Police Pension Board

Regular Meeting

Glen Ellyn, IL · January 17, 2024

Minutes

Village of Glen Ellyn Minutes Village of Glen Ellyn Police Pension Board Meeting Regular Meeting January 17, 2024 4:30 PM Civic Center Room 306 Board or Police Pension Date: January 17, 2024 Commission: Meeting: Regular Called to 4:30 p.m. Order: Quorum: Yes Adjourned: 5:17 p.m. MEMBER ATTENDANCE: Jim Monson President Present John Adduci Trustee Present William Housey Jr. Trustee Absent James King Trustee Present Anthony Terranova Trustee Present Also Present: Patrick Brankin Finance Director Elisa Pollina Recording Secretary Richard Lamb Lauterbach & Amen Public: A. CALL TO ORDER The January 17, 2024 meeting of the Police Pension Board was called to order by President Monson at 4:30 pm at the Glen Ellyn Civic Center, Room 306. B. PUBLIC COMMENT – None C. APPROVAL OF MINUTES FROM OCTOBER 25, 2023 MEETING MOTION TO APPROVE MINUTES FROM OCTOBER 25, 2023 POLICE PENSION BOARD MEETING MOTION BY: John Adduci, Trustee SECONDED BY: James Kings, Trustee RESULT: UNANIMOUS APPROVAL Police Pension 2 January 17, 2024 D. Accountant’s Report 1. Lauterbach and Amen deliver the monthly financial report, with Richard Lamb presenting the financial details for the month ending November 30, 2023 Statement of Net Position as of November 30, 2023: •Total Assets: $36,478,675.14 •Total Contributions: $2,300,334.73 •Total Additions: $5,173,136.57 •Total Expenses - $249,900.37 Lamb reviews the payroll report, quarterly disbursement report, and transfer report in detail. Trustee Terranova motions to accept the accountant's report, seconded by Trustee King, and the motion is unanimously approved. 2. Presentation and approval of bills as listed in the monthly financial report – The Police Pension Board reviews the quarterly disbursements. Trustee Adduci motions to approve the disbursements totaling $15,885.41 as outlined in the Quarterly Disbursement report; Trustee Terranova seconds the motion. MOTION TO APPROVE QUARTERLY DISBURSEMENTS IN THE AMOUNT OF $15,885.41 MOTION BY: John Adduci, Trustee SECONDED BY: Anthony Terranova, Trustee RESULT: UNANIMOUS APPROVAL AYES – Adduci, Terranova, Monson, King 3. Additional Bills & Cash Management Policy – The Police Pension reviews the cash management policy. Richard Lamb states the cash management policy has been rebalanced to the cash reserve minimum of $15,000. No action need at this time. E. Investment Report 1. IPOPIF Versus Advisory Inc. – The Police Pension Board received and reviewed the performance of the IPOPIF report. F. Communication and Reports 1. Affidavits of Continued Eligibility – Richard Lamb confirms that the Affidavits of Continued Eligibility were sent out in December, with the first deadline at the end of January. If there are any outstanding, a second request will be sent. If there is still no response after the second request, the Police Pension Board will decide the appropriate course of action. 2. Statements of Economic Interest – The list of filers are due on February 1, 2024. The statements of Economic Interest must be completed and turned in by May 1, 2024. Finance Director Brankin emphasizes that failure to comply will result in personal fines being assessed. Police Pension 3 January 17, 2024 G. Trustee Training Updates 1. Approval of Trustee Training Registration Fees and Reimbursable Expenses – Lamb reports that there is nothing to approve today. The training is scheduled for May, and he will provide the reimbursement forms. H. Approval of Membership / Withdrawals from Fund - None I. APPLICATIONS FOR RETIREMENT / DISABILITY BENEFITS - None J. OLD BUSINESS 1. Portability Updates – Kevin Lombard and Caitlin Tabor. Trustee Terranova motions to acknowledge that the balance of $83,104.79 was paid in full by Kevin Lombard with Nationwide Check #2810487658. Trustee Adduci seconds the motion. MOTION TO ACKNOWLEDGE THAT THE BALANCE OF $83,104.79 WAS PAID IN FULL BY KEVIN LOMBARD WITH NATIONWIDE CHECK #2810487658. MOTION BY: Anthony Terranova, Trustee SECONDED BY: John Adduci, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Adduci, Monson, King President A Monson motions to revise Kevin Lombard’s date of hire from July 22, 2022 to July 22, 2019; Trustee Adduci seconds the motion. MOTION TO REVISE KEVIN LOMBARD’S DATE OF HIRE FROM JULY 22, 2022 TO JULY 22, 2019 MOTION BY: James Monson, President SECONDED BY: John Adduci, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Adduci, Monson, King A Richard Lamb provides an update stating calculations were sent to Caitlin Tabor but we haven’t received a response. Therefore there is no action required at this time. 2. Review/Approve Lauterbach & Amen Engagement Letter – Finance Director Brankin clarifies that the contract with Lauterbach & Amen, initiated at the