Fire Pension Board

NOTICE OF A REGULAR MEETING OF THE MUNDELEIN FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES The Mundelein Firefighters’ Pension Fund Board of Trustees will conduct a regular meeting on Monday, April 22, 2024 at 8:30 a.m. in the Mundelein Fire Department located at 1000 North Midlothian Road, Mundelein, Illinois 60060, for the purposes set forth in the following agenda: AGENDA 1. Call to Order 2. Roll Call 3. Public Comment 4. Approval of Meeting Minutes a.) January 22, 2024 Regular Meeting 5. Accountant’s Report – Lauterbach & Amen, LLP a.) Monthly Financial Report b.) Presentation and Approval of Bills c.) Additional Bills, if any d.) Discussion/Possible Action – Cash Management Policy 6. Investment Report – IFPIF a.) Marquette Associates b.) Statement of Results 7. Communications and Reports a.) Statements of Economic Interest b.) Affidavits of Continued Eligibility 8. Trustee Training Updates a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses 9. Applications for Membership/Withdrawals from Fund 10. Applications for Retirement/Disability Benefits a.) Approve Regular Retirement Benefits – John Peters 11. Old Business a.) Review/Approve – Amended Rules and Regulations b.) Reciprocity Update – Joshua Carr c.) Review Updated Letter of Credit 12. New Business a.) Certify Board Election Results – Active Member Positions b.) Appointed Member Term Expiration – Wells Frice c.) Review/Approve – Fiduciary Liability Insurance Renewal d.) Review/Possibly Approve – Lauterbach & Amen, LLP Engagement Letter e.) BMO Bank Signature Cards and Resolution Update f.) Review Authorized Agents and Account Representatives for IFPIF g.) Review/Approve – GCM Maintenance Form 13. Attorney’s Report – Reimer Dobrovolny & LaBardi, PC a.) Legal Updates b.) Annual Independent Medical Examination – Kevin Miller 14. Closed Session, if needed 15. Adjournment Page 1 of 68  MINUTES OF A REGULAR MEETING OF THE MUNDELEIN FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES JANUARY 22, 2024 A regular meeting of the Mundelein Firefighters’ Pension Fund Board of Trustees was held on Monday, January 22, 2024 at 8:30 a.m. in the Fire Department located at 1000 North Midlothian Road, Mundelein, Illinois 60060, pursuant to notice. CALL TO ORDER: Trustee Lockwood called the meeting to order at 8:35 a.m. ROLL CALL: PRESENT: Trustees Wells Frice, Jeremy Lockwood and Michael Lawrence ABSENT: Trustees Steve Hoenig and John Peters ALSO PRESENT: Elizabeth Adelmann, Lauterbach & Amen, LLP (L&A); Firefighter Jonathan Sinclair, Mundelein Fire Department PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 23, 2023 Regular Meeting: The Board reviewed the October 23, 2023 regular meeting minutes. The Board noted that there was an error in the roll call listed under Old Business and New Business. A motion was made by Trustee Frice and seconded by Trustee Lawrence to approve the October 23, 2023 regular meeting minutes as amended. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes to review. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the six-month period ending October 31, 2023 prepared by L&A. As of October 31, 2023 the net position held in trust for pension benefits is $24,910,645.77 for a change in position of ($692,535.23). The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and Quarterly Disbursement Report for the period August 1, 2023 through October 31, 2023 for total disbursements of $19,455.51. A motion was made by Trustee Frice and seconded by Trustee Lockwood to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $19,455.51. Motion carried by roll call vote. AYES: Trustees Lockwood, Frice and Lawrence NAYS: None ABSENT: Trustees Peters and Hoenig Additional Bills, if any: The Board reviewed Reimer Dobrovolny & LaBardi PC invoice #29882 in the amount of $506.30 for legal services rendered. A motion was made by Trustee Lawrence and seconded by Trustee Lockwood to approve the additional bill as presented. Motion carried by roll call vote. AYES: Trustees Lockwood, Frice and Lawrence NAYS: None ABSENT: Trustees Peters and Hoenig Discussion/Possible Action – Cash Management Policy: The Board discussed the Cash Management Policy and determined no changes were required at this time. INVESTMENT REPORT – IFPIF: Marquette Associates: The Board reviewed the IFPIF Monthly Summary prepared by Marquette Associates report for the period ending October 31, 2023. As of October 31, 2023, the one- Page 2 of 68 Mundelein Firefighters’ Pension Fund Meeting Minutes – January 22, 2024 Page 2 of 3 month total net return is (2.7%) and the year-to-date net return is 2.4% for an ending market value of $7,465,345,588. The current asset allocation is as follows: Total Equity at 65.5%, Fixed Income at 28.6%, Real Estate at 4.9% and Cash at 1.0%. The Board noted that they will place the IFPIF Monthly Summary on file with the Board’s records. Statement of Results: The Board reviewed the IFPIF Statement of Results for the period ending November 30, 2023. As of November 30, 2023, the beginning value was $24,441,363.08, the ending value was $26,216,415.83 and the net return was 7.55%. The Board noted that they will place the Northern Trust Statements of Results on file with the Board’s records. COMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2024. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2024. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: The Board reviewed the Applications for Membership submitted by Kyle Bittner and Tyler Gaunky. A motion was made by Trustee Lockwood and seconded by Trustee Lawrence to accept Kyle Bittner and Tyler Gaunky into the Mundelein Firefighters’ Pension Fund effective November 27, 2023, as Tier II participants. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits – John Peters: The Board noted that a retirement application has been received for John Peter’s and the benefit calculation is in process. Further discussion will be held at the next regular meeting. OLD BUSINESS: Military Buyback – Scott Huber: The Board noted that Scott Huber completed his military service purchase to transfer 24 months of military service to the Mundelein Firefighters’ Pension Fund in the amount of $84,654.80. A motion was made by Trustee Frice and seconded by Trustee Lockwood to accept the payment in the amount of $84,654.80, recognize the purchase as paid in full and acknowledge Scott Huber’s revised date of hire from October 15, 2008 to October 15, 2006. Motion carried by roll call vote. AYES: Trustees Lockwood, Frice and Lawrence NAYS: None ABSENT: Trustees Peters and Hoenig Review/Approve – Amended Rules and Regulations: The Board noted that the draft amended rules and regulations has been received from Attorney Reimer and is being reviewed. Further discussion will be held at the next meeting. Reciprocity Update – Joshua Carr: The Board noted that an adjusted repayment schedule has been requested by Joshua Carr. A motion was made by Trustee Frice and seconded by Trustee Lockwood to adjust the start date for the repayment schedule to begin on February 29, 2024 and complete payment on May 31, 2024. Motion carried unanimously by voice vote. NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the 2024 Cost of Living Adjustments (see attached) calculated by L&A. A motion was made by Trustee Lawrence and seconded Page 3 of 68 Mundelein Firefighters’ Pension Fund Meeting Minutes – January 22, 2024 Page 3 of 3 by Trustee Lockwood to approve the 2024 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Lockwood, Frice and Lawrence NAYS: None ABSENT: Trustees Peters and Hoenig Review Trustee Term Expirations and Election Procedures: The Board noted that the active member term currently held by Trustee Lockwood is expiring in April 2024. Trustee Lockwood expressed his interest to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for one of the two active member Trustee positions. The Board also noted that the appointed member position held by Trustee Frice is expiring in April 2024 and he is interested in remaining on the Board. The Board will contact the Village and seek reappointment of Trustee Frice to the Board. Review Updated Letter of Credit: The Board noted that the Letter of Credit through Federal Home Loan Bank of Chicago expires on February 28, 2024. L&A is in the process of preparing the renewals that will be sent to the Boards upon completion. ATTORNEY’S REPORT – REIMER, DOBROVOLNY & LABARDI, PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Annual Independent Medical Examinations – Kevin Miller and David Myers: The Board discussed sending Kevin Miller and David Myers for their annual independent medical examination (IME). A motion was made by Trustee Lockwood and seconded by Trustee Lawrence to authorize the Board Attorney to send Kevin Miller for his annual IME. Further discussion will be held at the next regular meeting. Motion carried unanimously by voice vote. The Board noted that David Myers turned age 50 in 2023 and is no longer required to attend an annual IME. Firefighter Sinclair left the meeting at 9:06 a.m. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Lockwood and seconded by Trustee Lawrence to adjourn the meeting at 9:09 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for April 22, 2024 at 8:30 a.m. __________________________________________________ Board President or Secretary Minutes approved by the Board of Trustees on ____________________________ Minutes prepared by Elizabeth Adelmann, Professional Services Administrator, Lauterbach & Amen, LLP Page 4 of 68 Monthly Financial Report For the Month Ended February 29, 2024 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 • FAX 630.393.2516 www.lauterbachamen.com Page 5 of 68  Mundelein Firefighters' Pension Fund Table of Contents Starting on Page Accountants' Compilation Report................................................................................................ 1-1 Financial Statements Statement of Net Position - Modified Cash Basis................................................................... 2-1 Statement of Changes in Net Position - Modified Cash Basis................................................ 2-2 Other Supplementary Information Cash & Investments - Pie Chart.............................................................................................. 3-1 Cash Analysis Report.............................................................................................................. 4-1 Cash Analysis Summary - Graph............................................................................................ 5-1 Revenue Report....................................................................................................................... 6-1 Expenses - Bar Chart............................................................................................................... 7-1 Expense Report........................................................................................................................ 8-1 Member Contribution Report.................................................................................................. 9-1 Payroll Batch Report............................................................................................................... 10-1 Quarterly Disbursement Report............................................................................................... 11-1 Quarterly Deduction Report.................................................................................................... 12-1 Quarterly Transfer Report........................................................................................................ 13-1 Page 6 of 68 Page 7 of 68 March 27, 2024 Mundelein Firefighters' Pension Fund 1000 N Midlothian Road Mundelein, IL 60060 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Mundelein Firefighters' Pension Fund which comprise the statement of net position - modified cash basis as of February 29, 2024 and the related statement of changes in net position - modified cash basis for the ten months then ended in accordance with the modified cash basis of accounting and for determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the interim financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these interim financial statements. The interim financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures ordinarily included in interim financial statements prepared in accordance with the modified cash basis of accounting. If the omitted disclosures were included in the interim financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, the interim financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. The other supplementary information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on the other supplementary information. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP Page 8 of 68 1-1 Page 9 of 68  Mundelein Firefighters' Pension Fund Statement of Net Position - Modified Cash Basis As of February 29, 2024 Assets Cash and Cash Equivalents $ 10,098.72 Investments at Fair Market Value Money Market Mutual Funds 378,823.51 Illinois Funds 15,510.25 Pooled Investments 27,816,956.51 Total Cash and Investments 28,221,388.99 Accrued Interest 1,479.98 Prepaids 1,751.50 Total Assets 28,224,620.47 Liabilities Expenses Due/Unpaid 725.00 Total Liabilities 725.00 Net Position Held in Trust for Pension Benefits 28,223,895.47 See Accountants' Compilation Report Page 10 of 68 2-1  Mundelein Firefighters' Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Ten Months Ended February 29, 2024 Additions Contributions - Municipal $ 1,034,200.61 Contributions - Members 349,791.18 Total Contributions 1,383,991.79 Investment Income Interest and Dividends Earned 441,827.34 Net Change in Fair Value 2,412,971.40 Total Investment Income 2,854,798.74 Less Investment Expense (23,017.39) Net Investment Income 2,831,781.35 Total Additions 4,215,773.14 Deductions Administration 39,368.30 Pension Benefits and Refunds Pension Benefits 1,482,655.99 Refunds 73,034.38 Total Deductions 1,595,058.67 Change in Position 2,620,714.47 Net Position Held in Trust for Pension Benefits Beginning of Year 25,603,181.00 End of Period 28,223,895.47 See Accountants' Compilation Report Page 11 of 68 2-2 Page 12 of 68  Mundelein Firefighters' Pension Fund Cash and Investments Money Market Mutual Funds 1% Cash & Cash Equivalents 0% Illinois Funds 0% Pooled Investments 99% See Accountants' Compilation Report Page 13 of 68 3-1  Mundelein Firefighters' Pension Fund Cash Analysis Report For the Twelve Periods Ending February 29, 2024 03/31/23 04/30/23 05/31/23 06/30/23 07/31/23 08/31/23 09/30/23 10/31/23 11/30/23 12/31/23 01/31/24 02/29/24 Financial Institutions BMO Bank - CK $ 10,066 34,290 41,669 79,970 43,007 22,372 122,061 78,733 88,713 22,780 10,639 10,099 10,066 34,290 41,669 79,970 43,007 22,372 122,061 78,733 88,713 22,780 10,639 10,099 MSSB - MM - Wire Account #4908 2,100 2,100 2,100 2,100 - - - - - - - - US Bank - MM #6450 363,040 364,279 365,550 366,941 368,310 369,752 371,257 372,722 374,248 375,736 377,279 378,824 Illinois Funds - MM 14,770 14,829 14,893 14,957 15,024 15,094 15,162 15,233 15,303 15,374 15,444 15,510 379,910 381,208 382,543 383,998 383,334 384,846 386,419 387,955 389,551 391,110 392,723 394,334 Total 389,976 415,498 424,212 463,968 426,341 407,218 508,480 466,688 478,264 413,890 403,362 404,433 Contributions Current Tax 100,419 - 31,656 461,772 47,992 8,137 337,470 80,400 59,398 6,532 844 - Contributions - Current Year 22,018 23,038 23,712 36,035 23,854 23,856 23,320 23,458 23,513 36,994 25,398 24,997 Contributions - Prior Year - 532 - - - - - - 34,127 - - - Interest Received from Members - 32 - - - - - - 50,528 - - - 122,437 23,602 55,368 497,807 71,846 31,993 360,790 103,858 167,566 43,526 26,242 24,997 Expenses Pension Benefits 146,349 146,349 146,349 146,349 146,349 146,349 146,349 146,349 147,979 148,153 152,076 156,352 Refunds/Transfers of Service - - - - 4,328 - - - 68,707 - - - Administration 12,712 3,321 2,833 3,267 12,385 12,075 3,625 3,755 9,790 5,788 5,721 3,147 159,061 149,670 149,182 149,616 163,062 158,424 149,974 150,104 226,476 153,941 157,797 159,499 Total Contributions less Expenses (36,624) (126,068) (93,814) 348,191 (91,216) (126,431) 210,816 (46,246) (58,910) (110,415) (131,555) (134,502) See Accountants' Compilation Report Page 14 of 68 4-1  Mundelein Firefighters' Pension Fund Cash Analysis Summary $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Cash & Money Market Balances* Total Contributions Benefit & Administrative Expenses *Cash & Money Market Balances omitted due to distorting effect on the Cash Analysis graph. See Accountants' Compilation Report Page 15 of 68 5-1  Mundelein Firefighters' Pension Fund Revenue Report as of February 29, 2024 Received Received this Month this Year Contributions Contributions - Municipal 41-210-00 - Current Tax $ 0.00 1 1,034,200.61 0.00 1,034,200.61 Contributions - Members 41-410-00 - Contributions - Current Year 24,996.81 1 265,136.38 41-420-00 - Contributions - Prior Year 0.00 1 34,126.93 41-440-00 - Interest Received from Members 0.00 1 50,527.87 24,996.81 349,791.18 Total Contributions 24,996.81 1 1,383,991.79 0 Investment Income Interest and Dividends 43-102-09 - BMO Bank - Checking 15.44 1 1,075.41 43-106-01 - Illinois Funds - Money Market #1162 66.27 1 680.99 43-550-05 - US Bank - Mutual Funds #6450 1,585.82 1 14,961.39 43-800-01 - IFPIF Consolidated Pool Dividend 17,829.53 1 151,413.68 43-800-02 - IFPIF Consolidated Pool Interest 28,954.84 1 273,143.20 43-800-03 - IFPIF Contribution Interest 6.07 1 382.57 48,457.97 10 441,657.24 Gains and Losses 44-800-01 - IFPIF Consolidated Pool - Unrealized 637,926.70 1 2,461,906.12 44-800-02 - IFPIF Consolidated Pool - Realized (18,051.08) 1 (48,934.72) 619,875.62 4 2,412,971.40 Other Income 45-200-00 - Accrued Interest (105.84) 1 167.50 49-000-03 - IFPIF Consolidated Pool Other Income 0.00 1 2.60 (105.84) 4 170.10 Total Investment Income 668,227.75 3 2,854,798.74 0 Total Revenue 693,224.56 4,238,790.53 See Accountants' Compilation Report Page 16 of 68 6-1  Mundelein Firefighters' Pension Fund Pension Benefits and Expenses 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 Service Duty Disability Refund Administrative Expenses 1,267,340 215,316 73,034 62,386 See Accountants' Compilation Report Page 17 of 68 7-1  Mundelein Firefighters' Pension Fund Expense Report as of February 29, 2024 Expended Expended this Month this Year Pensions and Benefits 51-020-00 - Service Pensions $ 134,683.68 1,267,339.63 51-040-00 - Duty Disability Pensions 21,668.81 215,316.36 51-100-00 - Refund of Contributions 0.00 73,034.38 Total Pensions and Benefits 156,352.49 1,555,690.37 Administrative Insurance 52-150-01 - Fiduciary Insurance 0.00 6,372.00 0.00 6,372.00 Professional Services 52-170-01 - Actuarial Services 0.00 5,980.00 52-170-03 - Accounting & Bookkeeping Services 1,250.00 15,980.00 52-170-05 - Legal Services 0.00 1,981.30 52-170-06 - PSA/Court Reporter 750.00 7,475.00 2,000.00 31,416.30 Investment 52-190-02 - Custodial Fees 41.67 416.70 52-195-01 - Administrator Expenses (IFPIF) 0.00 1,891.10 52-195-02 - Other Fee & Expenses (IFPIF) 651.41 14,933.90 52-195-03 - Management Fee (IFPIF) 0.00 4,454.99 52-195-05 - Other Expenses (IFPIF) 453.97 1,320.70 1,147.05 23,017.39 Other Expense 52-290-25 - Conference/Seminar Fees 0.00 785.00 52-290-26 - Association Dues 0.00 795.00 0.00 1,580.00 Total Administrative 3,147.05 62,385.69 Total Expenses 159,499.54 1,618,076.06 See Accountants' Compilation Report Page 18 of 68 8-1  Mundelein Firefighters' Pension Fund Member Contribution Report As of Month Ended February 29, 2024 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Akers, Michael A. $ 10,326.36 6,600.19 0.00 0.00 16,926.55 Bednarski, Marcin 18,196.46 6,948.01 0.00 0.00 25,144.47 Bittner, Kyle J. 0.00 1,771.08 0.00 0.00 1,771.08 Brimmer, David L. 0.00 1,771.08 0.00 0.00 1,771.08 Buhrmester, Daniel M. 79,729.63 9,021.72 0.00 0.00 88,751.35 Clark, Brett T. 67,862.50 9,836.78 0.00 0.00 77,699.28 Collins, Patrick S. 6,135.97 6,550.87 0.00 0.00 12,686.84 Crispe, John M. 58,868.11 8,759.13 0.00 0.00 67,627.24 D'Incognito, Steven M. 119,329.31 10,454.42 0.00 0.00 129,783.73 Ellegood, Jacob A. 25,991.80 7,309.87 0.00 0.00 33,301.67 Englund, Clifton D. 113,829.16 10,454.42 0.00 0.00 124,283.58 Gaunky, Tyler M. 0.00 1,771.08 0.00 0.00 1,771.08 Gonzaga, Angel 13,410.03 6,759.63 0.00 0.00 20,169.66 Huber, Scott P. 111,260.44 9,029.82 84,654.80 0.00 204,945.06 Iskra, Damian D. 31,673.85 7,516.39 0.00 0.00 39,190.24 Jones, Brian C. 185,454.86 12,155.56 0.00 0.00 197,610.42 Kornfeind, Gregory R. 35,869.29 7,865.41 0.00 0.00 43,734.70 Kuester, Joel A. 32,882.90 7,616.11 0.00 0.00 40,499.01 LaForme, Darryll J. 154,106.15 10,470.80 0.00 0.00 164,576.95 Lark, William F. 248,169.94 15,072.49 0.00 0.00 263,242.43 Lockwood, Jeremy J. 171,388.05 12,615.60 0.00 0.00 184,003.65 Marchioni, Ryland C. 27,526.18 7,412.32 0.00 0.00 34,938.50 Mastandrea, Daniel J. 34,824.87 7,765.69 0.00 0.00 42,590.56 Meek, Frederick J. 2,726.60 6,471.44 0.00 0.00 9,198.04 Nasca, Michael R. 58,744.08 8,759.52 0.00 0.00 67,503.60 Newman, Benjamin H. 24,329.53 2,964.37 0.00 0.00 27,293.90 Rodewald, Kurt R. 145,295.84 10,465.34 0.00 0.00 155,761.18 Rubio, Gilbert A. 194,649.74 12,373.33 0.00 0.00 207,023.07 Sashko, Brad T. 108,927.25 11,752.29 0.00 0.00 120,679.54 Sinclair, Jonathan R. 6,815.29 7,199.06 0.00 0.00 14,014.35 Stone, Jacqueline R. 125,610.61 9,910.44 0.00 0.00 135,521.05 2,213,934.80 255,424.26 84,654.80 0.00 2,554,013.86 Inactive/Terminated Members Brents, Darren A. 68,706.71 0.00 0.00 (68,706.71) 0.00 Carr, Joshua A. 34,200.29 1,077.96 0.00 0.00 35,278.25 See Accountants' Compilation Report Page 19 of 68 9-1  Mundelein Firefighters' Pension Fund Member Contribution Report As of Month Ended February 29, 2024 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Lutzow, Mark T. 4,327.67 0.00 0.00 (4,327.67) 0.00 Peters, John W. 145,604.41 8,634.16 0.00 0.00 154,238.57 Totals 2,466,773.88 265,136.38 84,654.80 (73,034.38) 2,743,530.68 Service Purchases 41-420-00 41-440-00 41-450-00 Prior Year Interest from Other Member Name - Type of Purchase Contributions Members Revenue Total Huber, Scott P. - Military - Principal 34,126.93 0.00 0.00 34,126.93 Huber, Scott P. - Military - Interest 0.00 50,527.87 0.00 50,527.87 Totals 34,126.93 50,527.87 0.00 84,654.80 See Accountants' Compilation Report Page 20 of 68 9-2 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance Disability Fire Dependent ***-**8042 122198 Miller, Kevin J. $23.20 $23.20 $0.00 $0.00 $0.00 $0.00 $0.00 0 ***-**8042 Subtotal: $23.20 $23.20 $0.00 $0.00 $0.00 $0.00 $0.00 Disability Fire Dependent Subtotal: $23.20 $23.20 $0.00 $0.00 $0.00 $0.00 $0.00 Duty Disability ***-**5230 105701 Bing, Ronald S. $6,583.00 $6,583.00 $0.00 $0.00 $0.00 $0.00 $0.00 0 ***-**5230 Subtotal: $6,583.00 $6,583.00 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**5141 105705 Greissinger, Gary S. $3,529.68 $4,285.03 $0.00 $0.00 $606.46 $0.00 $148.89 0 ***-**5141 Subtotal: $3,529.68 $4,285.03 $0.00 $0.00 $606.46 $0.00 $148.89 ***-**8042 122198 Miller, Kevin J. $5,388.76 $5,388.76 $0.00 $0.00 $0.00 $0.00 $0.00 0 ***-**8042 Subtotal: $5,388.76 $5,388.76 $0.00 $0.00 $0.00 $0.00 $0.00 ***-**6885 118610 Myers, David M. $5,388.82 $5,388.82 $0.00 $0.00 $0.00 $0.00 $0.00 0 See Accountants' Compilation Report 10-1 Page 21 of 68 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance ***-**6885 Subtotal: $5,388.82 $5,388.82 $0.00 $0.00 $0.00 $0.00 $0.00 Duty Disability Subtotal: $20,890.26 $21,645.61 $0.00 $0.00 $606.46 $0.00 $148.89 QILDRO ***-**7457 Q115838 Romberger, Elizabeth A. $2,524.41 $2,729.63 $0.00 $0.00 $0.00 $0.00 $205.22 0 ***-**7457 Subtotal: $2,524.41 $2,729.63 $0.00 $0.00 $0.00 $0.00 $205.22 QILDRO Subtotal: $2,524.41 $2,729.63 $0.00 $0.00 $0.00 $0.00 $205.22 Service ***-**5972 105706 Adams, Craig F. $9,102.94 $10,946.61 $0.00 $94.35 $0.00 $0.00 $1,749.32 0 ***-**5972 Subtotal: $9,102.94 $10,946.61 $0.00 $94.35 $0.00 $0.00 $1,749.32 ***-**1419 105699 Brown, David A. $4,696.06 $5,277.72 $0.00 $0.00 $0.00 $0.00 $581.66 0 ***-**1419 Subtotal: $4,696.06 $5,277.72 $0.00 $0.00 $0.00 $0.00 $581.66 ***-**0990 105704 Carew, James E. $4,297.85 $5,398.89 $0.00 $48.38 $606.46 $0.00 $446.20 0 ***-**0990 Subtotal: $4,297.85 $5,398.89 $0.00 $48.38 $606.46 $0.00 $446.20 See Accountants' Compilation Report 10-2 Page 22 of 68 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance ***-**4088 116158 Carey, Matthew S. $6,573.44 $9,445.66 $1,425.88 $166.07 $606.46 $0.00 $673.81 0 ***-**4088 Subtotal: $6,573.44 $9,445.66 $1,425.88 $166.07 $606.46 $0.00 $673.81 ***-**4440 115303 Dippel, Michael J. $4,355.50 $4,720.26 $0.00 $0.00 $0.00 $0.00 $364.76 0 ***-**4440 Subtotal: $4,355.50 $4,720.26 $0.00 $0.00 $0.00 $0.00 $364.76 ***-**7993 112532 Gaunky, Mark J. $4,490.15 $6,753.72 $0.00 $0.00 $0.00 $0.00 $1,263.57 0 112532 Payment to Mundelein $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Community Bank, Gaunky - 0 ***-**7993 Subtotal: $5,490.15 $6,753.72 $0.00 $0.00 $0.00 $0.00 $1,263.57 ***-**4758 105703 Grant, Ronald G. $7,460.29 $8,993.99 $0.00 $0.00 $0.00 $0.00 $1,533.70 0 ***-**4758 Subtotal: $7,460.29 $8,993.99 $0.00 $0.00 $0.00 $0.00 $1,533.70 ***-**7901 105700 Justus, Randy C. $6,694.32 $12,767.72 $0.00 $0.00 $0.00 $0.00 $2,073.40 0 105700 Payment to Citizens First Bank, $4,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Justus - See Accountants' Compilation Report 10-3 Page 23 of 68 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance 0 ***-**7901 Subtotal: $10,694.32 $12,767.72 $0.00 $0.00 $0.00 $0.00 $2,073.40 ***-**7265 105707 Lawrence, Michael J. $7,214.56 $7,818.70 $0.00 $0.00 $0.00 $0.00 $604.14 0 ***-**7265 Subtotal: $7,214.56 $7,818.70 $0.00 $0.00 $0.00 $0.00 $604.14 ***-**9041 125577 Leidig, Timothy A. $1,765.78 $1,811.05 $0.00 $0.00 $0.00 $0.00 $45.27 0 ***-**9041 Subtotal: $1,765.78 $1,811.05 $0.00 $0.00 $0.00 $0.00 $45.27 ***-**6903 109765 LoMastro, Carl M. $3,999.59 $7,035.23 $1,843.30 $0.00 $0.00 $0.00 $642.34 0 109765 Payment to Mundelein $550.