Board of Trustees of the Fire Pension Fund

AGENDA Board of Trustees of the Fire Pension Fund Fire Station #2, 1150 N. Arlington Heights Road February 9, 2026 9:00 AM I. CALL TO ORDER II. ROLL CALL OF MEMBERS III. APPROVAL OF MINUTES A. Minutes of Regular Pension Board Meeting - November 17, 2025 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financial Report - Q4, 2025 VI. PAYMENT OF BILLS A. Payment of Bills - Q4, 2025 VII. REPORTS A. FPIF - AH Pension Fund Summary B. FPIF - Consolidated Fund Report VIII. OLD BUSINESS A. Death of FF Phillip Palczynski - Spousal Survivor Benefits Update B. Application for Duty Disability Pension. Possible Action on Disability Withdrawal and Submission of Retirement Application. - FF/E Thomas Dobbins. C. Military Buy-Back Payment Plan - Update D. Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett IX. NEW BUSINESS A. Buy-Back of Service Time - FF/P Sergio Duran B. HB1648 - Payment of Retiree Union Dues via Monthly Pension X. OTHER BUSINESS A. Announcements / Correspondence XI. PUBLIC COMMENT Page 1 of 28 Anyone wishing to speak on a subject not on the Agenda may speak at this time. Please limit your comments to three minutes. XII. ADJOURNMENT Persons with disabilities requiring auxiliary aids or services, such as an American Sign Language interpreter or written materials in accessible formats, should contact the Health & Human Services Department, at 33 S. Arlington Heights Road, Arlington Heights, IL 60005, healthmail@vah.com or 847/368-5760. Page 2 of 28  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Mee�ng held on November 17, 2025 Members in Atendance: Lance Harris Melissa Gallagher Peter Ahlman Kyle Kaczanowski Member Absent: Adam Sielig Others in Atendance: Thomas Radja, Board Atorney CALL TO ORDER Pete Ahlman called the mee�ng to order at 9:02 AM. Roll was called with board members Lance Harris, Melissa Gallagher, Pete Ahlman and Kyle Kaczanowski present. Absent was board member Adam Sielig. APPROVAL OF MINUTES Minutes of the Regular Pension Board Mee�ng on August 18, 2025 were reviewed for approval. A mo�on was made and seconded (M. Gallagher/L. Harris) to approve the minutes from the Regular Pension Board mee�ng on August 18, 2025. All in favor, mo�on passed. CLOSED SESSION None TREASURER’S REPORT Melissa Gallagher distributed the Financial Report ending September 30, 2025, as well as the Projected Cash Flow report through year end. Financial Report The balance sheet report indicates just over $176.6 million in total net assets, an increase in assets from the last period. For Revenue, Actual YTD is at $26.3 million, which is a result of excellent investment returns for the year primarily tax returns. YTD Actual Expenditures are at $7.4 million, or 75% for the year so right on target, with an ending fund balance of $176.6 million. Projected Cash Flow Report Looking at page 2, the Cook County second installment of property tax bills have now been mailed and are due in mid-December, which means the second installment of the pension fund will be available from December into possibly late February. All receipts will be recorded in this fiscal year and applied as cash flow to the end of the year. Firefighters’ Pension Board Meeting – November 17, 2025 – Page 1 of 5 Page 3 of 28 Mo�on was made and seconded (P. Ahlman/K. Kaczanowski) to accept the Treasurer’s Report as of Q3, 2025. All in Favor - Mo�on carried. PAYMENT OF BILLS The current check register/journal voucher iden�fies four payments made (medical exams, training, fiduciary insurance, and legal services), namely check #781 through #784, with a total amount of $21,653.76. Mo�on was made and seconded (P. Ahlman/L. Harris) to accept four payments made, check #781 through check #784, totaling $21,653.76. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) The September 2025 statement from FPIF, specifically the Arlington Heights fund summary, was reviewed. The beginning Net Asset Value (NAV) was $171,707,005 with a rate of return of 2.25%. The ending NAV balance as of September 2025 was $175,575,082. The YTD beginning balance was $153,713,995, with a rate of return at 14.22%. In addi�on, the Quarterly Summary as of September 30, 2025 for the consolidated fund was distributed. OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update This is s�ll pending and a third physician is now in the process of reviewing the extensive medical records. Once the records have been evaluated by all physicians, Atorney Radja will no�fy the atorney represen�ng the Palczynski case. Depending on availability of all par�es, we can then set up a date to review the records. • Applica�on for Duty Disability Pension – FF/E Thomas Dobbins Tom Dobbins will proceed with his Applica�on for Duty Disability Pension. Three IME exams have been now set up, appointments being November 18 and 25, and the last one being December 18. Likely we will receive all reports some�me in January. Once IME evalua�ons are received and the board exhibits have been gathered, Atorney Radja will then send the accumulated documents to Board Members and Dobbins’ atorney. Depending on schedule availability, we can set up the hearing some�me in February, March or even April. He will con�nue to keep the Board updated as this progresses. • Military Buy-Back Payment Plan – Update It was agreed to table this topic for the next FF Pension Board Mee�ng in February. Firefighters’ Pension Board Meeting – November 17, 2025 – Page 2 of 5 Page 4 of 28 • Annual Medical Evalua�on, Re�red Disabled FF Under Age 50 – Daniel Bennet Each year an evalua�on form is sent to Daniel Bennet’s physician and this was done on November 10. Atorney Radja has not received a response yet, but upon receipt it will be distributed to the board to determine whether to con�nue his disability. NEW BUSINESS • Applica�on for Membership - New Hire FF Jared Sandacz on October 6, 2025 Mo�on was made and seconded (M. Gallagher/P. Ahlman) to accept the applica�on for Membership submited by new hire FF Jared Sandacz. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. • Applica�on for Membership – New Hire FF Mario Duran on November 10, 2025 Mo�on was made and seconded (K. Kaczanowski/M. Gallagher) to accept the Applica�on for Membership submited by new hire FF Mario Duran. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. • Applica�on for Re�rement Pension – Division Chief David Roberts on November 21, 2025 The Board received an Applica�on for Re�rement Pension from Division Chief David Roberts. The pension calcula�on sheet indicates his re�rement to be November 21, with a monthly pension of $9,772.58. Mo�on was made and seconded (P. Ahlman/K. Kaczanowski) to approve the Applica�on for Re�rement Pension of Division Chief David Roberts as of November 21, with a monthly benefit of $9,772.58. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. • Buy-Back of Service Time – FF Katherine Lacivita FF Lacivita submited the No�ce to Buy-Back Employee Creditable Service form indica�ng her request to buy-back employee creditable service �me from her former pension fund with Lake Forese Fire Department. A�er the ini�al payment of $160.43, she will need to make addi�onal contribu�ons plus interest totaling $14,463.69 to the Lake Forest Pension Fund. Mo�on was made and seconded (K. Kaczanowski/M. Gallagher) to approve FF Lacivita’s request to buy back creditable service with Lake Forest Fire Department pension, with contribu�ons totaling $14,463.69, as permited under Sec�on 4-109.3 of the Pension Code. Firefighters’ Pension Board Meeting – November 17, 2025 – Page 3 of 5 Page 5 of 28  Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. • Death of Gloria Benson on September 13, 2025 (Spouse of deceased FF John Benson) – Cessa�on of Benefits We were no�fied by the family of Gloria Benson (spouse of deceased FF John Benson) that she had passed away on September 13, 2025. As there are no other surviving dependents, her benefits will cease as of day of death. Mo�on was made and seconded (L. Harris/M. Gallagher) to cease benefits of Gloria Benson upon her recent death on September 13, 2025. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. • IPPFA Membership Renewal for 2026 The invoice from IPPFA in the amount of $825.00 was reviewed for renewal of 2026 membership. Mo�on was made and seconded (M. Gallagher/P. Ahlman) to process for payment the IPPFA invoice in the amount of $825.00 to con�nue membership in 2026. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. • Release of Execu�ve Closed Session Minutes The release of Execu�ve Session minutes is reviewed twice yearly. It was determined to maintain these closed for the �me being as they are related to disability and personal medical informa�on. For purpose of record-keeping, it is advisable to compile a list of Execu�ve Session minutes going back as far as reasonably possible. A list will be created and forwarded to Atorney Radja for the file. Mo�on was made and seconded (P. Ahlman/K. Kaczanowski) to con�nue keeping Execu�ve Session minutes closed. Roll was called. Ayes – L. Harris, M. Gallagher, P. Ahlman, K. Kaczanowski Nays - 0 Mo�on carried. OTHER BUSINESS Atorney Radja will soon be distribu�ng his latest newsleter. He further indicated there is some discussion in Springfield about a TIER2 bill being passed, to include a reduc�on in the re�rement age from 55 to 52 years, plus increase the salary cap to match the Social Security cap. Tom will include any such informa�on in his Firefighters’ Pension Board Meeting – November 17, 2025 – Page 4 of 5 Page 6 of 28 newsleter when it becomes available. PUBLIC COMMENTS None. ADJOURNMENT As there was no other business to present before the Board, the mee�ng was adjourned at 9:26 AM. Mo�on was made and seconded (P. Ahlman/K. Kaczanowski). NEXT REGULAR MEETING – Scheduled for Monday, February 9, 2026, at 9:00 AM. Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – November 17, 2025 – Page 5 of 5 Page 7 of 28  (unaudited) CY 2025 BALANCE SHEET December 31, 2025 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL December 2025 Financial Report Cash and Investments Cash and Equivalents 3,657,080 Pension Investments 180,694,676 Illinois Funds 13,927 184,365,683 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 184,365,683 LIABILITIES Accounts Payable 6,800 Deferred Portability Payment 0 Due To Other Funds 1,067,187 TOTAL LIABILITIES 1,073,987 NET ASSETS 183,291,696 BUDGET COMPARISON REPORT CALENDAR YEAR 2025 December 31, 2025 FIREFIGHTERS' PENSION FUND 100% of the Calendar Year 2025 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 1,000,000 83,333 (160,233) 1,000,000 2,315,203 (1,315,203) 232% Market Value Adjustments 2,000,000 166,667 914,311 2,000,000 24,075,898 (22,075,898) 1204% Dividend Income 500,000 41,667 112,588 500,000 918,146 (418,146) 184% Derivatives/Private Equity 0 0 98,096 0 98,096 (98,096) N/A Contributions - Participants 1,250,000 104,167 101,468 1,250,000 1,318,932 (68,932) 106% Contributions - R/E Tax 6,706,000 558,833 3,583,358 6,706,000 6,706,000 0 100% Other Income 0 0 0 0 13,382 (13,382) N/A TOTAL 11,456,000 954,667 4,649,589 11,456,000 35,445,658 (23,989,658) 309% 2025 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,580,000 548,333 532,930 6,580,000 6,314,419 265,581 96% Non-Duty Disability Pensions 90,000 7,500 7,493 90,000 89,910 90 100% Duty Disability Pensions 1,224,600 102,050 102,047 1,224,600 1,224,563 37 100% Surviving Spouse Pensions 1,334,800 111,233 125,012 1,334,800 1,495,493 (160,693) 112% Occupational Disease Pensions 327,100 27,258 27,262 327,100 327,140 (40) 100% Legal Services 50,000 4,167 0 50,000 37,751 12,249 76% Investment Manager Services 120,000 10,000 72,981 120,000 333,892 (213,892) 278% Examinations 15,000 1,250 6,800 15,000 30,542 (15,542) 204% Other Services 9,700 808 5,451 9,700 6,432 3,268 66% Dues 1,300 108 0 1,300 825 475 63% Training 1,000 83 0 1,000 2,375 (1,375) 238% Postage 300 25 0 300 264 36 88% Publications/Periodicals 100 8 0 100 0 100 0% Office Supplies & Equip 100 8 0 100 622 (522) 622% Pension Refunds 25,000 2,083 0 25,000 0 25,000 0% TOTAL 9,779,000 814,917 879,975 9,779,000 9,864,229 (85,229) 101% REVENUE OVER (UNDER) EXPENDITURES 1,677,000 139,750 3,769,614 1,677,000 25,581,429 (23,904,429) 1525% BEG. FUND BALANCE 157,710,267 157,710,267 ENDING FUND BALANCE 159,387,267 183,291,696 Page 8 of 28  FIRE PENSION - CHECKING ACCOUNT AT JP MORGAN CHASE Actual Cash Flow by Month 2025 January February March April May June July August September October November December 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 Total Cash In Contribution Participant 101,552 100,170 99,575 99,661 149,418 99,611 98,892 101,878 101,066 152,334 113,307 101,468 