beginning of 2023, experienced a delay in one of the monthly services (payroll). Consequently, this delay made the perceived increase in fees appear more significant than it was. Upon closer examination with Lauterbach, it was revealed that the proposed fees were, in fact, lower. The overall dollar amount for the contract turned out to be less than the Police Pension Board's budget. Given this, President Monson and I approved and signed the contract. Police Pension 4 January 17, 2024 3. Benefit Discrepancy – Thomas Roman – President Monson provides an update stating our attorney sent a letter to both Tom Roman and his ex-wife. Since they have not responded, we can either send a second notice seeking direction, or we can schedule another hearing on this issue. Trustee Adduci motions to make a second notice to the Romans; Trustee Terranova seconds the motion. President Monson will contact the attorney and request a second notice be sent. K. NEW BUSINESS 1. Approve Annual cost of Living Adjustments for Pensioners – Richard Lamb explains the COLA would be effective on January 1, 2024 per the state statute. Trustee Terranova motions to approve the Annual Cost of Living adjustments as stated in the packet; Trustee Adduci seconds the motion. 2. Review Trustee Term Expirations and Election Procedures – Richard Lamb reviews the term expirations and confirms the current board’s term expires in 2025. No action needed at this time. 3. Review Updated Letter of Credit – Richard Lamb informs the Police Pension Board that the letter of credit is set to expire at the end of February. There is discussion to extend the letter beyond February or sign a new letter. Trustee Terranova motions to allow Finance Director Brankin and President Monson to review and approve an updated letter of credit should this occur before the next Police Pension Board meeting; Trustee King seconds the motion. L. ATTORNEY’S REPORT – Reimer, Dobrovolny & LaBardi PC 1. Legal updates – None 2. Annual Independent Medical Examination – Ray Munch – President Monson provides an update on Ray Munch, noting that annually, Ray undergoes a reevaluation of his injuries by a doctor. During this year's examination with his doctor, it was determined that his injuries persist. As a result, a vote is required to decide whether to continue his disability pension. Trustee Terranova motions to continue Ray Munch’s disability pension; Trustee King seconds the motion. MOTION TO CONTINUE RAY MUNCH’S DISABILITY PENSION MOTION BY: Anthony Terranova, Trustee SECONDED BY: James King, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Adduci, Monson, King A Police Pension 5 January 17, 2024 3. Review, Adopt and Publish Decision and Order – Thomas Hartzell Trustee Adduci motions to approve and adopt the summary submitted by Attorney Reimer for the decision and order for Thomas Hartzell; Trustee King seconds the motion. MOTION TO APPROVE AND ADOPT THE SUMMARY SUBMITTED BY ATTORNEY REIMER FOR THE DECISION AND ORDER FOR THOMAS HARTZELL MOTION BY: John Adduci, Trustee SECONDED BY: James King, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Adduci, Monson, King M. ADJOURNMENT A – President Monson motions and Trustee Terranova seconds to adjourn the meeting. The meeting was adjourned at 5:17 p.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Finance Director Brankin

Agenda

Packet

Agenda Village of Glen Ellyn Police Pension Board Meeting Wednesday, January 17, 2024 4:30 PM Glen Ellyn Civic Center, Room 306 Visitors are most welcome to attend all meetings of the Police Pension Board and can find copies of the Agenda at the meeting or online at www.glenellyn.org prior to the meeting. Any individual with a disability requiring reasonable accommodation in order to participate in a meeting should contact The Village of Glen Ellyn ADA Coordinator, 630-469-5000, at least five (5) business days in advance of the next scheduled meeting. All matters on the Agenda may be discussed, amended, and acted upon. A. Call to Order B. Roll Call C. Public Comment D. Approval of Minutes 1) October 25, 2023 Special Meeting 2) Semi-Annual Review of Closed Session Meeting Minutes E. Accountant's Report 1) Lauterbach and Amen will present the monthly financial report 2) Presentation and approval of bills as listed in the monthly financial report 3) Additional Bills 4) Cash Management Policy F. Investment Report 1) IPOPIF - Verus Advisory Inc. G. Communication and Reports 1) Affidavits of Continued Eligibility 2) Statements of Economic Interest H. Trustee Training Updates 1) Approval of Trustee Training Registration Fees & Reimbursable Expenses I. Approval of Membership/Withdrawals from Fund J. Applications for Retirement/Disability Benefits K. Old Business 1) Portability Updates - Kevin Lombard & Caitlin Tabor 