Police Pension Board

Agenda Village of Glen Ellyn Police Pension Board Meeting Wednesday, October 15, 2025 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) July 16, 2025 Meeting 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 H. Trustee Training Updates 1) Approval of Trustee Training Registration Fees & Reimbursable Expenses I. Approval of Membership/Withdrawals from Fund 1) Application for membership - Jedd Tabladillo J. Applications for Retirement/Disability Benefits K. Old Business L. New Business 1) Review/Adopt - Municipal Compliance Report 2) Establish 2026 Board Meeting Dates M. Attorney Report Civility Pledge - In the interest of civility, I pledge to promote civility by listening, being respectful of others, acknowledging that we are striving to support and improve our community, and understanding that we each may have different ideas for achieving that objective. Page 1 of 47 Police Pension Board Agenda October 15, 2025 Page 2 1) Annual Independent Medical Examinations - Thomas Hartzell and Raymond Munch 2) Legal Updates N. Adjourn to Exec Session, if needed O. Adjourn Village of Glen Ellyn Page 2 of 47 Village of Glen Ellyn Minutes Village of Glen Ellyn Police Pension Board Meeting Regular Meeting July 16, 2025 4:30 PM Civic Center Room 306 Board or Police Pension Date: July 16, 2025 Commission: Meeting: Regular Called to 4:36 p.m. Order: Quorum: Yes Adjourned: 5:05 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 Finance Director Ray Page Lauterbach & Amen Public: A. CALL TO ORDER The July 16, 2025 meeting of the Police Pension Board was called to order by President Monson at 4:36 pm at the Glen Ellyn Civic Center, Room 306. B. PUBLIC COMMENT – None C. 1. APPROVAL OF MINUTES FROM APRIL 16, 2025 MEETING MOTION TO APPROVE MINUTES FROM APRIL 16, 2025 POLICE PENSION BOARD MEETING MOTION BY: John Adduci, Trustee SECONDED BY: James King, Trustee RESULT: UNANIMOUS APPROVAL Page 3 of 47  Police Pension 2 July 16, 2025 2. Semi-Annual Review of Closed Session Meeting Minutes – None D. Accountant’s Report 1. Lauterbach and Amen present the monthly financial report: Ray Page from Lauterbach and Amen reviews the financial report month ending May 31, 2025 with the Police Pension Board. Statement of Net Position as of May 31, 2025 – Total Assets - $43,713.00, Total Liabilities $800,000, Total Net Assets $43,712,634.35, For the five months ended May 31, 2025: City Contributions: $1.1 million, Member contributions: Just over $217,000, Net Investment Performance: $3,503,594.48 (positive), Administrative Expenses Paid: Just over $23,000, Pension Benefits Paid - $1.2 million; Change in Position: $2,228,365.46. Ray Page reviews the cash analysis, revenue, expense, contribution, payroll, and quarterly disbursements. 2. Presentation and Approval of bills as listed in the monthly financial report – Trustee Adduci motioned to approve the quarterly disbursement report and the payment of bills in the amount of $25,758.95; Trustee Terranova seconded the motion. APPROVAL [UNANIMOUS] MOVER: John Adduci, Trustee SECONDER: Anthony Terranova, Trustee AYES: Adduci, Terranova, Housey, King, Housey 3. Additional Bills – None 4. Cash Management Policy – No action at this time. 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 – Ray Page states all affidavits have been received, with none outstanding. This has been completed. 2. Active Member File Maintenance – Ray Page provided all active member files, noting that Amy will provide a breakdown of each active member's information, along with letters detailing any missing information at the October Police Pension meeting. G. Trustee Training Updates 1. Approval of Trustee Training Registration Fees and Reimbursable Expenses – This was included in the presentation and approval of the bills as listed in the monthly financial investment report. Page 4 of 47  Police Pension 3 July 16, 2025 H. Approval of Membership / Withdrawals from Fund 1. Withdrawal from Fund – John Murray’s last day was June 26, 2025, Alexandra Bacza’s last day was June 3, 2025 and Nancy Salgado’s last day was May 5, 2025. 2. Applications for Membership – Gabriel Leon President Monson motioned to accept the application of Officer Gabriel Leon into the Police Pension effective on May 23, 2025. Trustee King seconded the motion. The motion unanimously passed. APPROVAL [UNANIMOUS] MOVER: James Monson, Trustee SECONDER: James King, Trustee AYES: Adduci, Housey, King, Terranova, Housey I. Old Business 1. IDOI Annual Statement – Ray Page reported that the IDOI Annual Statement has been filed on June 27, 2025, confirming compliance. J. New Business 1. Review/Approve – Actuarial Valuation and Tax Levy Request Trustee Adduci motioned to approve the final Actuarial Valuation report as provided; Trustee King seconded the motion. The motion unanimously passed. APPROVAL [UNANIMOUS] MOVER: John Adduci, Trustee SECONDER: James King, Trustee AYES: Adduci, Housey, King, Terranova, Housey 2. Board of Officer Elections – President, Vice President, Secretary and Assistant Secretary - Trustee Adduci motioned to maintain the current board officers and to forgo holding an officer election; Trustee Housey seconded the motion. The motion passed. APPROVAL [UNANIMOUS] MOVER: John Adduci, Trustee SECONDER: William Housey, Trustee AYES: Adduci, Housey, King, Housey NAYS: Terranova 3. FOIA Officer and OMA Designee – Trustee Terranova motioned to nominate President Monson as the FOIA Officer and OMA Designee; Trustee Housey seconded the motion. The motion unanimously passed. APPROVAL [UNANIMOUS] MOVER: Anthony Terranova, Trustee SECONDER: William Housey, Trustee AYES: Adduci, Housey, King, Housey, Terranova Page 5 of 47  Police Pension 4 July 16, 2025 K. Attorney Report – No report L. Adjourn to Exec Session, if needed – Closed session is not needed. M. Adjournment – Trustee Terranova motioned and Trustee Housey seconded to adjourn the meeting. The meeting was adjourned at 5:05 p.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Finance Director Brankin Page 6 of 47  Glen Ellyn Police Pension Meeting 10/15/2025 4:30 PM Board Department: Finance 535 Duane Street Department Head: Patrick Brankin Glen Ellyn, IL 60137 Category: Report Prepared By: Patrick Brankin AGENDA ITEM (ID DOC ID: 2025-874 # 2025-874) IPOPIF - Verus Advisory Inc. Statement of the Issue: Analysis: Budget Impact: Contribution to Strategic Plan Action Requested: Attachments: 1. Verus Statement August 2025 2. IPOPIF 8-31-25 Page 7 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025 Market % of Target Since Inception 1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Value Portfolio (%) Inception Date Total Fund with Member and Transition Accounts 14,157,575,825 100.0 100.0 2.6 3.0 3.0 12.1 11.7 11.7 7.4 03/01/22 Policy Index 2.5 3.0 3.0 11.4 10.8 11.5 7.1 Policy Index- Broad Based 2.3 2.9 2.9 12.3 12.0 13.0 7.2 IPOPIF Investment Portfolio 14,157,575,825 100.0 100.0 2.6 3.0 3.0 12.0 11.5 11.7 7.3 04/01/22 Policy Index 2.5 3.0 3.0 11.4 10.8 11.5 7.2 Policy Index- Broad Based 2.3 2.9 2.9 12.3 12.0 13.0 7.2 Growth 8,490,643,209 60.0 58.0 3.4 4.0 4.0 16.9 15.8 16.4 9.7 04/01/22 Growth Benchmark 3.3 4.0 4.0 16.2 14.9 15.9 9.4 RhumbLine Russell 1000 Index 3,252,329,984 23.0 23.0 2.1 4.4 4.4 10.8 16.2 19.3 12.2 04/01/22 Russell 1000 Index 2.1 4.4 4.4 10.8 16.2 19.3 12.3 RhumbLine Russell 2000 Index 746,119,378 5.3 5.0 7.1 8.9 8.9 7.0 8.1 10.2 5.4 04/01/22 Russell 2000 Index 7.1 9.0 9.0 7.1 8.2 10.3 5.5 SSgA Non-US Developed Index 2,746,216,332 19.4 19.0 4.4 3.2 3.2 23.1 15.3 17.3 9.9 04/01/22 MSCI World ex U.S. (Net) 4.4 3.1 3.1 22.7 14.9 16.9 9.5 International