1,318,933 Contribution Tax Levy 2024 940,122 1,957,199 126,327 33,478 26,371 32,683 6,463 0 0 3,583,358 6,706,000 From the Village General Fund for Tax Levy 2023 73,421 73,421 Loan from Village for late Tax Levy 2024 375,000 692,000 1,067,000 Surplus Contribution from the Village of Arl Hts 600,000 600,000 Interest 1,503 1,380 4,894 4,754 4,522 3,260 1,981 937 693 561 478 687 25,649 Transfer from FPIF 0 Transfer from Illinois Funds 800,000 200,000 400,000 800,000 475,000 300,000 2,975,000 Other 4779 323 3497.68 8,600 Total In 976,476 1,241,671 2,061,667 835,521 187,418 129,242 101,197 538,995 908,222 627,895 788,784 4,377,513 12,774,602 Cash Out Pensions 774,937 784,100 781,745 789,797 785,302 788,884 792,496 788,582 785,184 787,738 790,670 797,511 9,446,944 Loan Payback to Village for late Tax Levy 2024 0 Legal Services 19,345 7,323 26,668 Investment Manager 0 Investment Custodian 0 Examinations 77 14,875 14,952 Other Services 1,017 39 377 5,451 518 7,402 Dues 825 550 525 1,530.00 1120 4,550 Refunds 0 Training 0 Transfer to FPIF 0 Transfer to Illinois Funds 0 Total Out 776,779 784,177 782,334 790,699 785,302 788,884 792,496 822,802 790,635 789,268 797,993 799,148 9,500,516 Change in Cash 199,697 457,494 1,279,333 44,822 (597,884) (659,642) (691,299) (283,807) 117,587 (161,373) (9,208) 3,578,365 3,274,086 Beg Cash Balance 402,945 602,642 1,060,136 2,339,469 2,384,291 1,786,407 1,126,765 435,466 151,659 269,246 107,874 98,665 402,945 Ending Cash Balance 602,642 1,060,136 2,339,469 2,384,291 1,786,407 1,126,765 435,466 151,659 269,246 107,874 98,665 3,677,031 3,677,031 Transfer from Illinois Funds Loan from Village for late 2024 Property Tax Payments Surplus Contribution from Village of Arlington Heights C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\QB01CXSO\Fire Pension Cash Flow 2025 4th QTR.xlsx Page 9 of 28  IL Funds Actual Cash Flow by Month 2025 Projected Projected January February March April May June July August September October November December Projected 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 Total Cash In 0 From the Checking Account 0 Withdrawal from IL Firefighters Investment Fund 0 Interest 9,509 6,992 7,300 7,091 7,323 7,136 7,424 6,807 4,554 2,226 618 47 67,025 Total In 9,509 6,992 7,300 7,091 7,323 7,136 7,424 6,807 4,554 2,226 618 47 67,025 Cash Out * Transfer to Checking Account 800,000 200,000 400,000 800,000 475,000 300,000 2,975,000 Total Out 800,000 200,000 400,000 800,000 475,000 300,000 2,975,000 Change in Cash (790,491) (193,008) 7,300 7,091 7,323 7,136 7,424 (393,193) (795,446) (472,774) (299,382) 47 (2,907,975) Beg Cash Balance 2,921,902 2,131,411 1,938,403 1,945,703 1,952,794 1,960,116 1,967,252 1,974,676 1,581,483 786,037 313,262 13,881 2,921,902 Ending Cash Balance 2,131,411 1,938,403 1,945,703 1,952,794 1,960,116 1,967,252 1,974,676 1,581,483 786,037 313,262 13,881 13,927 13,927 Transfer to JP Morgan Chase Checking Account C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\QB01CXSO\Fire Pension Cash Flow 2025 4th QTR.xlsx Page 10 of 28  FIRE PENSION - CHECKING ACCOUNT AT JP MORGAN CHASE Projected Cash Flow by Month 2026 Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected January February March April May June July August September October November December Projected 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 Total Cash In Contribution Participant 101,760 102,014 102,014 102,014 153,021 102,014 102,014 153,021 102,014 102,014 113,069 102,014 1,336,983 Contribution Tax Levy 2025 940,000 1,958,000 126,000 1,000,000 1,299,100 1,200,000 650,000 52,900 7,226,000 Interest 1,400 500 500 500 500 500 500 500 500 500 500 500 6,900 Transfer from FPIF 0 Transfer from Illinois Funds 713,000 583,600 712,000 0 58,000 660,000 2,726,600 Other 0 Total In 103,160 102,514 815,514 1,042,514 2,111,521 812,114 814,514 1,153,521 1,401,614 1,302,514 821,569 815,414 11,296,483 Cash Out Pensions 814,039 814,039 814,039 814,039 814,039 814,039 814,039 814,039 814,039 814,039 814,039 814,039 9,768,466 Loan Payback to Village for late Tax levy 2024 1,067,000 1,067,000 Legal Services 11,084 10,000 7,000 28,084 Investment Manager 0 Investment Custodian 0 Examinations 15,667 1,000 16,667 Other Services 50 400 5,500 520 6,470 Dues 550 525 