2) Engagement Letter - Lauterbach & Amen, LLP 3) Benefit Discrepancy - Thomas Roman L. New Business 1) Approve Annual Cost of Living Adjustments for Pensioners 2) Review Trustee Term Expirations and Election Procedures Village of Glen Ellyn Page 1 of 45 Police Pension Board Agenda January 17, 2024 Page 2 3) Review Updated Letter of Credit M. Attorney Report 1) Legal Updates 2) Annual Independent Medical Examination - Ray Munch 3) Review, Adopt, and Publish Decision and Order - Thomas Hartzell N. Exec Session, if needed O. Adjourn Village of Glen Ellyn Page 2 of 45 Village of Glen Ellyn Minutes Village of Glen Ellyn Police Pension Board Meeting Regular Meeting October 25, 2023 4:30 PM Civic Center Room 306 Board or Police Pension Date: October 25, 2023 Commission: Meeting: Regular Called to 4:30 p.m. Order: Quorum: Yes Adjourned: 5:49 p.m. MEMBER ATTENDANCE: Jim Monson President Present John Adduci Trustee Present William Housey Jr. Trustee Present James King Trustee Present Anthony Terranova Trustee Present Also Present: Patrick Brankin Interim Finance Director Elisa Pollina Recording Secretary Richard Lamb Lauterbach & Amen Brian Labardi Police Pension Board Attorney Public: A. CALL TO ORDER The October 25, 2023 meeting of the Police Pension Board was called to order by President Monson at 4:30 pm at the Glen Ellyn Civic Center, Room 306. B. PUBLIC COMMENT – None C. APPROVAL OF MINUTES FROM JULY 19, 2023 MEETING MOTION TO APPROVE MINUTES FROM JULY 19, 2023 POLICE PENSION BOARD MEETING MOTION BY: John Adduci, Trustee SECONDED BY: Anthony Terranova, Trustee RESULT: UNANIMOUS APPROVAL Page 3 of 45 Police Pension 2 October 25, 2023 D. Accountant’s Report 1. Lauterbach and Amen present the monthly financial report: Richard Lamb from Lauterbach and Amen presents the financial report for the month ending September 30, 2023, to the Police Pension Board. Statement of Net Position as of September 30, 2023: •Total Assets: $35,236,657.36 •Total Contributions: $1,881,723.33 •Total Additions: $3,374,818.32 •Total Expenses - $239,032.90 2. Presentation and approval of bills as listed in the monthly financial report – The Police Pension Board reviews the quarterly disbursements. Trustee Terranova motions to approve the disbursements totaling $17,452.23 as outlined in the Quarterly Disbursement report; Trustee Adduci seconds the motion. MOTION TO APPROVE QUARTERLY DISBURSEMENTS IN THE AMOUNT OF $17,452.23 MOTION BY: Anthony Terranova, Trustee SECONDED BY: John Adduci, Trustee RESULT: UNANIMOUS APPROVAL AYES – Adduci, Terranova, Housey, Monson, King 3. Additional Bills & Cash Management Policy – The Police Pension reviews the cash management policy. Trustee Terranova motions to authorize President Monson to work with Interim Finance Director Brankin to determine the 2024 reoccurring finances for IPOPIF; Trustee Housey seconds the motion. MOTION TO AUTHORIZE PRESIDENT MONSON TO WORK WITH INTERIM FINANCE DIRECTOR BRANKIN TO DETERMINE THE 2024 REOCCURRING FINANCES FOR IPOF MOTION BY Anthony Terranova, Trustee SECONDED BY: William Housey, Trustee RESULT: UNANIMOUS APPROVAL AYES - Adduci, Terranova, Housey, Monson, King A E. Investment Report 1. IPOPIF Versus Advisory Inc. – The Police Pension received and reviewed the performance of the IPOPIF report. F. Communication and Reports 1. Affidavits of Continued Eligibility – Richard Lamb confirms that he has spoken with Declan, and the affidavits will be sent out in December. G. Trustee Training Updates 1. Approval of Trustee Training Registration Fees and Reimbursable Expenses – Richard Page 4 of 45 Police Pension 3 October 25, 2023 Lamb reminds the Police Pension Board members to complete their training and submit their certificates of completion by the end of the year. H. Approval of Membership / Withdrawals from Fund 1. Applications for Membership – Robert Gibson & Wilber Mojarro Martinez Trustee Terranova motions to accept officers Robert Gibson effective September 15, 2023 and Wilber Mojarro Martinez effective October 6, 2023 into the Police Pension as tier 2; Trustee Adduci seconds the motion. APPROVAL [UNANIMOUS] MOVER: Anthony Terranova, Trustee SECONDER: John Adduci, Trustee AYES: Adduci, Terranova, Monson, Housey, King 2. Separation of Service – Ryan Rader – No action needed by the Police Pension. This is informational only. I. APPLICATIONS FOR RETIREMENT / DISABILITY BENEFITS 1. Approve Non-Duty Disability Benefits – Thomas Hartzell. Trustee Adduci motions to approve Non-Duty Disability Benefits for Thomas Hartzell and Trustee Terranova seconds the motion. MOTION TO APPROVE NON-DUTY DISABILITY BENEFITS FOR THOMAS HARTZELL MOTION BY: John Adduci, Trustee SECONDED BY: Anthony Terranova, Trustee RESULT: UNANIMOUS APPROVAL AYES - Adduci, Terranova, Housey, Monson, King A J. OLD BUSINESS 1. Portability Updates – Kevin Lombard and Caitlin Tabor – No action needed. 