Police Pension Board
Regular MeetingMundelein, IL · August 7, 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, August 7th,
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. May 22, 2025 Regular Meeting
b. Semi-Annual Review of Closed Session Meeting Minutes
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. Active Member File Maintenance
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
12. Applications for Retirement/Disability Benefits
a. Approve Regular Retirement Benefits – William Guenther
13. Old Business
14. New Business
a. Review Preliminary Actuarial Valuation
b. Review/Approve – Fiduciary Liability Insurance Renewal
c. Board Officer Elections – President, Vice President, Secretary and Assistant Secretary
d. FOIA Office and OMA Designee
e. IDOI Annual Statement
15. Attorney’s Report – Ottosen, DiNolfo, Hasenbalg & Castaldo, Ltd.
a. Legal Updates
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
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, August 7th,
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. May 22, 2025 Regular Meeting
b. Semi-Annual Review of Closed Session Meeting Minutes
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. Active Member File Maintenance
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
12. Applications for Retirement/Disability Benefits
a. Approve Regular Retirement Benefits – William Guenther
13. Old Business
14. New Business
a. Review Preliminary Actuarial Valuation
b. Review/Approve – Fiduciary Liability Insurance Renewal
c. Board Officer Elections – President, Vice President, Secretary and Assistant Secretary
d. FOIA Office and OMA Designee
e. IDOI Annual Statement
15. Attorney’s Report – Ottosen, DiNolfo, Hasenbalg & Castaldo, Ltd.
a. Legal Updates
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
October 23, 2025 at 6:30 p.m.
Page 1 of 76
MINUTES OF A REGULAR MEETING OF
THE MUNDELEIN POLICE PENSION FUND BOARD OF TRUSTEES
MAY 22, 2025
A regular meeting of the Mundelein Police Pension Fund Board of Trustees was held on Thursday, May 22,
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.
ROLL CALL:
PRESENT: Trustees Wallace Frasier, Jim Cupec, Peter Ahern and Kevin Callaghan
ABSENT: Trustee Deborah Shutter
ALSO PRESENT: Attorney John Kelly, Ottosen DiNolfo Hasenbalg & Castaldo, Ltd.; Elizabeth
Adelmann, Lauterbach & Amen (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: January 29, 2025 Regular Meeting: The Board reviewed the January 29,
2025 regular meeting minutes. A motion was made by Trustee Cupec and seconded by Trustee Ahern to
approve the January 29, 2025 regular meeting minutes as written. Motion carried unanimously by voice vote.
PRESIDENT’S REPORT: There was no President’s Report presented.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN: Monthly Financial Report: The Board reviewed the
Monthly Financial Report for the twelve-month period ending April 30, 2025, prepared by L&A. As of April
30, 2025, the net position held in trust for pension benefits is $46,977,923.35 with a change in position of
$4,028,343.35. 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 Cupec to approve the Monthly Financial Report as
presented. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
Presentation and Approval of Bills: The Board reviewed the Quarterly Disbursement Report for the period
February 1, 2025 through April 30, 2025 for total disbursements of $21,351.80. A motion was made by Trustee
Ahern and seconded by Trustee Callaghan to approve the disbursements shown on the Quarterly
Disbursement Report in the amount of $21,351.80 and the additional bill as presented. Motion carried by roll
call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
and Additional Bills, if any: There were no additional bills presented for approval.
Page 2 of 76
Mundelein Police Pension Fund
Meeting Minutes – May 22, 2025
Page 2 of 3
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 March 31, 2025. As of March 31, 2025 the market value is $12,702,119,945 and the year-to-
date net return for the Illinois Police Officers’ Pension Investment Fund (IPOPIF) is 0.5%.
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 April 30, 2025. As of April 30, 2025 the
Fund’s market value is $46,515,803.88 and the month-to-date net return for the Fund is 1.05%.
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. To date,
one affidavit remains outstanding. L&A will reach out to the outstanding pensioner regarding the affidavit.
Updates will be provided as they become available.
Statements of Economic Interest: The Board noted that Statements of Economic Interest were due 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.
Contribution Refund – Jacob Vekemens: The Board reviewed the contribution refund request submitted by Jacob
Vekemens. A motion was made by Trustee Callaghan and seconded by Trustee Ahern to approve Jacob
Vekemens’s contribution refund in the amount of $63,813.56 paid in a direct rollover issued on May 16, 2025
Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
Resignation of Office – Rhani Jordan: The Board noted that Rhani Jordan separated service from the Mundelein
Police Department effective March 1, 2025. To date, a contribution refund request has not been received.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits- Thomas
Hall: The Board reviewed the regular retirement benefit calculation for Thomas Hall prepared by L&A. Officer
Hall had an entry date of April 1, 2002, retirement date of May 23, 2025, effective date of pension of May 24,
2025, 50 years of age at date of retirement, 23 years of creditable service, applicable salary of $123,042.22,
applicable pension percentage of 57.5%, amount of originally granted monthly pension of $5,895.77 and
amount of originally granted annual pension of $70,749.24. A motion was made by Trustee Ahern and
seconded by Trustee Callaghan to approve Thomas Hall’s regular retirement benefit calculated by L&A.
