; (6) all acts, conditions and things required to exist, happen or to be performed on its part precedent to and in the execution and delivery of this Agreement exist or have happened or have been performed. (b) Representations of the Local Government. The Local Government hereby represents and warrants, which representations and warranties shall be deemed to be continuing that: (1) this Agreement has been legally and validly entered into, does not and will not violate any statute or regulation applicable to it and is enforceable against the Local Government in accordance with its terms; (2) the appointment of the Custodian has been duly authorized and no other action by the Local Government is required and this Agreement was executed by an officer of the Local Government duly authorized to do so; (3) it will not transfer or assign its rights or interests in or with respect to any Securities pledged pursuant to this Agreement, except as authorized pursuant to Section 3 of the Agreement; 86 of 107 4 (4) all acts, conditions and things required to exist, happen or to be performed on its part precedent to and in the execution and delivery of this Agreement exist or have happened or have been performed. 5. Concerning the Custodian. (a) The Custodian shall not be liable for any loss or damage, including counsel fees, resulting from its action or omission to act or otherwise, except for any loss, damage, claim or expense arising out of its own negligence or willful misconduct, and shall have no obligation hereunder for any loss or damage, including counsel fees, which are sustained or incurred by reason of any action or inaction by the Book Entry System or any Depository. In no event shall Custodian be liable to the Local Government, the Bank or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement. The Custodian may, with respect to questions of law, apply for and obtain the advice and opinion of counsel and shall be fully protected with respect to anything done or omitted by it in good faith and conformity with such advice or opinion. The Local Government and the Bank agree, jointly and severally, to indemnify the Custodian and to hold it harmless against any and all costs, expenses, damages, liabilities or claims, including reasonable fees and expenses of counsel, which the Custodian may sustain or incur or which may be asserted against the Custodian by reason of or as a result of any action taken or omitted by the Custodian in connection with operating under this Agreement, except those costs, expenses, damages, liabilities or claims arising out of the negligence or willful misconduct of the Custodian or any of its employees or duly appointed agents. This indemnity shall be a continuing obligation of the Local Government and the Bank notwithstanding the termination of this Agreement. (b) The Custodian shall not be responsible for, or considered to be the custodian of, any Securities received by it for deposit in the Account until the Custodian actually receives and collects such Securities directly or by the final crediting of the Custodian's account on the books of the Book Entry System or the appropriate Depository. The Custodian will be entitled to reverse any credits made on the Local Government's behalf where such credits have been previously made and the Securities are not finally collected. (c) The Custodian shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and no covenant or obligation shall be implied against the Custodian in connection with this Agreement. (d) The Local Government's authorized officer, upon reasonable notice, shall have access to the Custodian's books and records maintained with respect to the Local Government's interest in the Account during the Custodian's normal business hours. Upon the reasonable request of the Local Government, copies of any such books and records shall be provided by the Custodian to the Local Government or the Local Government's authorized officer at the Local Government's expense. (e) The Custodian may enter into subcontracts, agreements and understandings, whenever and on such terms and conditions as it deems necessary or appropriate, to perform its services hereunder; such subcontracts, agreements and understandings may be with third parties and may be with other subsidiaries of The Bank of New York Mellon Corporation or any successor to The Bank of New York Mellon Corporation or with other persons not a party hereto. No such subcontract, agreement or understanding shall discharge the Custodian from its obligations hereunder. (f) Reliance on Pricing Services To the extent that the Custodian has agreed to provide information concerning Market Values under this Agreement, the Custodian is authorized to utilize any generally recognized pricing information service (including brokers and dealers of securities) ("Market Data Providers") in order to provide Market Values hereunder, and the Bank and the Local Government agree that the Custodian shall not be liable for any loss, damage, expense, liability or claim (including attorneys' fees) incurred as a result of errors or omissions contained in any such information provided by a Market Data Provider. (g) Force Majeure. The Custodian shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God, earthquakes, fires, floods, wars, civil or military disturbances, sabotage, epidemics, riots, loss or malfunctions of utilities, computer (hardware or software) or 87 of 107 5 communications service, labor disputes, acts of civil or military authority, or governmental, judicial or regulatory action; provided however, that the Custodian shall use reasonable efforts under the circumstances to resume normal performance as soon as practicable under the circumstances. (h) The Bank shall pay to the Custodian the fees and charges as may be agreed upon from time to time. The Bank shall also reimburse the Custodian for out-of-pocket expenses which are a normal incident of the services provided hereunder. 6. Termination Any of the parties hereto may terminate this Agreement by giving to the other parties a notice in writing specifying the date of such termination, which shall be the earlier of (i) not less than 90 days after the date of giving such notice or (ii) the date on which the Deposits are repaid in full. Such notice shall not affect or terminate the Local Government's security interest in the Securities in the Account. Upon termination hereof, the Custodian shall follow such reasonable Written Instructions of the Bank and the Local Government concerning the transfer of custody of Securities, collateral records and other items. In the event of a discrepancy between Written Instructions of the Bank and the Local Government, the Custodian shall act pursuant to the Local Government's Written Instructions. Upon the date set forth in the termination notice, this Agreement shall terminate except as otherwise provided herein and all obligations of the parties to each other hereunder shall cease. 