1550 1120 3,745 Refunds 0 Training 0 Transfer to FPIF 0 Transfer to Illinois Funds 1,110,300 227,500 1,297,000 329,000 582,000 487,000 4,032,800 Total Out 1,907,790 1,924,339 814,639 1,042,464 2,111,039 814,039 814,039 1,154,039 1,401,539 1,302,589 821,039 815,679 14,923,232 Change in Cash (1,804,629) (1,821,825) 875 50 482 (1,925) 475 (518) 75 (75) 530 (265) (3,626,748) Beg Cash Balance 3,677,031 1,872,402 50,577 51,452 51,502 51,985 50,060 50,535 50,017 50,092 50,017 50,548 3,677,031 Ending Cash Balance 1,872,402 50,577 51,452 51,502 51,985 50,060 50,535 50,017 50,092 50,017 50,548 50,283 50,283 Transfer from Illinois Funds Transfer to Illinois Funds C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\QB01CXSO\Fire Pension Cash Flow 2026 1st QTR.xlsx Page 11 of 28  FIRE PENSION - INTEREST BEARING ACCOUNT AT ILLINOIS FUNDS Projected Cash Flow by Month 2026 Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected January February March April May June July August September October November December Projected 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 Total Cash In 0 From the Checking Account 1,110,300 227,500 1,297,000 329,000 582,000 487,000 4,032,800 Withdrawal from IL Firefighters Investment Fund 0 Interest 46 3,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 13,046 Total In 46 1,113,300 1,000 228,500 1,298,000 1,000 1,000 330,000 583,000 488,000 1,000 1,000 4,045,846 Cash Out * Transfer to Checking Account 713,000 583,600 712,000 58,000 660,000 2,726,600 Total Out 713,000 583,600 712,000 58,000 660,000 2,726,600 Change in Cash 46 1,113,300 (712,000) 228,500 1,298,000 (582,600) (711,000) 330,000 583,000 488,000 (57,000) (659,000) 1,319,246 Beg Cash Balance 13,927 13,973 1,127,273 415,273 643,773 1,941,773 1,359,173 648,173 978,173 1,561,173 2,049,173 1,992,173 13,927 Ending Cash Balance 13,973 1,127,273 415,273 643,773 1,941,773 1,359,173 648,173 978,173 1,561,173 2,049,173 1,992,173 1,333,173 1,333,173 Transfer from JP Morgan Chase Checking Account Transfer to JP Morgan Chase Checking Account C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\QB01CXSO\Fire Pension Cash Flow 2026 1st QTR.xlsx Page 12 of 28  FIREFIGHTERS' PENSION FUND CALENDAR YEAR ENDING 12 / 31 / 2025 CHECK REGISTER AND JOURNAL VOUCHER PAYMENTS Check JV or Group MONTHLY Number Number Date Payee Description Expense TOTAL WT 01-214 01/31/25 Village of Arlington Heights Reimbursement for 1099 Pro Services 143.45 143.45 776 02-403 02/28/25 IPPFA Training 550.00 WT 02-403 02/28/25 Village of Arlington Heights Reimbursement for 1099 Pro Services 77.28 627.28 777 03-053 03/31/25 Laura Potts Secretarial Services 377.39 778 03-053 03/31/25 Associated Fire Fighters of Illinois Pension Booklets 525.00 WT 03-053 03/31/25 Village of Arlington Heights Reimbursement for 1099 Pro Services 39.34 941.73 779 07-195 07/31/25 Radja Collins Law Legal Services 19,344.90 780 07-195 07/31/25 Examworks Medical Exam 7,525.00 26,869.90 781 08-222 08/31/25 Examworks Medical Exam 7,350.00 782 08-222 08/31/25 IPPFA Training 1,530.00 8,880.00 783 09-115 09/30/25 Alliant Insurance Services Fiduciary Insurance 5,451.00 5,451.00 784 10-067 10/31/25 Radja Collins Law Legal Services 7,322.76 7,322.76 785 11-590 11/30/25 IPPFA Dues 825.00 786 11-590 11/30/25 IPPFA Training 295.00 787 VOID 0.00 788 11-590 11/30/25 Summit Print Solutions Office Supplies 97.00 1,217.00 789 12-261 12/31/25 Laura Potts Secretarial Services 420.52 790 12-261 12/31/25 Examworks Medical Exam 4,117.00 791 12-855 12/31/25 Examworks Medical Exam 4,750.00 792 12-855 12/31/25 Radja Collins Law Legal Services 11,083.78 20,371.30 71,824.42 Page 13 of 28  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) December 2025 2025 YTD Beginning NAVs: Beginning NAV 179,798,456.39 153,713,895.87 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 179,798,456.39 Allocation Percent 1.63% Income & Expenses: Unrealized Gain/Loss -850,504.86 15,073,229.97 Realized Gain/Loss 1,764,816.25 9,002,668.66 Dividend Income 112,588.16 918,146.45 Interest Income -160,965.99 2,222,528.92 Derivative Income - 2,461.23 Private Markets (P.E./R.E./P.C./I.N.F) Income Earned 49,398.00 95,634.70 Income Adjustments for the period Other Income 0.00 2.59 Total Income 915,331.56 