Developed Small Cap Equity 805,328,931 5.7 5.0 3.7 3.9 3.9 27.0 24.0 15.8 8.1 04/01/22 MSCI World ex U.S. Small Cap Index (Net) 5.0 4.9 4.9 26.7 19.9 14.4 6.9 Acadian ACWI ex US Small-Cap Fund 392,946,407 2.8 2.5 3.9 4.4 4.4 23.6 21.4 - 23.1 02/01/24 MSCI AC World ex USA Small Cap (Net) 4.3 4.4 4.4 22.9 16.9 - 17.6 WCM International Small Cap Growth Fund 203,068,353 1.4 1.3 2.5 2.3 2.3 26.8 25.1 - 19.3 03/01/24 MSCI AC World ex USA Small Cap (Net) 4.3 4.4 4.4 22.9 16.9 - 17.9 LSV International Small Cap Value Equity Fund 209,314,171 1.5 1.3 4.6 4.4 4.4 34.0 27.9 - 25.0 03/01/24 S&P Developed Ex-U.S. SmallCap (Net) 3.9 4.5 4.5 26.6 18.3 - 18.5 Emerging Market Equities 940,648,584 6.6 6.0 1.6 1.9 1.9 20.0 12.8 9.7 4.8 04/01/22 Emerging Markets Equity Benchmark -0.2 0.6 0.6 15.2 8.5 8.5 3.7 William Blair Emerging Markets ex China Growth Fund 463,107,521 3.3 1.4 0.9 1.4 1.4 9.2 - - 9.2 01/01/25 MSCI Emerging Markets ex China IMI (Net) 0.3 1.0 1.0 15.0 - - 15.0 ARGA Emerging Markets Ex China Equity 477,541,063 3.4 2.3 2.3 2.5 2.5 29.9 - - 25.2 12/01/24 MSCI Emerging Markets ex China (Net) -0.2 0.6 0.6 15.2 - - 13.8 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 8 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025 Market % of Target Since Inception 1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Value Portfolio (%) Inception Date Income 2,180,828,462 15.4 16.0 1.1 1.8 1.8 6.8 8.2 9.2 4.9 04/01/22 Income Benchmark 1.0 1.8 1.8 6.5 7.9 9.1 5.5 SSgA High Yield Corporate Credit 625,226,853 4.4 5.1 1.3 1.8 1.8 6.3 8.3 9.5 5.8 04/01/22 Spliced SSgA U.S. High Yield Index 1.2 1.6 1.6 6.2 8.2 9.3 5.7 Emerging Market Debt 814,979,380 5.8 6.0 1.8 2.7 2.7 9.6 9.4 9.5 4.4 04/01/22 Emerging Markets Debt Benchmark 1.6 2.9 2.9 8.7 8.6 9.6 5.4 SSgA EMD Hard Index Fund 602,141,045 4.3 4.5 1.6 2.9 2.9 8.8 9.0 9.4 4.3 04/01/22 Spliced SSgA EMD Hard Index 1.6 2.9 2.9 8.7 8.6 9.2 4.6 Capital Group Emerging Markets Debt 212,838,335 1.5 1.5 2.2 2.2 2.2 12.0 - - 9.9 11/01/24 Spliced Capital Group EMD Index 1.8 2.0 2.0 10.7 - - 9.2 Bank Loans 412,292,724 2.9 3.0 0.6 1.4 1.4 4.3 7.4 - 7.7 03/01/24 S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 - 7.7 Ares Institutional Loan Fund 137,133,845 1.0 1.0 0.6 1.3 1.3 4.1 7.4 - 8.0 03/01/24 S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 - 7.7 Aristotle Institutional Loan Fund 275,158,879 1.9 2.0 0.5 1.4 1.4 4.4 7.4 - 7.6 03/01/24 S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 - 7.7 Oaktree Global Credit Fund 328,329,504 2.3 1.9 0.0 0.0 0.0 - - - 1.9 05/01/25 Real Assets 790,999,561 5.6 6.0 3.4 3.0 3.0 3.1 1.0 3.1 0.9 04/01/22 Real Assets Benchmark 3.3 2.9 2.9 3.1 1.1 1.9 -1.5 SSgA REITs Index 571,393,795 4.0 4.0 4.7 3.9 3.9 3.3 -0.3 5.3 -0.6 04/01/22 Dow Jones U.S. Select REIT Total Return Index 4.7 3.9 3.9 3.3 -0.3 5.4 -0.6 Principal USPA 219,605,766 1.6 2.0 0.6 0.8 0.8 2.7 3.4 -5.4 -4.3 05/01/22 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. 2 Page 9 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025 Market % of Target Since Inception 1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Value Portfolio (%) Inception Date Risk Mitigation 2,695,104,592 19.0 20.0 1.0 0.9 0.9 4.3 4.4 4.1 3.0 04/01/22 Risk Mitigation Benchmark 1.0 0.9 0.9 4.3 4.4 4.1 3.0 SSgA US Treasury Index 379,473,582 2.7 3.0 1.1 0.7 0.7 4.5 2.4 - 6.4 05/01/24 Blmbg. U.S. Treasury Index 1.1 0.7 0.7 4.5 2.4 - 6.4 SSgA Core Fixed Income Index 382,466,120 2.7 3.0 1.2 0.9 0.9 5.0 3.2 3.1 1.1 04/01/22 Blmbg. U.S. Aggregate Index 1.2 0.9 0.9 5.0 3.1 3.0 1.1 SSgA Short-Term Gov't/Credit Index 1,347,089,878 9.5 10.0 0.9 0.9 0.9 3.8 4.7 4.2 3.4 04/01/22 Bloomberg U.S. Gov/Credit 1-3 Year Index 0.9 0.9 0.9 3.8 4.6 4.1 3.4 SSgA US TIPS Index 384,640,219 2.7 3.0 1.3 1.6 1.6 5.8 6.7 4.4 3.5 04/01/22 Blmbg. U.S. TIPS 0-5 Year 1.3 1.6 1.6 5.7 6.7 4.4 3.6 Cash 200,468,818 1.4 1.0 0.4 0.7 0.7 2.6 4.2 4.5 4.0 04/01/22 90 Day U.S. Treasury Bill 0.4 0.7 0.7 2.8 4.5 4.7 4.2 IPOPIF Pool Fixed Income Transition 965,976 0.0 - Member Accounts - 0.0 - Transition Account - 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. 3 Page 10 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Data Sources and Methodology Page Period Ending: August 31, 2025 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 EMD Hard Index Fund 3/14/2022 State Street RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street SSgA Non-US Developed Index Fund 3/10/2022 State Street Ares Institutional Loan Fund 3/1/2024 Ares SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Principal USPA 4/6/2022 State Street WCM International Small Cap Growth Fund 3/1/2024 WCM Oaktree Global Credit Fund 5/1/2025 Oaktree LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA REITs Index Fund 3/10/2022 State Street SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA US Treasury Index Fund 5/1/2024 State Street SSgA Emerging Markets ex China Equity Index Fun 5/1/2024 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA SSgA US TIPS Index Fund 3/17/2022 State Street SSgA High Yield Corporate Credit 3/18/2022 State Street Cash 3/22/2022 State Street Custom Benchmark Composition Benchmark Time period Composition Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI 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 - 6/30/2022 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 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index Spliced Capital Group EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD 3 Page 11 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Data Sources and Methodology Page Period Ending: August 31, 2025 Policy Index Composition Policy Risk As of 8/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2025 Index Growth Income Real Assets Mitigation Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7% Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6% MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3% Bloomberg US Corporate High Yield Index 4.5% 28.1% Bloomberg US Corporate High Yield Index 5.1% 31.7% JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5% S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8% Private Credit Actual Performance 2.5% 15.6% Private Credit Actual Performance 1.9% 12.0% NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3% Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7% Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0% 90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0% Policy Risk As of 6/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2025 Index Growth Income Real Assets Mitigation Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7% Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6% MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3% Bloomberg US Corporate High Yield Index 5.7% 35.3% Bloomberg US Corporate High Yield Index 6.2% 38.9% JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5% S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8% Private Credit Actual Performance 1.4% 8.4% Private Credit Actual Performance 0.8% 4.8% NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3% Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7% Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0% 90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0% Policy Risk As of 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 11/1/2024 Index Growth Income Real Assets Mitigation Russell 1000 23.0% 39.7% Russell 1000 23% 39.7% Russell 2000 5.0% 8.6% Russell 2000 5% 8.6% MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets 0.7% 1.2% Bloomberg US Corporate High Yield Index 7.0% 43.8% MSCI Emerging Markets ex China 5.3% 