7. Miscellaneous. (a) The Local Government and the Bank each agrees to furnish to the Custodian a new Certificate in the event that any present Authorized Person ceases to be an Authorized Person or in the event that any other Authorized Persons are appointed and authorized. Until such new Certificate is received, the Custodian shall be fully protected in acting upon Oral or Written Instructions or signatures of the present Authorized Persons. (b) The Custodian shall be entitled to rely upon any Certificate, Oral or Written Instruction actually received by Custodian and reasonably believed by the Custodian to be duly authorized and delivered. The Bank and the Local Government each agrees to forward to the Custodian Written Instructions confirming Oral Instructions in such manner so that such Written Instructions are received by the Custodian by the close of business of the same day that such Oral Instructions are given to the Custodian. The Bank and the Local Government each agrees that the fact that such confirming Written Instructions are not received or that contrary instructions are received by the Custodian shall in no way affect the validity or enforceability of the transactions previously authorized and effected by the Custodian. (c) Any Written Instructions or other instrument in writing authorized or required by this Agreement shall be given to the Custodian and shall be sufficiently given if sent to the Custodian by regular mail to its offices at 240 Greenwich Street, 12W, New York, New York 10286, Attn: CCM Collateral Management, or at such other place as the Custodian may from time to time designate in writing. (d) Any notice or other instrument in writing authorized or required by this Agreement to be given to the Bank shall be sufficiently given if sent to the Bank by regular mail to its offices at 320 S Canal St, 16W, Chicago, IL 60606, or at such other place as the Bank may from time to time designate in writing. (e) Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Local Government shall be sufficiently given if sent to the Local Government by regular mail to its offices at ___________________________ or at such other offices as the Local Government may from time to time designate in writing. (f) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Mellon Group"). The BNY Mellon Group may centralize functions, including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, the Bank and the Local Government each consents to the 1200 Oak Brook Road, Oak Brook, IL 60523 88 of 107 6 disclosure of, and authorizes the Custodian to disclose, information regarding the Bank and the Local Government and their respective accounts ("Customer-Related Data") to the BNY Mellon Group and to its third- party service providers who are subject to confidentiality obligations with respect to such information. In addition, the BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with either the Bank or the Local Government. (g) In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances. (h) This Agreement may not be amended or modified in any manner except by written agreement executed by all of the parties hereto. (i) This Agreement shall extend to and be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by any party without the written consent of the other parties. G) This Agreement shall be construed in accordance with the substantive laws of the State ofNew York, without regard to conflicts of laws principles thereof. The Bank, the Local Government and the Custodian hereby consent to the jurisdiction of a state or federal court situated in the City of New York in connection with any dispute arising hereunder. The Bank, the Local Government and the Custodian hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. THE BANK, THE LOCAL GOVERNMENT AND THE CUSTODIAN EACH HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. (k) Waiver of Immunity. To the extent that in any jurisdiction any party may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, each party irrevocably agrees not to claim, and it hereby waives, such immunity in connection with this Agreement. (I) Execution; Counterparts. This Agreement may be executed in any number of counterparts by means of (i) a DocuSign® electronic signature, (ii) an original, manual signature, or (iii) a faxed, scanned or photocopied manual signature. Each DocuSign®, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Each such counterpart shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. 8.Definitions. Whenever used in this Agreement the following terms shall have the following meanings: (a)"Account" shall mean the custodial account established with the Custodian for the benefit of the Local Government as secured party in accordance with this Agreement. .(b)"Authorized Person" shall be any officer of the Local Government or the Bank, as the case may be, duly authorized to give Oral Instructions or Written Instructions on behalf of the Local Government or the Bank, such persons to be designated in a Certificate substantially in the form of Exhibit "A" attached hereto, as such Exhibit may be amended from time to time. (c)"Book Entry System" shall mean the Federal Reserve/Treasury Book Entry System for receiving and delivering U.S. Government Securities. 89 of 107 7 (d) "Business Day" shall mean any day on which the Custodian and the Bank are open for business and on which the Book Entry System and/or the Depositories are open for business. (e) "Certificate" shall mean the Certificate attached hereto as Exhibit "A". (f) "Depository" shall include the Depository Trust Company and other securities depositories and clearing agencies (and their successors and nominees) registered with the Securities and Exchange Commission or otherwise regulated by appropriate federal or state agencies as a securities depository or clearing agency. (g) "Deposits" shall mean all deposits by the Local Government in the Bank that are available for all uses generally permitted by the Bank to the Local Government for actually and finally collected funds under the Bank's account agreement or policies. (h) "Market Value" shall mean, with respect to any assets held in the Account, the market value of such assets as made available to the Custodian by Market Data Providers plus, if not reflected in the market value, any accrued but unpaid income thereon. Market Values provided by the Custodian's Market Data Providers will be the most recently available closing bid price (usually from the previous Business Day), except that for certain financial assets it will be a same day price if available. For the avoidance of doubt, nothing herein shall prohibit the Custodian from contacting the Bank to obtain market data concerning financial assets other than price in order to assist the Custodian's Market Data Providers in determining Market Value. (i) "Oral Instructions" shall mean verbal instructions actually received by the Custodian from an Authorized Person or from a person reasonably believed by the Custodian to be an Authorized Person. G) "Securities" shall have the meaning set forth in paragraph G) "Substitute Securities" shall have the meaning set forth in paragraph (b) of Section 1 of this Agreement. (k) "Uninsured Deposits" shall mean that portion of the Local Government's Deposits with the Bank which exceeds the insurance coverage available from the Federal Deposit Insurance Corporation. (1) "Written Instructions" means entitlement orders and other instructions received by the Custodian in writing, including by facsimile, email, or through an electronic system whereby the Custodian verifies by codes, passwords or otherwise the identity of the sender of such instructions. 90 of 107 91 of 107 92 of 107 EXHIBIT A CERTIFICATE OF AUTHORIZED PERSONS (Local Government - Oral and Written Instructions) The undersigned hereby certifies that he/she is the duly elected and acting of __________________________________ __________________________________________(the "Local Government"), and further certifies that the following officers or employees of the Local Government have been duly authorized in conformity with the Local Government's to deliver Oral and Written Instructions to The Bank of New York Mellon (the "Custodian") pursuant to the Third Party Custodian Agreement between the Local Government, BMO Harris Bank N.A. (the "Bank") and the Custodian dated and that the signatures appearing opposite their names are true and correct: Name Title Signature Name Title Signature Name Title Signature Name Title Signature Name Title Signature Name Title Signature Name Title Signature This certificate supersedes any certificate of authorized individuals you may currently have on file. Title: Date: Oak Brook Firefighters' Pension Fund Oak Brook Firefighte 93 of 107 94 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 1 Volume 24, Issue 1, January 2023 Legal and Legislative Update Minor Child Not Entitled to Surviving Spouse Benefits Masterton