Police Pension Board
Regular MeetingMundelein, IL · May 22, 2025
Agenda
NOTICE OF A REGULAR MEETING OF THE
MUNDELEIN POLICE PENSION FUND
BOARD OF TRUSTEES
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Thursday, May 22,
2025 at 6:30 p.m. in the Mundelein Police Department located at 221 North Lake Street, Mundelein, Illinois
60060, for the purposes set forth in the following agenda:
AGENDA
1. Call to Order
2. Roll Call – Frasier, Shutter, Cupec, Ahern, Callaghan
3. Public Comment
4. Village of Mundelein Treasurer’s Report
5. Approval of Meeting Minutes
a. January 29, 2025 Regular Meeting
6. President’s Report
7. Accountant’s Report – Lauterbach & Amen
a. Monthly Financial Report
b. Presentation and Approval of Bills
c. Additional Bills, if any
d. Discussion/Possible Action – Cash Management Policy
8. Investment Reports – IPOPIF
a. Verus Advisory, Inc.
b. State Street Statements
9. Communications and Reports
a. Affidavits of Continued Eligibility
b. Statements of Economic Interest
10. Trustee Training Updates
a. Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a. Application for Membership – Noe Torres
b. Contribution Refund – Jacob Vekemans
c. Resignation of Officer – Rhani Jordan
12. Applications for Retirement/Disability Benefits
a. Approve Regular Retirement Benefits – Thomas Hall
13. Old Business
14. New Business
a. Certify Board Election Results – Retired Member Position
b. Discussion/Possible Action – Lauterbach & Amen Engagement Letters
15. Attorney’s Report – Ottosen
a. Legal Updates
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
July 24, 2025 and October 23, 2025 at 6:30 p.m.
Packet
NOTICE OF A REGULAR MEETING OF THE
MUNDELEIN POLICE PENSION FUND
BOARD OF TRUSTEES
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Thursday, May 22,
2025 at 6:30 p.m. in the Mundelein Police Department located at 221 North Lake Street, Mundelein, Illinois
60060, for the purposes set forth in the following agenda:
AGENDA
1. Call to Order
2. Roll Call – Frasier, Shutter, Cupec, Ahern, Callaghan
3. Public Comment
4. Village of Mundelein Treasurer’s Report
5. Approval of Meeting Minutes
a. January 29, 2025 Regular Meeting
6. President’s Report
7. Accountant’s Report – Lauterbach & Amen
a. Monthly Financial Report
b. Presentation and Approval of Bills
c. Additional Bills, if any
d. Discussion/Possible Action – Cash Management Policy
8. Investment Reports – IPOPIF
a. Verus Advisory, Inc.
b. State Street Statements
9. Communications and Reports
a. Affidavits of Continued Eligibility
b. Statements of Economic Interest
10. Trustee Training Updates
a. Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a. Application for Membership – Noe Torres
b. Contribution Refund – Jacob Vekemans
c. Resignation of Officer – Rhani Jordan
12. Applications for Retirement/Disability Benefits
a. Approve Regular Retirement Benefits – Thomas Hall
13. Old Business
14. New Business
a. Certify Board Election Results – Retired Member Position
b. Discussion/Possible Action – Lauterbach & Amen Engagement Letters
15. Attorney’s Report – Ottosen
a. Legal Updates
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
July 24, 2025 and October 23, 2025 at 6:30 p.m.
Page 1 of 61
MINUTES OF A REGULAR MEETING OF
THE MUNDELEIN POLICE PENSION FUND BOARD OF TRUSTEES
JANUARY 29, 2025
A regular meeting of the Mundelein Police Pension Fund Board of Trustees was held on Wednesday, January
29, 2025 at 6:30 p.m. in the Mundelein Police Department located at 221 North Lake Street, Mundelein, Illinois
60060, pursuant to notice.
CALL TO ORDER: Trustee Frasier called the meeting to order at 6:30 p.m.
A motion was made by Trustee Shutter and seconded by Trustee Callaghan to allow Trustee Cupec to attend
via teleconference but will not be able to vote, due to the Open Meetings Act participation guidelines. Motion
carried unanimously by voice vote.
ROLL CALL:
PRESENT: Trustees Wallace Frasier, Jim Cupec (via teleconference), Deborah Shutter, Peter
Ahern and Kevin Callaghan
ABSENT: None
ALSO PRESENT: Attorney John Kelly, Ottosen; Elizabeth Adelmann, Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
VILLAGE OF MUNDELEIN TREASURER’S REPORT: There was no Treasurer’s Report presented.
APPROVAL OF MEETING MINUTES: October 15, 2024 Regular Meeting: The Board reviewed the
October 15, 2024 regular meeting minutes. A motion was made by Trustee Callaghan and seconded by Trustee
Ahern to approve the October 15, 2024 regular meeting minutes as written. Motion carried unanimously by
voice vote.
Semi Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for
review.
PRESIDENT’S REPORT: There was no President’s Report presented.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board
reviewed the Monthly Financial Report for the seven-month period ending November 30, 2024, prepared by
L&A. As of November 30, 2024, the net position held in trust for pension benefits is $48,428,003.38 with a
change in position of $5,478,423.38. The Board also reviewed the Cash Analysis Report, Revenue Report,
Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report and Quarterly
Transfer Report. A motion was made by Trustee Callaghan and seconded by Trustee Shutter to approve the
Monthly Financial Report as presented. Motion carried by roll call vote.
AYES: Trustees Frasier, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
ABSTAIN: Trustee Cupec
Presentation and Approval of Bills and Additional Bills, if any – INSPE Invoice: The Board reviewed the
Quarterly Disbursement Report for the period September 1, 2024 through November 30, 2024 for total
disbursements of $28,786.10 and the INSPE Associates LLC invoice #87794 in the amount of $2,640 for Tyler
Waters’ independent medical evaluation. A motion was made by Trustee Shutter and seconded by Trustee
Page 2 of 61
Mundelein Police Pension Fund
Meeting Minutes – January 29, 2025
Page 2 of 3
Callaghan to approve the disbursements shown on the Quarterly Disbursement Report in the amount of
$28,786.10 and the additional bill as presented. Motion carried by roll call vote.
AYES: Trustees Frasier, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
ABSTAIN: Trustee Cupec
Discussion/Possible Action – Cash Management Policy: The Board reviewed the Cash Management Policy
and determined no changes were necessary at this time.
INVESTMENT REPORTS – IPOPIF: Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc.
report for the period ending November 30, 2024. As of November 30, 2024 the market value is
$12,926,086,474 and the year-to-date net return for the Illinois Police Officers’ Pension Investment Fund
(IPOPIF) is 12.1%.
State Street Statements: The Board reviewed the Monthly Summary for the Fund prepared by the Illinois Police
Officers’ Pension Investment Fund (IPOPIF) for the periods ending November 30, 2024 and December 31,
2024. As of December 31, 2024 the Fund’s market value is $46,721,079.69 and the month-to-date net return
for the Fund is (2.07%).
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A
mailed Affidavits of Continued Eligibility to all pensioners in December and a due date of January 31, 2025. A
status update will be provided at the next regular meeting.
Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by
the Village by February 1, 2025. Statements of Economic Interest will be sent to all registered filers who will
need to respond by the deadline of May 1, 2025.
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 presented for approval.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership
– Noe Torres: The Board noted that Noe Torres’ application for membership will be reviewed at the next
regular meeting.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: Discussion/Possible Action – Trustee Email Accounts: The Board noted that they have
received Village of Mundelein provided email accounts to conduct Fund business through. No further action
is necessary.
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the 2025
Cost of Living Adjustments calculated by L&A. A motion was made by Trustee Callaghan and seconded by
Page 3 of 61
Mundelein Police Pension Fund
Meeting Minutes – January 29, 2025
Page 3 of 3
Trustee Ahern to approve the 2025 Cost of Living Adjustments as required by statute and calculated by
L&A. Motion carried by roll call vote.
AYES: Trustees Frasier, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
ABSTAIN: Trustee Cupec
Review Trustee Term Expirations and Election Procedures: The Board noted that the retired member term
currently held by Trustee Frasier is expiring in May 2025. Trustee Frasier expressed his interest to remain on
the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the retired member
Trustee position.
ATTORNEY’S REPORT – OTTOSEN: Annual Independent Medical Examination – Tyler Waters: The
Board noted that Tyler Waters attended his annual independent medical examination and it was
determined that he remains disabled at this time. A motion was made by Trustee Ahern and seconded by
Trustee Callaghan to continue the disability benefits of Tyler Waters based on a finding that he remains
disabled and subject to further annual examinations until age 50.
AYES: Trustees Frasier, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
ABSTAIN: Trustee Cupec
Legal Updates: Attorney Kelly provided legislative updates pertaining to Article 3 Pension Funds; including
recent court cases and decisions, as well as general pension matters.