Motion carried by roll call vote.
Page 3 of 76
Mundelein Police Pension Fund
Meeting Minutes – May 22, 2025
Page 3 of 3
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
OLD BUSINESS: There was no old business to discuss
NEW BUSINESS: Certify Board Election Results – Retired Member Position: L&A conducted an election the retired
member positions on the Mundelein Police Pension Fund Board of Trustees. Wallace Frasier ran unopposed
and was reelected for a two-year term expiring May 11, 2027. A motion was made by Trustee Callaghan and
seconded by Trustee Ahern to certify the retired member election results. Motion carried unanimously by
voice vote.
Discussion/Possible Action – Lauterbach & Amen Engagement Letters : The Board reviewed the L&A three-year
engagement letter. A motion was made by Trustee Cupec and seconded by Trustee Callaghan to engage L&A
in the annual amounts as follows: $39,612 for the year ended April 30, 2026; $41,760 for the year ended April
30, 2027; and $44,028 for the year ended April 30, 2028. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
ATTORNEY’S REPORT – OTTOSEN: 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 Cupec and seconded by Trustee Callaghan to adjourn the
meeting at 6:59 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for July 24, 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
Page 4 of 76
Monthly Financial Report
For the Month Ended
June 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 76
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 76
Page 7 of 76
July 29, 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 June 30, 2025
and the related statement of changes in net position - modified cash basis for the two 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 76
1-1
Page 9 of 76
Mundelein Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of June 30, 2025
Assets
Cash and Cash Equivalents $ 486,098.67
Investments at Fair Market Value
Money Market Mutual Funds 402,483.12
Pooled Investments 50,371,673.76
Total Cash and Investments 51,260,255.55
Prepaids 5,273.00
Total Assets 51,265,528.55
Liabilities
Expenses Due/Unpaid 2,305.00
Total Liabilities 2,305.00
Net Position Held in Trust for Pension Benefits 51,263,223.55
See Accountants' Compilation Report
Page 10 of 76
2-1
Mundelein Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Two Months Ended June 30, 2025
Additions
Contributions - Municipal $ 1,656,269.67
Contributions - Members 127,632.02
Total Contributions 1,783,901.69
Investment Income
Interest and Dividends Earned 52,603.22
Net Change in Fair Value 3,100,011.00
Total Investment Income 3,152,614.22
Less Investment Expense (10,534.45)
Net Investment Income 3,142,079.77
Total Additions 4,925,981.46
Deductions
Administration 7,041.00
Pension Benefits and Refunds
Pension Benefits 574,456.20
Refunds 63,813.56
Total Deductions 645,310.76
Change in Position 4,280,670.70
Net Position Held in Trust for Pension Benefits
Beginning of Year 46,982,552.85
End of Period 51,263,223.55
See Accountants' Compilation Report
Page 11 of 76
2-2
Page 12 of 76
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
Page 13 of 76
3-1
Mundelein Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending June 30, 2025
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 05/31/25 06/30/25
Financial Institutions
BMO Bank - CK $ 978,497 13,451 8,139 10,084 10,072 10,076 10,295 6,754 10,144 10,133 77,418 486,099
978,497 13,451 8,139 10,084 10,072 10,076 10,295 6,754 10,144 10,133 77,418 486,099
BMO Bank - MM - 3,796,097 4,961,249 472,231 426,144 496,326 401,508 452,351 401,472 452,572 427,485 402,483
MSSB - MM - Brokerage #2543 5,692,494 - - 1 1 1 1 1 1 1 1 -
MSSB - MM - TCW Investment #2547 - - - - - - - 617 617 617 - -
MSSB - MM - Madison #2549 - - - - - - - - 459 459 459 -
5,692,494 3,796,097 4,961,249 472,232 426,145 496,327 401,509 452,969 402,549 453,649 427,945 402,483
Total 6,670,991 3,809,548 4,969,388 482,316 436,217 506,403 411,804 459,723 412,693 463,782 505,363 888,582
Contributions