v. Village of Glenview Police Pension Bd. et al., 2022 IL App (1st) 220307 The above headline may seem self-evident but in this case, it took more than five years of litigation in the circuit and appellate courts to affirm the pension board’s original determination. At issue was the sequence of survivor’s benefits under Section 3-112 of the Pension Code. Generally speaking, Section 3-112(a) provides that, upon the death of a police officer entitled to a regular retirement pension, the surviving spouse receives the pension to which the officer was then entitled, upon their death or if there is no surviving spouse, their minor children receive equal shares. As relevant to this case, Section 3-112(c) provides for the death of a police officer currently in service who has between 10-20 years of creditable service, a pension of 50% payable to the survivors in the sequence provided in subsection (a). Section 3- 112(e) further provides the pension of a surviving spouse of a police officer who dies without having received any pension benefits as the result of the performance of an act of duty, shall be 100% of the salary attached to rank of the police officer. In This Issue… 1 Minor Child Not Entitled to Surviving Spouse Benefits 3 Retirement Benefits Rescinded Due to Felony Conviction 3 Employer’s Separation Agreement with Outgoing Chief Hamstrings Pension Fund 4 Court Finds No Survivor’s Benefit for Officer’s Fatal Heart Attack 6 Ex-spouse Awarded Portion of Firefighter’s Disability Benefit 7 Pension Board Retains Jurisdiction After Interim Award 9 Denial of Disability Benefits Affirmed with Only One Supporting Physician 10 Pension Board’s Reliance on IME Report Lacking Most Recent FCE Results in Reversal 11 Pension Board May Rely On “Records Review Only” IME Reports 13 RDL News 95 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 2 The police officer in this case suffered a fatal cardiac event while attending roll call. At the time of death, he had 19 years of creditable service, was divorced but had a minor child. The pension board approved a 50% survivor’s benefit for the minor child without prejudice to the ex-spouse’s claim (as guardian for the child) he should be entitled to a 100% surviving spouse benefit under Section 3- 112(e). The Village intervened and argued the board lost jurisdiction to hear the claim for survivor’s benefits when it issued the interim award, and the child could not qualify for the surviving spouse benefit. Following a hearing, the pension board found the child did not qualify for the 100% surviving spouse benefit inasmuch as he was not a spouse but did award the 50% minor child benefit. Because the board found the child could not qualify as a surviving spouse, it did not reach the issue of act of duty. As guardian, the ex-spouse filed an action for administrative review of the pension board’s decision in Cook County Circuit Court. The circuit court reversed the pension board and found the child may be eligible for surviving spouse benefits. It remanded the matter to the pension board for a determination on the act of duty issue. Both the pension board and village filed petitions for interlocutory appeal, but they were denied. As such, the matter was returned to the pension board. On remand, the pension board heard evidence on the issue of whether the officer died as the result of an act of duty including multiple doctors’ reports. The pension board ultimately concluded the officer’s death was not caused by roll call attendance and even if it were, the roll call attendance did not rise to the level of an act of duty under the Pension Code inasmuch as it did not involve special risk. As such, the pension board again awarded the dependent minor child the 50% benefit. Another administrative review was filed. This time, the trial court affirmed the pension board’s decision based upon its “act of duty” analysis. An appeal was taken giving the parties the first opportunity to have both the surviving spouse and act of duty issues addressed by the appellate court. First, the appellate court found the pension board’s interim award of benefits without prejudice to the guardian’s claim for a 100% surviving spouse benefit did not cause the pension board to lose the ability to hear plaintiff’s claim for the higher benefit amount. In short, the appellate court found this interim award was not a final determination of the pension board and was always intended to be an interim award while the board awaited application for line of duty death benefits. As such, the pension board retained jurisdiction to hear the remaining claims. Turning to the surviving spouse benefit claim, the appellate court held only a surviving spouse is entitled to the 100% benefit contemplated by Section 3-112(e) affirming the pension board’s original decision from five years prior. In short, the appellate court found the plain language of the statute makes only surviving spouses eligible for a 3-112(e) 100% benefit. It further noted the statutory scheme of 3-112 contemplates instances where a minor child would be eligible for a survivor’s benefit. The fact the minor child is not mentioned in the language of 3-112(e) further evidences the legislature intend it to apply only to surviving spouses and not children. Because the appellate court found plaintiff not eligible as a “spouse”, it affirmed the pension board’s original determination without examination of whether attendance at roll call constituted an act of duty. The award of the 50% minor child benefit was affirmed. This case is a good lesson in administrative review/appellate procedure. Because of the nature of the initial trial court ruling remanding the matter to the pension board, appeal could only be taken with permission of the appellate court. When that request was denied, nearly five additional years of litigation and appeals ensued only to end up in the same place- a minor child does not qualify as a surviving spouse for survivor’s benefit purposes under Article 3 of the Pension Code. ❖ 96 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 3 Retirement Benefits Rescinded Due to Felony Conviction Pruente v. Ret. Bd. of Policemen's Annuity & Benefit Fund of City of Chicago, 2022 IL App (1st) 211331-U In a recent decision by the First District Appellate Court, several principles of administrative review of Board decisions were clarified and re-affirmed. The Appellate Court found (1) the Board cured any Open Meetings Act issues, (2) the applicant waived the specific constitutional argument he later attempted to raise on appeal, and (3) the Board reasonably found under its rules that “good cause” existed to review its initial grant of benefits. Pruente, a Chicago Police Officer, was convicted of perjury, obstruction of justice, and official misconduct for providing false testimony in a narcotics case. While his appeal was pending, he filed an application for retirement benefits. A hearing was held, with his felony conviction triggering analysis under the forfeiture provision of the Pension Act (§5-227). The board orally voted to grant Pruente his benefits, but no written order to that effect was issued at the time. At the next board meeting in December, a Board trustee moved to rescind this grant, which passed unanimously. The entire matter was then continued to the next Board meeting, set for January of 2020. Pruente was not given notice for the December meeting but was given notice and the opportunity to be heard for the January meeting. This proved crucial to the Appellate Court’s decision. The Appellate Court found the Board cured any Open Meetings Act defect (it assumed there was one for sake of argument) by holding a meeting in compliance with the Act (notice and opportunity to be heard) and thereafter affirming its decision to rescind. Pruente also raised an issue of unconstitutionality in the Appellate Court by asserting the forfeiture of his benefits was a violation of the “excessive fines clause” of the United