2. Benefit Discrepancy – Thomas Roman – The Police Pension board reviews the benefit discrepancy. Trustee Terranova motions to adjust the monthly QILDRO payment benefit to the alternate payee effective with the November payroll disbursements to $2744.29; Trustee King seconds the motion. MOTION TO ADJUST THE MONTHLY QUILDRO PAYMENT BENEFIT TO THE ALTERNATE PAYEE EFFECTIVE WITH THE NOVEMBER PAYROLL DISBURSEMENTS TO $2744.29 MOTION BY: Anthony Terranova, Trustee SECONDED BY: James King, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Housey, Monson, King Page 5 of 45 A Police Pension 4 October 25, 2023 Trustee Housey motions to authorize Attorney Labardi’s office to contact the member and alternate payee upon receipt of the final numbers from Lauterbach & Amen; Trustee Terranova seconds the motion. MOTION TO AUTHORIZE ATTORNEY LABARDI’S OFFICE TO CONTACT THE MEMBER AND ALTERNATE PAYEE UPON RECEIPT OF THE FINAL NUMBERS FROM LAUTERBACH & AMEN MOTION BY: William Housey, Trustee SECONDED BY: Anthony Terranova, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Housey, Monson, King K. NEWA BUSINESS 1. Municipal Compliance Report – The Police Pension reviews the MCR report noting the recommended 2024 municipal contribution. Trustee Housey motions to approve the recommended municipal contribution in the amount of $2,152,136; Trustee Adduci seconds the motion. MOTION TO APPROVE THE RECOMMENDED MUNICIPAL CONTRIBUTION IN THE AMOUNT OF $2,152,136 MOTION BY: William Housey, Trustee SECONDED BY: John Adduci, Trustee RESULT: UNANIMOUS APPROVAL AYES - Adduci, Terranova, Housey, Monson, King Trustee A Adduci motions to approve the Municipal Compliance Report; Trustee King seconds the motion. 2. Establish 2024 Board Meeting Dates – President Monson moves to schedule the Police Pension Board meetings for 2024 on the third Wednesday of each quarter – January 17, April 17, July 17, and October 16; Trustee Terranova seconds the motion. 3. Engagement Letter – Richard Lamb informs the Police Pension Board that the previous engagement letter has expired and presents a new three-year contract for their consideration (see attached letter). The Police Pension Board reviews and discusses the contract. The board expresses the view that a 6% increase in the first year is not a reasonable adjustment. They decide to counter the contract proposal. President Monson motions to authorize Interim Finance Director Brankin to negotiate the contract with Lauterbach & Amen not to exceed 3% each year; Trustee Housey seconds the motion. MOTION TO AUTHORIZE INTERIM FINANCE DIRECTOR BRANKIN TO NEGOTIATE THE CONTRACT WITH LAUTERBACH & AMEN NOT TO EXCEED 3% EACH YEAR MOTION BY: James Monson, President SECONDED BY: William Housey, Trustee RESULT: UNANIMOUS APPROVAL AYES - Terranova, Housey, Monson, King Page 6 of 45 Police Pension 5 October 25, 2023 L. ATTORNEY’S REPORT – The Police Pension Board reviews the Legal and Legislative Update. Attorney Labardi announces that the Illinois Supreme Court has scheduled oral arguments for the consolidation lawsuit on November 21, 2023. M. ADJOURNMENT – Trustee King motions and Trustee Terranova seconds to adjourn the meeting. The meeting was adjourned at 5:49 p.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Interim Finance Director Brankin Page 7 of 45 GLEN ELLYN POLICE PENSION FUND Month Ended: November 30, 2023 Market Value Summary: Current Period Year to Date Beginning Balance $34,226,496.31 $33,923,872.56 Contributions $46,000.00 $132,963.38 Withdrawals ($60,000.00) ($472,775.85) Transfers In/Out $0.00 $0.00 Income $23,472.22 $219,775.92 Administrative Expense ($444.88) ($7,067.64) Investment Expense ($857.48) ($11,834.74) Investment Manager Fees $0.00 ($3,377.48) IFA Loan Repayment $0.00 ($26,731.74) Adjustment $0.00 $4,154.93 Realized Gain/Loss $3,296.73 $34,734.91 Unrealized Gain/Loss $2,230,482.49 $2,674,731.14 Ending Balance $36,468,445.39 $36,468,445.39 Performance Summary: Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 6.59% 3.94% 8.64% 6.55% N/A N/A N/A (0.51%) 04/01/2022 Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org Page 1 of 3 Page 8 of 45 GLEN ELLYN POLICE PENSION FUND Fund Name: IPOPIF Pool Month Ended: November 30, 2023 Market Value Summary: Unit Value Summary: Current Period Year to Date Current Period Year to Date Beginning Balance $34,226,496.31 $33,923,872.52 Beginning Units 3,544,751.892 3,577,008.318 Contributions $46,000.00 $143,792.64 Unit Purchases from Additions 4,497.659 14,544.995 Withdrawals ($60,000.00) ($472,775.85) Unit Sales from Withdrawals (5,911.058) (48,214.819) Transfers In/Out $0.00 ($10,829.21) Ending Units 3,543,338.493 3,543,338.493 Income $23,472.22 $219,775.91 Administrative Expense ($444.88) ($7,067.64) Period Beginning Net Asset Value per Unit $9.655541 $9.483855 Investment Expense ($857.48) ($11,834.74) Period Ending Net Asset Value per Unit $10.292114 $10.292114 Investment Manager Fees $0.00 ($3,377.48) IFA Loan Repayment $0.00 ($26,731.74) Adjustment $0.00 $4,154.93 Realized Gain/Loss $3,296.73 $34,734.91 Unrealized Gain/Loss $2,230,482.49 $2,674,731.14 Ending Balance $36,468,445.39 $36,468,445.39 Performance Summary: GLEN ELLYN POLICE PENSION FUND Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 6.59% 3.94% 8.64% 6.55% N/A N/A N/A (0.14%) 04/06/2022 Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org Page 2 of 3 Page 9 of 45 Statement of Transaction Detail for the Month Ending 11/30/2023 GLEN ELLYN POLICE PENSION FUND Trade Date Settle Date Description Amount Unit Value Units IPOPIF Pool 11/15/2023 11/16/2023 Redemptions (60,000.00) 10.150468 (5,911.0575) 11/27/2023 11/28/2023 Contribution 46,000.00 10.227544 4,497.6585 Page 3 of 3 Page 10 of 45 November 2023 Statement Supplement IPOPIF Total Monthly Asset Flows New Asset Transfers Cash Contributions Cash Withdrawals Zero $24.9 million $44.3 million IPOPIF Total Monthly Expenses Paid Administrative Investment Investment Expenses Expenses Manager Fees $116,491.68 $224,532.52 $0.00 • Expenses are paid from the IPOPIF Pool and allocated proportionately by member value. • Investment expenses exclude investment manager fees. IPOPIF Investment Pool Details Date Units Value Unit Price 10/31/23 928,197,255.7054 $8,962,246,422.11 $9.655541 11/30/23 926,270,562.2106 $9,533,282,658.87 $10.292114 A spreadsheet with complete unit and expense detail history is linked on the Article 3 Fund Reports page as -IPOPIF Trust Fund Unit Details- NAV and Receivable Calculations Under Development The IPOPIF Valuation and Cost Rule, AR-2022-01, stipulates that the Net Asset Value (NAV) for each Participating Police Pension Fund will include receivables representing proportionate amounts due from late-transferring pension funds for all Costs, IFA Loan Repayments, and interest. These calculations are under development. Resources • Monthly statement overview: https://www.ipopif.org/reports/article-3-reports/ • Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/ • Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment- reports/ • Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/ • Daily value and transaction information for Participating Police Pension Funds is now available to account representatives via the NRS reporting portal. Illinois Police Officers’ Pension Investment Fund 309-280-6464 456 Fulton Street, Suite 402 info@ipopif.org Peoria, Illinois 61602 Page 11 of 45 GLEN ELLYN POLICE PENSION FUND Month Ended: December 31, 2023 Market Value Summary: Current Period Year to Date Beginning Balance $36,468,445.39 $33,923,872.56 Contributions $122,300.00 $255,263.38 Withdrawals ($60,000.00) ($532,775.85) Transfers In/Out $0.00 $0.00 Income $18,977.52 $238,753.44 Administrative Expense ($959.62) ($8,027.26) Investment Expense ($444.41) ($12,279.15) Investment Manager Fees ($1,167.01) ($4,544.49) IFA Loan Repayment $0.00 ($26,731.74) Adjustment $0.00 $4,154.93 Realized Gain/Loss $5,561.13 $40,296.04 Unrealized Gain/Loss $1,662,069.11 $4,336,800.25 Ending Balance $38,214,782.11 $38,214,782.11 Performance Summary: Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 4.62% 8.74% 13.66% 13.66% N/A N/A N/A 2.11% 04/01/2022 Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org Page 1 of 3 Page 12 of 45 GLEN ELLYN POLICE PENSION FUND Fund Name: IPOPIF Pool Month Ended: December 31, 2023 Market Value Summary: Unit Value Summary: Current Period Year to Date Current Period Year to Date Beginning Balance $36,468,445.39 $33,923,872.52 Beginning Units 3,543,338.493 3,577,008.318 Contributions $122,300.00 $266,092.64 Unit Purchases from Additions 11,345.782 25,890.777 Withdrawals ($60,000.00) ($532,775.85) Unit Sales from Withdrawals (5,645.374) (53,860.193) Transfers In/Out $0.00 ($10,829.21) Ending Units 3,549,038.901 3,549,038.901 Income $18,977.52 $238,753.43 Administrative Expense ($959.62) ($8,027.26) Period Beginning Net Asset Value per Unit $10.292114 $9.483855 Investment Expense ($444.41) ($12,279.15) Period Ending Net Asset Value per Unit $10.767643 $10.767643 Investment Manager Fees ($1,167.01) ($4,544.49) IFA Loan Repayment $0.00 ($26,731.74) Adjustment $0.00 $4,154.93 Realized Gain/Loss $5,561.13 $40,296.04 Unrealized Gain/Loss $1,662,069.11 $4,336,800.25 Ending Balance $38,214,782.11 $38,214,782.11 Performance Summary: GLEN ELLYN POLICE PENSION FUND Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 4.62% 8.74% 13.66% 13.66% N/A N/A N/A 2.50% 04/06/2022 Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org Page 2 of 3 Page 13 of 45 Statement of Transaction Detail for