CLOSED SESSION, IF NEEDED: Personnel 5ILCS120/2(c)(1) and Imminent or Pending Litigation
5ILCS120/2(c)(11): There was no need for closed session.
ACTION ON ITEMS DISCUSSED IN CLOSED SESSION, IF NEEDED: There was no action needed.
ADJOURNMENT: A motion was made by Trustee Callaghan and seconded by Trustee Shutter to adjourn
the meeting at 6:48 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for May 22, 2025 at 6:30 p.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 61
Monthly Financial Report
For the Month Ended
April 30, 2025
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483 • FAX 630.393.2516
www.lauterbachamen.com
Page 5 of 61
Mundelein Police 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
Pooled Investment NAV vs Accumulated Net Investments Graph.......................................... 3-1
Cash Analysis Report............................................................................................................... 4-1
Cash Transfer to/from Consolidated Fund Graph.................................................................... 5-1
Revenue Report....................................................................................................................... 6-1
Cash Analysis Summary Graph............................................................................................... 7-1
Expense Report........................................................................................................................ 8-1
Pension Benefits and Expenses Graph.................................................................................... 9-1
Member Contribution Report.................................................................................................. 10-1
Payroll Batch Report............................................................................................................... 11-1
Quarterly Deduction Report.................................................................................................... 12-1
Quarterly Transfer Report........................................................................................................ 13-1
Quarterly Disbursement Report............................................................................................... 14-1
Page 6 of 61
Page 7 of 61
May 14, 2025
Mundelein Police Pension Fund
221 N Lake Street
Mundelein, IL 60060
To Members of the Pension Board:
Management is responsible for the accompanying interim financial statements of the Mundelein Police
Pension Fund which comprise the statement of net position - modified cash basis as of April 30, 2025
and the related statement of changes in net position - modified cash basis for the twelve 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
1-1
Page 8 of 61
Page 9 of 61
Mundelein Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of April 30, 2025
Assets
Cash and Cash Equivalents $ 10,132.98
Investments at Fair Market Value
Money Market Mutual Funds 453,647.99
Pooled Investments 46,515,803.88
Total Cash and Investments 46,979,584.85
Prepaids 3,273.50
Total Assets 46,982,858.35
Liabilities
Expenses Due/Unpaid 4,935.00
Total Liabilities 4,935.00
Net Position Held in Trust for Pension Benefits 46,977,923.35
See Accountants' Compilation Report
2-1
Page 10 of 61
Mundelein Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Twelve Months Ended April 30, 2025
Additions
Contributions - Municipal $ 2,872,402.85
Contributions - Members 701,350.60
Total Contributions 3,573,753.45
Investment Income
Interest and Dividends Earned 397,947.67
Net Change in Fair Value 3,550,080.69
Total Investment Income 3,948,028.36
Less Investment Expense (28,699.86)
Net Investment Income 3,919,328.50
Total Additions 7,493,081.95
Deductions
Administration 69,851.00
Pension Benefits and Refunds
Pension Benefits 3,335,022.66
Refunds 59,864.94
Total Deductions 3,464,738.60
Change in Position 4,028,343.35
Net Position Held in Trust for Pension Benefits
Beginning of Year 42,949,580.00
End of Period 46,977,923.35
See Accountants' Compilation Report
2-2
Page 11 of 61
Page 12 of 61
Mundelein Police Pension Fund
Pooled Investment NAV vs Accumulated Net Investments
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25
Pooled Investment NAV Accumulated Net Investments
See Accountants' Compilation Report
3-1
Page 13 of 61
Mundelein Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending April 30, 2025
05/31/24 06/30/24 07/31/24 08/31/24 09/30/24 10/31/24 11/30/24 12/31/24 01/31/25 02/28/25 03/31/25 04/30/25
Financial Institutions
BMO Bank - CK $ 166,135 1,213,101 978,497 13,451 8,139 10,084 10,072 10,076 10,295 6,754 10,144 10,133
166,135 1,213,101 978,497 13,451 8,139 10,084 10,072 10,076 10,295 6,754 10,144 10,133
BMO Bank - MM - - - 3,796,097 4,961,249 472,231 426,144 496,326 401,508 452,351 401,472 452,572
MSSB - MM - Brokerage #2543 5,552,020 5,622,322 5,692,494 - - 1 1 1 1 1 1 1
MSSB - MM - TCW Investment #2547 - - - - - - - - - 617 617 617
MSSB - MM - Madison #2549 - - - - - - - - - - 459 459
5,552,020 5,622,322 5,692,494 3,796,097 4,961,249 472,232 426,145 496,327 401,509 452,969 402,549 453,649
Total 5,718,155 6,835,423 6,670,991 3,809,548 4,969,388 482,316 436,217 506,403 411,804 459,723 412,693 463,782
Contributions
Current Tax 143,055 1,322,715 44,048 86,310 1,101,547 145,154 10,565 18,998 13 - - -
Contributions - Current Year 68,607 46,733 47,645 47,143 47,174 48,299 73,361 49,555 50,199 49,543 49,865 49,632
Contributions - Prior Year 30,329 174 174 174 174 174 260 174 174 174 174 174
Other Member Revenue 41,269 - - - - - - - - - - -
283,260 1,369,622 91,867 133,627 1,148,895 193,627 84,186 68,727 50,386 49,717 50,039 49,806
Expenses
Pension Benefits 278,847 274,842 274,842 274,842 274,842 274,842 274,842 274,842 283,071 283,071 283,071 283,071
Refunds/Transfers of Service - - - 59,865 - - - - - - - -
Administration 7,225 2,846 5,941 22,431 7,241 9,945 11,600 3,875 6,094 10,845 5,199 5,308
286,072 277,688 280,783 357,138 282,083 284,787 286,442 278,717 289,165 293,916 288,270 288,379
Total Contributions less Expenses (2,812) 1,091,934 (188,916) (223,511) 866,812 (91,160) (202,256) (209,990) (238,779) (244,199) (238,231) (238,573)
See Accountants' Compilation Report
4-1
Page 14 of 61
Mundelein Police Pension Fund
Cash Transfers to/from Consolidated Fund
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
-
(1,000,000)
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
5-1
Page 15 of 61
Mundelein Police Pension Fund
Revenue Report as of April 30, 2025
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-210-00 - Current Tax $ 0.00 1
2,872,402.85
0.00 2,872,402.85
Contributions - Members
41-410-00 - Contributions - Current Year 49,632.35 1
627,755.64
41-420-00 - Contributions - Prior Year 173.58 1
32,325.49
41-450-00 - Other Member Revenue 0.00 1
41,269.47
49,805.93 701,350.60
Total Contributions 49,805.93 1 3,573,753.45
0
Investment Income
Interest and Dividends
43-102-09 - BMO Bank - Checking 0.00 1
3,487.35
43-105-03 - BMO Bank - MM 1,319.71 1
54,009.07
43-252-01 - MSSB - Fixed Income - Brokerage #2543 0.00 1
93,216.79
43-800-01 - IPOPIF Consolidated Pool Income 18,181.86 1
245,851.14
19,501.57 8
396,564.35
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 422,597.85 1