States Constitution. However, Pruente earlier raised a different constitutional claim to the board: cruel and unusual punishment. The Appellate Court found Pruente had waived his constitutional claims because he did not raise the “excessive fine” argument before the board. While both claims rest on the Eighth Amendment, the Appellate Court re-affirmed these two claims are distinct. Previous case law emphasized that even though an administrative board does not have the power to declare statutes unconstitutional, any constitutional claim should be raised to the board so the mechanism of administrative review can address the specific claim. The final key to the Appellate Court’s ruling affirming the Board’s decision was an examination of “good cause” as interpreted by the board. Under the board’s rules, it can reconsider a decision for “good cause.” The Appellate Court re-affirmed the principle a board’s interpretation of its own rules is entitled to a presumption of validity. The Appellate Court found the Board’s rescission of the earlier oral grant of benefits was valid, as “[t]he Board's ‘good cause’ finding under its rules was reasonable, which the Board demonstrated by correcting a perceived error, avoiding unnecessary litigation, and eliminating personal liability for breach of fiduciary duties.” ❖ Employer’s Separation Agreement with Outgoing Chief Hamstrings Pension Fund Brucki v. Orland Fire Protection District, et al., 2022 IL App (1st) 220288-U Brucki was hired by the Orland Fire Protection District (“District”) on June 1, 2013, signing a three-year employment contract. The contract included annual salary increases of 3%, effective the first day of each year. During the third year of the Employment Contract, a dispute arose between Brucki and the District, resulting in him being placed on administrative leave on August 21, 2015. Thereafter, on October 14, 2015, the District and Brucki negotiated a separation agreement which voided the 97 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 4 Employment Contract and provided Brucki would remain on paid administrative leave until January 4, 2016, with no reduction to his compensation, in exchange for him reimbursing the District $12,500 for unauthorized credit card charges. When Bruck reached the age of 50 in October of 2017, he applied for retirement benefits listing his last day of work as January 4, 2016, with an annual salary of $186,449, which included the 3% increase effective January 1, 2016.The Pension Fund sought an advisory opinion from the Illinois Department of Insurance (“IDOI”) as to the calculation of Brucki’s pension benefits. The IDOI determined Brucki’s retirement date was August 21, 2015, finding that during his paid administrative leave he was not a “firefighter” as defined by the Municipal and Pension Codes. Specifically, since Brucki was not expected to perform firefighter duties during his leave his position was akin to a reserve or paid-on-call firefighter. Therefore, the IDOI concluded the pensionable salary and creditable service should be calculated using the effective retirement date of August 21, 2015. The Pension Fund adopted the IDOI’s analysis. On administrative review, the Circuit Court affirmed the Pension Fund’s decision. On appeal, the Appellate Court reversed the Pension Fund. The Appellate Court found the IDOI’s advisory opinion was “of limited value” because the “information submitted to the [IDOI] was less than neutral.” The Appellate Court found Brucki was still employed by the District as a firefighter during his paid administrative leave, and the ambiguous terms of the Separation Agreement left the Employment Contract’s 3% annual salary increase in place. Specifically, the Court relied on evidence Brucki’s final paycheck from the District contained a small increase and his checks for unused sick and vacation days from the District included the 3% increase. Using this evidence, the Court determined the annual salary increase was not negated by the terms of the Separation Agreement, which originally sought to void the terms of the Employment Contract. Due to the language of the Separation Agreement, to which the Pension Fund was not a party, the District’s actions subjected the Pension Fund to pay retirement benefits based on a salary never actually paid to Brucki and to award him creditable service for the time he was on paid administrative leave. Fire protection districts and municipalities should take note of this case, so as to structure any separation/termination agreements to consider their impact on the future retirement benefits to be paid to the former employee. Unfortunately, since the pension fund is rarely a party to these agreements, it is up to the municipality’s and employee’s attorney to address these issues with clarity and precision. ❖ Court Finds No Survivor’s Benefit for Officer’s Fatal Heart Attack Vargas v. Bd. of Trustees of Cicero Police Pension Fund, 2022 IL App (1st) 220026 In this case, the Appellate Court affirmed the pension board’s decision denying plaintiff’s application for a surviving spouse’s pension pursuant to §3-112(e) and §3-114.3 of the Pension Code based on the death of her husband, a Cicero police officer. In January 2009, plaintiff’s husband was transported by ambulance to the emergency room with complaints of “burning anterior chest pain” and was ultimately diagnosed with gastric reflux and esophageal reflux. Thereafter, from September 2009 through September 2010, plaintiff’s husband reported cardiovascular palpitations and pain, saw increases to his cholesterol and blood pressure levels, and gained excessive weight. In addition, plaintiff’s husband refused to take prescription medication for high blood pressure due to adverse side effects. In the weeks before his death, plaintiff’s husband told her his daily heartburn was getting worse. The day before his death, plaintiff’s husband worked regular shift for the Police Department and responded to several calls, including a burglary in progress, domestic disturbance, armed robbery, aggravated discharge of a firearm, a hit-and-run, 98 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 5 and gang-related activity. The next morning, plaintiff’s husband walked into the roll call room of the police station and collapsed to the floor, unconscious. He was pronounced dead at the hospital roughly forty (40) minutes later as a result of “coronary arteriosclerosis.” In connection with her husband’s death, plaintiff filed a claim for federal benefits provided when “a public safety officer has died as the direct and proximate result of a personal injury sustained in the line of duty.” A heart attack suffered by a police officer is presumed to constitute “a personal injury sustained in the line of duty” when the heart attack happens within 24 hours after the officer has “engaged in nonroutine stressful or strenuous physical law enforcement.” The Department of Justice found plaintiff’s husband’s death was covered under the federal act, entitling plaintiff and her children to benefits, despite a doctor’s finding his heart attack was not related to any on-the-job activities. Plaintiff also began receiving benefits under §3-112(c) of the Pension Code, which provides pension benefits of half of the decedent’s salary attached to rank to survivors if the decedent had a minimum of ten (10) years’ credible service. Ultimately, plaintiff filed for pension benefits under §3-112(e) and §3-114.3 of the Pension Code, which, if granted, would be greater than her §3- 112(c) benefits. Section 3-112(e) provides that the pension of the surviving spouse of a police officer who dies as a result of sickness, accident, or injury “incurred in or resulting from the performance of an act of duty” shall be 100% of his salary on his last day of service. Section 3-114.3 states any police officer who suffers a heart attack or stroke “as a result of the performance and discharge of police duty” shall be considered as having