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Community Bank, LoMastro - 0 ***-**6903 Subtotal: $4,549.59 $7,035.23 $1,843.30 $0.00 $0.00 $0.00 $642.34 ***-**4209 119890 McGuire Jr, Philip B. $7,231.75 $7,988.73 $0.00 $0.00 $0.00 $0.00 $756.98 0 ***-**4209 Subtotal: $7,231.75 $7,988.73 $0.00 $0.00 $0.00 $0.00 $756.98 ***-**4824 105698 McKinley, Kevin M. $7,058.87 $9,538.80 $853.24 $110.35 $0.00 $0.00 $1,516.34 See Accountants' Compilation Report 10-4 Page 24 of 68 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance 0 ***-**4824 Subtotal: $7,058.87 $9,538.80 $853.24 $110.35 $0.00 $0.00 $1,516.34 ***-**0499 Peters Peters, John W. $3,964.70 $4,276.17 $0.00 $0.00 $0.00 $0.00 $311.47 0 ***-**0499 Subtotal: $3,964.70 $4,276.17 $0.00 $0.00 $0.00 $0.00 $311.47 ***-**5307 115318 Romberger, Brandton W. $2,518.99 $5,501.97 $0.00 $0.00 $0.00 $2,729.63 $253.35 0 ***-**5307 Subtotal: $2,518.99 $5,501.97 $0.00 $0.00 $0.00 $2,729.63 $253.35 ***-**2482 105702 Sorby, Kurt R. $7,077.01 $8,608.06 $0.00 $0.00 $0.00 $0.00 $1,531.05 0 ***-**2482 Subtotal: $7,077.01 $8,608.06 $0.00 $0.00 $0.00 $0.00 $1,531.05 ***-**2696 119703 Starkey, Timothy A. $8,365.41 $9,081.53 $0.00 $0.00 $0.00 $0.00 $716.12 0 ***-**2696 Subtotal: $8,365.41 $9,081.53 $0.00 $0.00 $0.00 $0.00 $716.12 ***-**7081 111680 Yoder, Benjamin S. $7,004.67 $8,718.87 $853.24 $102.36 $0.00 $0.00 $758.60 0 ***-**7081 Subtotal: $7,004.67 $8,718.87 $853.24 $102.36 $0.00 $0.00 $758.60 See Accountants' Compilation Report 10-5 Page 25 of 68 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance Service Subtotal: $109,421.88 $134,683.68 $4,975.66 $521.51 $1,212.92 $2,729.63 $15,822.08 See Accountants' Compilation Report 10-6 Page 26 of 68 Batches 67533 Mundelein Firefighters' Pension Fund Multiple Batch Report Check Date 2/29/2024 1 SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental - Benistar QILDRO Federal Tax Gross Insurance Vision Insurance Deduct Alt Payee Name Check # Insurance Totals ACH Flag Payments Net Payment Total Gross Health Dental - Vision Benistar QILDRO Deduct Federal Tax Insurance Insurance Insurance Yes 27 $132,859.75 $159,082.12 $4,975.66 $521.51 $1,819.38 $2,729.63 $16,176.19 No 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 27 $132,859.75 $159,082.12 $4,975.66 $521.51 $1,819.38 $2,729.63 $16,176.19 See Accountants' Compilation Report 10-7 Page 27 of 68  Mundelein Firefighters' Pension Fund Quarterly Disbursement Report All Bank Accounts December 1, 2023 - February 29, 2024 Check Invoice Check Date Number Vendor Name Amount Amount 12/26/23 50385 US Bank Corp 52-190-02 Custodial/Trust Fee - 11/23 41.67 Check Amount 41.67 12/31/23 50386 IFPIF 52-195-02 Other Fee & Expenses 3,703.09 52-195-03 Management Fee 1,999.69 52-195-05 Other Expenses 43.81 Check Amount 5,746.59 01/22/24 20641 Lauterbach & Amen, LLP 52-170-03 #85131 11/23 Accounting & Benefits 1,250.00 52-170-06 #85131 11/23 PSA 750.00 52-170-03 #86025 12/23 Accounting & Benefits 1,250.00 52-170-06 #86025 12/23 PSA 750.00 ACH Amount (Direct Deposit) 4,000.00 01/25/24 20644 Reimer Dobrovolny & Labardi, PC 52-170-05 C2695 F29882 Legal Service 256.30 52-170-05 C2695 F29882 Previous Balance 250.00 ACH Amount (Direct Deposit) 506.30 01/26/24 50387 US Bank Corp 52-190-02 Custodial/Trust Fee - 12/23 41.67 Check Amount 41.67 01/30/24 20646 IPPFA 52-290-25 2024 8hr Online Course Registration 0.00 52-290-25 Lawrence,M #LCNSS6MDSGK 285.00 ACH Amount (Direct Deposit) 285.00 01/31/24 50388 IFPIF 52-195-02 Other Fee & Expenses 789.63 52-195-05 Other Expenses 98.17 Check Amount 887.80 02/23/24 50389 US Bank Corp 52-190-02 Custodial/Trust Fee - 02/23 41.67 Check Amount 41.67 02/26/24 20649 Lauterbach & Amen, LLP 52-170-03 #86809 01/24 Accounting & Benefits 1,250.00 52-170-06 #86809 01/24 PSA 750.00 ACH Amount (Direct Deposit) 2,000.00 See Accountants' Compilation Report Page 28 of 68 11-1  Mundelein Firefighters' Pension Fund Quarterly Disbursement Report All Bank Accounts December 1, 2023 - February 29, 2024 Check Invoice Check Date Number Vendor Name Amount Amount 02/29/24 50390 IFPIF 52-195-05 Other Expenses 453.97 52-195-02 Other Fee & Expenses 651.41 Check Amount 1,105.38 Total Payments 14,656.08 See Accountants' Compilation Report Page 29 of 68 11-2  Mundelein Firefighters' Pension Fund Quarterly Deduction Report All Bank Accounts December 1, 2023 - February 29, 2024 Check Invoice Check Date Number Vendor Name Amount Amount 12/29/23 20638 Village of Mundelein 20-220-00 Medical Insurance - 12/23 4,975.66 20-220-00 Dental-Vision Insurance 521.51 20-220-00 Benistar/UA-6083 1,819.38 ACH Amount (Direct Deposit) 7,316.55 12/29/23 20639 Internal Revenue Service 20-230-00 Internal Revenue Service 15,699.65 ACH Amount (Direct Deposit) 15,699.65 01/31/24 20642 Village of Mundelein 20-220-00 Medical Insurance 01/24 4,975.66 20-220-00 Dental-Vision Insurance 521.51 20-220-00 Benistar/UA-6083 1,819.38 ACH Amount (Direct Deposit) 7,316.55 01/31/24 20643 Internal Revenue Service 20-230-00 Internal Revenue Service 15,864.72 ACH Amount (Direct Deposit) 15,864.72 02/29/24 20647 Village of Mundelein 20-220-00 Medical Insurance 02/24 4,975.66 20-220-00 Dental-Vision Insurance 521.51 20-220-00 Benistar/UA-6083 1,819.38 ACH Amount (Direct Deposit) 7,316.55 02/29/24 20648 Internal Revenue Service 20-230-00 Internal Revenue Service 16,176.19 ACH Amount (Direct Deposit) 16,176.19 Total Payments 69,690.21 See Accountants' Compilation Report Page 30 of 68 12-1  Mundelein Firefighters' Pension Fund Quarterly Transfer Report All Bank Accounts December 1, 2023 - February 29, 2024 Check Invoice Check Date Number Vendor Name Amount Amount 12/21/23 20640 The Northern Trust Company 13-800-01 Mundelein Firefighters Pension Fund 111,400.00 ACH Amount (Direct Deposit) 111,400.00 01/30/24 20645 The Northern Trust Company 13-800-01 Mundelein Firefighters Pension Fund 41,600.00 ACH Amount (Direct Deposit) 41,600.00 02/28/24 20650 The Northern Trust Company 13-800-01 Mundelein Firefighters Pension Fund 27,200.00 ACH Amount (Direct Deposit) 27,200.00 Total Payments 180,200.00 See Accountants' Compilation Report Page 31 of 68 13-1 Illinois Firefighters’ Pension Investment Fund Monthly Summary February 29, 2024 * Preliminary, subject to change Page 32 of 68 Illinois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary - 1 Month Total Return _ Total Fund Composite 2.4% IFPIF Policy Benchmark 2.3% Total Fund Composite excl. Member Funds 2.4% IFPIF Policy Benchmark 2.3% U.S. Equity Composite 5.3% Russell 3000 5.4% Non-U.S. Equity Composite 2.4% MSCI ACWI ex USA IMI 2.3% Total Fixed Income Composite -1.1% Bloomberg US Universal TR -1.2% Total Real Estate Composite 0.4% Real Estate Custom Benchmark 0.8% XXXXX Page 33 of 68 Marquette Associates, Inc. 1 Total Fund Composite Asset Allocation Market Value: $8,578.9 Million and 100.0% of Fund Ending February 29, 2024 Asset Class Market Value % of Portfolio Policy % _ Total Fund Composite $8,578,910,197 100.0% 100.0% Total Fund Composite excl. Member Funds $8,578,900,535 100.0% 100.0% Total Equity Composite $5,843,092,886 68.1% 65.0% U.S. Equity Composite $3,363,204,179 39.2% 36.0% Rhumbline Russell 200 Large-Cap Core $2,416,266,163 28.2% 25.0% Rhumbline Russell Midcap Mid-Cap Core $781,200,968 9.1% 9.0% Rhumbline S&P 600 Small-Cap Core $165,737,047 1.9% 2.0% Non-U.S. Equity Composite $2,479,888,707 28.9% 29.0% International Developed Equity Composite $1,664,076,152 19.4% 19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,427,832,796 16.6% 16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $236,243,356 2.8% 3.0% Emerging Markets Equity Composite $815,812,555 9.5% 10.0% SSGA MSCI EM Emerging Markets $640,283,703 7.5% 8.0% SSGA EM Small EM Small-Cap $175,528,852 2.0% 2.0% Total Fixed Income Composite $2,306,489,334 26.9% 30.0% Rate Sensitive Composite $2,062,214,111 24.0% 27.0% Short-Term Treasury Composite $226,639,368 2.6% 3.0% SSGA Short Treasury Short-Term Govt. Fixed Income $226,639,368 2.6% 3.0% Core Fixed Income Composite $1,835,574,744 21.4% 24.0% Garcia Hamilton & Associates Core Fixed Income $897,312,168 10.5% 12.0% Brown Brothers Harriman & Co Core Plus Fixed Income $938,262,575 10.9% 12.0% Credit Fixed Income Composite $244,275,223 2.8% 3.0% Emerging Markets Debt Composite $244,275,223 2.8% 3.0% SSGA EM Global Diversified EM Fixed Income $244,275,223 2.8% 3.0% Total Real Estate Composite $387,364,519 4.5% 5.0% Core Real Estate Composite $387,364,519 4.5% 5.0% Public Real Estate Composite $173,376,790 2.0% 2.0% SSGA FTSE NAREIT U.S. REIT $173,376,790 2.0% 2.0% Private Real Estate Composite $213,987,729 2.5% 3.0% Principal USPA Fund Core Real Estate $213,987,729 2.5% 3.0% Cash Composite $41,910,706 0.5% 0.0% Transition Composite $43,089 0.0% 0.0% Member Funds Composite $9,662 0.0% 0.0% XXXXX Page 34 of 68 2 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $8,578.9 Million and 100.0% of Fund Ending February 29, 2024 Inception 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 2.4 7.3 2.3 14.7 -- -- -- 1.6 Oct-21 IFPIF Policy Benchmark 2.3 6.8 2.1 14.3 3.7 7.4 6.7 1.8 Oct-21 Total Fund Composite excl. Member Funds 2.4 7.3 2.3 14.7 -- -- -- 1.0 Oct-21 IFPIF Policy Benchmark 2.3 6.8 2.1 14.3 3.7 7.4 6.7 0.5 Oct-21 Total Equity Composite 4.1 9.6 4.1 21.0 -- -- -- 2.1 Oct-21 MSCI ACWI IMI Net USD 4.2 9.9 4.4 21.6 6.1 10.1 8.1 2.0 Oct-21 U.S. Equity Composite 5.3 12.1 6.4 28.2 -- -- -- 4.7 Oct-21 Russell 3000 5.4 12.2 6.6 28.6 9.9 13.9 12.0 4.6 Oct-21 Rhumbline Russell 200 5.3 12.1 7.8 35.0 -- -- -- 6.6 Oct-21 Russell Top 200 5.3 12.2 7.8 35.0 12.5 15.9 13.5 6.6 Oct-21 Rhumbline Russell Midcap 5.6 12.1 4.1 15.4 -- -- -- 0.5 Oct-21 Russell MidCap 5.6 12.1 4.1 15.5 5.5 10.3 9.5 0.6 Oct-21 Rhumbline S&P 600 3.3 11.9 -0.8 6.5 -- -- -- -0.6 Oct-21 S&P 600 SmallCap 3.3 11.9 -0.8 6.5 2.3 7.7 8.5 -0.6 Oct-21 Non-U.S. Equity Composite 2.4 6.3 1.1 12.4 -- -- -- -1.1 Oct-21 MSCI ACWI ex USA IMI 2.3 6.5 1.2 12.1 1.1 5.5 4.0 -1.3 Oct-21 International Developed Equity Composite 1.5 7.4 1.6 13.2 -- -- -- 0.7 Oct-21 MSCI World ex USA IMI NR USD 1.5 7.4 1.7 12.8 3.7 6.5 4.4 0.4 Oct-21 SSGA World ex US 1.7 7.8 2.2 14.4 -- -- -- 1.8 Oct-21 MSCI World ex USA 1.7 7.7 2.1 14.0 4.7 6.9 4.4 1.5 Oct-21 SSGA World ex US Small 0.3 5.6 -1.4 6.2 -- -- -- -5.5 Oct-21 MSCI World ex USA Small Cap 0.3 5.6 -1.4 5.7 -1.5 4.5 4.1 -5.9 Oct-21 Emerging Markets Equity Composite 4.4 3.9 0.0 11.0 -- -- -- -4.9 Oct-21 MSCI Emerging Markets IMI 4.5 4.0 0.0 10.4 -5.0 2.7 3.3 -5.4 Oct-21 SSGA MSCI EM 4.8 3.7 -0.2 8.6 -- -- -- -6.5 Oct-21 MSCI Emerging Markets 4.8 3.8 -0.1 8.7 -6.3 1.9 3.0 -6.4 Oct-21 SSGA EM Small 2.8 5.0 0.8 20.6 -- -- -- 1.3 Oct-21 MSCI Emerging Markets Small Cap 2.7 5.4 1.0 21.6 4.7 8.7 5.3 1.6 Oct-21 Total Fixed Income Composite -1.1 2.9 -1.3 4.6 -- -- -- -3.1 Oct-21 Bloomberg US Universal TR -1.2 2.3 -1.4 4.1 -2.8 0.8 1.7 -3.9 Oct-21 Rate Sensitive Composite -1.3 2.8 -1.4 4.0 -- -- -- -3.0 Oct-21 Bloomberg US Aggregate TR -1.4 2.1 -1.7 3.3 -3.2 0.6 1.4 -4.3 Oct-21 Short-Term Treasury Composite -0.4 1.1 -0.1 -- -- -- -- 2.6 Mar-23 Bloomberg US Treasury 1-3 Yr TR -0.4 1.1 -0.1 4.3 -0.1 1.2 1.0 2.6 Mar-23 SSGA Short Treasury -0.4 1.1 -0.1 -- -- -- -- 2.6 Mar-23 Bloomberg US Treasury 1-3 Yr TR -0.4 1.1 -0.1 4.3 -0.1 1.2 1.0 2.6 Mar-23 Page 35 of 68 Marquette Associates, Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value: $8,578.9 Million and 100.0% of Fund Ending February 29, 2024 Inception 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Core Fixed Income Composite -1.4 3.0 -1.5 3.9 -- -- -- -3.6 Oct-21 Bloomberg US Aggregate TR -1.4 2.1 -1.7 3.3 -3.2 0.6 1.4 -4.3 Oct-21 Garcia Hamilton & Associates -1.9 2.3 -2.3 -- -- -- -- -1.1 Mar-23 Bloomberg US Aggregate TR -1.4 2.1 -1.7 3.3 -3.2 0.6 1.4 0.8 Mar-23 Brown Brothers Harriman & Co -0.8 3.6 -0.7 -- -- -- -- 4.6 Mar-23 Bloomberg US Aggregate TR -1.4 2.1 -1.7 