27,314,672.52 Administrator Expenses (FPIF) - -742.76 Other Fee & Expenses (FPIF) 6,047.42 73,417.49 Other Expenses 395.96 3,487.97 Swap Fees 154.65 6,800.21 Private Markets (P.E./R.E./P.C./I.N.F) Fees 11,569.02 191,477.67 Management Fee 944.82 59,451.73 Total Fee & Expenses 19,111.87 333,892.31 Net Income 896,219.69 26,980,780.21 Ending NAVs: Ending NAV 180,694,676.08 180,694,676.08 Rate of Returns: Return on Invested Capital 0.50% 17.55% Return on Total Assets 0.50% 17.55% Ownership 1.63% 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 Page 14 of 28 Illinois Firefighters' Pension Investment Fund Monthly Summary December 31, 2025 Preliminary, subject to change Page 15 of 28 Illinois Firefighters' Pension Investment Fund Executive Summary As of December 31, 2025 24.0 17.7 18.0 17.0 14.3 14.7 14.2 13.7 Return 12.0 8.3 8.0 7.4 6.9 6.7 6.0 2.9 2.5 0.7 0.6 0.0 1 3 FYTD 1 2 3 5 Inception Month Months Year Years Years Years 10/1/21 Total Fund Composite IFPIF Policy Benchmark Total Fund Composite vs. Target Allocation Mo Current Balance Portfolio Policy (%) Total Equity Composite 17.1% Total Fund Composite 11,069,125,410 100.0 100.0 2.9 Total Fund Composite excl. Member Funds 11,069,119,051 100.0 100.0 2.9 Total Fixed Income Composite 1.9% Total Equity Composite 6,317,149,421 57.1 40.0 3.7 Total Fixed Income Composite 3,587,679,276 32.4 30.5 1.4 Total Alternatives Composite -19.7 % Total Alternatives Composite 1,089,524,994 9.8 29.5 3.9 Cash Composite 74,761,414 0.7 0.0 1.0 Cash Composite 0.7% -25.0 % 0.0% 25.0% Difference Policy targets are based on FPIF’s Long-Term Asset Allocation. Actual weightings may differ from policy target weightings as FPIF progresses towards full funding of alternative assets. 2 Page 16 of 28 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending December 31, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Fund Composite 11,069,125,410 100.0 100.0 0.7 Total Fund Composite excl. Member Funds 11,069,119,051 100.0 100.0 0.7 Total Equity Composite 6,317,149,421 57.1 40.0 1.1 U.S. Equity Composite 3,931,336,366 35.5 25.0 0.0 Rhumbline Russell 200 Large-Cap Core 3,006,477,639 27.2 19.0 0.1 Rhumbline Russell Midcap Mid-Cap Core 773,110,062 7.0 5.0 -0.3 Rhumbline S&P 600 Small-Cap Core 151,748,665 1.4 1.0 -0.1 Non-U.S. Equity Composite 2,385,813,055 21.6 15.0 3.1 International Developed Equity Composite 1,748,991,216 15.8 11.0 2.9 SSGA World ex US Non-U.S. Large-Cap Core 1,588,455,866 14.4 10.0 3.0 SSGA World ex US Small Non-U.S. Small-Cap Core 160,535,350 1.5 1.0 2.4 Emerging Markets Equity Composite 636,821,838 5.8 4.0 3.5 Invesco EM Large Cap ex China Emerging Markets 235,276,590 2.1 1.5 - Numeric EM Large Cap ex China Emerging Markets 238,024,831 2.2 1.5 - SSGA MSCI EM Small ex China EM Small-Cap 160,280,932 1.4 1.0 1.1 Transition Account Emerging Markets 3,239,485 0.0 0.0 -7.1 Total Fixed Income Composite 3,587,679,276 32.4 30.5 -0.1 Rate Sensitive Composite 3,259,036,234 29.4 27.5 -0.2 Short-Term Treasury Composite 433,975,780 3.9 0.0 0.3 SSGA Short Treasury Short-Term Govt. Fixed Income 433,975,780 3.9 0.0 0.3 Core Fixed Income Composite 2,825,060,453 25.5 27.5 -0.3 Garcia Hamilton & Associates Core Fixed Income 1,414,218,003 12.8 13.8 -0.4 Brown Brothers Harriman & Co Core Plus Fixed Income 1,410,842,450 12.7 13.8 -0.2 Credit Fixed Income Composite 328,643,043 3.0 3.0 0.9 Emerging Markets Debt Composite 328,643,043 3.0 3.0 0.9 Macquarie Investment Management EM Fixed Income 163,080,359 1.5 1.5 0.9 William Blair Investment Management EM Fixed Income 165,562,684 1.5 1.5 0.9 3 Page 17 of 28 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending December 31, 2025 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Alternatives Composite 1,089,524,994 9.8 29.5 1.0 Real Estate Composite 656,451,434 5.9 7.5 0.2 Infrastructure Composite 164,950,416 1.5 5.0 - Private Equity Composite 52,791,128 0.5 10.0 23.3 Private Credit Composite 215,332,016 1.9 7.0 -0.1 Cash Composite 74,761,414 0.7 0.0 0.3 Transition Composite 3,947 0.0 - -16.8 Member Funds Composite 6,359 0.0 - 0.3 Policy targets are based on FPIF’s Long-Term Asset Allocation. Actual weightings may differ from policy target weightings as FPIF progresses towards full funding of alternative assets. 