been injured in the performance of an act of duty and eligible for benefits. As part of plaintiff’s claim for disability benefits, the pension board selected three (3) physicians to review plaintiff’s husband’s medical records and opine as to his cause of death and the relationship, if any, between his death and the performance of an act of duty. The first doctor, Dr. Robin, concluded plaintiff’s husband died from coronary arteriosclerosis unrelated to an act of duty. The second doctor, Dr. Serajian, concluded plaintiff’s husband died from a myocardial infarction unrelated to the performance of an act of duty. Lastly, Dr. Carroll concluded plaintiff’s husband died from a cardiac arrythmia (a malignant, abnormal heart rhythm), precipitated by his enlarged heart and advanced coronary artery disease and unrelated to the performance of an act of duty. Plaintiff selected two (2) additional doctors, Dr. Eshagy and Dr. Ramana, to review her husband’s medical records and opine as to his cause of death and the relationship to police duty. Dr. Eshagy opined her husband’s police activities on October 1, 2010 were “contributing factors leading to his sudden cardiac death.” Dr. Ramana opined her husband’s fatal cardiac event may have been a random event, but “any physical exertion on [October 1, 2010] may have contributed.” Following all the evidence, the pension board denied plaintiff’s application for a surviving spouse’s pension under §3-112(e) and §3-114.3 of the Pension Code because plaintiff failed to prove her husband’s fatal heart attack resulted from an “act of duty” involving special risk unique to police work. Under the Pension Code, an applicant need only prove that an act of duty aggravated his or her spouse’s pre-existing heart condition, resulting in a fatal heart attack. However, the pension board found plaintiff merely pointed to on-duty acts that might have aggravated his pre-existing heart condition instead of showing an actual causal relationship. As a result, the Pension Board gave greater weight to the conclusions of its IME doctors who opined her husband’s fatal heart attack was unrelated to his duties or training exercises. On appeal, the Court addressed the pension board’s denial of plaintiff’s claim for a surviving spouse’s pension under §3-112(e) based on her failure to prove her husband’s fatal heart attack resulted from an “act of duty.” The Court concluded plaintiff forfeited review of the pension board’s denial of a §3-112(e) surviving spouse’s pension based on her failure to prove the heart attack resulted from an act of duty involving special risk by not offering any 99 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 6 argument in support of her position. That said, had plaintiff not forfeited review, the Court acknowledged it would have affirmed the pension board’s decision, noting the majority of the medical evidence in the record concluded her husband’s heart attack was due to pre-existing conditions exacerbated by obesity and high blood pressure and not an act of duty. Further, the Court addressed the Pension Board’s denial of plaintiff’s claim for a surviving spouse’s pension under §3-114.3 based on her failure to prove her husband’s fatal heart attack resulted from the performance of a “police duty.” Plaintiff argued §3-114.3 of the Pension Code only requires an applicant show his or her spouse’s fatal heart attack occurred “in the performance and discharge of police duty,” and not an act of duty inherently involving special risk. The Court agreed §3-114.3 contains no modifier limiting the scope of the term “police duty” to include any level of risk, the Court concluded the pension board’s denial was not against the manifest weight of the evidence as it is a pension board’s role to resolve conflicting medical evidence in the record. In sum, this case provides insight into how courts will assess a surviving spouse’s application for line-of-duty disability benefits under §3-112(e) and §3-114.3 of the Pension Code. As the applicant, survivors have the burden of establishing their spouse’s death resulted from an act of duty involving special risk unique to police work. Here, the Court found the survivor simply pointed to various on-duty activities that could have aggravated her husband’s untimely death without offering any evidence to show causal relationship between his death and a specific act of police duty. By failing to do so, the Court concluded the survivor forfeited review of the pension board’s denial of her disability claim. Had she put forth an argument in support of her position, the Court explained the survivor’s claim would still be denied based on a majority of the medical evidence indicating her husband’s untimely death was caused by an exacerbation of pre-existing health conditions. ❖ Ex-spouse Awarded Portion of Firefighter’s Disability Benefit In re Marriage of Grandt, 2022 IL App (2d) 210648 A “Qualified Illinois Domestic Relations Order” (“QILDRO”) is the court ordered mechanism used to divide an Article 3 or 4 pension benefit in a divorce proceeding. While the Pension Code provides a QILDRO shall not apply to or affect payment of a disability benefit, the case law tells us receipt of a disability pension benefit does not necessarily mean the member owes no payments to his former spouse. The firefighter in this case was divorced at age 43 although he had at least 20 years creditable service at the time of divorce. The parties’ marital settlement agreement (“MSA”) contemplated payment to the alternate payee of a portion of monies paid to the firefighter “as a pension benefit”. Subsequent to finalization of the divorce, the firefighter began to receive disability pension benefits. A QILDRO was then filed providing the alternate payee would receive the marital portion of the member’s “retirement benefit”. Nearly twenty years after entry of the QILDRO, the alternate payee filed a motion seeking retroactive benefits and issuance of a new QILDRO. The member responded that because he was receiving a disability pension benefit and not a regular retirement, his ex-spouse was not entitled to any payment. The trial court agreed and found the MSA contemplated only division of a retirement pension and not a disability benefit. On appeal, the appellate court found whether the ex-spouse is entitled to any portion of the member’s disability benefit turns on the issue of whether the payments can be characterized as “income replacement” or a retirement benefit. The court reasoned a disability pension is intended to provide income replacement to a firefighter who cannot perform his job duties. Conversely, a retirement benefit is a pension based upon the member’s longevity and service. 100 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 7 First, the appellate court interpreted the terms of the MSA to apply only to retirement pay and not disability intended as income replacement. The court then analyzed competing cases to conclude the member’s disability benefit was, in fact, a retirement benefit subject to division by the MSA. Adopting language from a prior appellate decision on QILDROs and disability benefits, the court held when the member is eligible to retire, his disability benefit shifts from income replacement to a substitute for a retirement pension. The court found further support for this position in the terms of the Pension Code itself which awards COLA benefits to members on disability at age 60. The court reasoned this provision contemplates the disability pension becomes a substitute for a regular retirement pension equivalent to the same terms as a regular age-related retirement. The appellate court reversed the trial court and found the ex-spouse entitled to a portion of his disability benefits. Notably, the court did not rule on the issue of exactly when the member’s disability benefits ceased and transitioned into a substitute for regular retirement but remanded that issue to the trial court. It is important