3.3 -3.2 0.6 1.4 0.8 Mar-23 Credit Fixed Income Composite 0.7 4.3 -0.4 9.4 -- -- -- -3.9 Oct-21 JP Morgan EMBI Global Diversified 1.0 4.7 -0.1 10.1 -2.4 0.6 3.0 -4.0 Oct-21 Emerging Markets Debt Composite 0.7 4.3 -0.4 9.4 -- -- -- -3.9 Oct-21 JP Morgan EMBI Global Diversified 1.0 4.7 -0.1 10.1 -2.4 0.6 3.0 -4.0 Oct-21 SSGA EM Global Diversified 0.7 4.3 -0.4 9.4 -- -- -- -3.9 Oct-21 JP Morgan EMBI Global Diversified 1.0 4.7 -0.1 10.1 -2.4 0.6 3.0 -4.0 Oct-21 Total Real Estate Composite 0.4 1.6 -1.4 -4.3 -- -- -- -0.8 Oct-21 Real Estate Custom Benchmark 0.8 -0.1 -0.9 -5.7 5.2 4.7 7.0 -1.0 Oct-21 Core Real Estate Composite 0.4 1.6 -1.4 -4.3 -- -- -- -0.8 Oct-21 Real Estate Custom Benchmark 0.8 -0.1 -0.9 -5.7 5.2 4.7 7.0 -1.0 Oct-21 Public Real Estate Composite 2.0 7.5 -2.2 5.6 -- -- -- -4.0 Oct-21 FTSE NAREIT Equity REIT 2.0 7.5 -2.2 5.6 5.0 4.4 6.4 -4.0 Oct-21 SSGA FTSE NAREIT 2.0 7.5 -2.2 5.6 -- -- -- -4.0 Oct-21 FTSE NAREIT Equity REIT 2.0 7.5 -2.2 5.6 5.0 4.4 6.4 -4.0 Oct-21 Private Real Estate Composite -0.8 -2.7 -0.8 -10.6 -- -- -- 0.7 Oct-21 NFI-ODCE Equal Weighted 0.0 -5.4 0.0 -13.4 4.3 3.8 6.7 0.0 Oct-21 Principal USPA Fund -0.8 -2.7 -0.8 -10.6 -- -- -- 0.7 Oct-21 NFI-ODCE Equal Weighted 0.0 -5.4 0.0 -13.4 4.3 3.8 6.7 0.0 Oct-21 Page 36 of 68 4 Marquette Associates, Inc. Illinois Firefighters' Pension Investment Fund Fee Schedule Page 37 of 68 Marquette Associates, Inc. 5 Illinois Firefighters' Pension Investment Fund Disclosures Benchmark History _ Total Fund Composite 25% Russell Top 200 / 9% Russell MidCap / 2% S&P 600 SmallCap / 16% MSCI World ex USA / 3% MSCI World ex USA Small Cap / 8% MSCI Emerging Markets / 2% MSCI Emerging Markets Small Cap / 3% Bloomberg US Treasury 1-3 Yr TR 4/1/2023 Present / 24% Bloomberg US Aggregate TR / 3% JP Morgan EMBI Global Diversified / 2% FTSE NAREIT Equity REIT / 3% NFI- ODCE Equal Weighted 25% Russell Top 200 / 9% Russell MidCap / 2% S&P 600 SmallCap / 16% MSCI World ex USA / 3% MSCI World ex USA Small Cap / 8% MSCI Emerging Markets / 2% MSCI Emerging Markets Small Cap / 3% Bloomberg 1-3 Year US TIPS / 9% 10/1/2021 3/31/2023 Bloomberg US Credit Int TR / 6% Bloomberg US Treasury Int TR / 3% Bloomberg US Treasury Long TR / 6% Bloomberg US Securitized MBS ABS CMBS TR / 3% JP Morgan EMBI Global Diversified / 2% FTSE NAREIT Equity REIT / 3% NFI- ODCE Equal Weighted _ Total Real Estate Composite 10/31/2021 Present 60% NFI-ODCE Equal Weighted / 40% FTSE NAREIT Equity REIT XXXXX Performance Disclosures _ Inception Performance Total Fund Composite, Private Real Estate Composite, and the Principal USPA Fund inception performance are based on an October 1, 2021 start. All other account and composite inception performance is based on an October 31, 2021 start. _ NFI-ODCE Equal Weighted Quarterly valued index. Value of the quarterly return is recognized in the last month of each quarter. Page 38 of 68 6 Marquette Associates, Inc. DISCLOSURE Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo‐ political, competitive, and financial risks that are outside of Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐ looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. Page 39 of 68  Mundelein Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) January 2024 2024 YTD Beginning NAVs: Beginning NAV 27,433,641.32 27,433,641.32 Contributions 41,713.64 41,713.64 Withdrawals 160,000.00 160,000.00 Net Time Weighted Activity -101,784.89 Allocation Balance 27,331,856.43 Allocation Percent 0.33% Income & Expenses: Unrealized Gain/Loss -59,100.17 -59,100.17 Realized Gain/Loss -9,251.29 -9,251.29 Dividend Income 9,562.84 9,562.84 Interest Income 28,517.29 28,517.29 Other Income - - Total Income -30,271.33 -30,271.33 Administrator Expenses (FPIF) - - Other Fee & Expenses (FPIF) 789.63 789.63 Other Expenses 98.17 98.17 Management Fee - - Performance Fee - - Total Fee & Expenses 887.80 887.80 Net Income -31,159.13 -31,159.13 Ending NAVs: Ending NAV 27,284,195.83 27,284,195.83 Rate of Returns: Return on Invested Capital -0.11% -0.11% Return on Total Assets -0.11% -0.11% Ownership 0.32% Disclaimer / Important Information: The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report. Page 40 of 68 NTAC:3NS-20  Mundelein Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) February 2024 2024 YTD Beginning NAVs: Beginning NAV 27,284,195.83 27,433,641.32 Contributions 27,206.07 68,919.71 Withdrawals 160,000.00 320,000.00 Net Time Weighted Activity -87,333.12 Allocation Balance 27,196,862.71 Allocation Percent 0.32% Income & Expenses: Unrealized Gain/Loss 637,926.70 578,826.53 Realized Gain/Loss -18,051.08 -27,302.37 Dividend Income 17,829.53 27,392.37 Interest Income 28,954.84 57,472.13 Other Income - - Total Income 666,659.99 636,388.66 Administrator Expenses (FPIF) - - Other Fee & Expenses (FPIF) 651.41 1,441.04 Other Expenses 453.97 552.14 Management Fee - - Performance Fee - - Total Fee & Expenses 1,105.38 1,993.18 Net Income 665,554.61 634,395.48 Ending NAVs: Ending NAV 27,816,956.51 27,816,956.51 Rate of Returns: Return on Invested Capital 2.45% 2.34% Return on Total Assets 2.45% 2.33% Ownership 0.32% Disclaimer / Important Information: The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report. Page 41 of 68 NTAC:3NS-20  Certified Trustee Training Organizatio Mundelein Firefighters' Pension Fund Year: 2024 Jeremy Lockwood Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 OMA Training 3 FOIA Training 4 Michael Lawrence Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 IPPFA Online Training - Registered 2 3 4 Wells Frice Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 2 3 4 Stev e Hoenig Hours Date Hours Required Type of Training Completed Completed Cert on File 1 8 IPPFA Spring Conference - Registered 2 3 4 Jonathan Sinclair Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 2 OMA Training 3 FOIA Training 4 Page 42 of 68  2024 IPPFA Trustee Training Opportunities IPPFA ONLINE SEMINAR COURSE WHEN: Ongoing • Online 8 hr. seminar (Recorded from the 2023 MidAmerican Pension Conference) WHERE: IPPFA Website: www.ippfa.org/education/online-classes/ COST: IPPFA MEMBER: $285.00/seminar IPPFA NON-MEMBER: $570.00/seminar This online seminar agenda includes: • School's in Session - How to Ace your Fund Administration • Retirement Healthcare Funding • Private vs. Public Pensions • Pension Funding Policy • Legal Updates and Recent Court Cases • Ask Your Attorney • Fiduciary Liability Insurance vs. Directors and Officers Insurance • Benefit Enhancements to Attract and Retain Public Safety Officers • Consolidation Update • The Wonderfully Weird World of Administrative Review - this online seminar satisfies 8 hours of the required continuing pension trustee training Page 43 of 68  16-hour Certified Trustee Programs* offered through IPPFA IPPFA ONLINE Certified Trustee Program COST: IPPFA MEMBER: $ 550.00 IPPFA NON-MEMBER: $1,100.00 Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/ IPPFA In-Person Certified Trustee Program WHEN: December 2, 2024 - December 3, 2024 WHERE: NIU Outreach Campus 1120 E. Diehl Rd., Room 266 Naperville, IL 60563 COST: IPPFA MEMBER: $500.00 IPPFA NON-MEMBER: $1,000.00 *On December 18, 2019, Governor J.B. Pritzker signed SB 1300, making it Public Act 101-0610. This act will consolidate all Article 3 and 4 pension fund's investment assets. Under Public Act 101-0610, training requirements have now been reduced from 32-hours to 16-hours of new trustee training, however all pension trustees will still need 4-hours of mandatory consolidation transition training. All Article 3 & 4 Pension Trustees elected or appointed are required to complete the 16-hour trustee certification course within 18 months of election or appointment to the board. Page 44 of 68 Page 45 of 68 Page 46 of 68  2024 IPFA SPRING PENSION SEMINAR Friday May 3, 2024 Black Shift Empress Banquets 200 East Lake Street Addison, IL 60101 630-279-5900 IN-PERSON SEMINAR REGISTRATION FORM Municipality, (please print or type) District, or Firm: _____________________________________________ Address: _________________________________________________ City: ____________________________________________ , IL Zip: ____________ Phone: _____________________________ SEMINAR FEES: IPFA Members: $ 210.00 Non - Members: $ 260.00 Walk-In Registration: $ 290.00 Avoid the walk-in surcharge – register on or before Monday, April 29, 2024 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 $_______.____ Payment must accompany this Registration Form and be received in our office on or before April 29, 2024 to qualify for lower rates. Reservations received after the above date will be charged walk-in registration fee. Requests for refunds must be received on or before Monday, April 29, 2024 for full fee credit. No credits of seminar fees after this date. Please mail the completed form to IPFA, 188 Industrial Drive, Suite 134, Elmhurst, IL 60126-1608, fax it to 630-833-2412, or scan & e-mail to ipfa@aol.com. Any questions, call 630-833-2405. For Tax Reporting Purposes our Federal I.D. Number is: 36-2650496. 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 47 of 68 Page 48 of 68  0123456ÿ8ÿ09 ÿ0123456ÿ ÿÿ ÿ!ÿ"#!ÿ"$$%&#!ÿ'&ÿ(ÿ)*%&+ÿ"#!ÿ'&ÿ,ÿ)-&'./0'1+ÿ%"ÿ$#1&%# 2%"'!ÿ'311ÿ"'ÿ'43&'!ÿ%ÿ$"'&&$"ÿ&#ÿ1"56"#!"!ÿ'31ÿ'&."&%#ÿ'"&#&#/ 0"ÿ%#1&11ÿ%7ÿ"ÿ"1ÿ89ÿ0%3'1ÿ&#ÿ0&'ÿ.'1ÿ:"'ÿ"1ÿ"ÿ'31;ÿ<#ÿ"!!&&%#=ÿ'311ÿ631 %6$ÿ"ÿ6&#&636ÿ%7ÿ&/0ÿ0%3'1ÿ%7ÿ%#&#3&#/ÿ'31ÿ!3"&%#ÿ"##3":ÿ0'"7'; >?@ÿBCCDEFDGÿHIEDJDKLCÿM@LNI@ÿKOFPDQ@G R?DGÿJ@ORDSJLRDFEÿROLDEDENÿLRÿEFÿJ?LON@ÿRFÿLCCÿROIGR@@GT UCDJVÿ?@O@ÿRFÿW@NDEÿXFIOÿK@EGDFEÿROIGR@@ÿROLDEDENT Y0&1ÿ'"&#&#/ÿ&1ÿ$'%Z&!!ÿ%#&#ÿ"#!ÿ&#ÿ"%'!"#ÿ[&0ÿ1"3%':ÿ'43&'6#1; \@EGDFEÿ>OIGR@@ÿU@ORDSJLRDFEÿ]LJRÿ^?@@R ÿDE ÿ KLORE@OG?DK `DR? abÿdefÿghijÿkfjlmneolÿpjqhprnoqÿspmntujÿvÿepÿspmntujÿwÿxjolneoÿmpflmjjÿtjpmnythmneoz xujhljÿteomhtmÿflÿ{dÿj|hnuÿhmÿxjolneompflmjjl}n|u~epq~ Page 49 of 68 MUNDELEIN Peters, John W. FIREFIGHTERS' PENSION FUND Pension Calculation Worksheet Retirement 20-50 REVIEWED AND APPROVED BY PENSION FUND: Trustee: Date:______________ Name: ____________________ Signature: _________________________ Personal Data Member Name Peters, John W. Member Social Security Number xxx-xx- Member Birth Date Member Entry Date 11/16/03 Member Retirement Date 02/03/24 Member Effective Date of Pension 02/04/24 Member Age at Effective Date of Pension 52 Years (Y) & Months (M) of Creditable Service Earned Y 20 M 2 Applicable Salary $113,523.66 Applicable Pension Percentage (APP) 50.42% Amount of the Original Monthly Pension Granted to Member $4,769.57 Pension Calculation History Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 02/04/24 Original Benefit (prorated) 4,276.17 4,276.17 03/01/24 Original Benefit (full month) 493.40 4,769.57 57,234.84 12/01/26 Initial Increase 393.49 5,163.06 61,956.72 01/01/27 Annual 3% COLA 154.89 5,317.95 63,815.40 01/01/28 Annual 3% COLA 159.54 5,477.49 65,729.88 01/01/29 Annual 3% COLA 164.32 5,641.81 67,701.72 01/01/30 Annual 3% COLA 169.25 5,811.06 69,732.72 01/01/31 Annual 3% COLA 174.33 5,985.39 71,824.68 01/01/32 Annual 3% COLA 179.56 6,164.95 73,979.40 01/01/33 Annual 3% COLA 184.95 6,349.90 76,198.80 01/01/34 Annual 3% COLA 190.50 6,540.40 78,484.80 01/01/35 Annual 3% COLA 196.21 6,736.61 80,839.32 01/01/36 Annual 3% COLA 202.10 6,938.71 83,264.52 Page 50 of 68 printed: 2/9/2024 MUNDELEIN Peters, John W. FIREFIGHTERS' PENSION FUND Pension Calculation Worksheet Retirement 20-50 Pension Calculation History - Continued Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 01/01/37 Annual 3% COLA 208.16 7,146.87 85,762.44 01/01/38 Annual 3% COLA 214.41 7,361.28 88,335.36 01/01/39 Annual 3% COLA 220.84 7,582.12 90,985.44 01/01/40 Annual 3% COLA 227.46 7,809.58 93,714.96 01/01/41 Annual 3% COLA 234.29 8,043.87 96,526.44 01/01/42 Annual 3% COLA 241.32 8,285.19 99,422.28 01/01/43 Annual 3% COLA 248.56 8,533.75 102,405.00 01/01/44 Annual 3% COLA 256.01 8,789.76 105,477.12 01/01/45 Annual 3% COLA 263.69 9,053.45 108,641.40 01/01/46 Annual 3% COLA 271.60 9,325.05 111,900.60 01/01/47 Annual 3% COLA 279.75 9,604.80 115,257.60 01/01/48 Annual 3% COLA 288.14 9,892.94 118,715.28 01/01/49 Annual 3% COLA 296.79 10,189.73 122,276.76 01/01/50 Annual 3% COLA 305.69 10,495.42 125,945.04 01/01/51 Annual 3% COLA 314.86 10,810.28 129,723.36 01/01/52 Annual 3% COLA 324.31 11,134.59 133,615.08 01/01/53 Annual 3% COLA 334.04 11,468.63 137,623.56 01/01/54 Annual 3% COLA 344.06 11,812.69 141,752.28 01/01/55 Annual 3% COLA 354.38 12,167.07 146,004.84 01/01/56 Annual 3% COLA 365.01 12,532.08 150,384.96 01/01/57 Annual 3% COLA 375.96 12,908.04 154,896.48 01/01/58 Annual 3% COLA 387.24 13,295.28 159,543.36 01/01/59 Annual 3% COLA 398.86 13,694.14 164,329.68 01/01/60 Annual 3% COLA 