2,782,613.40
44-800-02 - IPOPIF Consolidated Pool - Realized 39,796.74 1
767,467.29
462,394.59 4
3,550,080.69
Other Income
49-000-01 - Other Income 0.00 1
1,383.32
0.00 3
1,383.32
Total Investment Income 481,896.16 2 3,948,028.36
7
Total Revenue 531,702.09 7,521,781.81
See Accountants' Compilation Report
6-1
Page 16 of 61
Mundelein Police Pension Fund
Cash Analysis Summary
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
-
Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses
See Accountants' Compilation Report
7-1
Page 17 of 61
Mundelein Police Pension Fund
Expense Report as of April 30, 2025
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 240,047.10 2,840,986.24
51-030-00 - Non-Duty Disability Pensions 19,012.19 202,980.68
51-040-00 - Duty Disability Pensions 13,385.00 159,533.76
51-060-00 - Surviving Spouse Pensions 10,626.39 131,521.98
51-100-00 - Refund of Contributions 0.00 21,671.58
51-110-00 - Transfers to Other Pensions 0.00 38,193.36
Total Pensions and Benefits 283,070.68 3,394,887.60
Administrative
Insurance
52-150-01 - Fiduciary Insurance 0.00 11,038.00
52-150-03 - Fidelity Bonds 0.00 2,618.00
0.00 13,656.00
Professional Services
52-170-01 - Actuarial Services 0.00 6,160.00
52-170-03 - Accounting & Bookkeeping Services 1,435.00 23,150.00
52-170-04 - Medical Services 0.00 2,640.00
52-170-05 - Legal Services 0.00 4,000.00
52-170-06 - PSA/Court Reporter 1,305.00 16,895.00
2,740.00 52,845.00
Investment
52-190-02 - Custodial Fees 0.00 793.36
52-190-04 - Bank Fees 26.14 252.70
52-195-02 - Administrative Expense (IPOPIF) 937.95 6,676.03
52-195-03 - Investment Expense (IPOPIF) 509.30 7,059.77
52-195-04 - Investment Manager Fees (IPOPIF) 1,094.12 13,918.00
2,567.51 28,699.86
Other Expense
52-290-25 - Conference/Seminar Fees 0.00 2,525.00
52-290-26 - Association Dues 0.00 825.00
0.00 3,350.00
Total Administrative 5,307.51 98,550.86
Total Expenses 288,378.19 3,493,438.46
See Accountants' Compilation Report
8-1
Page 18 of 61
Mundelein Police Pension Fund
Pension Benefits and Expenses
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
Service Non-Duty Duty Disability Surviving Refund Transfers Administrative
Disability Spouse
Expenses 2,840,986 202,981 159,534 131,522 21,672 38,193 98,551
See Accountants' Compilation Report
9-1
Page 19 of 61
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended April 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Ahern, Peter W. $ 165,143.94 11,802.13 0.00 0.00 176,946.07
Anderson, Erik M. 18,413.01 9,567.01 0.00 0.00 27,980.02
Anderson, Jakob C. 151,501.78 14,625.23 0.00 0.00 166,127.01
Balogh, Stephen E. 64,789.29 11,547.73 0.00 0.00 76,337.02
Bond, Michael J. 92,891.35 11,664.10 0.00 0.00 104,555.45
Briceno Garcia, Isidro 18,652.93 4,551.83 0.00 0.00 23,204.76
Brigano, Christopher E. 134,174.81 13,620.86 0.00 0.00 147,795.67
Burnham, Jessica P. 21,469.57 9,717.47 0.00 0.00 31,187.04
Bush, Michael A. 151,528.78 13,626.67 0.00 0.00 165,155.45
Callaghan, Kevin P. 95,287.08 11,597.11 0.00 0.00 106,884.19
Callas, Chris A. 192,728.06 11,881.29 0.00 0.00 204,609.35
Chrabot, Eric T. 153,230.40 11,853.81 0.00 0.00 165,084.21
Crispe, Rachel R. 143,899.12 10,772.87 0.00 0.00 154,671.99
Cummings, James S. 0.00 4,482.10 0.00 0.00 4,482.10
Devore, James M. 170,812.20 11,745.58 0.00 0.00 182,557.78
Dunn, Roger D. 8,284.39 8,676.16 0.00 0.00 16,960.55
Freese, Kevin R. 40,757.79 10,688.51 0.00 0.00 51,446.30
Glogovsky, Tony A. 172,520.51 11,768.20 0.00 0.00 184,288.71
Gopar, Angel 0.00 1,391.00 0.00 0.00 1,391.00
Guenther, William R. 171,489.07 13,911.89 0.00 0.00 185,400.96
Hall, Thomas B. 177,305.96 11,813.44 0.00 0.00 189,119.40
Hernandez, Israel Jr. 71,048.77 11,592.21 0.00 0.00 82,640.98
Hurley, Austin T. 61,170.37 11,645.04 0.00 0.00 72,815.41
Jarol, Steven M. 19,046.80 11,535.53 0.00 0.00 30,582.33
Jordan, Rhani D. 0.00 3,720.44 0.00 0.00 3,720.44
Kamischke, Amber S. 9,998.22 10,825.51 30,068.95 0.00 50,892.68
Kaplan, Seamus A. 181,660.33 12,714.36 0.00 0.00 194,374.69
Kisselburg, Brian J. 207,778.62 15,644.29 0.00 0.00 223,422.91
Kivley, Mark R. 2,228.26 9,421.20 0.00 0.00 11,649.46
Korinek, Antonio R. 1,946.36 8,220.07 0.00 0.00 10,166.43
Koumantos, Anastasios M. 153,044.28 11,696.17 0.00 0.00 164,740.45
Kroll, Steven G. 148,339.90 13,438.22 0.00 0.00 161,778.12
Logarta, Christian A. 102,521.62 11,686.43 0.00 0.00 114,208.05
Maldonado, Elizabeth 0.00 4,482.10 0.00 0.00 4,482.10
Mancilla, Stephanie 1,946.36 8,250.99 0.00 0.00 10,197.35
McCourt, Brian J. Jr. 74,781.66 11,547.73 0.00 0.00 86,329.39
Oakes, Jacob G. 38,743.74 10,527.96 0.00 0.00 49,271.70
Osoria, Jecoa D. 15,120.47 11,200.83 0.00 0.00 26,321.30
See Accountants' Compilation Report
10-1
Page 20 of 61
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended April 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Perdue, Thomas M. 223,826.70 11,790.82 0.00 0.00 235,617.52
Poynor, Thomas R. 152,702.38 16,457.43 0.00 0.00 169,159.81
Pyrek, Michael V. 97,346.36 11,675.27 0.00 0.00 109,021.63
Reyes, Michael A. 88,538.40 11,652.94 0.00 0.00 100,191.34
Rodriguez, Walter 77,511.78 11,444.47 0.00 0.00 88,956.25
Sanchez, Jonathan O. 18,428.77 9,549.33 0.00 0.00 27,978.10
Schuldt, James T. III 155,364.80 11,569.97 0.00 0.00 166,934.77
Seeley, Jason L. 216,026.54 18,478.66 0.00 0.00 234,505.20
Servin, Juan C. 14,667.93 9,190.43 0.00 0.00 23,858.36
Sexton, Jessica L. 49,561.16 10,722.92 0.00 0.00 60,284.08
Simonelli, Steven P. 86,787.79 11,597.11 0.00 0.00 98,384.90
Stadler, Kurt R. 58,765.50 11,614.45 0.00 0.00 70,379.95
Thurman, Eliyah N. 0.00 4,482.10 0.00 0.00 4,482.10
Torres, Noe 0.00 7,735.48 0.00 0.00 7,735.48
Valdes, Alexis M. 10,477.12 8,886.88 0.00 0.00 19,364.00
Valenziano, Christ A. 85,564.75 11,580.04 0.00 0.00 97,144.79
Viduya, Paul B. 14,630.64 9,140.03 0.00 0.00 23,770.67
Waites, James J. 202,568.23 13,257.02 2,256.54 0.00 218,081.79
Wilfenger, Richard R. 180,914.20 15,712.49 0.00 0.00 196,626.69
Witt, Richard H. IV 147,387.84 11,763.73 0.00 0.00 159,151.57
5,115,326.69 627,755.64 32,325.49 0.00 5,775,407.82
Inactive/Terminated Members
Calero, Jonathan R. 1 21,671.58 0.00 0.00 (21,671.58) 0.00
Totals 5,136,998.27 627,755.64 32,325.49 (21,671.58) 5,775,407.82
See Accountants' Compilation Report
10-2
Page 21 of 61
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended April 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
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
Kamischke, Amber S. - Portability - Prior Fund Employe 30,068.95 0.00 0.00 30,068.95
Kamischke, Amber S. - Portability - Prior Fund Employe 0.00 0.00 41,269.47 41,269.47
Waites, James J. - Military - Principal 2,256.54 0.00 0.00 2,256.54
Totals 32,325.49 0.00 41,269.47 73,594.96
1 - Portability Transfer to Naperville Police plus interest $8,260.89 and employer match of $29,932.47
See Accountants' Compilation Report
10-3
Page 22 of 61
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 04/30/2025
Family ID EmployeeName Retro Pay Amt Mbr Gross Health Dental Benistar Federal Tax QILDRO Check # Payee Name
Insurance -Vision Insurance Deduct
Insurance
Duty Disability
105720 Roy, Susan $3,561.35 $4,116.19 $0.00 $54.84 $0.00 $500.00 $0.00
111941 Sturlini, John P. $4,732.12 $4,732.12 $0.00 $0.00 $0.00 $0.00 $0.00