to note that while the outcome in this case resulted in the QILDRO being applied to the firefighter’s disability benefit, the Pension Code still prohibits the pension fund itself from attaching a QILDRO to a disability pension benefit. QILDRO mandated payments on a disability pension recipient cannot flow from the pension fund. Rather, the member will continue to receive the full benefit with the amounts due the alternate payee to be determined between the parties and court. ❖ Pension Board Retains Jurisdiction After Interim Award Vill. of Northbrook v. Bd. of Trustees of Vill. of Northbrook Firefighters’ Pension Fd, 2022 IL App (1st) 220277-U In this case, the Court considered whether a pension board has jurisdiction to award line-of- duty disability benefits after it awarded interim nonduty disability benefits, the sufficiency of the evidence supporting the board’s decision to grant line-of-duty disability benefits, and its application of the preponderance of the evidence standard to the issue of causation. The only factual dispute between the parties was whether the firefighter’s acts of duty, specifically his participation in November 2015 training exercises, were causative factors in aggravating his cardiomyopathy to the point of permanent disability. The firefighter, a former Northbrook fire captain, suffered from a pre-existing left bundle branch block and was ultimately diagnosed with cardiomyopathy in 2005 (i.e., a heart disease that causes a lower-than-normal ejection fraction, making it harder for the heart to pump blood to the rest of the body). From November 9-13, 2015, the firefighter attended mandatory training exercises involving fire extinguishing, climbing stairs, moving the fire hose, and clearing out rooms—all while wearing full firefighter gear. During the training, he experienced allergy or cold-like symptoms and became increasingly fatigued as the training progressed. By the fourth day of training, the firefighter sought treatment at a local clinic for fever and respiratory issues and was ultimately diagnosed with pneumonia. In September 2016, plaintiff received a surgically implanted defibrillator and his ejection fraction improved to 40%. As a result, the firefighter’s treating cardiologist cleared him to return to work; however, the Village decided not to return him as fire captain due to concerns he could suddenly become incapacitated while on duty. After the firefighter was initially awarded a line-of- duty disability pension in October 2018, the circuit court remanded the matter to the Pension Board for a new administrative hearing with the Village’s participation. In April 2020, the Pension Board terminated the line-of-duty disability pension it awarded the firefighter due to the need for a new hearing on remand. At his request, the Pension Board granted the firefighter a non-duty disability benefit under §4-111 of the Pension Code on an interim basis and “without prejudice to [his] 101 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 8 pending application for a line-of-duty benefit.” In response, the Village argued the firefighter was eligible for a non-duty benefit, but argued the Code did not authorize the Pension Board to grant such benefits on an interim basis. The Pension Board continued the matter for further investigation and evidentiary hearings. During the evidentiary hearings, the Pension Board received reports and testimony of five doctors: the Pension Board’s three independent medical examiners, the firefighter’s treating cardiologist, and the Village’s retained expert. Plaintiff’s treating physician, a heart failure specialist, concluded the firefighter was permanently disabled and unable to perform his duties as a firefighter due to cardiomyopathy. While he could not conclusively identify what caused the aggravation of the firefighter’s cardiomyopathy in late 2015, he excluded the possibility that stress-related firefighter activities would exacerbate his underlying heart failure. The Village’s expert opined that a viral infection, in combination with a pre-existing heart condition, was the most likely the cause of the deterioration of the firefighter’s heart condition in late 2015. Moreover, he concluded it was unlikely the firefighter’s duties caused or exacerbated his heart condition. Regarding the Pension Board’s independent medical examinations, the first doctor opined “probability strongly favored” the firefighter’s pre- existing left bundle branch block as the cause of his worsened cardiomyopathy. However, he also acknowledged “the time course support[ed]” the possibility the 2015 training course aggravated his cardiomyopathy based on the significant decline of his ejection fraction following the training. The second pension board physician could neither conclusively identify the cause of the aggravation of the firefighter’s cardiomyopathy nor rule out his duties and/or training as a firefighter as contributing causes. The final pension board doctor opined a viral infection was the most likely cause of exacerbating the firefighter’s cardiomyopathy, finding it unlikely that the stress of the training exercises contributed to his decreased ejection fraction. That said, he was also unable to completely rule out his work as a firefighter and training as contributing to the decline in his ejection fraction. Following the evidentiary hearings, the Pension Board awarded the firefighter a line-of-duty disability pension under §4-110 of the Pension Code, finding his heart condition was exacerbated by the November 2015 training exercises. In doing so, the Pension Board gave the most weight to plaintiff’s treating physician because he was the only heart failure specialist to testify and two (2) of the IME doctors agreed a heart failure specialist would be the most qualified to opine on causation. In addition, the Pension Board found it had the power to award such benefits after granting interim non-duty benefits because the award of non-duty benefits was not a final administrative ruling. As a result, the Village filed a petition for administrative review. The Circuit Court affirmed the Pension Board’s decision, and the Village appealed. On appeal, the Village challenged: (1) the Pension Board’s jurisdiction to award the firefighter line-of- duty disability benefits after it awarded him interim nonduty disability benefits, (2) the sufficiency of the evidence supporting the Pension Board’s decision to grant line-of-duty disability benefits, and (3) the Pension Board’s application of the preponderance of the evidence standard to the issue of causation. Regarding the Pension Board’s granting of interim non-duty disability benefits, the Appellate Court found it was not a final administrative decision because the Pension Board characterized its decision as without prejudice to the firefighter’s line-of-duty disability application. According to the Court, this indicated the Board intended proceedings on the firefighter’s application to continue as “an interim ruling that contemplates further evidentiary hearings is not a final administrative decision.” Thus, the award of interim non-duty disability benefits did not terminate the Pension Board’s jurisdiction even though no party challenged the decision and order within 35 days. Regarding the sufficiency of the evidence supporting the Pension Board’s decision on 102 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 9 causation, the Court concluded the Pension Board’s decision was not against the manifest weight of the evidence because §4-112 of the Pension Code “requires neither a concurrence of the three [IMEs] that a firefighter is disabled, nor does it even require an opinion of one physician, let alone a concurrence of all three, that his disability is duty- related.” In other words, a pension board is not required to accept the majority view when testifying physicians disagree as to causation. The Court found the key question in this case was what caused the significant decline in the firefighter’s heart condition and, while none of the testifying physicians could conclusively identify a single cause, plaintiff’s treating heart failure specialist pointed to the physical stress of firefighter duties as a potential aggravating factor that can exacerbate cardiomyopathy. Further, none of the doctors conclusively excluded the firefighter’s duties and participation in the training exercises as having exacerbated his cardiomyopathy. From a practical standpoint, this case affirms two common pension board practices. First, award of an interim benefit does not preclude the pension board from later consideration of the remainder of an applicant’s claim. Second, when doctor’s do not agree, it is up to the pension board as the finder of fact to weight the differing opinions.