410.82 14,104.96 169,259.52 01/01/61 Annual 3% COLA 423.15 14,528.11 174,337.32 01/01/62 Annual 3% COLA 435.84 14,963.95 179,567.40 01/01/63 Annual 3% COLA 448.92 15,412.87 184,954.44 01/01/64 Annual 3% COLA 462.39 15,875.26 190,503.12 01/01/65 Annual 3% COLA 476.26 16,351.52 196,218.24 01/01/66 Annual 3% COLA 490.55 16,842.07 202,104.84 01/01/67 Annual 3% COLA 505.26 17,347.33 208,167.96 01/01/68 Annual 3% COLA 520.42 17,867.75 214,413.00 Page 51 of 68 printed: 2/9/2024 MUNDELEIN Peters, John W. FIREFIGHTERS' PENSION FUND Basic Information Worksheet Retirement 20-50 Creditable Service Entry Date 11/16/03 Termination/Retirement Date 02/03/24 Years Months Creditable Service Earned 20 2 Additions to Creditable Service Additions (Days) Reductions to Creditable Service Reductions (Days) Total Creditable Service 20 2 Spousal Information - If Applicable Marital Status Married Spouse's Name Spouse's Social Security Number xxx-xx Spouse's Date of Birth Date of Marriage Page 52 of 68 Printed: 2/9/2024 MUNDELEIN Peters, John W. FIREFIGHTERS' PENSION FUND Benefit Calculation Worksheet Retirement 20-50 Required Information Applicable Salary $113,523.66 Rank @ Last Day of Service Firefighter/Paramedic Years Months Total Creditable Service 20 2 Applicable Pension Percentage Creditable Service Years 1 to 20 x 2.5% 50.00% Creditable Service (# of Years 21 to 30) x 2.5% N/A Creditable Service (# of Months 1 to 11) x (2.5% / 12) 0.42% Total (Maximum = 75%) 50.42% Amount of Originally Granted Pension Original Annual Pension $57,234.84 Monthly $4,769.57 Increases in Pension Age @ Retirement Date 52 The initial increase is granted on the latter of: The month after the member turns 55 OR The month after the member has been retired for one full year. The amount of the initial increase is equal to 1/12 of 3% of the original monthly benefit, times the number of full months that have elapsed since the pension began. Date of Initial Increase 12/01/26 Amount of Initial Increase (monthly) $393.49 Subsequent COLA increases are granted every January in the amount of 3% of the current benefit. Benefits granted to Survivors do NOT receive COLA Increases. Page 53 of 68 Printed: 2/9/2024  Mundelein Firefighters’ Pension Fund Board of Trustees ______________________________ Notice of Election Results ______________________________ April 2024 Election Active Member Positions Nominations are closed and have resulted in: Jeremy Lockwood and Jonathan Sinclair running unopposed for the positions of: Active Member Trustees Three-Year Term Expiring April 30, 2027 Jeremy Lockwood and Jonathan Sinclair have accepted the positions as members of the Board of Trustees and have agreed to uphold the duties required. Elections conducted by Elizabeth Adelmann, Professional Services Administrator Lauterbach & Amen, LLP Page 54 of 68 March 4, 2024 Members of the Pension Board of Trustees Mundelein Firefighters' Pension Fund 1000 N Midlothian Road Mundelein, Illinois 60060 We are pleased to confirm our acceptance and understanding of the following services we are to provide for the Mundelein Firefighters' Pension Fund for the fiscal years ended April 30, 2025, 2026, and 2027. We will compile from information you provide, monthly Treasurer's reports including annual and interim statements of net position - modified cash basis, statements of changes in net position - modified cash basis, and other supplementary information for the fiscal years ended April 30, 2025, 2026, and 2027 and perform a compilation engagement with respect to those financial statements. These financial statements will not include related notes to the financial statements as required for the financial statements prepared in accordance with the modified cash basis of accounting. In addition, the supplementary information accompanying the compiled financial statements will be prepared and presented with the financial statements. Such supplementary information is the responsibility of management and will be subject to our compilation engagement. We will not audit or review the supplementary information. We will not express an opinion, a conclusion or provide any assurance on such supplementary information. Our Responsibilities 1. We will provide you with the following bookkeeping services: post the cash receipt and cash disbursement journals; reconcile all bank accounts; account for all investment transactions; post the general ledger; issue vendor, contribution refund, and pension benefit payments; maintain vendor and benefit payment history; maintain records of contributions paid by members. 2. We will prepare financial statements in accordance with the modified cash basis of accounting based on information provided by you. 3. We will apply accounting and financial reporting expertise to assist you in the presentation of financial statements without undertaking to obtain or provide assurance that there are no material modifications that should be made to the financial statements in order for them to be in accordance with the modified cash basis of accounting. 4. In addition, we will prepare the Illinois Department of Insurance (IDOI) Annual Statement, Year End Auditor's Workpapers, and the Municipal Compliance Report, per Public Act 95-0950. We will also prepare and file the annual tax forms 1099-R, 945, 1099-MISC and 1099-NEC and 1096 for the calendar years ended December 31, 2024, 2025, and 2026. All transactions will be recorded utilizing the chart of accounts established by the IDOI. Account coding for transactions is self- evident based upon the chart of accounts established. It is our understanding that the transactions posted, along with the monthly Treasurer’s reports, will be approved by the Pension Board at the regularly scheduled Board Meetings. Mundelein Firefighters' Pension Fund Page 55 of 68 March 4, 2024 Page 1 of 5 5. We will perform pension benefit calculations and process benefit and vendor disbursements upon written authorization of management. A list of the scheduled pension benefit increases for each calendar year will be provided to the Pension Board for approval. All benefits are calculated in accordance with State Statutes and are based upon the pension benefit calculation schedules prepared for each beneficiary and approved by the Pension Board. We will disburse to the pensioners the gross pension benefit amounts indicated on the list provided for the applicable twelve-month benefit period. Any other amendments or changes to the gross benefits will require written authorization from the Pension Board. We will also perform requested non-actuarial calculations for all creditable service transfers and purchases allowable per State Statutes. 6. We will provide Professional Services Administration (PSA), which includes board meeting agenda preparation, scheduled board meeting attendance and preparation of minutes, maintenance of active member files, administration of annual elections, and preparation of annual affidavits to pensioners. 7. We will provide electronic data management by utilizing online portals. The portal will allow online access to an archive of current and historic Mundelein Firefighters' Pension Fund financial documents and active member files. The documentation will be uploaded into the portal, filed appropriately and maintained by Lauterbach & Amen, LLP. It is the understanding of the parties that the portal is a supplement to, and not a replacement for, the Pension Board’s responsibility to maintain original paper and/or electronic public records of the Pension Fund. The Pension Fund may terminate the portal services with written notice to Lauterbach & Amen, LLP. Lauterbach & Amen, LLP agrees to maintain the Pension Board’s access for a maximum of 30 days after written notice is received, for the Pension Board to make sufficient electronic copies. 8. Lauterbach & Amen, LLP will maintain cyber and professional liability insurance and provide documentation of such coverage upon request. We will conduct our compilation engagement in accordance with Statements on Standards for Accounting and Review Services (SSARS) promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants (AICPA) and comply with applicable professional standards, including the AICPA’s Code of Professional Conduct and its ethical principles of integrity, objectivity, professional competence, and due care, when performing the bookkeeping services, preparing the financial statements, and performing the compilation engagement. We are not required to, and will not, verify the accuracy or completeness of the information you will provide to us for the engagement or otherwise gather evidence for the purpose of expressing an opinion or a conclusion. Accordingly, we will not express an opinion or a conclusion nor provide any assurance on the financial statements. Our engagement cannot be relied upon to identify or disclose any financial statement misstatements, including those caused by fraud or error, or to identify or disclose any wrongdoing within the entity or noncompliance with laws and regulations. However, we will inform the Pension Board of any material errors, and of any evidence or information that comes to our attention during the performance of our compilation procedures with respect to possible instances of fraud or misstatements unless they are clearly inconsequential. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities since performing those procedures or taking such action would impair our independence. Mundelein Firefighters' Pension Fund Page 56 of 68 March 4, 2024 Page 2 of 5 Your Responsibilities The engagement to be performed is conducted on the basis that you acknowledge and understand that our role is to prepare financial statements in accordance with the modified cash basis of accounting and assist you in the presentation of the financial statements in accordance with the modified cash basis of accounting. You have the following overall responsibilities that are fundamental to our undertaking the engagement in accordance with SSARS: 1. The selection of the modified cash basis of accounting as the financial reporting framework to be applied in the preparation of the financial statements. 2. The preparation and fair presentation of financial statements in accordance with the modified cash basis of accounting and the inclusion of a description of the modified cash basis of accounting. 3. The design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. 4. The prevention and detection of fraud. 5. To ensure that the Mundelein Firefighters' Pension Fund complies with the laws and regulations applicable to its activities. 6. The accuracy and completeness of the records, documents, explanations, and other information, including significant judgments, you provide to us for the engagement. 