9.2% JPM EMBI Global Diversified Index 6.0% 37.5% Bloomberg US Corporate High Yield Index 7% 43.8% S&P UBS Leveraged Loan Index 3.0% 18.8% JPM EMBI Global Diversified Index 6% 37.5% NFI-ODCE Equal-Weighted Index 2.0% 33.3% S&P UBS Leveraged Loan Index 3% 18.8% Dow Jones US Select REIT Index 4.0% 66.7% NFI-ODCE Equal-Weighted Index 2% 33.3% Bloomberg US Aggregate Index 3.0% 15.0% Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Aggregate Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US Treasury Index 3% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% 90 Day US Treasury Bill Index 1.0% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0% 3 Page 12 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Data Sources and Methodology Page Period Ending: August 31, 2025 Policy Index Composition Policy Risk As of 10/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 9/1/2024 Index Growth Income Real Assets Mitigation Russell 1000 23% 39.7% Russell 1000 23% 39.7% Russell 2000 5% 8.6% Russell 2000 5% 8.6% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emerging Markets 0.8% 1.4% MSCI Emerging Markets 1.5% 2.6% MSCI Emerging Markets ex China 5.2% 9.0% MSCI Emerging Markets ex China 4.5% 7.8% Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8% JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5% S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8% NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0% Policy Risk As of 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 Index Growth Income Real Assets Mitigation Russell 1000 23% 39.7% Russell 1000 23% 39.7% Russell 2000 5% 8.6% Russell 2000 5% 8.6% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emerging Markets 2% 3.4% MSCI Emerging Markets 3% 5.2% MSCI Emerging Markets ex China 4% 6.9% MSCI Emerging Markets ex China 3% 5.2% Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8% JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5% S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8% NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0% Policy Risk As of 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 Index Growth Income Real Assets Mitigation Russell 1000 23% 36.1% Russell 1000 23% 39.7% Russell 2000 5% 7.9% Russell 2000 5% 8.6% MSCI World ex U.S. 19% 29.9% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. Small Cap 5% 7.9% MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emerging Markets 4% 6.3% MSCI Emerging Markets 5% 8.6% MSCI Emerging Markets ex China 2% 3.1% MSCI Emerging Markets ex China 1% 1.7% Bloomberg US Corporate High Yield Index 7% 67.6% Bloomberg US Corporate High Yield Index 7% 43.8% JPM EMBI Global Diversified Index 6% 58.0% JPM EMBI Global Diversified Index 6% 37.5% S&P UBS Leveraged Loan Index 3% 29.0% S&P UBS Leveraged Loan Index 3% 18.8% NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Treasury Index 2% 10.0% Bloomberg US Treasury Index 1% 5.0% Bloomberg 1-3 Year Gov/Credit Index 11% 55.0% Bloomberg 1-3 Year Gov/Credit Index 12% 60.0% Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0% 3 Page 13 of 47 Total Fund Illinois Police Officers' Pension Investment Fund Data Sources and Methodology Page Period Ending: August 31, 2025 Policy Index Composition Policy Risk As of 4/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 3/1/2024 Index Growth Income Real Assets Mitigation Russell 1000 23% 39.7% Russell 1000 23% 39.7% Russell 2000 5% 8.6% Russell 2000 5% 8.6% MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6% MSCI Emerging Markets 6% 10.3% MSCI Emerging Markets 7% 12.1% Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 8.5% 53.1% JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5% S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 1.5% 9.4% NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0% Policy Risk As of 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Index Growth Income Real Assets 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 Corporate High Yield Index 10% 62.5% Bloomberg US Corporate High Yield Index 10% 62.5% JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5% NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 7% 25.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6% Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 10.7% 90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 3% 10.7% As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation Russell 3000 23% 46.0% MSCI ACWI ex USA IMI 20% 40.0% MSCI Emerging Markets IMI 7% 14.0% Bloomberg US Corporate High Yield Index 10% 62.5% 50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5% NCREIF Property Index 2% 66.7% Dow Jones US Select REIT Index 4% 33.3% Bloomberg US Aggregate Index 7% 25.0% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6% Bloomberg US TIPS 0-5 Year 3% 10.7% 90 Day US Treasury Bill Index 3% 10.7% 3 Page 14 of 47 Glossary Allocation Effect: An attribution effect that describes the amount attributable to the managers' asset allocation decisions, relative to the benchmark. Alpha: The excess return of a portfolio after adjusting for market risk. This excess return is attributable to the selection skill of the portfolio manager. Alpha is calculated as: Portfolio Return [Risk free Rate + Portfolio Beta x (Market Return Risk free Rate)]. ‐ ‐ ‐ ‐ Benchmark R squared: Measures how well the Benchmark return series fits the manager's return series. The higher the Benchmark R squared, the more appropriate the benchmark is for the manager. Beta: A measure ‐ of systematic, or market risk; the part of risk in a portfolio or security that is attributable to general market movements. ‐Beta is calculated by dividing the covariance of a security by the variance of the market. Book to Market: The ratio of book value per share to market price per share. Growth managers typically have low book to market ratios while value managers typically have high book to market ratios. Capture ‐ ‐Ratio: A statistical measure of an investment manager's overall performance in up or down markets. The capture ‐ ‐ratio is used to evaluate how well an investment manager performed ‐ ‐ relative to an index during periods when that index has risen (up market) or fallen (down market). The capture ratio is calculated by dividing the manager's returns by the returns of the index during the up/down market, and multiplying that factor by 100. Correlation: A measure of the relative movement of returns of one security or asset class relative to another over time. A correlation of 1 means the returns of two securities move in lock step, a correlation of 1 means the returns of two securities move in the exact opposite direction over time. Correlation is used as a measure to help maximize the benefits of diversification when constructing an investment portfolio. ‐ Excess Return: A measure of the difference in appreciation or depreciation in the price of an investment compared to its benchmark, over a given time period. This is usually expressed as a percentage and may be annualized over a number of years or represent a single period. Information Ratio: A measure of a manager's ability to earn excess return without incurring additional risk. Information ratio is calculated as: excess return divided by tracking error. Interaction Effect: An attribution effect that describes the portion of active management that is contributable to the cross interaction between the allocation and selection effect. This can also be explained as an effect that cannot be easily traced to a source. Portfolio Turnover: The percentage of a portfolio that is sold and replaced (turned over) during a given time period. Low