❖ Denial of Disability Benefits Affirmed with Only One Supporting Physician Bussee v. Bd. of Trustees of Joliet Police Pension Fund, 2022 IL App (3d) 210603-U The plaintiff, a Joliet police officer, injured his right hand in February of 2017 after striking a resisting subject on the head with his right fist, resulting in three (3) separate surgeries. In September of 2017, Plaintiff underwent surgery to repair partially torn ligaments in his right middle finger after conservative treatment proved unsuccessful. Despite this surgery, plaintiff’s right- hand symptoms (e.g., popping/drifting of middle finger) did not subside, leading his treating physician to question whether he reinjured the hand when he punched the bed after waking up from anesthesia. After a second surgery in April of 2018 failed to alleviate his symptoms, plaintiff sought a different provider and underwent a third surgery in November of 2018 followed by a course of postoperative physical/occupational therapy. Due to his persistent right-hand symptoms following the third surgery, plaintiff filed an application for a line-of-duty disability pension pursuant to §3-114.1 of the Illinois Pension Code as well as a workers’ compensation claim. As part of his workers’ compensation claim, plaintiff underwent an independent medical examination (“IME”) which found plaintiff’s subjective complaints of pain out of proportion to the duty- related injury. Dr. Tulipan recommended a functional capacity evaluation (“FCE”) to determine plaintiff’s functional limitations. Pursuant to the FCE results, plaintiff demonstrated the physical capabilities and tolerance necessary to perform 100% of the essential functions of a Joliet police officer. Two of the three pension board IME doctors concluded plaintiff was disabled from performing full, unrestricted duties based on reduced grip strength in his right hand. However, neither doctor specifically mentioned in their report whether they reviewed the FCE results. By contrast, the third IME doctor, Dr. Sanjay Patari, acknowledged his review of the FCE results and concluded plaintiff was not disabled from performing full, unrestricted duties, finding his subjective complaints did not match the objective evaluation. The pension board denied plaintiff’s disability application for failure to establish he was physically disabled from full, unrestricted duties. The board gave great weight to the FCE, which determined plaintiff was able to meet every job demand even despite diminished grip strength in his right hand, i.e., his grip strength fell within the normal range based on age/gender. This objective evaluation supported Dr. Tulipan’s expressed skepticism about plaintiff’s subjective complaints of pain and limitations. The board also gave great weight to Dr. Patari’s IME report, which specified his review of the FCE and, when in conflict, credited the objective FCE findings over plaintiff’s 103 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 10 subjective complaints. In doing so, the bo ard discounted the IME reports of the other doctors, finding they did not evaluate plaintiff’s subject complaints in light of the FCE’s objective findings. The circuit court affirmed the board’s decision to deny disability benefits on administrative review and plaintiff appealed. On appeal, plaintiff argued the board’s denial of his disability application was against the manifest weight of the evidence because it relied on a single physician’s opinion over other, contradicting evidence in the record in denying his claim. In addition, plaintiff contended the FCE activities he was required to perform did not accurately simulate his job demands. However, the appellate court disagreed, finding plaintiff failed to put forth any evidence (other than his subjective opinion) that the FCE tests were not an adequate reflection of his job requirements. The Court found there was a sufficient amount of credible evidence to support the Board’s decision to credit the opinion of Dr. Patari over the opinions of the other IME doctors. Under any standard of review in Illinois, “a plaintiff in an administrative proceeding bears the burden of proof, and relief will be denied if he or she fails to sustain that burden.” Where the record contains conflicting evidence, it is the Board’s role to weigh the evidence and assess credibility. In this case, all medical professionals were consistent in reporting plaintiff’s reduced grip strength in his right hand. The FCE specifically evaluated the plaintiff’s ability to perform his job functions despite the diminished grip strength and determined he could perform all essential functions. Compared to the other IME reports, Dr. Patari’s report was the most thorough because he specifically evaluated plaintiff’s subjective limitations in light of the objective findings in the FCE. As such, the Court concluded the Board’s decision was not against the weight of the evidence since there was credible record evidence to support the Board’s finding plaintiff not disabled from full, unrestricted duty. ❖ Pension Board’s Reliance on IME Report Lacking Most Recent FCE Results in Reversal Hutchinson v. Bd. of Trustees of Peoria Police Pension Fund, 2022 IL App (3d) 210381-U In this case, the Appellate Court considered whether the Pension Board’s denial of a disability pension was against the manifest weight of the evidence. In concurrence with the circuit court, the Court reversed the Pension Board’s decision and awarded the police officer a line-of-duty disability pension. Plaintiff, a Peoria police officer who was injured on duty while trying to gain control of a handcuffed suspect, applied for a line-of-duty disability pension. Following an evidentiary hearing, the Pension Board denied plaintiff’s line-of-duty disability claims, finding he was not disabled from service as a police officer. On administrative review, the circuit court reversed the Pension Board’s decision and awarded plaintiff a line-of- duty disability pension. On appeal, the Court considered two (2) main contentions presented by the Pension Board. First, the Court considered whether the Pension Board’s decision should be upheld based on record evidence—the supplemental opinion of a Pension Board IME doctor—supporting the Board’s finding. The Pension Board argued, as the trier of fact, it the responsibility of a pension board to weigh the conflicting medical evidence and determine which evidence is most convincing. Thus, in reversing its decision, the Pension Board argued the circuit court ignored the evidence, impermissibly reweighed the evidence, and improperly substituted its judgment for that of the Pension Board. Next, the Court considered whether the trial court’s award of a line-of-duty disability pension should be reversed, even if plaintiff is disabled, due to the Pension Board not ruling upon that issue. Regarding the Pension Board’s first contention, the Court concluded the Pension Board’s finding of no 104 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 11 disability was against the manifest weight of the evidence because it was based primarily on the IME report of the only doctor who opined the officer was