105737 Villarreal Jr, Stanley D. $4,536.69 $4,536.69 $0.00 $0.00 $0.00 $0.00 $0.00
Duty Disability $12,830.16 $13,385.00 $0.00 $54.84 $0.00 $500.00 $0.00
Non-Duty Disability
105731 Jones, Stephanie L. $2,473.32 $3,256.32 $0.00 $0.00 $0.00 $783.00 $0.00
105726 Maddock, Robert H. $3,537.02 $3,537.02 $0.00 $0.00 $0.00 $0.00 $0.00
105718 Ostdick, Jeffrey A. $3,255.05 $3,944.05 $0.00 $0.00 $0.00 $689.00 $0.00
105710 Pierce-Demski, Kerry A. $3,330.43 $4,166.43 $0.00 $0.00 $0.00 $836.00 $0.00
116686 Waters, Tyler E. $3,699.37 $4,108.37 $0.00 $0.00 $0.00 $409.00 $0.00
Non-Duty Disability $16,295.19 $19,012.19 $0.00 $0.00 $0.00 $2,717.00 $0.00
QILDRO
Q105738 Kipp, Kathryn A. $3,133.46 $3,601.46 $0.00 $0.00 $0.00 $468.00 $0.00
QILDRO $3,133.46 $3,601.46 $0.00 $0.00 $0.00 $468.00 $0.00
Service
105734 Beese, Richard M. $6,216.39 $8,585.90 $0.00 $0.00 $0.00 $2,369.51 $0.00
105736 Bronge, Joseph M. $5,512.37 $6,203.37 $0.00 $0.00 $0.00 $691.00 $0.00
105709 Butt, Eric A. $3,695.58 $4,902.92 $864.33 $8.01 $0.00 $335.00 $0.00
122795 Clark, Scott D. $4,161.83 $4,546.83 $0.00 $0.00 $0.00 $385.00 $0.00
121020 Dempsey, Paul W. $5,844.50 $6,402.50 $0.00 $0.00 $0.00 $558.00 $0.00
120014 DuHamel, Gary W. $6,492.83 $7,479.83 $0.00 $0.00 $0.00 $987.00 $0.00
109417 Eugenis, Cameron P. $7,422.60 $8,146.60 $0.00 $0.00 $0.00 $724.00 $0.00
105728 Fox, Gregory S. $5,734.38 $6,276.38 $0.00 $0.00 $0.00 $542.00 $0.00
105721 Frasier Jr, Wallace E. $7,646.48 $8,992.48 $0.00 $0.00 $0.00 $1,346.00 $0.00
105722 Fuller, Kenneth L. $3,694.82 $3,958.82 $0.00 $0.00 $0.00 $264.00 $0.00
120514 Gara, Patrick J. $6,482.08 $7,254.08 $0.00 $0.00 $0.00 $772.00 $0.00
115800 Gorski, Daniel R. $4,667.94 $6,151.94 $0.00 $0.00 $0.00 $484.00 $0.00
115800 Gorski, Daniel R. $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
118362 Guenther, Eric J. $7,738.05 $8,865.05 $0.00 $0.00 $0.00 $1,127.00 $0.00
114213 Hansen, Donovan C. $8,163.71 $10,578.71 $0.00 $0.00 $0.00 $2,415.00 $0.00
118063 Hergott, Marc S. $5,783.18 $7,469.18 $0.00 $0.00 $0.00 $686.00 $0.00
118063 Hergott, Marc S. $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
105729 Jagielnik, William J. $1,736.40 $2,036.40 $0.00 $0.00 $0.00 $300.00 $0.00
5/05/2025 9:38 AM Page Number: 1
See Accountants' Compilation Report Page 23 of 61
11-1
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 04/30/2025
Family ID EmployeeName Retro Pay Amt Mbr Gross Health Dental Benistar Federal Tax QILDRO Check # Payee Name
Insurance -Vision Insurance Deduct
Insurance
105727 Kalodimos, Keith A. $7,158.49 $8,346.49 $0.00 $0.00 $0.00 $1,188.00 $0.00
105719 Kipp Jr, Edward D. $3,041.47 $7,202.93 $0.00 $0.00 $0.00 $560.00 $3,601.46
112170 Kliora, Federico J. $5,450.97 $9,363.97 $0.00 $0.00 $0.00 $3,913.00 $0.00
105724 Martinek, Philip P. $5,521.17 $6,727.17 $0.00 $0.00 $0.00 $506.00 $0.00
105724 Martinek, Philip P. $700.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
105735 McCommons, Roy J. $5,815.04 $7,204.24 $0.00 $0.00 $0.00 $1,389.20 $0.00
125090 Monahan, John M. $8,831.82 $11,619.82 $0.00 $0.00 $0.00 $2,788.00 $0.00
105713 O'Brien, Michael S. $8,011.94 $9,982.94 $0.00 $0.00 $0.00 $1,971.00 $0.00
105725 Parrish, Mark L. $6,786.86 $7,773.86 $0.00 $0.00 $0.00 $987.00 $0.00
105711 Pender, Patrick T. $7,966.21 $8,809.21 $0.00 $0.00 $0.00 $843.00 $0.00
124241 Rathke, Phillip E. $4,340.82 $4,546.82 $0.00 $0.00 $0.00 $206.00 $0.00
122797 Richards, Michael E. $7,045.26 $8,105.26 $0.00 $0.00 $0.00 $1,060.00 $0.00
105715 Robertson, David M. $4,425.83 $4,425.83 $0.00 $0.00 $0.00 $0.00 $0.00
105714 Roy, Steven E. $2,610.99 $2,923.57 $0.00 $0.00 $0.00 $312.58 $0.00
105717 Schaefer, Steven R. $3,524.67 $4,278.67 $0.00 $0.00 $0.00 $754.00 $0.00
123732 Schmidt, Daniel J. $5,411.88 $5,910.88 $0.00 $0.00 $0.00 $499.00 $0.00
122567 Smith, Kathleen L. $3,687.92 $5,456.20 $0.00 $0.00 $0.00 $1,768.28 $0.00
105716 Torbeck, Dennis C. $5,894.10 $6,742.69 $0.00 $0.00 $0.00 $848.59 $0.00
105730 Werfelmann, Paul W. $6,362.18 $7,715.18 $0.00 $0.00 $0.00 $1,353.00 $0.00
113685 Yarc, Brian M. $4,663.38 $5,060.38 $0.00 $0.00 $0.00 $397.00 $0.00
Service $200,244.14 $240,047.10 $864.33 $8.01 $0.00 $35,329.16 $3,601.46
Surviving Spouse
108021 Awe, Judy E. $4,676.76 $5,301.76 $0.00 $0.00 $0.00 $625.00 $0.00
108019 Kloss, Deborah E. $865.27 $1,025.27 $0.00 $0.00 $0.00 $160.00 $0.00
108018 Kobeck, Karen M. $3,694.74 $4,299.36 $0.00 $0.00 $0.00 $604.62 $0.00
Surviving Spouse $9,236.77 $10,626.39 $0.00 $0.00 $0.00 $1,389.62 $0.00
Batch Totals
ACH Flag Payments Net Payment Mbr Gross Health Dental Benistar Federal Tax QILDRO
Total Insurance -Vision Insurance Deduct
Insurance
Batch #76197 - 04/15/2025
ACH 50 $241,739.72 $286,672.14 $864.33 $62.85 $0.00 $40,403.78 $3,601.46
Batch #76197 - 04/15/2025 $241,739.72 $286,672.14 $864.33 $62.85 $0.00 $40,403.78 $3,601.46
5/05/2025 9:38 AM Page Number: 2
See Accountants' Compilation Report Page 24 of 61
11-2
Mundelein Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
February 1, 2025 - April 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
02/28/25 20764 Village of Mundelein
20-220-00 Medical Insurance 02/25 864.33
20-220-00 Dental Insurance 02/25 62.85
ACH Amount (Direct Deposit) 927.18
02/28/25 20765 Internal Revenue Service
20-230-00 Internal Revenue Service 40,403.78
ACH Amount (Direct Deposit) 40,403.78
03/31/25 20770 Village of Mundelein
20-220-00 Medical Insurance 03/25 864.33
20-220-00 Dental Insurance mm/yy 62.85
ACH Amount (Direct Deposit) 927.18
03/31/25 20771 Internal Revenue Service
20-230-00 Internal Revenue Service 40,403.78
ACH Amount (Direct Deposit) 40,403.78
04/30/25 20773 Village of Mundelein
20-220-00 Medical Insurance 04/25 864.33
20-220-00 Dental Insurance 04/25 62.85
ACH Amount (Direct Deposit) 927.18
04/30/25 20774 Internal Revenue Service
20-230-00 Internal Revenue Service 40,403.78
ACH Amount (Direct Deposit) 40,403.78
Total Payments 123,992.88
See Accountants' Compilation Report
12-1
Page 25 of 61
Mundelein Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
February 1, 2025 - April 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
02/27/25 20767 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 39,500.00
ACH Amount (Direct Deposit) 39,500.00
03/28/25 20772 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 137,200.00
ACH Amount (Direct Deposit) 137,200.00
04/29/25 20776 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 39,200.00
ACH Amount (Direct Deposit) 39,200.00
Total Payments 215,900.00
See Accountants' Compilation Report
13-1
Page 26 of 61
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
February 1, 2025 - April 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
02/10/25 20763 INSPE Associates, LLC
52-170-04 IME #87794 Waters, T 2,640.00
ACH Amount (Direct Deposit) 2,640.00
02/24/25 50733 BMO Bank
52-190-04 Bank Fee 100.38
Check Amount 100.38
02/27/25 20766 Lauterbach & Amen, LLP
52-170-03 #100331 01/25 Accounting & Benefits 1,435.00
52-170-06 #100331 01/25 PSA 1,305.00
52-170-03 #100960 FYE24 1099s 590.00
ACH Amount (Direct Deposit) 3,330.00
02/28/25 50734 IPOPIF
52-195-02 Administrative Expense 526.26
52-195-03 Investment Expense 1,032.11
52-195-04 Investment Manager Fees 3,216.48
Check Amount 4,774.85
03/06/25 50735 BMO Bank
52-190-04 Bank Fee -64.52
Check Amount (64.52)