portfolio turnover is indicative of a buy and hold strategy while high portfolio turnover implies a more active form of management. Price to Earnings Ratio (P/E): Also called the earnings multiplier, it is calculated by dividing the price of a company's stock into earnings per share. Growth managers typically hold stocks with high price to earnings ratios whereas value managers hold stocks with low price to earnings ratios. ‐ ‐ ‐ ‐ R Squared: Also called the coefficient‐ ‐of determination, it measures the amount of variation in one variable explained by variations in another, i.e., the goodness of fit to a benchmark. In the case of investments, the term is used to explain the amount of variation in a security or portfolio explained by movements in the market or the portfolio's benchmark. ‐ Selection Effect: An attribution effect that describes the amount attributable to the managers' stock selection decisions, relative to the benchmark. Sharpe Ratio: A measure of portfolio efficiency. The Sharpe Ratio indicates excess portfolio return for each unit of risk associated with achieving the excess return. The higher the Sharpe Ratio, the more efficient the portfolio. Sharpe ratio is calculated as: Portfolio Excess Return / Portfolio Standard Deviation. Sortino Ratio: Measures the risk adjusted return of an investment, portfolio, or strategy. It is a modification of the Sharpe Ratio, but penalizes only those returns falling below a specified benchmark. The Sortino Ratio uses downside deviation in the denominator rather than standard deviation, like the Sharpe Ratio. ‐ Standard Deviation: A measure of volatility, or risk, inherent in a security or portfolio. The standard deviation of a series is a measure of the extent to which observations in the series differ from the arithmetic mean of the series. For example, if a security has an average annual rate of return of 10% and a standard deviation of 5%, then two thirds of the time, one would expect to receive an annual rate of return between 5% and 15%. Style Analysis: A return based analysis designed to identify combinations of passive investments ‐ to closely replicate the performance of funds Style Map: A specialized form or scatter plot chart typically used to show where a Manager lies in relation to a set of style indices on a two dimensional plane. This is simply a way of viewing the asset loadings in a different context. The coordinates are calculated by rescaling the asset loadings to range from 1 to 1 on each axis and are dependent on the Style Indices comprising the Map. ‐ ‐ Page 15 of 47 Disclosure This report contains confidential and proprietary information and is subject to the terms and conditions of the Consulting Agreement. It is being provided for use solely by the customer. The report may not be sold or otherwise provided, in whole or in part, to any other person or entity without written permission from Verus Advisory, Inc., (hereinafter Verus) or as required by law or any regulatory authority. The information presented does not constitute a recommendation by Verus and cannot be used for advertising or sales promotion purposes. This does not constitute an offer or a solicitation of an offer to buy or sell securities, commodities or any other financial instruments or products. The information presented has been prepared using data from third party sources that Verus believes to be reliable. While Verus exercised reasonable professional care in preparing the report, it cannot guarantee the accuracy of the information provided by third party sources. Therefore, Verus makes no representations or warranties as to the accuracy of the information presented. Verus takes no responsibility or liability (including damages) for any error, omission, or inaccuracy in the data supplied by any third party. Nothing contained herein is, or should be relied on as a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the investor should be prepared to bear. The information presented may be deemed to contain forward‐looking information. Examples of forward looking information include, but are not limited to, (a) projections of or statements regarding return on investment, future earnings, interest income, other income, growth prospects, capital structure and other financial terms, (b) statements of plans or objectives of management,(c) statements of future economic performance, and (d) statements of assumptions, such as economic conditions underlying other statements. Such forward‐looking information can be identified by the use of forward looking terminology such as believes, expects, may, will, should, anticipates, or the negative of any of the foregoing or other variations thereon comparable terminology, or by discussion of strategy. No assurance can be given that the future results described by the forward‐looking information will be achieved. Such statements are subject to risks, uncertainties, and other factors which could cause the actual results to differ materially from future results expressed or implied by such forward looking information. The findings, rankings, and opinions expressed herein are the intellectual property of Verus and are subject to change without notice. The information presented does not claim to be all‐inclusive, nor does it contain all information that clients may desire for their purposes. The information presented should be read in conjunction with any other material provided by Verus, investment managers, and custodians. Verus will make every reasonable effort to obtain and include accurate market values. However, if managers or custodians are unable to provide the reporting period's market values prior to the report issuance, Verus may use the last reported market value or make estimates based on the manager's stated or estimated returns and other information available at the time. These estimates may differ materially from the actual value. Hedge fund market values presented in this report are provided by the fund manager or custodian. Market values presented for private equity investments reflect the last reported NAV by the custodian or manager net of capital calls and distributions as of the end of the reporting period. These values are estimates and may differ materially from the investments actual value. Private equity managers report performance using an internal rate of return (IRR), which differs from the time‐weighted rate of return (TWRR) calculation done by Verus. It is inappropriate to compare IRR and TWRR to each other. IRR figures reported in the illiquid alternative pages are provided by the respective managers, and Verus has not made any attempts to verify these returns. Until a partnership is liquidated (typically over 10‐12 years), the IRR is only an interim estimated return. The actual IRR performance of any LP is not known until the final liquidation. Net‐of‐Fees Returns mean gross‐of‐fees returns reduced by fees and expenses charged by third‐party investment managers on the products of such managers held by client. Net‐of‐Fees Returns does not include a reduction of returns for Verus’ investment management and consulting fees, or other expenses incurred by the asset owner, fund or plan. Verus receives universe data from InvMetrics, eVestment Alliance, and Morningstar. We believe this data to be robust and appropriate for peer comparison. Nevertheless, these universes may not be comprehensive of all peer investors/managers but rather of the investors/managers that comprise that database. The resulting universe composition is not static and will change over time. Returns are annualized when they cover more than