the Month Ending 12/31/2023 GLEN ELLYN POLICE PENSION FUND Trade Date Settle Date Description Amount Unit Value Units IPOPIF Pool 12/15/2023 12/18/2023 Redemptions (60,000.00) 10.628171 (5,645.3740) 12/26/2023 12/27/2023 Contribution 25,200.00 10.725495 2,349.5419 12/28/2023 12/29/2023 Contribution 97,100.00 10.793398 8,996.2401 Page 3 of 3 Page 14 of 45 December 2023 Statement Supplement IPOPIF Total Monthly Asset Flows New Asset Transfers Cash Contributions Cash Withdrawals Zero $66.8 million $39.7 million IPOPIF Total Monthly Expenses Paid Administrative Investment Investment Expenses Expenses Manager Fees $250,855.13 $116,173.12 $305,069.58 • Expenses are paid from the IPOPIF Pool and allocated proportionately by member value. • Investment expenses exclude investment manager fees. IPOPIF Investment Pool Details Date Units Value Unit Price 11/30/23 $926,270,562.2106 $9,533,282,658.87 $10.292114 12/31/23 $928,833,395.9350 $10,001,345,952.62 $10.767643 A spreadsheet with complete unit and expense detail history is linked on the Article 3 Fund Reports page as -IPOPIF Trust Fund Unit Details- NAV and Receivable Calculations Under Development The IPOPIF Valuation and Cost Rule, AR-2022-01, stipulates that the Net Asset Value (NAV) for each Participating Police Pension Fund will include receivables representing proportionate amounts due from late-transferring pension funds for all Costs, IFA Loan Repayments, and interest. These calculations are under development. Resources • Monthly statement overview: https://www.ipopif.org/reports/article-3-reports/ • Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/ • Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment- reports/ • IPOPIF Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/ • Daily value and transaction information for Participating Police Pension Funds is available to account representatives via the NRS reporting portal. Illinois Police Officers’ Pension Investment Fund 309-280-6464 456 Fulton Street, Suite 402 info@ipopif.org Peoria, Illinois 61602 Page 15 of 45 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2023 Market % of Target Inception 1 Mo Fiscal YTD YTD 1 Yr Inception Value Portfolio (%) Date Total Fund with Member and Transition Accounts 9,533,282,532 100.0 100.0 6.6 1.5 8.7 6.5 -0.2 03/01/22 Policy Index 6.9 1.6 9.2 7.2 -0.2 Policy Index- Broad Based 8.0 1.5 11.3 8.5 -1.3 IPOPIF Investment Portfolio 9,533,282,532 100.0 100.0 6.6 1.5 8.7 6.6 -0.7 04/01/22 Policy Index 6.9 1.6 9.2 7.2 -0.5 Policy Index- Broad Based 8.0 1.5 11.3 8.5 -1.6 Growth 5,337,820,379 56.0 58.0 9.1 1.1 12.8 9.3 -1.0 04/01/22 Growth Benchmark 9.2 1.2 13.0 9.4 -1.2 RhumbLine Russell 1000 Index 2,083,208,760 21.9 23.0 9.3 3.3 20.6 13.6 6.6 03/15/22 Russell 1000 Index 9.3 3.3 20.6 13.6 6.8 RhumbLine Russell 2000 Index 457,762,056 4.8 5.0 9.0 -3.7 4.1 -2.6 -2.9 03/15/22 Russell 2000 Index 9.1 -3.6 4.2 -2.6 -2.6 SSgA Non-US Developed Index 1,663,917,535 17.5 18.0 9.4 0.5 12.2 11.6 4.4 03/10/22 MSCI World ex U.S. (Net) 9.4 0.5 11.8 11.3 4.0 SSgA Non-US Developed SC Index 465,659,905 4.9 5.0 9.6 -0.2 5.2 5.9 -2.6 03/10/22 MSCI World ex U.S. Small Cap Index (Net) 9.7 -0.4 5.1 5.7 -2.8 SSgA Emerging Markets Equity Index 667,272,124 7.0 7.0 7.8 0.5 5.6 3.1 -3.7 03/10/22 MSCI Emerging Markets (Net) 8.0 0.8 5.7 4.2 -2.8 Income 1,537,390,952 16.1 16.0 5.0 3.1 8.3 7.9 -0.9 04/01/22 Income Benchmark 5.0 3.1 8.1 8.2 0.5 SSgA High Yield Corporate Credit 954,748,968 10.0 10.0 4.6 3.8 9.7 8.8 1.1 03/18/22 Spliced SSgA U.S. High Yield Index 4.6 3.8 9.4 8.6 1.1 SSgA EMD Hard Index Fund 582,641,984 6.1 6.0 5.7 1.9 6.1 6.5 -1.3 03/14/22 Spliced SSgA EMD Hard Index 5.7 1.9 6.1 6.4 -1.1 Inflation Protection 831,264,646 8.7 9.0 4.9 -1.1 0.7 -2.2 -5.2 04/01/22 Inflation Protection Benchmark 5.0 0.3 2.5 -1.0 -5.8 SSgA US TIPS Index 276,714,517 2.9 3.0 1.0 1.9 3.4 3.5 -0.4 03/17/22 Blmbg. U.S. TIPS 0-5 Year 1.0 1.9 3.4 3.2 -0.3 SSgA REITs Index 388,904,121 4.1 4.0 10.8 -2.1 3.6 -1.8 -9.9 03/16/22 Dow Jones U.S. Select REIT 10.8 -2.1 3.6 -1.8 -9.8 Principal USPA 165,646,007 1.7 2.0 -1.1 -4.2 -9.0 -11.6 -7.3 04/06/22 The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 1 Page 16 of 45 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2023 Market % of Target Inception 1 Mo Fiscal YTD YTD 1 Yr Inception Value Portfolio (%) Date Risk Mitigation 1,826,707,105 19.2 17.0 1.8 1.6 3.4 3.3 0.3 04/01/22 Risk Mitigation Benchmark 1.7 1.8 3.3 3.4 0.3 SSgA Core Fixed Income Index 369,108,116 3.9 3.0 4.5 -0.4 1.8 1.2 -3.9 03/17/22 Blmbg. U.S. Aggregate Index 4.5 -0.4 1.6 1.2 -3.9 SSgA Short-Term Gov't/Credit Index 1,308,394,385 13.7 13.0 1.2 2.2 3.4 3.6 1.0 03/17/22 Blmbg. 