03/10/25 20768 Lauterbach & Amen, LLP
52-170-03 #101525 02/25 Accounting & Benefits 1,435.00
52-170-06 #101525 02/25 PSA 1,305.00
ACH Amount (Direct Deposit) 2,740.00
03/17/25 20769 Ottosen DiNolfo, LTD
52-170-05 #12637 Retainer 1,000.00
ACH Amount (Direct Deposit) 1,000.00
03/24/25 50736 BMO Bank
52-190-04 Bank Fee 24.24
Check Amount 24.24
03/31/25 50737 IPOPIF
52-195-02 Administrative Expense 580.11
52-195-03 Investment Expense 525.22
52-195-04 Investment Manager Fees 394.01
Check Amount 1,499.34
See Accountants' Compilation Report
14-1
Page 27 of 61
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
February 1, 2025 - April 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
04/21/25 20775 Lauterbach & Amen, LLP
52-170-03 #102658 03/25 Accounting & Benefits 1,435.00
52-170-06 #102658 03/25 PSA 1,305.00
ACH Amount (Direct Deposit) 2,740.00
04/22/25 50738 BMO Bank
52-190-04 Bank Fee 26.14
Check Amount 26.14
04/30/25 50739 IPOPIF
52-195-02 Administrative Expense 937.95
52-195-03 Investment Expense 509.30
52-195-04 Investment Manager Fees 1,094.12
Check Amount 2,541.37
Total Payments 21,351.80
See Accountants' Compilation Report
14-2
Page 28 of 61
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: March 31, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 2024 2023
Value Portfolio (%) Inception Date
Total Fund with Member and Transition Accounts 12,702,119,945 100.0 100.0 -1.9 0.5 4.6 0.5 5.9 9.8 13.7 4.6 03/01/22
Policy Index -1.9 0.4 4.5 0.4 5.7 9.7 14.2 4.5
Policy Index- Broad Based -2.5 -0.3 4.0 -0.3 5.4 10.8 16.8 4.1
IPOPIF Investment Portfolio 12,702,119,945 100.0 100.0 -1.9 0.4 4.4 0.4 5.7 9.6 13.7 4.4 04/01/22
Policy Index -1.9 0.4 4.5 0.4 5.7 9.7 14.2 4.5
Policy Index- Broad Based -2.5 -0.3 4.0 -0.3 5.4 10.8 16.8 4.1
Growth 7,244,071,828 57.0 58.0 -3.0 -0.6 3.5 -0.6 5.1 12.8 19.4 5.3 04/01/22
Growth Benchmark -3.0 -0.5 3.6 -0.5 5.1 12.8 19.5 5.2
RhumbLine Russell 1000 Index 2,780,691,340 21.9 23.0 -5.8 -4.5 4.1 -4.5 7.8 24.5 26.5 8.6 04/01/22
Russell 1000 Index -5.8 -4.5 4.1 -4.5 7.8 24.5 26.5 8.7
RhumbLine Russell 2000 Index 631,783,626 5.0 5.0 -6.8 -9.4 -0.7 -9.4 -3.9 11.6 16.8 0.4 04/01/22
Russell 2000 Index -6.8 -9.5 -0.8 -9.5 -4.0 11.5 16.9 0.5
SSgA Non-US Developed Index 2,431,106,439 19.1 19.0 -0.5 6.3 6.1 6.3 5.6 5.0 18.3 6.1 04/01/22
MSCI World ex U.S. (Net) -0.6 6.2 5.9 6.2 5.3 4.7 17.9 5.7
International Developed Small Cap Equity 645,778,478 5.1 5.0 -0.3 2.1 5.1 2.1 6.2 6.1 12.9 1.6 04/01/22
MSCI World ex U.S. Small Cap Index (Net) 0.6 3.4 5.2 3.4 3.6 2.8 12.6 0.8
Acadian ACWI ex US Small-Cap Fund 322,445,404 2.5 2.5 0.5 1.7 5.1 1.7 8.2 - - 12.2 02/01/24
MSCI AC World ex USA Small Cap (Net) 0.4 0.6 1.2 0.6 1.9 - - 5.0
WCM International Small Cap Growth Fund 154,309,881 1.2 1.3 -5.4 -3.7 0.3 -3.7 -1.3 - - -0.9 03/01/24
MSCI AC World ex USA Small Cap (Net) 0.4 0.6 1.2 0.6 1.9 - - 4.4
LSV International Small Cap Value Equity Fund 169,023,193 1.3 1.3 3.3 8.6 9.8 8.6 9.4 - - 12.2 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) -0.1 3.2 2.0 3.2 1.0 - - 4.8
Emerging Market Equities 754,711,945 5.9 6.0 0.3 -1.9 -6.2 -1.9 -1.3 2.9 9.7 -1.3 04/01/22
Emerging Markets Equity Benchmark 0.0 -1.7 -5.3 -1.7 0.0 4.2 9.8 -1.2
SSgA Emerging Markets ex China Equity 53,264,263 0.4 2.3 -0.1 -1.6 -6.3 -1.6 - - - -1.1 05/01/24
MSCI Emerging Markets ex China (Net) 0.0 -1.7 -6.1 -1.7 - - - -0.5
William Blair Emerging Markets ex China Growth Fund 317,068,212 2.5 1.4 -0.9 -9.8 - -9.8 - - - -9.8 01/01/25
MSCI Emerging Markets ex China IMI (Net) 0.0 -2.6 - -2.6 - - - -2.6
ARGA Emerging Markets Ex China Equity 384,379,470 3.0 2.3 1.2 4.6 - 4.6 - - - 0.8 12/01/24
MSCI Emerging Markets ex China (Net) 0.0 -1.7 - -1.7 - - - -2.9
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
1
Page 29 of 61
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: March 31, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 2024 2023
Value Portfolio (%) Inception Date
Income 2,105,784,280 16.6 16.0 -0.7 1.5 6.3 1.5 7.3 7.6 12.8 3.9 04/01/22
Income Benchmark -0.8 1.4 6.2 1.4 7.2 7.5 12.6 4.6
SSgA High Yield Corporate Credit 925,273,590 7.3 7.0 -1.1 1.0 6.6 1.0 7.8 8.4 13.8 4.8 04/01/22
Spliced SSgA U.S. High Yield Index -1.1 0.9 6.4 0.9 7.6 8.2 13.5 4.7
Emerging Market Debt 783,327,833 6.2 6.0 -0.4 2.6 6.7 2.6 7.0 6.5 11.2 2.8 04/01/22
Emerging Markets Debt Benchmark -0.8 2.2 6.4 2.2 6.8 6.5 11.1 4.0
SSgA EMD Hard Index Fund 586,473,890 4.6 4.5 -0.7 2.3 6.8 2.3 7.1 6.9 11.2 2.8 04/01/22
Spliced SSgA EMD Hard Index -0.8 2.2 6.4 2.2 6.8 6.5 11.1 3.2
Capital Group Emerging Markets Debt 196,853,943 1.5 1.5 0.6 3.6 - 3.6 - - - 1.7 11/01/24
Spliced Capital Group EMD Index 0.6 3.3 - 3.3 - - - 1.9
Bank Loans 397,182,858 3.1 3.0 -0.3 0.4 4.8 0.4 6.6 - - 7.1 03/01/24
S&P UBS Leveraged Loan Index -0.3 0.6 5.1 0.6 7.0 - - 7.3
Ares Institutional Loan Fund 132,258,267 1.0 1.0 -0.4 0.4 5.1 0.4 7.2 - - 7.5 03/01/24
S&P UBS Leveraged Loan Index -0.3 0.6 5.1 0.6 7.0 - - 7.3
Aristotle Institutional Loan Fund 264,924,591 2.1 2.0 -0.2 0.5 4.6 0.5 6.3 - - 6.8 03/01/24
S&P UBS Leveraged Loan Index -0.3 0.6 5.1 0.6 7.0 - - 7.3
Real Assets 717,230,267 5.6 6.0 -2.8 0.8 7.8 0.8 7.4 5.7 5.6 0.3 04/01/22
Real Assets Benchmark -2.6 0.8 7.0 0.8 6.8 4.8 4.7 -2.4
SSgA REITs Index 503,483,774 4.0 4.0 -3.7 1.2 9.9 1.2 9.8 8.0 13.9 -1.4 04/01/22
Dow Jones U.S. Select REIT Total Return Index -3.8 1.2 10.0 1.2 9.8 8.1 14.0 -1.4
Principal USPA 213,746,493 1.7 2.0 -0.4 0.0 0.9 0.0 0.0 -1.9 -10.7 -5.8 05/01/22
Risk Mitigation 2,634,654,596 20.7 20.0 0.4 2.2 4.7 2.2 5.8 3.8 5.0 2.8 04/01/22
Risk Mitigation Benchmark 0.4 2.2 4.7 2.2 5.7 3.9 4.9 2.7
SSgA US Treasury Index 389,795,154 3.1 3.0 0.2 2.9 4.4 2.9 - - - 7.1 05/01/24
Blmbg. U.S. Treasury Index 0.2 2.9 4.4 2.9 - - - 7.0
SSgA Core Fixed Income Index 390,397,137 3.1 3.0 0.0 2.8 4.8 2.8 5.0 1.4 5.6 0.5 04/01/22
Blmbg. U.S. Aggregate Index 0.0 2.8 4.8 2.8 4.9 1.3 5.5 0.5
SSgA Short-Term Gov't/Credit Index 1,312,744,445 10.3 10.0 0.5 1.6 4.7 1.6 5.7 4.4 4.6 3.1 04/01/22
Bloomberg U.S. Gov/Credit 1-3 Year Index 0.5 1.6 4.6 1.6 5.6 4.4 4.6 3.1
SSgA US TIPS Index 399,993,244 3.1 3.0 1.1 3.1 5.6 3.1 7.1 4.8 4.6 3.1 04/01/22
Blmbg. U.S. TIPS 0-5 Year 1.0 3.0 5.5 3.0 7.0 4.7 4.6 3.2
Cash 141,724,616 1.1 1.0 0.3 0.9 3.4 0.9 4.7 5.0 5.0 3.9 04/01/22
90 Day U.S. Treasury Bill 0.3 1.0 3.6 1.0 5.0 5.3 5.0 4.2
IPOPIF Pool Fixed Income Transition 378,973 0.0 -
Member Accounts - 0.0 -
Transition Account - 0.0 -
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
2
Page 30 of 61
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2025
Performance Return Calculations
Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year.
Data Source
Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to,
differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the
pricing methodologies and any difference in valuation.
Manager Line Up
Manager Inception Date Data Source Manager Inception Date Data Source
RhumbLine Russell 1000 Index Fund 3/15/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street
RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street
SSgA Non-US Developed Index Fund 3/10/2022 State Street Ares Institutional Loan Fund 3/1/2024 Ares
SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle
Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Principal USPA 4/6/2022 State Street
WCM International Small Cap Growth Fund 3/1/2024 WCM SSgA REITs Index Fund 3/10/2022 State Street
LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA US Treasury Index Fund 5/1/2024 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street
SSgA Emerging Markets ex China Equity Index Fun 5/1/2024 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA US TIPS Index Fund 3/17/2022 State Street
ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA Cash 3/22/2022 State Street
SSgA High Yield Corporate Credit 3/18/2022 State Street
Custom Benchmark Composition
Benchmark Time period Composition
Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI IMI (Net) and 30% Bloomberg Global Multiverse.
Spliced SSgA EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index
Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index
Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained
Spliced SSgA U.S. High Yield Index 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index
Spliced Capital Group EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD
Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD
3
Page 31 of 61
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2025
Policy Index Composition
Policy Risk
As of 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 11/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets 0.7% 1.2%
Bloomberg US Corporate High Yield Index 7.0% 43.8% MSCI Emerging Markets ex China 5.3% 9.2%
JPM EMBI Global Diversified Index 6.0% 37.5% Bloomberg US Corporate High Yield Index 7% 43.8%
Credit Suisse Leveraged Loan Index 3.0% 18.8% JPM EMBI Global Diversified Index 6% 37.5%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% Credit Suisse Leveraged Loan Index 3% 18.8%
Dow Jones US Select REIT Index 4.0% 66.7% NFI-ODCE Equal-Weighted Index 2% 33.3%
Bloomberg US Aggregate Index 3.0% 15.0% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
90 Day US Treasury Bill Index 1.0% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 10/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 9/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 0.8% 1.4% MSCI Emerging Markets 1.5% 2.6%
MSCI Emerging Markets ex China 5.2% 9.0% MSCI Emerging Markets ex China 4.5% 7.8%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 2% 3.4% MSCI Emerging Markets 3% 5.2%
MSCI Emerging Markets ex China 4% 6.9% MSCI Emerging Markets ex China 3% 5.2%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
3
Page 32 of 61
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2025
Policy Index Composition
Policy Risk
As of 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 4% 6.9% MSCI Emerging Markets 5% 8.6%
MSCI Emerging Markets ex China 2% 3.4% MSCI Emerging Markets ex China 1% 1.7%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 2% 10.0% Bloomberg US Treasury Index 1% 5.0%
Bloomberg 1-3 Year Gov/Credit Index 11% 55.0% Bloomberg 1-3 Year Gov/Credit Index 12% 60.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 4/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 3/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 18% 31.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 6% 10.3% MSCI Emerging Markets 7% 12.1%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 8.5% 53.1%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse Leveraged Loan Index 1.5% 9.4%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 18% 36.0%
Russell 2000 5% 8.6% Russell 2000 5% 10.0%
MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 15% 30.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 10.0%
MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US Corporate High Yield Index 10% 62.5%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 3% 10.7%
3
Page 33 of 61
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2025
Policy Index Composition
As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation
Russell 3000 23% 46.0%
MSCI ACWI ex USA IMI 20% 40.0%
MSCI Emerging Markets IMI 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5%
50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
NCREIF Property Index 2% 66.7%
Dow Jones US Select REIT Index 4% 33.3%
Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
3
Page 34 of 61
Disclosure
This report contains confidential and proprietary information and is subject to the terms and conditions of the Consulting Agreement. It is being provided for use solely by the
customer. The report may not be sold or otherwise provided, in whole or in part, to any other person or entity without written permission from Verus Advisory, Inc., (hereinafter
Verus) or as required by law or any regulatory authority. The information presented does not constitute a recommendation by Verus and cannot be used for advertising or sales
promotion purposes. This does not constitute an offer or a solicitation of an offer to buy or sell securities, commodities or any other financial instruments or products.
The information presented has been prepared using data from third party sources that Verus believes to be reliable. While Verus exercised reasonable professional care in
preparing the report, it cannot guarantee the accuracy of the information provided by third party sources. Therefore, Verus makes no representations or warranties as to the
accuracy of the information presented. Verus takes no responsibility or liability (including damages) for any error, omission, or inaccuracy in the data supplied by any third party.
Nothing contained herein is, or should be relied on as a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio
diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the investor should be prepared to bear.
The information presented may be deemed to contain forward‐looking information. Examples of forward looking information include, but are not limited to, (a) projections of
or statements regarding return on investment, future earnings, interest income, other income, growth prospects, capital structure and other financial terms, (b) statements of
plans or objectives of management,(c) statements of future economic performance, and (d) statements of assumptions, such as economic conditions underlying other
statements. Such forward‐looking information can be identified by the use of forward looking terminology such as believes, expects, may, will, should, anticipates, or the
negative of any of the foregoing or other variations thereon comparable terminology, or by discussion of strategy. No assurance can be given that the future results described by
the forward‐looking information will be achieved. Such statements are subject to risks, uncertainties, and other factors which could cause the actual results to differ materially
from future results expressed or implied by such forward looking information. The findings, rankings, and opinions expressed herein are the intellectual property of Verus and
are subject to change without notice. The information presented does not claim to be all‐inclusive, nor does it contain all information that clients may desire for their purposes.
The information presented should be read in conjunction with any other material provided by Verus, investment managers, and custodians.