one year. Investment managers may revise their data after report distribution. Verus will make the appropriate correction to the client account but may or may not disclose the change to the client based on the materiality of the change. Page 16 of 47 GLEN ELLYN POLICE PENSION FUND Month Ended: August 31, 2025 Market Value Summary: Current Period Year to Date Beginning Balance $45,453,365.71 $41,447,815.46 Contributions $98,100.00 $666,700.00 Withdrawals ($63,636.00) ($509,088.00) Transfers In/Out $0.00 $0.00 Income $23,151.46 $153,273.35 Administrative Expense ($613.71) ($5,616.49) Investment Expense ($788.52) ($5,425.33) Investment Manager Fees ($5,310.08) ($15,585.26) IFA Loan Repayment $0.00 $0.00 Adjustment $2.73 $9,563.74 Realized Gain/Loss $154,538.85 $547,028.28 Unrealized Gain/Loss $937,918.44 $4,308,063.13 Ending Balance $46,596,728.88 $46,596,728.88 Performance Summary: Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 2.44% 3.35% 12.00% 11.61% 11.61% N/A N/A 7.31% 04/01/2022 Returns for periods greater than one year are annualized 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 17 of 47 GLEN ELLYN POLICE PENSION FUND Fund Name: IPOPIF Pool Month Ended: August 31, 2025 Market Value Summary: Unit Value Summary: Current Period Year to Date Current Period Year to Date Beginning Balance $45,453,365.71 $41,447,815.46 Beginning Units 3,523,063.463 3,512,453.656 Contributions $98,100.00 $666,700.00 Unit Purchases from Additions 7,408.239 53,739.174 Withdrawals ($63,636.00) ($509,088.00) Unit Sales from Withdrawals (4,849.889) (40,571.016) Transfers In/Out $0.00 $0.00 Ending Units 3,525,621.814 3,525,621.814 Income $23,151.46 $153,273.35 Administrative Expense ($613.71) ($5,616.49) Period Beginning Net Asset Value per Unit $12.901660 $11.800246 Investment Expense ($788.52) ($5,425.33) Period Ending Net Asset Value per Unit $13.216599 $13.216599 Investment Manager Fees ($5,310.08) ($15,585.26) IFA Loan Repayment $0.00 $0.00 Adjustment $2.73 $9,563.74 Realized Gain/Loss $154,538.85 $547,028.28 Unrealized Gain/Loss $937,918.44 $4,308,063.13 Ending Balance $46,596,728.88 $46,596,728.88 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: 2.44% 3.35% 12.00% 11.61% 11.61% N/A N/A 7.54% 04/06/2022 Returns for periods greater than one year are annualized 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 18 of 47 Statement of Transaction Detail for the Month Ending 08/31/2025 GLEN ELLYN POLICE PENSION FUND Trade Date Settle Date Description Amount Unit Value Units IPOPIF Pool 08/20/2025 08/21/2025 Redemptions (63,636.00) 13.120567 (4,850.0953) 08/25/2025 08/26/2025 Final Transition Cost Allocation Adjustment 2.73 13.200773 0.2068 08/28/2025 08/29/2025 Contribution 98,100.00 13.242013 7,408.2392 Page 3 of 3 Page 19 of 47  August 2025 Statement Supplement Cash Flows Period Contributions Withdrawals Aug 2025 $39 million $62 million CY 2025 $466 million $493 million Expenses Paid Administrative Investment Direct Investment Period Expenses Expenses Manager Fees 8/1/2025 $186,666.79 $239,839.31 $1,615,132.36 CY 2025 $1,709,531.25 $1,650,771.96 $4,742,624.67 • Expenses are paid from the IPOPIF Pool and allocated proportionately by member value. • Investment expenses exclude investment manager fees. • Direct Investment Manager Fee includes those fees invoiced and paid by IPOPIF. Other investment manager fees are tracked separately and reported to the Board and disclosed in the Fund’s Annual Comprehensive Financial Report. Investment Pool Details Date Units Value Unit Price 7/31/2025 1,071,586,780.9620 13,825,247,928.83 12.901660 8/31/2025 1,069,833,902.7071 14,139,565,427.94 13.216599 A spreadsheet with complete unit and expense detail history is linked on the Article 3 Fund Reports page as IPOPIF Unit and Expense Information.xlsx. Transition Cost Allocation Adjustments June: Consistent with the IPOPIF AR 2022-01 Valuation and Cost Rule.pdf, to ensure equitable treatment of all participating Article 3 funds, a final true-up allocation of all costs paid using funds from the consolidated IPOPIF investment portfolio from inception through December 31, 2024, was completed in June 2025. Additional details were provided in the June statement supplement. August: An additional adjustment totaling $816 was processed in August relating to a small residual transfer. All funds received a proportional credit based their IPOPIF balance. The amounts ranged from $0.01 to $22.35. Resources • Monthly statement overview: Link to Statement Overview • 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/ Illinois Police Officers’ Pension Investment Fund 309-280-6464 456 Fulton Street, Suite 402 info@ipopif.org Peoria, Illinois 61602 Page 20 of 47 Page 21 of 47 Page 22 of 47 Page 23 of 47  2025 IPFA FALL PENSION SEMINAR Friday November 7, 2025 Red Shift Empress Banquets 200 East Lake Street Addison, IL 60101 630-279-5900 IN-PERSON SEMINAR REGISTRATION FORM (please print or type) SEMINAR FEES: IPFA Members: $ 230.00 Non - Members: $ 320.00 Walk-In Registration: $ 340.00 Avoid the walk-in surcharge register on or before Monday, November 3, 2025 Registration opens at 07:00, event begins at 08:00, & ends at 16:00 First Name: Last Name: e-mail Address: Member Non-Member TOTAL CHECK ENCLOSED $_______.____ on or before No credits ipfa@aol.com The Illinois Pension Statute requires continuing education for all pension board trustees. This seminar provides up to 8 hours of credits. For IPFA Office Use: Date: ___________ Check #: ___________ Amount: _____________ Payer: ________________________________________ ___________________________________________________________________________ Page 24 of 47 Page 25 of 47 | | | | | Page 26 of 47 Page 27 of 47 Page 28 of 47 Page 29 of 47  Glen Ellyn Police Pension Meeting 10/15/2025 4:30 PM Board Department: Finance 535 Duane Street Department Head: Patrick Brankin Glen Ellyn, IL 60137 Category: Personnel Prepared By: Patrick Brankin AGENDA ITEM (ID DOC ID: 2025-877 # 2025-877) Application for membership - Jedd Tabladillo Statement of the Issue: Analysis: Budget Impact: Contribution to Strategic Plan Action Requested: Attachments: 1. JT membership application redacted Page 30 of 47 Page 31 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND PUBLIC ACT 95-0950 MUNICIPAL COMPLIANCE REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 535 Duane Street Glen Ellyn, IL 60137 Phone: 630.469.1187 Fax: 630.469.8849 www.glenellyn.org Page 32 of 47 September 18, 2025 Members of the Pension Board of Trustees Glen Ellyn Police Pension Fund Glen Ellyn, Illinois Enclosed please find a copy of your Municipal Compliance Report for the Glen Ellyn Police Pension Fund for the fiscal year ended December 31, 2024. We have prepared the report with the most recent information available at our office. Should you have more current information, or notice any inaccuracies, we are prepared to make any necessary revisions and return them to you. The President and Secretary of the Pension Fund are required to sign the report on page 3. If not already included with the enclosed report, please also include a copy of the Pension Fund’s most recent investment policy. The signed Public Act 95-0950 - Municipal Compliance Report must be provided to the Municipality before the tax levy is filed on the last Tuesday in December. We are sending the report via email to promote an environmentally-friendly work atmosphere. If you have any questions regarding this report, please contact your Client Manager or PSA. Respectfully submitted, LAUTERBACH & AMEN, LLP Page 33 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 The Pension Board