7. To provide us with - a. access to all information of which you are aware is relevant to the preparation and fair presentation of the financial statements, such as records, documentation, and other matters, b. additional information that we may request from you for the purpose of the compilation engagement, c. unrestricted access to persons within the entity of whom we determine it necessary to make inquiries. You are also responsible for all management decisions and responsibilities and for designating an individual, with suitable skills, knowledge, and experience to oversee our bookkeeping services and the preparation of your financial statements. You are responsible for evaluating the adequacy and results of the services performed and accepting responsibility for such services. Lauterbach & Amen, LLP does not assume any management responsibilities for the Pension Fund. We are not engaged to, and will not, perform an audit, the objective of which would be the expression of an opinion on the specified elements, accounts, or items. These services cannot be relied upon to detect errors, irregularities, or illegal acts that may exist. However, we will inform you of any such matters that may come to our attention. It is the understanding of the parties that the portals provided to or held by Lauterbach & Amen, LLP, is a supplement to, and not a replacement for, the original paper and electronic public records of the Pension Fund. Mundelein Firefighters' Pension Fund Page 57 of 68 March 4, 2024 Page 3 of 5 Our Report As part of our engagement, we will issue a report that will state that we did not audit or review the financial statements and that, accordingly, we do not express an opinion, a conclusion, nor provide any assurance on them. There may be circumstances in which the report differs from the expected form and content. Our report will disclose that the Pension Fund management has elected to omit substantially all the disclosures ordinarily included in financial statements prepared in accordance with the modified cash basis of accounting. If the omitted disclosures were to be included in the financial statements, they might influence the user’s conclusions about the Pension Fund’s assets, liabilities, net position, additions and deductions. Accordingly, the financial statements will not be designed for those who are not informed about such matters. If for any reason, we are unable to complete the compilation of your financial statements, we will not issue a report on such statements as a result of this engagement. Our report will disclose that the financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. You agree to include our accountant's compilation report in any document containing financial statements that indicates that we have performed a compilation engagement on such financial statements and, prior to inclusion of the report, to ask our permission to do so. The supplementary information accompanying the financial statements will be presented for purposes of additional analysis. Our report will not express an opinion, a conclusion, nor provide any assurance on such information. Other Relevant Information Costs for our services are as follows: Fiscal Year Fiscal Year Fiscal Year Ended Ended Ended Services Provided 04/30/2025 04/30/2026 04/30/2027 $1,290 $1,330 $1,370 • Monthly Accounting & Benefits Administration Monthly Monthly Monthly $775 $800 $825 • Professional Service Administration Monthly Monthly Monthly $1,785 $1,850 $1,915 • IDOI Annual Statement Annual Annual Annual $655 $655 $655 • Municipal Compliance Report Annual Annual Annual $1,285 $1,335 $1,385 • Year End Auditor's Workpapers Annual Annual Annual Calendar Calendar Calendar Year Ended Year Ended Year Ended 12/31/2024 12/31/2025 12/31/2026 $365 $375 $385 • Payroll & Vendor Tax Forms Annual Annual Annual Annual Total Costs of Services $28,870 $29,775 $30,680 Mundelein Firefighters' Pension Fund Page 58 of 68 March 4, 2024 Page 4 of 5 Monthly services will be billed on a monthly basis and annual services will be billed as completed. In accordance with our firm policies, work may be suspended if your account becomes 90 days or more overdue and may not be resumed until your account is paid in full. Please be advised that we will charge interest on late invoices over sixty days. In connection with this agreement, the Mundelein Firefighters' Pension Fund authorizes Lauterbach & Amen, LLP to automatically debit the Pension Fund’s disbursement account at BMO Bank N.A. upon completion of any past, present, or future services for the cost agreed upon in the respective engagement letter. Either the Pension Fund or Lauterbach & Amen, LLP may terminate this auto debit arrangement at any time by providing prior written notice to the other. Either party may terminate all or a portion of the services contemplated by this engagement at any time for any reason upon 30 days written notice to the other. Subcontracting is prohibited without the express written approval of the Pension Fund’s Board of Trustees. This agreement shall be governed by and construed in accordance with the laws of the State of Illinois. We appreciate the opportunity to be of service to the Mundelein Firefighters' Pension Fund and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you acknowledge and agree with the terms of our engagement as described in this letter, please indicate your acceptance of the above understanding by signing below and returning a signed copy to us. If the Pension Fund's needs change during the year, the nature of our services can be adjusted accordingly. Likewise, if you have special projects with which we can assist, please let us know. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP RESPONSE: This letter correctly sets forth the understanding of the Mundelein Firefighters' Pension Fund: Accepted by: _________________________________________________________________________ Title: _______________________________________________________________________________ Mundelein Firefighters' Pension Fund Page 59 of 68 March 4, 2024 Page 5 of 5  Volume 25, Issue 2, April 2024 Legal and Legislative Update Illinois Supreme Court Finds In This Issue… Consolidation Legislation Valid 1 Illinois Supreme Court Finds Arlington Heights Police Pension Fd. et al. v. Consolidation Legislation Valid Pritzker, et al., 2024 IL 129471 3 Due Process Requirements in Pensionable Salary Matters On January 19, 2024, the Illinois Supreme Court filed its opinion on the lawsuit filed by several 4 Village Violates Litigation and police and fire pension funds and their Bargaining Exceptions to Open representatives challenging the constitutionality of Meetings Act Public Act 101-610 (eff. Jan. 1, 2020). Plaintiffs made two arguments before the Court. Plaintiffs 6 Reciprocity Does Not Apply to Non- argued the Act violated Article XIII, Section 5, of Duty Disability Benefits the Illinois Constitution, commonly known as the “Pension Protection Clause”, and Article I, Section 7 DOI Issues Siren Regarding Local 15, of the Illinois Constitution, commonly known Money Market Accounts as the “Takings Clause”. The Circuit Court of Kane County granted Defendants’ Motion for Summary Judgment. The Second District 8 Email Service of Administrative Appellate Court and Illinois Supreme Court Decision Not Sufficient affirmed. 9 Suggested Agenda Items for July On January 1, 2020, the Act became effective and Meeting amended the Illinois Pension Code (“Code”) to consolidate all Article 3 and 4 pension investment funds. Per the Act, all Article 3 and 4 Pension funds 9 RDL News were required to transfer custody and investment responsibility for their fund assets to their 6 Collective Bargaining Agreement Finds © 2024 REIMER DOBROVOLNY & LABARDI PC 1 Firefighter Not Eligible for Family Insurance Coverage Page 60 of 68 RDL News respective statewide funds, who would invest and and eligibility to receive a retirement annuity and administer these two consolidated funds. Once survivor benefit, along with the right to purchase transferred, each fund retains a separate account in optional service credit in the state pension system the respective statewide fund that is dedicated for past military service.” solely to paying benefits to the local fund’s members and covering operating expenses. The Conversely, the Court held the Pension Protection returns on the consolidated investments are Clause does not protect the ability to vote in distributed pro rata among each participating fund. elections for local pension board members or the ability to have local board members control and The Court noted the stated goal of the Act was to invest pension funds. This Clause does not protect streamline investments and eliminate unnecessary the adequacy of the funding to pay for benefits or a and redundant administrative costs. Despite particular level of funding. Instead, in its simplest consolidation, pension funds retain exclusive form, the Clause protects a members’ right to authority to adjudicate and award retirement and receive his or her promised pension benefit. The other benefits. The consolidated funds will not be Court held local pension funds have no involved in the adjudication and award of benefits. constitutional right regarding who invests their assets, just as they have no constitutional right to In February 2021, Plaintiffs filed a three-count how their funds are funded or the adequacy of complaint against Defendants. They alleged the funding. Lastly, the Court held the startup costs do Act diminished and impaired their pension benefits not impair or diminish Plaintiffs’ pension benefits. because (1) it deprived them of their exclusive In fact, the Court noted the consolidated funds are ability to manage and control their investment intended to streamline investments and eliminate expenditures and incomes; (2) it diluted their unnecessary and redundant costs. voting power in the selection of investment managers, investments, risks, rates of return, costs, The Court then addressed Plaintiffs’ argument and expenses through the participation of other concerning the Takings Clause of the Illinois local funds; and (3) the local funds bear the Constitution. Plaintiff argued they had to transfer transition costs. The Circuit Court of Kane County their private property, consisting of securities, granted the Defendants’ Motion for Summary funds, assets, monies, and cash reserves, to the Judgment. Plaintiffs appealed only two of the three consolidated funds and bear the transition costs in counts. The Second District Appellate Court violation of the Takings Clause. The Taking Clause affirmed the Circuit Court. The Illinois Supreme of the Illinois Constitution states, “[p]rivate Court affirmed the Appellate Court. property shall not be taken or damaged for public use without just compensation as provided by law. The Court first addressed Plaintiff’s argument Such compensation shall be determined by a jury concerning the Pension Protection Clause of the as provided by law.” Illinois Constitution. That Clause states, “[m]embership in any pension or retirement system The Court held Plaintiffs have a property right to of the State, any unit of local government or school receive their promised benefits but do not have a district, or any agency or instrumentality thereof, property right in the source of funding for those shall be an enforceable contractual relationship, the payments. The Court noted the Act does not impact benefit of which shall not be diminished or Plaintiffs right to receive pension benefits. Instead, impaired.” The Illinois Supreme Court interpreted the Act simply transfers control and management that Clause to protect all benefits that flow from the of the local pension funds’ assets from one contractual relationship arising from membership government-created pension fund to another such in a public pension system. Specifically, they fund. The Court held the Circuit Court properly include “those benefits attendant to membership in granted summary judgment in favor of the the State’s retirement system, such as subsidized Defendants.❖ health care, disability and life insurance coverage, © 2024 REIMER DOBROVOLNY & LABARDI PC 2 Page 61 of 68 Due Process Requirements in witnesses testified. The Board voted to table the Pensionable Salary Matters decision to a later date. Ibrahim v. Bd. of Trustees of Romeoville On January 11, 2022, The Board reconvened and Firefighters' Pension Fund, 2024 IL App (3d) voted unanimously to deny Ibrahim's request. It 230215-U issued a written Findings and Decision, which reiterated the reasoning set forth in the Board In a recent unpublished Rule 23 order, the Third President’s earlier letter to Ibrahim. Thereafter, District Appellate Court analyzed the due process Ibrahim filed a complaint for administrative review required for pension decisions. The court in the Will County circuit court arguing the Board examined when due process must be given and failed to provide him with proper notice or an what the substance of that due process needs to be. opportunity to be heard, violating his right to due process. Ibrahim, a deputy chief for the Village of Romeoville Fire Department, was awarded an After briefing, the circuit court remanded the case increase in his salary from $125,000 to $150,000 back to the Board for “a full de novo hearing on by the Village Mayor in September of 2018, and issues, with Ibrahim permitted to call and cross retired less than one month later. His last paystub examine witnesses.” While Ibrahim had raised reflected the recently increased salary. additional substantive issues in his complaint, the appeal was limited to these due process issues as Ibrahim then filed for a retirement pension on the Board filed a petition for leave to appeal under March 10, 2021. The Pension Board initially Illinois Supreme Court Rule 306(a)(6), which reviewed his application on April 7, 2021, and allows for review of an order remanding an approved the application in “an amount to be administrative decision for de novo hearing. determined with calculations made by the village management.” No specific amount was approved On appeal, the Board argued the circuit court erred by the Board at the meeting and no written decision in remanding the matter for a de novo hearing. The was published at that time. Appellate Court applied an abuse of discretion standard of review, which both parties agreed was The Village Finance Director emailed Ibrahim a appropriate. An