1-3 Year Gov/Credit index 1.2 2.2 3.4 3.6 0.9 Cash 149,204,603 1.6 1.0 0.4 2.2 4.5 4.8 3.2 03/22/22 90 Day U.S. Treasury Bill 0.4 2.2 4.5 4.9 3.5 IPOPIF Pool Fixed Income Transition 99,450 0.0 - Transition Accounts - 0.0 - Member Funds - 0.0 - The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 2 Page 17 of 45 Total Fund Illinois Police Officers' Pension Investment Fund Data Sources and Methodology Page Period Ending: November 30, 2023 Performance Return Calculations Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year. Data Source Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to, differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the pricing methodologies and any difference in valuation. Manager Line Up Manager Inception Date Data Source Manager Inception Date Data Source RhumbLine Russell 1000 Index Fund 3/15/2022 State Street SSgA US TIPS Index Fund 3/17/2022 State Street RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Principal USPA 4/6/2022 State Street SSgA Non-US Developed Index Fund 3/10/2022 State Street SSgA REITs Index Fund 3/10/2022 State Street SSgA Non-US Developed SC Index Fund 3/10/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street SSgA Emerging Markets Equity Index Fund 3/10/2022 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street SSgA High Yield Corporate Credit 3/18/2022 State Street Cash 3/22/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street Policy Index Composition Inflation Policy Inflation Risk As of 5/1/2023 Policy Index Growth Income Protection Risk Mitigation As of 1/1/2023 Index Growth Income Protection Mitigation Russell 1000 23% 39.7% Russell 1000 18% 36.0% Russell 2000 5% 8.6% Russell 2000 5% 10.0% MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 15% 30.0% MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 10.0% MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 14.0% Bloomberg US Aggregate Index 3% 17.6% Bloomberg US Aggregate Index 7% 28.0% Bloomberg 1-3 Year Gov/Credit Index 13% 76.5% Bloomberg 1-3 Year Gov/Credit Index 15% 60.0% Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US TIPS 0-5 Year 3% 33.3% Bloomberg US TIPS 0-5 Year 3% 33.3% JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5% NFI-ODCE Equal-Weighted Index 2% 22.2% NFI-ODCE Equal-Weighted Index 2% 22.2% Wilshire US REIT Index 4% 44.5% Wilshire US REIT Index 4% 44.5% 90 Day US Treasury Bill Index 1% 5.9% 90 Day US Treasury Bill Index 3% 12.0% Inflation As of 3/31/2022 Policy Index Growth Income Protection Risk Mitigation Russell 3000 23% 46.0% MSCI ACWI ex USA IMI 20% 40.0% MSCI Emerging Markets IMI 7% 14.0% Bloomberg US Aggregate Index 7% 28.0% Bloomberg 1-3 Year Gov/Credit Index 15% 60.0% Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US TIPS 0-5 Year 3% 33.3% 50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5% NCREIF Property Index 2% 22.2% Wilshire US REIT Index 4% 44.5% 90 Day US Treasury Bill Index 3% 12.0% Custom Benchmark Composition Benchmark Time period Composition Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACI IMI (Net) and 30% Bloomberg Global Multiverse. Spliced SSgA EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/222 100% JPM EMBI Global Core Index Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained Spliced SSgA U.S. High Yield Index 3/18/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index 3 Page 18 of 45 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: December 31, 2023 Market % of Target Inception 1 Mo Fiscal YTD YTD 1 Yr Inception Value Portfolio (%) Date Total Fund with Member and Transition Accounts 10,001,345,755 100.0 100.0 4.6 6.2 13.7 13.7 2.3 03/01/22 Policy Index 4.7 6.4 14.4 14.4 2.3 Policy Index- Broad Based 4.9 6.5 16.8 16.8 1.4 IPOPIF Investment Portfolio 10,001,345,755 100.0 100.0 4.6 6.2 13.7 13.7 2.0 04/01/22 Policy Index 4.7 6.4 14.4 14.4 2.2 Policy Index- Broad Based 4.9 6.5 16.8 16.8 1.2 Growth 5,646,187,777 56.5 58.0 5.8 7.0 19.3 19.3 2.3 04/01/22 Growth Benchmark 5.8 7.1 19.5 19.5 2.1 RhumbLine Russell 1000 Index 2,185,860,986 21.9 23.0 4.9 8.4 26.5 26.5 9.2 03/15/22 Russell 1000 Index 4.9 8.4 26.5 26.5 9.3 RhumbLine Russell 2000 Index 513,495,227 5.1 5.0 12.2 8.1 16.8 16.8 3.6 03/15/22 Russell 2000 Index 12.2 8.2 16.9 16.9 4.0 SSgA Non-US Developed Index 1,755,146,583 17.5 18.0 5.5 6.0 18.3 18.3 7.3 03/10/22 MSCI World ex U.S. (Net) 5.5 6.0 17.9 17.9 6.9 SSgA Non-US Developed SC Index 498,873,912 5.0 5.0 7.1 6.9 12.7 12.7 1.3 03/10/22 MSCI World ex U.S. Small Cap Index (Net) 7.2 6.8 12.6 12.6 1.1 SSgA Emerging Markets Equity Index 692,811,070 6.9 7.0 3.8 4.3 9.6 9.6 -1.5 03/10/22 MSCI Emerging Markets (Net) 3.9 4.7 9.8 9.8 -0.6 Income 1,601,402,555 16.0 16.0 4.2 7.4 12.8 12.8 1.5 04/01/22 Income Benchmark 4.1 7.3 12.6 12.6 2.8 SSgA High Yield Corporate Credit 990,838,603 9.9 10.0 3.8 7.7 13.8 13.8 3.1 03/18/22 Spliced SSgA U.S. High Yield Index 3.7 7.6 13.5 13.5 3.1 SSgA EMD Hard Index Fund 610,563,951 6.1 6.0 