certifies to the Board of Trustees of the Village of Glen Ellyn, Illinois on the condition of the Pension Fund at the end of its most recently completed fiscal year the following information: 1) The total cash and investments, including accrued interest, of the fund at market value and the total net position of the Pension Fund: Current Preceding Fiscal Year Fiscal Year Total Cash and Investments (including accrued interest) $41,482,274 $38,269,358 Total Net Position $41,484,269 $38,269,224 2) The estimated receipts during the next succeeding fiscal year from deductions from the salaries of police officers and from other sources: Estimated Receipts - Employee Contributions $523,900 Estimated Receipts - All Other Sources Investment Earnings $2,696,300 Municipal Contribution $3,022,000 3) The estimated amount required during the next succeeding fiscal year to (a) pay all pensions and other obligations provided in Article 3 of the Illinois Pension Code, and (b) to meet the annual requirements of the fund as provided in Sections 3-125 and 3-127: (a) Pay all Pensions and Other Obligations $3,919,400 (b) Annual Requirement of the Fund as Determined by: Illinois Police Officers' Pension Investment Fund $2,005,651 Private Actuary - Foster & Foster Recommended Municipal Contribution $3,022,000 Statutory Municipal Contribution $2,408,692 Page 1 Page 34 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 4) The total net income received from investment of assets along with the assumed investment return and actual investment return received by the fund during its most recently completed fiscal year compared to the total net income, assumed investment return, and actual investment return received during the preceding fiscal year: Current Preceding Fiscal Year Fiscal Year Net Income Received from Investment of Assets $3,639,561 $4,556,704 Assumed Investment Return Illinois Police Officers' Pension Investment Fund 6.800% 6.800% Private Actuary - Foster & Foster 6.500% 6.500% Actual Investment Return 9.127% 12.612% 5) The total number of active employees who are financially contributing to the fund: Number of Active Members 45 6) The total amount that was disbursed in benefits during the fiscal year, including the number of and total amount disbursed to (i) annuitants in receipt of a regular retirement pension, (ii) recipients being paid a disability pension, and (iii) survivors and children in receipt of benefits: Total Amount Number of Disbursed (i) Regular Retirement Pension 29 $2,399,357 (ii) Disability Pension 3 $141,703 (iii) Survivors and Child Benefits 6 $381,264 Totals 38 $2,922,325 Page 2 Page 35 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 7) The funded ratio of the fund: Current Preceding Fiscal Year Fiscal Year Illinois Police Officers' Pension Investment Fund 67.38% 67.03% Private Actuary - Foster & Foster 61.57% 62.19% 8) The unfunded liability carried by the fund, along with an actuarial explanation of the unfunded liability: Unfunded Liability: Illinois Police Officers' Pension Investment Fund $20,278,520 Private Actuary - Foster & Foster $26,244,339 The accrued liability is the actuarial present value of the portion of the projected benefits that has been accrued as of the valuation date based upon the actuarial valuation method and the actuarial assumptions employed in the valuation. The unfunded accrued liability is the excess of the accrued liability over the actuarial value of assets. 9) Please see attached Investment/Cash Management policy if applicable Please see Notes Page attached. CERTIFICATION OF MUNICIPAL POLICE PENSION FUND COMPLIANCE REPORT The Board of Trustees of the Pension Fund, based upon information and belief, and to the best of our knowledge, hereby certify pursuant to §3-143 of the Illinois Pension Code 40 ILCS 5/3-143, that the preceding report is true and accurate. Adopted this ___________ day of __________, 2025 President __________________________________________________ Date ___________________ Secretary __________________________________________________ Date ___________________ Page 3 Page 36 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 INDEX OF ASSUMPTIONS 1) Total Cash and Investments - as Reported at Market Value in the Audited Financial Statements for the Years Ended December 31, 2024 and 2023. Total Net Position - as Reported in the Audited Financial Statementsfor the Years Ended December 31, 2024 and 2023. 2) Estimated Receipts - Employee Contributions as Reported in the Audited Financial Statements for the Year Ended December 31, 2024 plus 5.83% Increase (Actuarial Salary Increase Assumption) Rounded to the Nearest $100. Estimated Receipts - All Other Sources: Investment Earnings - Cash and Investments as Reported in the Audited Financial Statements for the Year Ended December 31, 2024, times 6.5% (Actuarial Investment Return Assumption) Rounded to the Nearest $100. Municipal Contributions - Recommended Tax Levy Requirement as Reported by Foster & Foster, Actuarial Valuation for the Year Ended December 31, 2024. 3) (a) Pay all Pensions and Other Obligations - Total Non-Investment Deductions as Reported in the Audited Financial Statements for the Year Ended December 31, 2024, plus a 25% Increase, Rounded to the Nearest $100. (b) Annual Requirement of the Fund as Determined by: Illinois Police Officers' Pension Investment Fund - Suggested Amount of Tax Levy as Reported in the December 31, 2024 Actuarial Valuation. Private Actuary - Foster & Foster: Recommended Amount of Tax Levy as Reported by Foster & Foster in the December 31, 2024 Actuarial Valuation. Statutorily Required Amount of Tax Levy as Reported by Foster & Foster in the December 31, 2024 Actuarial Valuation. Page 4 Page 37 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 INDEX OF ASSUMPTIONS 4) Net Income Received from Investment of Assets - Investment Income (Loss) net of Investment Expense, as Reported in the Audited Financial Statements for the Years Ended December 31, 2024 and 2023. Assumed Investment Return: Illinois Police Officers' Pension Investment Fund - Current and Preceding Fiscal Year Interest Rate Assumption as Reported in the Years Ended December 31, 2024 and 2023 Actuarial Valuations. Private Actuary - Current and Preceding Fiscal Year Interest Rate Assumption as Reported in the Years Ended December 31, 2024 and 2023 Actuarial Valuations. Actual Investment Return -Net Income Received from Investments as Reported Above as a Percentage of the Average of the Beginning and Ending Balances of the Fiscal Year Cash Investments, Excluding Net Investment Income, Gains, and Losses for the Fiscal Year Return Being calculated, as Reported in the Audited Financial Statements for the Fiscal Years Ended December 31, 2024 and 2023. 5) Number of Active Members - Illinois Department of Insurance Annual Statement for December 31, 2024 - Schedule P. 6) (i) Regular Retirement Pension - Illinois Department of Insurance Annual Statement for December 31, 2024 - Schedule P for Number of Participants and Expense page 1 for Total Amount Disbursed. (ii) Disability Pension - Same as above. (iii) Survivors and Child Benefits - Same as above. Page 5 Page 38 of 47 THE VILLAGE OF GLEN ELLYN, ILLINOIS POLICE PENSION FUND Public Act 95-950 - Municipal Compliance Report For the Fiscal Year Ending December 31, 2024 INDEX OF ASSUMPTIONS 7) The funded ratio of the fund: Illinois Police Officers' Pension Investment Fund - Current and Preceding Fiscal Year Net Present Assets as a percentage of Total Assets as Reported in the December 31, 2024 and 2023 Actuarial Valuations. Private Actuary - Current and Preceding Fiscal Year Net Present Assets as a percentage of Total Assets as Reported in the December 31, 2024 and 2023 Actuarial Valuations. 