Verus will make every reasonable effort to obtain and include accurate market values. However, if managers or custodians are unable to provide the reporting period's market
values prior to the report issuance, Verus may use the last reported market value or make estimates based on the manager's stated or estimated returns and other information
available at the time. These estimates may differ materially from the actual value. Hedge fund market values presented in this report are provided by the fund manager or
custodian. Market values presented for private equity investments reflect the last reported NAV by the custodian or manager net of capital calls and distributions as of the end
of the reporting period. These values are estimates and may differ materially from the investments actual value. Private equity managers report performance using an internal
rate of return (IRR), which differs from the time‐weighted rate of return (TWRR) calculation done by Verus. It is inappropriate to compare IRR and TWRR to each other. IRR
figures reported in the illiquid alternative pages are provided by the respective managers, and Verus has not made any attempts to verify these returns. Until a partnership is
liquidated (typically over 10‐12 years), the IRR is only an interim estimated return. The actual IRR performance of any LP is not known until the final liquidation.
Net‐of‐Fees Returns mean gross‐of‐fees returns reduced by fees and expenses charged by third‐party investment managers on the products of such managers held by client.
Net‐of‐Fees Returns does not include a reduction of returns for Verus’ investment management and consulting fees, or other expenses incurred by the asset owner, fund or
plan.
Verus receives universe data from InvMetrics, eVestment Alliance, and Morningstar. We believe this data to be robust and appropriate for peer comparison. Nevertheless, these
universes may not be comprehensive of all peer investors/managers but rather of the investors/managers that comprise that database. The resulting universe composition is not
static and will change over time. Returns are annualized when they cover more than one year. Investment managers may revise their data after report distribution. Verus will
make the appropriate correction to the client account but may or may not disclose the change to the client based on the materiality of the change.
4
Page 35 of 61
MUNDELEIN POLICE PENSION FUND
Month Ended: April 30, 2025
Market Value Summary:
Current Period Year to Date
Beginning Balance $46,323,568.80 $46,721,079.69
Contributions $39,200.00 $401,300.00
Withdrawals ($325,000.00) ($1,300,000.00)
Transfers In/Out $0.00 $0.00
Income $18,181.86 $78,915.83
Administrative Expense ($937.95) ($3,020.75)
Investment Expense ($509.30) ($2,569.50)
Investment Manager Fees ($1,094.12) ($5,710.46)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $39,796.74 $49,659.14
Unrealized Gain/Loss $422,597.85 $576,149.93
Ending Balance $46,515,803.88 $46,515,803.88
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 1.05% 1.05% 1.51% 9.68% N/A N/A N/A 13.24% 10/03/2022
Returns for periods greater than one year are annualized
Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org
Page 1 of 3
Page 36 of 61
MUNDELEIN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: April 30, 2025
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $46,323,568.80 $46,721,079.69 Beginning Units 3,908,173.646 3,959,331.158
Contributions $39,200.00 $401,300.00 Unit Purchases from Additions 3,276.357 33,420.162
Withdrawals ($325,000.00) ($1,300,000.00) Unit Sales from Withdrawals (28,012.943) (109,314.260)
Transfers In/Out $0.00 $0.00
Ending Units 3,883,437.060 3,883,437.060
Income $18,181.86 $78,915.83
Administrative Expense ($937.95) ($3,020.75)
Period Beginning Net Asset Value per Unit $11.852997 $11.800246
Investment Expense ($509.30) ($2,569.50)
Period Ending Net Asset Value per Unit $11.977999 $11.977999
Investment Manager Fees ($1,094.12) ($5,710.46)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $39,796.74 $49,659.14
Unrealized Gain/Loss $422,597.85 $576,149.93
Ending Balance $46,515,803.88 $46,515,803.88
Performance Summary:
MUNDELEIN POLICE PENSION FUND
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 1.05% 1.05% 1.51% 9.68% N/A N/A N/A 9.84% 11/22/2022
Returns for periods greater than one year are annualized
Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org
Page 2 of 3
Page 37 of 61
Statement of Transaction Detail for the Month Ending 04/30/2025
MUNDELEIN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
IPOPIF Pool
04/14/2025 04/15/2025 Redemptions (325,000.00) 11.601780 (28,012.9428)
04/29/2025 04/30/2025 Contribution 39,200.00 11.964510 3,276.3565
Page 3 of 3
Page 38 of 61
April 2025 Statement Supplement
Cash Flows
Period Contributions Withdrawals
April 2025 $35 million $66 million
CY 2025 $216 million $245 million
Expenses Paid
Administrative Investment Direct Investment
Period
Expenses Expenses Manager Fees
4/1/2025 $257,353.06 $139,740.84 $300,203.86
CY 2025 $823,025.32 $699,560.46 $1,553,592.90
• Expenses are paid from the IPOPIF Pool and allocated proportionately by member value.
• Investment expenses exclude investment manager fees.
• Direct Investment Manager Fee includes those fees invoiced and paid by IPOPIF. Other
investment manager fees are tracked separately and reported to the Board and disclosed in
the Fund’s Annual Comprehensive Financial Report.
Investment Pool Details
Date Units Value Unit Price
3/31/2025 1,072,322,085.7475 12,710,229,998.94 11.852997
4/30/2025 1,069,621,897.0825 12,811,929,646.81 11.977999
A spreadsheet with complete unit and expense detail history is linked on the
Article 3 Fund Reports page as IPOPIF Unit and Expense Information.xlsx.
NAV and Receivable Calculations Under Development
The IPOPIF AR 2022-01 Valuation and Cost Rule.pdf, stipulates that subsequent to transfer of
investment assets from all Article 3 Funds, the Net Asset Value (NAV) for each Participating Police
Pension Fund will include a final true-up allocation of all costs paid using funds from the total
consolidated IPOPIF investment portfolio for the period January 1, 2023, through December 31, 2024,
and all loan payments made to the Illinois Finance Authority subsequent to January 1, 2023. These
adjustments are expected to be completed by the end of the second quarter of 2025.
Resources
• Monthly statement overview: Link to Statement Overview
• Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/
• Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment-
reports/
• IPOPIF Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/
Illinois Police Officers’ Pension Investment Fund 309-280-6464
456 Fulton Street, Suite 402 info@ipopif.org
Peoria, Illinois 61602
Page 39 of 61
Certified Trustee Training
Organization: Mundelein Police Pension Fund Year: 2025
Wallace Fraiser
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Peter Ahern
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
Jim Cupec
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Deborah Shutter
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Kevin Callaghan
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Page 40 of 61
2025 IPPFA Trustee Training Opportunities
IPPFA ONLINE SEMINAR COURSE
WHEN: Ongoing
• Online 8 hr. seminar (Recorded 2024)
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 41 of 61
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: TBA
WHERE: TBA
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 42 of 61
2025 IPPFA Pension Conferences
REG 2025 Illinois Pension Conference
May 7th - 9th
IST
Eagle Ridge Resort, Galena, IL
R
CLO ATIO
Agenda at a glance:
Tuesday, May 6th - Heroes Family Fund Charity Golf Outing
SED N
Wednesday, May 7th - Educational Sessions 12:00 pm to 5:00 pm
Thursday, May 8th - Educational Sessions 8:00 am to 5:00 pm
Friday, May 9th - Educational Sessions 9:00 am to 12:00 pm
2025 MidAmerican Pension Conference
October 1st - 2nd
Oak Brook Hills Resort, Oak Brook
PLEASE NOTE THE SCHEDULE CHANGE TO 2 FULL DAYS
Agenda at a glance:
Tuesday, September 30th - Heroes Family Fund Charity Golf Outing
Wednesday, October 1st - Educational Sessions 9:00 am to 5:00 pm
Thursday, October 2nd - Educational Sessions 9:00 am to 5:00 pm
No Friday Sessions
For more information, please visit our website at www.ippfa.org. You may also call us at (630) 784-0406.
Page 43 of 61
Page 44 of 61
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Mundelein Police Pension Fund
Board of Trustees
______________________________
Notice of Election Results
______________________________
April 2025 Election
Retired Member Position
Nominations are closed and have resulted in:
Wally Frasier
running unopposed for the position of:
Retired Member Trustee
Two-Year Term Expiring May 11, 2027
Wally Frasier has accepted the position as a member of the
Board of Trustees and has agreed to uphold the duties
required.
Elections conducted by Elizabeth Adelmann, Professional Services Administrator
Lauterbach & Amen
Page 51 of 61
January 24, 2025
Members of the Pension Board of Trustees
Mundelein Police Pension Fund
221 N Lake Street
Mundelein, Illinois 60060
We are pleased to confirm our acceptance and understanding of the following services we are to provide
for the Board of Trustees of Mundelein Police Pension Fund (the "Fund" or "Pension Board") for the fiscal
years ending April 30, 2026, 2027, and 2028.
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 ending April 30, 2026, 2027, and 2028 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 will be compiled from information that 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.
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 1 of 7
Page 52 of 61
Our Responsibilities - Continued
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 ending December 31, 2025, 2026, and 2027. 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.
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 in effect
as of December 31, 2024. An additional cost may be incurred to perform such calculations in
effect as of January 1, 2025.