4 Page 18 of 28 Illinois Firefighters' Pension Investment Fund As of December 31, 2025 Market Value History 15,000.0 12,000.0 11,069.1M 9,000.0 Millions ($) 6,000.0 3,000.0 1,597.4M 0.0 -3,000.0 10/21 1/22 4/22 7/22 10/22 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 7/25 12/25 Market Value Beginning Ending Income % of Contributions Distributions Gain/Loss Income Periods Ending Market Value Market Value %Return Unit Value Beginning $ $ $ $ $ $ Market Value Summary of Cash Flows Oct-2021 - - - - 1,597,393,294.85 - 100.0 - 0.0 1 3 FYTD 1 2 3 Since Nov-2021 1,597,393,294.85 2,134,158,572.86 Month ($) -1,466,244,426.34 Months ($) ($) -37,943,015.97 Year ($) 2,227,364,425.40 Years ($) -1.7 Years98.3 ($) - ($) 0.0 Inception Dec-2021 2,227,364,425.40 1,713,221,155.65 -1,151,325,334.16 77,095,061.46 2,866,355,308.35 2.8 101.0 - 0.0 Total Fund Composite Beginning Market Value 11,025,412,031 10,801,664,561 10,278,127,994 9,495,594,016 8,410,260,043 7,213,321,713 - Jan-2022 2,866,355,308.35 10,079,805,923.72 -6,127,760,095.15 -271,408,285.68 6,546,992,851.24 -4.0 97.0 34.37 0.0 Net Cash Flow -34,939,141 -48,779,888 -51,703,049 -90,980,740 66,028,830 139,587,488 8,431,195,209 Feb-2022 6,546,992,851.24 2,705,002,387.70 -2,319,714,302.79 -129,853,960.57 6,802,426,975.58 -1.9 95.2 287.46 0.0 Net Investment Change 78,652,521 316,240,738 842,700,465 1,664,512,134 2,592,836,537 3,716,216,210 2,637,930,202 Mar-2022 6,802,426,975.58 131,797,704.97 -90,636,632.97 48,053,036.13 6,891,641,083.71 0.7 95.8 - 0.0 Ending Market Value 11,069,125,410 11,069,125,410 11,069,125,410 11,069,125,410 11,069,125,410 11,069,125,410 11,069,125,410 Apr-2022 6,891,641,083.71 1,030,419,931.58 -683,563,870.72 -429,276,488.13 6,809,220,656.44 -5.9 90.1 - 0.0 5 Page 19 of 28 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of December 31, 2025 1 Mo 3 Mo FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite 0.7 2.9 8.3 17.7 14.3 14.7 - 6.9 Oct 21 IFPIF Policy Benchmark 0.6 2.5 8.0 17.0 13.7 14.2 7.4 6.7 IFPIF Actuarial Rate (7.125%) 0.6 1.7 3.5 7.1 7.1 7.1 - 7.1 Total Fund Composite excl. Member Funds 0.7 2.9 8.3 17.7 14.3 14.7 - 6.6 Nov 21 IFPIF Policy Benchmark 0.6 2.5 8.0 17.0 13.7 14.2 7.4 6.1 Total Equity Composite 1.1 3.7 11.1 23.6 19.3 20.0 - 9.1 Nov 21 MSCI AC World IMI Index (Net) 1.0 3.2 11.1 22.1 19.2 20.0 10.7 8.9 U.S. Equity Composite 0.0 2.4 10.6 17.7 20.5 22.3 - 10.6 Nov 21 Russell 3000 Index 0.0 2.4 10.8 17.1 20.4 22.2 13.1 10.4 Rhumbline Russell 200 0.1 3.0 11.9 19.1 23.2 25.4 - 12.5 Nov 21 Russell Top 200 Index 0.1 3.0 11.9 19.2 23.2 25.4 15.1 12.6 Rhumbline Russell Midcap -0.3 0.2 5.5 10.6 12.9 14.3 - 5.3 Nov 21 Russell Midcap Index -0.3 0.2 5.5 10.6 12.9 14.4 8.7 5.3 Rhumbline S&P 600 -0.1 1.8 11.0 6.1 7.4 10.2 - 3.3 Nov 21 S&P SmallCap 600 Index -0.1 1.7 11.0 6.0 7.3 10.2 7.3 3.3 Non-U.S. Equity Composite 3.1 5.9 12.1 31.8 17.8 17.1 - 7.2 Nov 21 MSCI AC World ex USA IMI (Net) 2.9 4.8 11.9 32.0 17.8 17.1 7.8 7.1 International Developed Equity Composite 2.9 5.1 11.1 31.8 17.5 17.5 - 8.0 Nov 21 MSCI World ex U.S. IMI Index (Net) 2.9 5.0 10.8 32.2 17.5 17.4 9.0 7.8 SSGA World ex US 3.0 5.2 10.9 32.3 17.9 18.0 - 8.7 Nov 21 MSCI World ex U.S. (Net) 3.0 5.2 10.8 31.9 17.5 17.6 9.5 8.4 SSGA World ex US Small 2.4 3.6 11.1 34.4 17.6 16.1 - 5.1 Nov 21 MSCI World ex U.S. Small Cap Index (Net) 2.4 3.5 11.0 34.1 17.4 15.8 6.5 4.7 6 Page 20 of 28 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of December 31, 2025 1 Mo 3 Mo FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Emerging Markets Equity Composite 3.5 7.9 15.3 32.9 18.8 16.6 - 5.6 Nov 21 MSCI Emerging Markets IMI (Net) 2.7 4.3 14.6 31.4 18.6 16.3 4.7 5.2 Invesco EM Large Cap ex China - - - - - - - - Jan 26 MSCI Emerging Markets ex China Index (Net) 4.7 10.2 17.5 34.6 18.1 18.7 8.3 - Numeric EM Large Cap ex China - - - - - - - - Jan 26 MSCI Emerging Markets ex China Index (Net) 4.7 10.2 17.5 34.6 18.1 18.7 8.3 - SSGA MSCI EM Small ex China 1.1 - - - - - - 0.3 Nov 25 MSCI Emerging Markets Small Cap (Net) 0.8 1.6 7.1 18.6 11.5 15.5 8.4 -0.6 Total Fixed Income Composite -0.1 1.4 3.7 8.5 5.5 5.9 - 1.1 Nov 21 Blmbg. U.S. Universal Index -0.1 1.2 3.4 7.6 4.8 5.2 0.1 0.3 Rate Sensitive Composite -0.2 1.2 3.2 7.8 5.0 5.4 - 1.0 Nov 21 Blmbg. U.S. Aggregate