4.8 6.8 11.2 11.2 1.3 03/14/22 Spliced SSgA EMD Hard Index 4.7 6.7 11.1 11.1 1.5 Inflation Protection 870,246,596 8.7 9.0 4.7 3.6 5.4 5.4 -2.4 04/01/22 Inflation Protection Benchmark 4.9 5.2 7.5 7.5 -2.9 SSgA US TIPS Index 279,889,804 2.8 3.0 1.1 3.1 4.6 4.6 0.2 03/17/22 Blmbg. U.S. TIPS 0-5 Year 1.1 3.0 4.6 4.6 0.4 SSgA REITs Index 427,884,594 4.3 4.0 10.0 7.7 13.9 13.9 -4.5 03/16/22 Dow Jones U.S. Select REIT 10.0 7.7 14.0 14.0 -4.4 Principal USPA 162,472,199 1.6 2.0 -1.9 -6.1 -10.7 -10.7 -7.9 04/06/22 The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 1 Page 19 of 45 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: December 31, 2023 Market % of Target Inception 1 Mo Fiscal YTD YTD 1 Yr Inception Value Portfolio (%) Date Risk Mitigation 1,883,407,684 18.8 17.0 1.6 3.3 5.1 5.1 1.2 04/01/22 Risk Mitigation Benchmark 1.6 3.4 5.0 5.0 1.2 SSgA Core Fixed Income Index 382,924,869 3.8 3.0 3.7 3.3 5.6 5.6 -1.7 03/17/22 Blmbg. U.S. Aggregate Index 3.8 3.4 5.5 5.5 -1.6 SSgA Short-Term Gov't/Credit Index 1,324,082,026 13.2 13.0 1.2 3.4 4.6 4.6 1.6 03/17/22 Blmbg. 1-3 Year Gov/Credit index 1.2 3.4 4.6 4.6 1.6 Cash 176,400,789 1.8 1.0 0.4 2.6 5.0 5.0 3.3 03/22/22 90 Day U.S. Treasury Bill 0.5 2.7 5.0 5.0 3.6 IPOPIF Pool Fixed Income Transition 101,143 0.0 - Transition Accounts - 0.0 - Member Funds - 0.0 - The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data availability. 2 Page 20 of 45 Total Fund Illinois Police Officers' Pension Investment Fund Data Sources and Methodology Page Period Ending: December 31, 2023 Performance Return Calculations Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year. Data Source Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to, differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the pricing methodologies and any difference in valuation. Manager Line Up Manager Inception Date Data Source Manager Inception Date Data Source RhumbLine Russell 1000 Index Fund 3/15/2022 State Street SSgA US TIPS Index Fund 3/17/2022 State Street RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Principal USPA 4/6/2022 State Street SSgA Non-US Developed Index Fund 3/10/2022 State Street SSgA REITs Index Fund 3/10/2022 State Street SSgA Non-US Developed SC Index Fund 3/10/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street SSgA Emerging Markets Equity Index Fund 3/10/2022 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street SSgA High Yield Corporate Credit 3/18/2022 State Street Cash 3/22/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street Policy Index Composition Inflation Policy Inflation Risk As of 5/1/2023 Policy Index Growth Income Protection Risk Mitigation As of 1/1/2023 Index Growth Income Protection Mitigation Russell 1000 23% 39.7% Russell 1000 18% 36.0% Russell 2000 5% 8.6% Russell 2000 5% 10.0% MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 15% 30.0% MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 10.0% MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 14.0% Bloomberg US Aggregate Index 3% 17.6% Bloomberg US Aggregate Index 7% 28.0% Bloomberg 1-3 Year Gov/Credit Index 13% 76.5% Bloomberg 1-3 Year Gov/Credit Index 15% 60.0% Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US TIPS 0-5 Year 3% 33.3% Bloomberg US TIPS 0-5 Year 3% 33.3% JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5% NFI-ODCE Equal-Weighted Index 2% 22.2% NFI-ODCE Equal-Weighted Index 2% 22.2% Wilshire US REIT Index 4% 44.5% Wilshire US REIT Index 4% 44.5% 90 Day US Treasury Bill Index 1% 5.9% 90 Day US Treasury Bill Index 3% 12.0% Inflation As of 3/31/2022 Policy Index Growth Income Protection Risk Mitigation Russell 3000 23% 46.0% MSCI ACWI ex USA IMI 20% 40.0% MSCI Emerging Markets IMI 7% 14.0% Bloomberg US Aggregate Index 7% 28.0% Bloomberg 1-3 Year Gov/Credit Index 15% 60.0% Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US TIPS 0-5 Year 3% 33.3% 50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5% NCREIF Property Index 2% 22.2% Wilshire US REIT Index 4% 44.5% 90 Day US Treasury Bill Index 3% 12.0% Custom Benchmark Composition Benchmark Time period Composition Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACI IMI (Net) and 30% Bloomberg Global Multiverse. Spliced SSgA EMD Hard Benchmark 7/1/2022 - Present 100% JPM EMBI Global Diversified Index Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained Spliced SSgA U.S. High Yield Index 3/18/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index 3 Page 21 of 45 Page 22 of 45 Page 23 of 45 Page 24 of 45 Page 25 of 45 Page 26 of 45 Page 27 of 45 Page 28 of 45 Page 29 of 45 Page 30 of 45 Page 31 of 45 Page 32 of 45 Page 33 of 45 Page 34 of 45 Page 35 of 45 Page 36 of 45 Page 37 of 45 Page 38 of 45 Page 39 of 45 Page 40 of 45 Page 41 of 45 Page 42 of 45 Page 43 of 45 Page 44 of 45 Page 45 of 45