8) Unfunded Liability: Illinois Police Officers' Pension Investment Fund - Deferred Asset (Unfunded Accrued Liability) as Reported in the December 31, 2024 Actuarial Valuation. Private Actuary - Deferred Asset (Unfunded Accrued Liability) as Reported by Foster & Foster in the December 31, 2024 Actuarial Valuation. Page 6 Page 39 of 47 Page 40 of 47  Volume 26, Issue 4, October 2025 Legal and Legislative Update 1 Incredible Firefighter Denied Duty Disability Pension 3 Article 3 to Article 4, Article 4 to Article 3, and Article 3 to IMRF. Service Transfer Mania! 4 Phantom Causation Denying Duty Disability Based on an Opinion Never Rendered 5 County Board Members Attendance at Informational Meeting Violated OMA 6 Amendment Permits Deduction from Pension Payments for Firefighter Union Dues 7 Suggested Agenda Items for January RDL News Page 41 of 47 Page 42 of 47  pension fund. The window opens January 1, 2026. Both the transfer and application must be completed within 6 months of the effective date of the Act, in this case, by July 1, 2026. The firefighter cannot have been the subject of disciplinary action at the time they terminated employment with the fire department. The police fund is to receive the amount of employee contributions in the fire fund, a match of that amount representing employer contributions, and any interest paid by the firefighter to reinstate service. A refund may be reinstated with payment to the police fund of the refund together with interest at 6% compounded annually. The officer may further owe to the police fund the difference between the amount of employer and employee contributions transferred and what would have been received had contributions been made at the police rate plus interest compound annually at the actuarially assumed rate. Transfer from Article 3 to Article 4 A firefighter may transfer up to 8 years of service Article 3 to Article 4, Article 4 to Article accumulated in an Article 3 police pension fund. 3, and Article 3 to IMRF. Service This window opened immediately. Application must be made to the Article 3 fund within 6 months Transfer Mania! of the effective date, in this case, by February 15, 2026. The police officer cannot have been the P.A. 104-0284 subject of disciplinary action at the time they terminated employment with the police Public Act 104-0284 was signed into law August department. The Article 4 fund is to receive the 15, 2025 and opened multiple windows for amount of employee contributions, a match of that transfers applicable to both Article 3 and 4 pension amount representing employer contributions, and members. First, it is important to note that while any interest paid to reinstate service. However, the the Act was signed into law August 15, 2025, some amendment does not provide a mechanism for portions are effective immediately and others are reinstatement of service lost due to receipt of a not effective until January 1, 2026. This is refund. important in determining when certain transfer windows and open and close. This is a complicated The piece of legislation. While a synopsis appears pension fund payment made in an amount below, should questions arise on a specific transfer, determined by the board equal to the difference please do not hesitate to reach out to your RDL between the amount of employee and employer attorney. contributions transferred and the amount that would have been contributed had they been made Transfer from Article 4 to Article 3 at the firefighter contribution rate plus interest at the actuarial assumed rate compounded annually. A police officer may transfer up to 8 years of Page 43 of 47 Article 3 to IMRF with a lumbar sprain or strain. After his sixth transfer their service established under an Article 3 In May 2021, Boyles injured his lower back a pension fund to IMRF. The window opens January seventh time while performing CPR on a patient. 1, 2026. Application must be made to the Article 3 He was diagnosed with a lumbar strain, given over- fund within 6 months of the effective date, in this the-counter medication, and referred for physical case, by July 15, 2026. therapy. Finally, the eighth incident occurred on September 24, 2021 and is the subject of this Upon receipt of an application, service is to be appeal. That day, Boyles responded to numerous transferred by the Article 3 Fund to IMRF as soon calls and experienced no symptoms during any of as practicable and shall consist of the contributions those calls until the sixth call. He lifted a patient of the officer to the Article 3 fund and a match of with a scoop stretcher and felt pain in his lower that amount representing employer contributions. back. The pain increased when Boyles stood up and Significantly, the amendment does not provide the radiated down his left leg. He had never officer with the ability to reinstate service lost due experienced such pain. to a refund. Boyles shuffled to the fire engine and leaned on it The officer may owe an additional amount to IMRF equal to the difference between the contributions other paramedics placed the patient into the transferred and the amount that would have been ambulance. When Trnka finished speaking with the enforcement rate plus interest at the actuarially injured his ba assumed rate. However, the IMRF employee may elect to receive reduced service in lieu of making transported to the hospital via ambulance. the additional contributions. At the hospital, Boyles was diagnosed with Phantom Causation Denying Duty multiple conditions, including radiculopathy, Disability Based On An Opinion Never stenosis, and multiple disk bulges. A week later, Boyles followed up with the doctors at the Rendered occupation health center as required by the Bolingbrook Fire Department and was diagnosed with multilevel disk bulges caused by work al., 2025 IL App (3d) 240548-U activities. Firefighter Steven Boyles worked for the The following week, Boyles saw Dr. Matthew Bolingbrook Fire Department for over 20 years and Ross, who opined he may have sciatica most likely injured his lower back several times throughout his caused by disk herniations or foraminal stenosis at career. He again injured his lower back on L4-L5. Ross recommended Boyles undergo September 24, 2021 while lifting an injured person on a stretcher. Boyles applied for a duty, and in the refused to pay for it as their medical examiner, Dr. alternative, a non-duty disability pension. Kern Singh, diagnosed Boyles with a strain and opined surgery is unnecessary, recommending Boyles injured his lower back on approximately work-conditioning instead. Boyles did so, and it eight different occasions. The incidents involved aggravated his condition. Boyles informed Dr. lifting patients or otherwise attending to emergency Ross of these problems, who reiterated the need for calls and tending to equipment or performing duties surgery. Eventually, Singh released Boyles to full, at the fire station. Boyles was prescribed physical unrestricted duty. therapy after the incidents and returned to full, unrestricted duty. He was frequently diagnosed Page 44 of 47 Boyles applied for a disability pension and condition. He only experienced debilitating pain underwent the surgery recommended by Dr. Ross, after lifting the patient in September 2021. paying for it out-of-pocket. He attended physical therapy and a subsequent functional capacity Boyles presents a situation where the Board evaluation revealed Boyles can perform less than reached a decision not supported