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 Police Pension Fund financial
documents and active member files. Please see attached addendum regarding PSA Online Portal
Services.
8. Lauterbach & Amen, LLP acknowledges that, pursuant to Section 45(b) of the Illinois Personal
Information Protection Act (815 ILCS 530/45(b)), it is obligated to implement and maintain
reasonable security measures to protect personal information from unauthorized access,
acquisition, destruction, use, modification, or disclosure.
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.
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 2 of 7
Page 53 of 61
Our Responsibilities - Continued
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.
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 Police 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.
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 3 of 7
Page 54 of 61
Your Responsibilities - Continued
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.
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.
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 4 of 7
Page 55 of 61
Other Relevant Information
Costs for our services are as follows:
Fiscal Year Fiscal Year Fiscal Year
Ending Ending Ending
Annual Services Provided 04/30/2026 04/30/2027 04/30/2028
• IDOI Annual Statement $2,294 $2,408 $2,528
• Municipal Compliance Report $651 $683 $717
• Year End Auditor's Workpapers $1,359 $1,426 $1,497
Calendar Calendar Calendar
Year Ending Year Ending Year Ending
12/31/2025 12/31/2026 12/31/2027
• Payroll & Vendor Tax Forms $616 $643 $670
Total Costs of Annual Services $4,920 $5,160 $5,412
Amount to be Billed Monthly - See Below $410 $430 $451
Fiscal Year Fiscal Year Fiscal Year
Ending Ending Ending
Total Monthly Services Provided 04/30/2026 04/30/2027 04/30/2028
• Monthly Accounting & Benefits Administration $1,507 $1,583 $1,663
• Professional Service Administration $1,384 $1,467 $1,555
• Annual Services (Billed Monthly - See Above) $410 $430 $451
Monthly Total Costs of Services $3,301 $3,480 $3,669
Total Annual Cost $39,612 $41,760 $44,028
All services will be billed monthly, as indicated in the above table.
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 Police 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.
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 5 of 7
Page 56 of 61
Other Relevant Information - Continued
Either party may terminate our engagement at any time for any reason upon thirty (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.
You hereby agree to indemnify and hold harmless Lauterbach & Amen, LLP and its partners, directors,
employees, agents or subcontractors against all costs, expenses, losses, judgments, damages and liabilities
(including reasonable attorneys’ fees and expenses) associated with any third party claim, threat or
proceeding arising out of or relating to your willful or criminal misconduct.
We represent and warrant that we maintain professional liability insurance in an amount of not less than
$1,000,000 per claim and covenant to maintain such throughout the term of this agreement and for a period
of two years thereafter. You agree that Lauterbach & Amen, LLP’s maximum liability to you for any
matters arising out of or related to this agreement or the provision of services by us will be limited to (i)
with respect to matters for which we are able to recover under our professional liability insurance policy,
$1,000,000 and (ii) with respect to matters for which we are not able to recover under our professional
liability insurance policy, ten (10) times the amount of fees we receive from you for this engagement,
except to the extent determined to result from our own willful misconduct. You agree that this limitation
applies to any and all liability or causes of action against us, however alleged or arising, unless otherwise
prohibited by law or professional standards. Additionally, our liability as accountants shall be limited to
the period covered by this agreement and shall not extend to later periods for which we are not engaged
or prior periods before we were engaged to provide accounting services. In no event will we be liable to
you for any consequential, indirect, lost profit, punitive or similar damages relating to our services
provided under this agreement.
The parties also agree that all documents and data provided by the pension fund to Lauterbach & Amen,
LLP, as well as records produced and sent to the Pension Fund by Lauterbach & Amen, LLP in carrying
out its obligations and services hereunder, without limitation and whether preliminary or final, shall
become and remain the property of the Pension Fund. However, Lauterbach & Amen, LLP will retain
ownership of any proprietary software, workpapers, and processes utilized in providing services under
this engagement letter.
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 6 of 7
Page 57 of 61
Other Relevant Information - Continued
We appreciate the opportunity to be of service to the Mundelein Police 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 Police Pension Fund:
Accepted by: _________________________________________________________________________
Title: _______________________________________________________________________________
Mundelein Police Pension Fund
January 24, 2025
Version 2024.01 Page 7 of 7
Page 58 of 61
Addendum to Engagement Letter with Lauterbach & Amen, LLP
Professional Services Administration (PSA) Online Portal Services
Mundelein Police Pension Fund
Lauterbach & Amen, LLP will provide Professional Services Administration portal services, as outlined
in the original proposal.
We will provide electronic data management by utilizing online portals. The portal will allow online
access to an archive of current and historic Mundelein Police Pension Fund financial documents and active
member files. The documentation will be uploaded into the portal, filed appropriately and securely
maintained by Lauterbach & Amen, LLP.
The Pension Board hereby acknowledges and consents to Lauterbach & Amen, LLP's use of third party
cloud computing services to store confidential and proprietary information and other data of the Pension
Fund, and agrees that our use of such cloud services coupled with the use of encrypted devices, password
protections and firewall protection shall, at the present time, constitute the best efforts of Lauterbach &
Amen, LLP to safeguard such information and data from unauthorized disclosure. The Pension Board
further agrees that subject to applicable law, Lauterbach & Amen, LLP shall be liable if it has failed to
take commercially reasonable measures to protect the confidential and proprietary information and other
data of the Pension Fund from unauthorized disclosure.
It is the understanding of the parties that the portal is a supplement to, and not a replacement for, the
original paper and electronic public records of the Pension Fund. However, in the event the Pension Fund
terminates the portal services, we agree to provide a thirty-day window for the Pension Fund to retrieve
electronic copies of the documents in the portal prior to termination.
Page 59 of 61
February 26, 2025
Members of the Board of Trustees
Village of Mundelein
300 Plaza Circle
Mundelein, Illinois 60060
We are pleased to confirm our acceptance and understanding of the services we will provide for the Village
of Mundelein for the fiscal years ending April 30, 2025 through April 30, 2027. It is our understanding
that Lauterbach & Amen, LLP will prepare the Police & Firefighters' Funding Actuarial Valuation and
Police & Firefighters' GASB 67/68 Actuarial Valuation for the Village.
You agree to assume all management responsibilities for the actuarial services we provide; you will
oversee the services by designating an individual, preferably from senior management, with suitable skill,
knowledge, or experience; you will evaluate the adequacy and results of the services and will accept
responsibility for them.
Lauterbach & Amen, LLP does not assume any management responsibilities for the Village. 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.
Costs for our services are as follows:
Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended
Annual Actuarial Reports 04/30/2025 04/30/2026 04/30/2027
• Preparation of Firefighters' Funding Actuarial Valuation $3,700 $3,850 $4,000
• Preparation of Police Funding Actuarial Valuation $3,700 $3,850 $4,000
• Preparation of Firefighters' GASB 67/68 Actuarial Valuation $3,100 $3,220 $3,350
• Preparation of Police GASB 67/68 Actuarial Valuation $3,100 $3,220 $3,350
• Preparation of Audit Friendly Exhibits Included Included Included
• Attendance at Meetings Included Included Included
Total Annual Actuarial Reports $13,600 $14,140 $14,700
The fees as depicted above include attendance for up to 2 meetings per year, as requested, to discuss
actuarial results. Meeting attendance includes virtual and in-person attendance as mutually determined.
Any meeting attendance required above and beyond the 2 included meetings will be billed at the rate of
$275 per meeting.
The fees as depicted above include one (1) True Cost calculation per Member as requested, for the purpose
of reviewing or completing Portability. Any additional calculation request for the same member will be
billed at a rate of $300 per calculation.
Village of Mundelein
February 26, 2025 Page 1 of 2
Page 60 of 61
Out of Scope Services:
Out of scope services will be billed on a time and charges basis. The hourly rate for out of scope services
is $275 per hour. We will provide an estimate of costs for any out of scope services when the service is
requested and the scope is defined. You will not be charged any additional costs under this section unless
written approval, including email confirmation, is provided ahead of time.
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.
Either party may terminate our engagement at any time for any reason upon thirty (30) days written notice
to the other. Subcontracting will be disclosed to the Village's Board of Trustees prior to beginning work.
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 Village of Mundelein and believe this letter
accurately summarizes the significant terms of our engagement. If you have any questions, please let us
know. If you agree with the terms of our engagement as described in this letter, please indicate your
acceptance by signing below and returning it to us.
Cordially,
Lauterbach & Amen, LLP
Lauterbach & Amen, LLP
RESPONSE:
This letter correctly sets forth the understanding of the Village of Mundelein:
Accepted by: _________________________________________________________________________
Title: _______________________________________________________________________________
Village of Mundelein
February 26, 2025 Page 2 of 2
Page 61 of 61