abuse of discretion occurs when copy of his final pension calculations based on an the circuit court's decision is arbitrary, fanciful, or annual salary of $125,052.46, which Ibrahim unreasonable. disputed. The Village Finance Director forwarded Ibrahim's calculations to the Pension Board. The Appellate Court then addressed what, if any, due process Ibrahim was entitled to. First, the court On May 21, 2021, the Board President sent a letter noted that the timing of access to due process only to Ibrahim denying his request to adjust his requires that it be afforded before the final retirement calculations for three reasons. determination by an administrative agency or Importantly, the letter also included an invitation to board is rendered, not at the initial stage or at any Ibrahim to the next Board meeting to review the particular point. The Appellate Court stated that decision. notice in an administrative proceeding must be reasonably calculated to apprise interested parties On August 17, 2021, the Board held a board of the contemplated action and to afford the meeting where the agenda listed a possible action interested parties an opportunity to present their item of reviewing Ibrahim's pension request. objections and that it was clear that Ibrahim had Ibrahim attended this meeting with his attorney, notice of the meeting. It also noted that the Findings who gave a brief presentation arguing why Ibrahim and Decision in this case serve as the actual final should receive the increased salary benefit. No decision, and Ibrahim received notice before that decision was made. © 2024 REIMER DOBROVOLNY & LABARDI PC 3 Page 62 of 68 After disposing of the timing element in its witnesses, the Court noted Ibrahim’s failure to even analysis, the Appellate Court then addressed attempt to subpoena any witnesses or otherwise whether Ibrahim also had a sufficient opportunity question members of the Board. The Board cannot to be heard when his attorney presented his position later be found to have deprived Ibrahim of a right and objections on his behalf at a Board meeting. A when he chose not to exercise that right in the first full evidentiary hearing is not necessarily required place. to afford a party due process. An affected party must have an opportunity to present objections to The Appellate Court found the Board did not the administrative board's actions, but there are no violate Ibrahim’s due process rights. Ibrahim other formal requirements. received notice of the Board meeting where he could explain his position that he should receive a In deciding whether a party was afforded a higher pension. He was present, with an attorney, meaningful opportunity to be heard, the Appellate and argued before the Board prior to the issuance Court used a three-part test. First, it considers and of the Board's Findings and Decision. Thus, weighs the private interest affected by the action. Ibrahim received notice and an opportunity to be Second, the risk of an erroneous deprivation of a heard prior to the Board's decision on a pension protected right through the procedure used, as well amount. Accordingly, the circuit court abused its as any additional safeguards that could be discretion in remanding the matter back to the employed. Third, the government's interests, Board for a new hearing and its order was reversed. including any burdens that additional safeguards would entail. While noting that Ibrahim clearly had a significant private interest in receiving his It should be noted that while the Appellate Court pension, the Court also noted the Board's found die process had been satisfied, the underlying fundamental interest in protecting the fiscal issue of the amount of Ibrahim’s pensionable salary integrity of the pension fund by ensuring its was not adjudicated. The matter was remanded to participants do not receive benefits to which he or the circuit court for consideration of the remaining she are not entitled. issues.❖ As for the second factor, the risk of an erroneous Village Violates Litigation and decision was mitigated by procedural safeguards. Bargaining Exceptions to Open Meetings The Court found the Board took several steps to Act mitigate this risk. It notified Ibrahim of its preliminary assessment of the situation, explained Int'l Ass'n of Fire Fighters Loc. 4646 v. Vill. of Oak the analysis the Board's attorney took to reach the Brook, 2024 IL App (3d) 220466 conclusion Ibrahim should not receive the increased pension, and invited Ibrahim to the next In a recent Third District case, the Appellate Court Board meeting to further discuss the matter. After reiterated important issues and rules public bodies Ibrahim indicated he wished to attend the next must follow when conducting public meetings in meeting, the Board placed him on the agenda. At light of the Freedom of Information and the Open that meeting, the Board afforded him and his Meetings Acts. The take-away is that Pension attorney the opportunity to voice their objection Boards, like all other public bodies conducting and provide argument to support their position. The public business, must follow these strict rules Board's procedural safeguards in this case were regarding closed sessions or face significant sufficient to substantially reduce any risk of an penalties. erroneous decision. As background, on December 8, 2020, the Village While Ibrahim also argued he did not receive his of Oak Brook Board of Trustees conducted a public full procedural due process rights because he was hearing to consider its proposed 2021 budget. By not given the opportunity to subpoena and question © 2024 REIMER DOBROVOLNY & LABARDI PC 4 Page 63 of 68 a vote of 6 to 0, the Village trustees voted to close (2) “when the public body finds that an action is a portion of the meeting, purportedly to discuss probable or imminent.” When a public body finds subjects described in subsections (c)(2) [collective that an action is probable or imminent, “the basis negotiating matters] and (c)(11) [probable or for the finding shall be recorded and entered into imminent litigation] of section 2 of the Open the minutes of the closed meeting.” Discussions Meetings Act. The closed session lasted slightly about the “potential” for future litigation or of less than three hours and included, among others, “plausible” litigation cannot satisfy the exception the Village's regular attorney and its labor counsel. for probable or imminent litigation. When the After resuming the open session, the Village litigation exception justifies a closed meeting, adopted its 2021 budget. relevant topics include discussions about legal theories, claims, or defenses, or possible The International Association of Fire Fighters approaches to litigation. Even if a meeting is Local 4646 (Union) sued the Village of Oak Brook lawfully closed, a public body violates the Act (Village) on the grounds that the Village held a when it considers topics beyond the scope of the closed meeting in violation of the Open Meetings topics that justified the closed meeting. Act and denied its request for records pertaining to that meeting in violation of the Freedom of The Appellate Court took to task the Village’s Information Act (FOIA). claim it was allowed to enter closed session for any of its proposed grounds. First, it found the claim it The Union filed a motion for summary judgment was discussing collective bargaining was on both claims, which the trial court granted, unsupported. The Village conceded it was not in ordering the Village to disclose the requested active negotiations with a collective bargaining unit records, denying the Village's request to redact when it conducted its closed meeting. The Court portions of the records sought by the Union on the found the Village’s reliance on a prior Attorney ground those portions contained privileged General opinion was not warranted. That opinion attorney-client communications and ordering the addressed the question “whether a public body may Village pay reasonable attorney fees to the Union. meet unilaterally to consider its negotiating The Village appealed all three rulings. response to collective negotiating topics.” While the cited Attorney General opinion supported the The Appellate Court first presented basic principles notion the Village could hold a closed session to of law related to the Open Meetings Act. First, all unilaterally discuss matters pertaining to an active meetings of public bodies shall be open to the negotiation, it did not support holding a closed public unless excepted in subsection (c) and closed session to discuss matters pertaining to an in accordance with the Act. Two exceptions under anticipated or hypothetical negotiation. section 2(c) were at issue in this appeal: the collective-negotiating-matters exception and the The purpose of the Village's closed session was to litigation exception. The exceptions are to be choose one of two budget proposals, and the strictly construed, extending only to subjects possibility of future negotiations was merely a clearly within their scope. factor it considered. The purpose was not to discuss a response to collective negotiating topics. There Under section 2(c)(2), a public body may hold a was no purported collective negotiating demand by closed meeting to discuss “[c]collective negotiating the bargaining unit and, as the Village makes clear, matters between the public body and its employees the Union indeed refused to engage in mid-term or their representatives, or deliberations concerning bargaining. salary schedules for one or more classes of employees.” Under subsection (c)(11), a public Taken to its logical conclusion, the Village's body may hold a closed meeting to discuss argument would lead to an untenable end-run litigation in two circumstances: (1) when an action around the Act. Because there was no active or has been filed and is pending, or, as is claimed here, imminent collective bargaining when the Village © 2024 REIMER DOBROVOLNY & LABARDI PC 5 Page 64 of 68 held its closed session, the Appellate Court 2021, Wessel applied for a non-duty disability concluded the Village did not satisfy the collective- pension with the Lake Villa District Firefighters' negotiating-matters exception. Pension Board (Lake Villa Board). The Lake Villa District intervened in the proceedings. The Village also claimed its closed meeting was necessary to discuss “probable or imminent” On May 15, 2021, Wessel filed a separate litigation. This claim relied on predicted litigation application for a non-duty disability pension with if it chose a budget that violated the collective the Wilmette Fund. Wessel’s hearing was bargaining agreement then in place. However, the scheduled, and he was given notice of the hearing. Village failed to argue that it had reasonable The Wilmette Board decided Wessel was not grounds to believe a lawsuit was more likely than eligible for non-duty disability benefits. not at the time it entered the closed session, as its Specifically, it found Wessel was no longer stated purpose was to discuss different proposed employed by Wilmette Fire when he applied for budgets. Accordingly, the Village had no disability benefits. discernable basis to conclude that a lawsuit was more likely than not. On February 1, 2022, Wessel filed his complaint in the circuit court for declaratory judgment and The Village had conceded that a violation of the administrative review. On June 24, 2022, the circuit Open Meeting Act would necessarily implicate a court dismissed the declaratory judgment count. On violation of FOIA, as it had refused to tender March 3, 2023, the circuit court granted summary requested recording under FOIA based on the judgment to the Wilmette Fund. On March 28, closed session exceptions under the Act. Because 2023, Wessel filed his timely notice of appeal. On of these violations, the Village was also ordered to appeal, the Appellate Court interpreted the pay a portion of the Union’s attorney’s fees. meaning of §4-111 and §4-109.3(n). Again, the exceptions to the presumed public hearing requirements are to be narrowly used and §4-109.3(n) states in pertinent part: must be supported by actual existing facts and (n) If a firefighter who elects to make contributions circumstances. This case stands for the under subsection (c) of Section 4-118.1 for the fundamental principle that these exceptions cannot pension benefits provided under this Section be used as a carte blanche tool to keep important becomes entitled to a disability pension under and necessarily public information and discussions Section 4-111 [40 ILCS 5/4-111], the last pension out of the