by any medical 50% of his job requirements. Dr. Ross opined evidence. In fact, as the Court identified, it made no Boyles reached maximum medical improvement. logical sense to rely on two IMEs who found no disability regarding causation. As such, Boards Boyles was examined by three independent must be careful to ensure their decision is supported by the medical evidence, or they risk being They disagreed on whether Boyles was disabled reversed despite the deferential standard applied by and the cause of disability. The Board awarded a courts on questions of fact. non-duty disability pension and denied a duty disability pension. It relied on the opinions of two County Board Members Attendance at IMEs, who it claimed opined Boyles is disabled as Informational Meeting Violated OMA a result of degenerative back issues unrelated to an Public Access Opinion 25-011 (The Appellate Court subsequently found neither doctor had rendered such an opinion). Boyles The Washington County Board was recently found, sought administrative review, and the trial court in a binding opinion by the Illinois Attorney affirmed. On appeal, the Third District Appellate General, to have violated the Open Meetings Act. Court reversed and awarded Boyles a line of duty Specifically, a citizen had complained the Board disability pension benefit. did not post an agenda or prepare minutes of an informational meeting, attended by some Board The Court held the Pension Board reached a members and hosted by Pattern Energy, a private decision based on opinions not expressed by a company. single doctor. Specifically, it held not a single doctor opined Boyles was disabled because of his First, the Opinion addressed the purpose behind the degenerative spine condition. The Pension Board Open Meetings Act. "It is the public policy of this relied on Dr. Singh and Dr. Sepehr Sani, one of the State that public bodies exist to aid in the conduct of the people's business and that the people have a disabled and can return to full, unrestricted duty. right to be informed as to the conduct of their The Court noted neither doctor even opined as to business." 5 ILCS 120/1. "The Open Meetings Act causation, understandably as they opined Boyles provides that public agencies exist to aid in the was not disabled. conduct of the people's business and that the intent of the Act is to assure that agency actions be taken The Court also noted the Board rejected Singh and openly and that their deliberations be conducted openly." Gosnell v. Hogan, 179 Ill. App. 3d 161, they awarded Boyles a non-duty disability pension. 171 (1989). The Act is designed to prohibit secret deliberation and action on business which properly logically give an opinion as to the causation of should be discussed in a public forum due to its Boyles potential impact on the public. they each opined that he was not disabled and could video or audio conference, telephone call, as Boyles worked full, unrestricted duty despite his electronic means (such as, without limitation, previous injuries and apparent degenerative electronic mail, electronic chat, and instant messaging), or other means of contemporaneous Page 45 of 47 interactive communication, of a majority of a other documentation of the meeting, the Board may quorum of the members of a public body held for invite Pattern Energy to recreate the presentation the purpose of discussing public business or, for a during an open meeting that fully complies with the 5-member public body, a quorum of the members requirements of OMA. The Board was also directed of a public body held for the purpose of discussing to ensure that future gatherings in which five or public busin more of its members engage in deliberative discussions of public business are held in full The Opinion found that the Washington County compliance with the requirements of OMA. Board consists of 15 members, and that a majority If a gathering of public body members meets the of Board members constitutes a quorum. definition of a "meeting," then the procedural Accordingly, eight Board members constitute a safeguards and requirements of OMA apply. Those quorum and five members constitute a majority of measures include proper posting of notice and an a quorum. If five members of the Board met on agenda, holding the meeting at a specified time and April 30, 2025, for the purpose of discussing public place that is convenient and open to the public, business, that gathering would be subject to the keeping minutes, and allowing public comment. requirements of OMA. The Opinion found that Amendment Permits Deduction from Pension Payments for Firefighter Union which consist of 5 members, the presence of 3 Dues members triggers the meeting definitions application. P.A. 104-0196 The Opinion then addressed the definition of A recent amendment to Article 4 permits an annuitant or disability beneficiary to direct, in concluded that "informal sessions or conferences writing, that a monthly payment be made to an designed for the discussion of public business" are association or organization with which the meetings subject to the requirements of OMA. annuitant or disability beneficiary or their Previous Opinions ha surviving spouse may be affiliated by virtue of his or her fire service or for hospitalization insurance members were gathering information. As the OMA purposes Attorney General looked to the FOIA statute for its This would exempt payments from pension fund definition. Accordingly, just like in FOIA, the term assets for other non-firefighter related "public business" under OMA means "business or organizations or activities however, it does codify community interests as opposed to private affairs." a widespread past practice where union dues were After finding the impact of Pattern Energy's paid out of pension benefits for retired or disabled Kaskaskia Renewables project on Washington firefighters. County is undoubtedly a matter of public business as the project would affect the county's tax The amendment is effective January 1, 2026. revenues, energy resources, economy, and environment, among other things, the Attorney General determined that the seven Board members did attend a meeting involving public business and were subject the requirements of the OMA. The Board was directed to generate and approve written minutes for the meeting. Alternatively, if the Board determines that generating minutes that thoroughly summarize the information presented and discussed is unfeasible due to a lack of notes or Page 46 of 47 Suggested Agenda Items for January (or 1st Quarter) Schedule annual examinations for disabled firefighters/police officers under age 50. Approval of annual COLA increases. Annual verifications of eligibility for Semi-annual review of closed executive beneficiaries. session minutes to determine if needs to remain confidential. Review/update contracts with vendors (accountants, actuaries, attorneys, money Determine need for election of beneficiary and managers). active Trustees and/or re-appointment of appointed Trustees request for re- Obtain predatory lending certification forms appointment of appointed Trustees. from Illinois regulated banks. REIMER DOBROVOLNY & LABARDI PC NEWS October 1-2, 2025, RDL attorneys will attend and present at the IPPFA Mid-American Pension Conference in Oak Brook. November 7, 2025, RDL partner Brian LaBardi will attend and present at the IPFA Fall Pension Conference in Addison. Legal and Legislative Update Volume 26, Issue 4, October 2025 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 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. Page 47 of 47