not disabled. The Court found that the respective IME doctor was never provided with pertinent medical information—the officer’s completion of a more recent functional capacity evaluation (“FCE”) finding he was still unable to perform full duty—prior to publishing his opinions and conclusions. Thus, the Court reasoned the Pension Board could not rely on that IME doctor’s opinion to conclude the officer was not disabled. According to the Court, the remaining evidence “when viewed in light of the most recent information” allowed for only one conclusion— plaintiff was disabled from service. The Court concluded plaintiff was disabled from service for four different reasons. First, all of the doctors who rendered an opinion on the matter, other than the doctor whom the Pension Board gave the most deference, generally found plaintiff was disabled and could not return to police work. Second, both FCEs found plaintiff was unable to complete 100% of his police duties based on his claimed disability. Third, the evidence established the officer was provided permanent restrictions by his treating physician but was not offered a permanent light duty position by the municipality. Lastly, the IME doctor whom the Pension Board gave the most deference found the officer’s ability to complete 96% of his job-related duties was equivalent to full duty without providing any supporting evidence to support such a conclusion. As to the issue of plaintiff’s entitlement to a line- of-duty disability pension, the Court found the trial court appropriately determined as a matter of law plaintiff was entitled to a line-of-duty disability pension despite the Board not deciding that issue. The Court found the Pension Board made specific factual findings plaintiff was injured on duty while trying to establish control over a suspect who was resisting a pat-down search. In addition, all of the doctors who were asked to render opinions on causation found the duty-related incident caused the officer’s disability, either directly or by aggravating a pre-existing condition. In sum, the Court was tasked with assessing a pension board’s responsibility as the trier of fact in weighing conflicting medical evidence and determining which evidence is most convincing. In addition, the Court was asked to determine whether a trial court’s award of a line-of-duty disability pension is appropriate when the pension board did not issue a ruling on such issue. The Court reversed the Pension Board’s denial of disability benefits, finding the denial was based primarily on the opinions of a single IME doctor who failed to review the most recent, pertinent medical records indicating the officer was disabled from police service. In addition, the Court concluded a trial court’s award of a line-of-duty disability pension is appropriate even where the pension board did not previously decide such issue if the board made specific factual findings as to causal relationship between the officer’s disability and the duty-related incident. ❖ Pension Board May Rely On “Records Review Only” IME Reports City of East Peoria v. Melton et al., 2022 IL App (4th) 220281-U What type of “examination” is required for disability applicant’s IMEs? In an opinion of first impression, the Fourth Appellate Court has determined a Board of Trustees can rely on a “records-only” review by its selected physicians. The Appellate Court found the Board of Trustees for the City of East Peoria Firefighters’ Pension Fund reasonably relied upon a records-only review of the applicant’s medical history in granting a firefighter’s occupational disability. The Appellate Court also clarified several other issues relating to administrative review and occupational disability. After many years of service, firefighter Melton suffered a stroke while at home, hours after he finished his last shift. As part of his treatment, he was now required to take anticoagulants. He had taken low-doses of anticoagulants previously, based on a blood-clotting disorder. He had been diagnosed with renal cancer in 2013, which 105 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 12 eventually required the removal of one of his kidneys. Firefighter Melton filed his application for occupational disability based on his 2020 stroke. As a preliminary issue, the Appellate Court first addressed whether the City of East Peoria could seek administrative review, as well as appellate review, of an administrative decision even if the City did not participate in the original hearing before the Board of Trustees. The Fourth Circuit re- affirmed the principle the City could seek review of a decision that “impacted a duty or interest of the municipality, even though the municipality had not participated in the administrative proceedings below.” The Appellate Court next examined what is required for an “examination” by the independent medical experts retained by the Board. As the Board argued, and the Appellate Court found, a “records-only” review was reasonable and conversely, that an “in-person” examination is not required by statute. As many readers may recall, in some instances a pension board may choose to conduct a “records-review” only IME that do not involve an in-person, physical exam. Generally, this is determined by the board on a case-by-case basis and may not be appropriate for all disability applications. For example, the holding in this case may be limited, as the Appellate Court focused on the fact that this was a claim for occupational disability, where an in-person physical exam would not provide more information than the records already contained. The third significant issue addressed by the Appellate Court was the review of the Board’s decision to grant the occupational disability to firefighter Melton, in light of his extensive medical history which included renal disease/cancer, the use of anticoagulants, and a stroke. The Appellate Court systematically examined and ultimately affirmed the Board’s decision, finding it was not clearly erroneous. The Appellate Court re-asserted the principle that the burden of proof was on Melton. The applicant need not prove the disabling accident or illness was the primary or originating cause of the disability, but only that it aggravated, contributed, or exacerbated the disability. The Board’s decision his stroke resulted from his service as a firefighter was also not against the manifest weight of the evidence and the appellate court affirmed the grant of occupational disability benefits. ❖ Suggested Agenda Items for April (or 2nd Quarter of 2023) • Election of active/retired/disabled Trustees. • Review and/or modification of Board’s Cash Management Policy. • Authorize preparation of annual Department of Insurance Report. • Status of independent audit report. (Due within 6 months of close of fiscal year). • Review and/or modification of Board’s Administrative Rules and Regulations. • Annual filing of statement of economic interest statements for each Trustee. 106 of 107 © 2023 REIMER DOBROVOLNY & LABARDI PC 13 REIMER DOBROVOLNY & LABARDI PC NEWS _______________________________________________ Legal and Legislative Update Volume 24, Issue 1, January 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. All rights reserved. • October 5-7, 2022: RDL managing partner Rick Reimer presented at the IPPFA Mid-American Pension Conference in Oak Brook. • November 3, 2022: RDL managing partner Rick Reimer spoke at the FBI National Academy Conference in Galena. • November 4, 2022: RDL partners Brian LaBardi and Vince Mancini attended and presented at the IPFA fall pension seminar in Addison. • November 28, 2022: RDL managing partner Rick Reimer presented at the Illinois Police Training and Standards Board training in O’Fallon. • December 6, 2022: RDL partner Brian LaBardi presented at the IPPFA certified trustee training in Naperville. • January 28-31, 2023: RDL managing partner Rick Reimer will present at the NAPO conference in Las Vegas, Nevada. 107 of 107