public eye. Violation of this fundamental fund is responsible to pay that disability pension, principle will add significant and wholly provided that the firefighter has at least 7 years of unnecessary costs to the Fund. ❖ creditable service with the last pension fund. Reciprocity Does Not Apply to Non-Duty Public Act 95-1036 amended §4-109.3(n) to include the following language: Disability Benefits In the event a firefighter began employment with a Wessel v. Wilmette Firefighters' Pension Fund, new employer as a result of an intergovernmental 2024 IL App (1st) 230565 agreement that resulted in the elimination of the Firefighter Michael Wessel applied for non-duty previous employer’s fire department, the firefighter disability benefits from the Wilmette Firefighters’ shall not be required to have 7 years of creditable Pension Fund (“Wilmette Fund”). Wessel worked service with the last pension fund to qualify for a for the Wilmette Fire Department (“Wilmette disability pension under Section 4-111. Under this Fire”) from September 27, 2010 until January 31, circumstance, a firefighter shall be required to have 2020. Wessel then began working for the Lake 7 years of total combined creditable service time to Villa Fire Protection District (“Lake Villa qualify for a disability pension under Section 4- District”) on February 1, 2020. On February 1, 111. The disability pension received pursuant to © 2024 REIMER DOBROVOLNY & LABARDI PC 6 Page 65 of 68 this Section shall be paid by the previous employer subsection (m) diverges greatly from that of and new employer in proportion to the firefighter’s subsection (n); thus, the Appellate Court held the years of service with each employer. legislature intended each subsection to mean something different. The Appellate Court held Section 4-109.3(n) concerns two scenarios. The first scenario provides Wessel demonstrates that under Article 4 of the the last pension fund is responsible for the non-duty Illinois Pension Code, reciprocity does not apply to disability pension and that an employee is entitled non-duty disability benefits. If a firefighter to that non-duty disability pension if the firefighter transfers from one department to another, he or she has at least seven (7) years of credible service at will lose his or her eligibility for non-duty disability that fund. Wessel agreed Lake Villa was his “last benefits except for very limited circumstances. ❖ pension fund.” Because he had less than seven (7) years of credible service with the Lake Villa DOI Issues Siren Regarding Local Pension Fund, he was not entitled to non-duty Money Market Accounts disability benefits from Lake Villa. In the wake of consolidation of Article 3 and 4 The second scenario provides a firefighter can pension fund assets, the newly created consolidated stack his credible service from multiple funds only funds recommended local boards keep three if “a firefighter began employment with a new months of benefits and expenses on hand in a local employer as a result of an intergovernmental account. Now that most funds have been agreement that resulted in the elimination of the successfully transferring monies to and from previous employer's fire department.” In that POPIF or FPIF for some time, most local funds instance, a firefighter will not need to have seven have decreased their local account balance to about (7) years of credible service with his “last pension one month of benefits and expenses. Many funds fund” to qualify for disability benefits under §4- have chosen to keep their local cash in a money 111. Wessel did not leave the Wilmette Fire market account rather than a low or non-interest because of an “intergovernmental agreement that bearing checking account. While use of this type resulted in the elimination” of Wilmette Fire. of account is clearly contemplated by the Statute, Instead, he quit because he wished to work at the the Department of Insurance (DOI) was asked to Lake Villa District. opine whether these are permissible vehicles for Article 3 and 4 funds to use. The Appellate Court also relied on §4-109.3(m) when limiting the scope of the second scenario. §4- In response to this inquiry, the DOI issued a Siren 109.3(m) concerns occupational disease disability on February 8, 2024, opining money market mutual and specifically states in pertinent part that “each funds are permissible but adding they should only pension fund to which the firefighter has made be used to make benefit payments or cover other contributions under subsection (c) of Section 4- reasonable expenses. They further suggested the 118.1 must pay a portion of that occupational amount of money a local fund may retain in a local disease disability pension[.]” It further states “[a] account is limited and that amounts not firefighter who has made contributions…for at “imminently” needed for payments should be sent least 5 years of creditable service shall be deemed to the respective consolidated fund and not to have met the 5-year creditable service maintained in a money market. To ensure requirement…, regardless of whether the compliance, the Siren suggested local funds (1) firefighter has 5 years of creditable service with the communicate with the consolidated fund about last pension fund.” The Appellate Court noted local cash needs and observe guidance provided by subsection (m) explicitly requires a pension fund to the consolidate fund for cash management and (2) stack a firefighter’s credible service from multiple consider a local bank account for cash kept locally. departments when determining eligibility for occupational disease disability. The language in © 2024 REIMER DOBROVOLNY & LABARDI PC 7 Page 66 of 68 Investment or brokerage fees are generally not typically disability or retirement decisions made by appropriate. the board. While a money market mutual fund is permitted by In this case, the Court wrestled with the issues of the Statue for local cash needs, the Statute does when to start the 35 day clock on a plaintiff who limit the amount a fund may keep in that local was not a party to the administrative proceeding, account. While there is no bright line rule whether the method of service chosen by the indicating a specific dollar figure, the Statute does administrative agency was valid, and, in light of the require any money kept locally be tied to the preceding questions, whether the plaintiff’s necessity to pay benefits and expenses. The complaint was filed within the 35 day time amount is not limitless. From a fiduciary and limitation of the Administrative Review Law. regulatory standpoint, our suggestion is boards review their cash position/policy at every meeting The underlying administrative decision in this case to ensure they are maximizing return on was the Illinois Health Facilities & Services investment. Balances kept in a local account Review Board decision to approve a certificate to should be tied to a specific dollar figure in relation establish a hospital in Quincy. The decision of the to a number of months of benefits/expenses the board was issued via a permit letter. The letter fund typically expends. For example, many of our stated it was emailed but did not include an email clients have elected to keep one month of address, fax number, or proof of service. While benefits/expenses in a money market account with plaintiff Blessing Hospital was not a party to that any amount accruing in excess of that target administrative proceeding, they had standing to automatically transferred to the consolidated fund. seek administrative review claiming they would be If they have not already done so, Funds should also adversely affected by the decision. (Much like case consider setting up an automatic monthly deposit law establishes a municipality may challenge the from the consolidated fund in the amount of decision of a pension board even if they fail to monthly benefits/expenses. intervene in the underlying administrative hearing). The defendants filed a motion to dismiss the Management of local accounts should be an complaint for administrative review arguing it was ongoing discussion between vendors and the board. not filed in a timely manner. While we cannot advise on the proper amount of cash to keep on hand, should you have any Inasmuch as plaintiff to this case was not a party to questions on the statutory requirements, please do the administrative proceeding, the first question the not hesitate to contact your RDL attorney. ❖ appellate court dealt with was when the 35 day period commences on a party that was not entitled Email Service of Administrative Decision to be served with the administrative decision in the first place. While the court conceded this is an Not Sufficient unusual situation when the party charged with filing the appeal of the administrative decision Blessing Hospital v. Illinois Health Facilities & within 35 days of service is not the party served, the Services Review Bd. et al., 2024 IL App (4th) law clearly indicates the 35 days runs from the date 230282 of service on the party to the administrative proceeding. As such, Blessing Hospital’s 35 days By statute, administrative decisions made by to appeal the administrative decision to which they Article 3 and 4 pension boards are subject to the were not a party began to run on the date of service Administrative Review Law. That means they are to the hospital that was a party to the proceeding. subject to review in the circuit courts as long as a complaint is filed within 35 days from the date of The next step in the analysis was to determine what service of the administrative decision. In the type of service was required for the 35 day period context of pension boards, these decisions are to begin to run. The Administrative Review Law © 2024 REIMER DOBROVOLNY & LABARDI PC 8 Page 67 of 68 provides that, if no method of service is provided writing should be served upon the parties to the in the laws governing procedure for the administrative proceeding preferably via U.S. mail administrative agency, a decision is “served” when with proof of mailing. In an ideal world, it should either a copy of the decision is personally delivered be sent via certified mail or using some form where or when it is deposited in the U.S. mail. In this delivery can be confirmed. ❖ case, the Administrative Code governing the proceeding provided the board’s decision must be Suggested Agenda Items for July (or 3rd sent certified mail or personally served on all Quarter) parties. Here, the only indication was the decision was emailed to the parties and proof of service of • Semi-annual review of closed executive any mailing or personal service was not provided. The court found email service was not authorized. session minutes to determine what needs to remain confidential. In short, while the 35 day time period as to a non- • Election of Board Officers. (e.g. President, party would begin to run upon the date of service on a party, in this case that time did not begin to run Secretary, etc.) because the only method of service identified • Potential selection of independent enrolled (email) was not authorized by either the statute or law governing proceeding before the agency. actuary for recommended tax levy. Personal service or service by certified mail with • Review status of Trustees’ annual training accompanying proof of service would have been requirements. required to commence the 35 day administrative review period. As a result, the motion to dismiss for failure to timely commence the action granted by the trial court was reversed by the appellate court. How does all this apply to your pension fund? First, it illustrates the importance of memorializing decisions of the pension board in writing. That REIMER DOBROVOLNY & LABARDI PC NEWS • April 2, 2024, RDL managing partner Rick Reimer will present at the IPPFA certified trustee training at NIU in Naperville. • May 3, 2024, RDL partner Brian LaBardi will present at the IPFA spring pension seminar in Addison. • May 7-10, 2024, RDL attorneys will attend and present at the IPPFA Illinois Pension Conference in Galena. Legal and Legislative Update Volume 25, Issue 2, April 2024 This publication constitutes advertising material. Information contained herein should not be considered legal advice. Legal and Legislative Update is published periodically. Questions may be directed to: REIMER DOBROVOLNY & LABARDI PC A Public Safety Law Firm 15 Spinning Wheel Road, Suite 310, Hinsdale, IL 60521 (630) 654-9547 Fax (630) 654-9676 www.rdlaborlawpc.com Unauthorized reproduction prohibited. All rights reserved. © 2024 REIMER DOBROVOLNY & LABARDI PC 9 Page 68 of 68