Index -0.1 1.1 3.2 7.3 4.2 4.7 -0.4 -0.1 Short-Term Treasury Composite 0.3 1.1 2.2 5.2 4.6 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.3 1.1 2.3 5.2 4.6 4.5 1.8 4.3 SSGA Short Treasury 0.3 1.1 2.3 5.2 4.6 - - 4.3 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.3 1.1 2.3 5.2 4.6 4.5 1.8 4.3 Core Fixed Income Composite -0.3 1.2 3.4 8.1 5.1 5.4 - 0.7 Nov 21 Blmbg. U.S. Aggregate Index -0.1 1.1 3.2 7.3 4.2 4.7 -0.4 -0.1 Garcia Hamilton & Associates -0.4 1.3 3.7 8.4 4.2 - - 3.5 Apr 23 Blmbg. U.S. Aggregate Index -0.1 1.1 3.2 7.3 4.2 4.7 -0.4 4.0 Brown Brothers Harriman & Co -0.2 1.1 3.2 7.9 6.0 - - 6.3 Apr 23 Blmbg. U.S. Aggregate Index -0.1 1.1 3.2 7.3 4.2 4.7 -0.4 4.0 7 Page 21 of 28 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of December 31, 2025 1 Mo 3 Mo FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) Date Credit Fixed Income Composite 0.9 3.7 8.3 15.2 10.2 10.4 - 2.6 Nov 21 JPM EMBI Global Diversified 0.7 3.3 8.2 14.3 10.3 10.6 1.8 2.5 Emerging Markets Debt Composite 0.9 3.7 8.3 15.2 10.2 10.4 - 2.6 Nov 21 JPM EMBI Global Diversified 0.7 3.3 8.2 14.3 10.3 10.6 1.8 2.5 Macquarie Investment Management 0.9 3.1 7.1 13.2 - - - 9.6 Jun 24 JPM EMBI Global Diversified 0.7 3.3 8.2 14.3 10.3 10.6 1.8 12.0 William Blair Investment Management 0.9 4.3 9.5 17.1 - - - 14.9 Jun 24 JPM EMBI Global Diversified 0.7 3.3 8.2 14.3 10.3 10.6 1.8 12.0 Total Alternatives Composite 1.0 3.9 6.3 8.0 6.1 3.4 - 2.7 Oct 21 Real Estate Composite 0.2 1.4 4.2 5.3 4.6 2.4 - 2.0 Oct 21 Real Estate Custom Benchmark -0.9 -0.6 1.6 2.5 2.4 0.7 4.6 1.5 Private Equity Composite - - - - - - - - Jun 24 Infrastructure Composite - - - - - - - - Mar 25 Private Credit Composite - - - - - - - - Jul 24 8 Page 22 of 28 Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule As of December 31, 2025 9 Page 23 of 28 Illinois Firefighters' Pension Investment Fund Benchmark Composition As of December 31, 2025 Benchmark Weight (%) Benchmark Weight (%) IFPIF Policy Benchmark : Sep-2025 Real Estate Custom Benchmark : Oct-2021 FTSE NAREIT Equity REIT Index 2.00 FTSE NAREIT Equity REIT Index 40.00 Russell Midcap Index 7.00 NFI-ODCE Equal Weighted 60.00 S&P SmallCap 600 Index 1.50 Blmbg. U.S. Aggregate Index 27.50 MSCI World ex U.S. (Net) 14.00 MSCI World ex U.S. Small Cap Index (Net) 1.50 MSCI Emerging Markets Small Cap (Net) 1.50 Russell Top 200 Index 27.00 MSCI Emerging Markets ex China Index (Net) 4.00 JPM EMBI Global Diversified 3.00 Blmbg. U.S. Treasury: 1-3 Year 5.00 NFI-ODCE Equal Weighted 3.00 MSCI Private Capital Global Infrastructure 1.50 MSCI Private Capital Global Private Debt 1.50 10 Page 24 of 28 Illinois Firefighters' Pension Investment Fund Performance Disclosures As of December 31, 2025 Inception Performance Total Fund Composite inception performance is based on an October 1, 2021 start. All other account and composite inception performance is based on an October 31, 2021 start. NFI-ODCE Equal Weighted Quarterly index. Value of the quarterly return is recognized in the last month of each quarter Alternatives Composite The Private Equity and Private Credit composites are valued quarterly. The performance shown is lagged and based on the most recent quarter-end valuation. 11 Page 25 of 28 DISCLOSURES 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. Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then uses data for the noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some securities, including cash equivalents, may not be accurately classified during this population process due to missing identifiers or unavailable data. As a result, characteristics in this report may differ from other data sources. For example, Bloomberg indices may include additional rating information which may differ from the S&P rating used by the Platform. 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 or on our website. 12 Page 26 of 28  Board of Trustees of the Fire Pension Fund 2/9/2026 Item: Buy-Back of Service Time - FF/P Sergio Duran Department: Fire Item Description: ATTACHMENTS: None Page 27 of 28  Board of Trustees of the Fire Pension Fund 2/9/2026 Item: HB1648 - Payment of Retiree Union Dues via Monthly Pension Department: Fire Item Description: ATTACHMENTS: None Page 28 of 28