Current Tax 44,048 86,310 1,101,547 145,154 10,565 18,998 13 - - - 263,205 1,393,064
Contributions - Current Year 47,645 47,143 47,174 48,299 73,361 49,555 50,199 49,543 49,865 49,632 76,258 50,940
Contributions - Prior Year 174 174 174 174 260 174 174 174 174 174 260 174
91,867 133,627 1,148,895 193,627 84,186 68,727 50,386 49,717 50,039 49,806 339,723 1,444,178
Expenses
Pension Benefits 274,842 274,842 274,842 274,842 274,842 274,842 283,071 283,071 283,071 283,071 284,592 289,864
Refunds/Transfers of Service - 59,865 - - - - - - - - - 63,814
Administration 5,941 22,431 7,241 9,945 11,600 3,875 6,094 10,845 5,199 678 9,796 7,780
280,783 357,138 282,083 284,787 286,442 278,717 289,165 293,916 288,270 283,749 294,388 361,458
Total Contributions less Expenses (188,916) (223,511) 866,812 (91,160) (202,256) (209,990) (238,779) (244,199) (238,231) (233,943) 45,335 1,082,720
See Accountants' Compilation Report
Page 14 of 76
4-1
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)
Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
Page 15 of 76
5-1
Mundelein Police Pension Fund
Revenue Report as of June 30, 2025
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-210-00 - Current Tax $ 1,393,064.36 1
1,656,269.67
1,393,064.36 1,656,269.67
Contributions - Members
41-410-00 - Contributions - Current Year 50,939.98 1
127,198.07
41-420-00 - Contributions - Prior Year 173.58 1
433.95
51,113.56 127,632.02
Total Contributions 1,444,177.92 9 1,783,901.69
Investment Income
Interest and Dividends
43-105-03 - BMO Bank - MM 2,448.11 1
4,062.41
43-800-01 - IPOPIF Consolidated Pool Income 25,847.03 1
48,540.81
28,295.14 6
52,603.22
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 1,287,119.91 1
2,781,520.56
44-800-02 - IPOPIF Consolidated Pool - Realized 163,606.68 1
318,490.44
1,450,726.59 4
3,100,011.00
Total Investment Income 1,479,021.73 2 3,152,614.22
1
Total Revenue 2,923,199.65 4,936,515.91
See Accountants' Compilation Report
Page 16 of 76
6-1
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
Page 17 of 76
7-1
Mundelein Police Pension Fund
Expense Report as of June 30, 2025
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 246,840.45 488,409.04
51-030-00 - Non-Duty Disability Pensions 19,012.19 38,024.38
51-040-00 - Duty Disability Pensions 13,385.00 26,770.00
51-060-00 - Surviving Spouse Pensions 10,626.39 21,252.78
51-100-00 - Refund of Contributions 63,813.56 63,813.56
Total Pensions and Benefits 353,677.59 638,269.76
Administrative
Professional Services
52-170-03 - Accounting & Bookkeeping Services 1,917.00 3,352.00
52-170-05 - Legal Services 0.00 1,000.00
52-170-06 - PSA/Court Reporter 1,384.00 2,689.00
3,301.00 7,041.00
Investment
52-190-04 - Bank Fees 28.28 52.52
52-195-02 - Administrative Expense (IPOPIF) 609.57 1,486.69
52-195-03 - Investment Expense (IPOPIF) 1,196.18 2,094.76
52-195-04 - Investment Manager Fees (IPOPIF) 1,460.80 5,716.55
52-195-06 - Transition Cost Allocation Expense (IPOPIF) 1,183.93 1,183.93
4,478.76 10,534.45
Total Administrative 7,779.76 17,575.45
Total Expenses 361,457.35 655,845.21
See Accountants' Compilation Report
Page 18 of 76
8-1
Mundelein Police Pension Fund
Pension Benefits and Expenses
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
Service Non-Duty Duty Disability Surviving Spouse Refund Administrative
Disability
Expenses 488,409 38,024 26,770 21,253 63,814 17,575
See Accountants' Compilation Report
Page 19 of 76
9-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended June 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Ahern, Peter W. $ 176,946.07 2,351.50 0.00 0.00 179,297.57
Anderson, Erik M. 27,980.02 1,944.58 0.00 0.00 29,924.60
Anderson, Jakob C. 166,127.01 2,975.53 0.00 0.00 169,102.54
Balogh, Stephen E. 76,337.02 2,290.00 0.00 0.00 78,627.02
Bond, Michael J. 104,555.45 2,299.50 0.00 0.00 106,854.95
Brigano, Christopher E. 147,795.67 2,754.54 0.00 0.00 150,550.21
Burnham, Jessica P. 31,187.04 1,944.58 0.00 0.00 33,131.62
Bush, Michael A. 165,155.45 2,727.10 0.00 0.00 167,882.55
Callaghan, Kevin P. 106,884.19 2,299.50 0.00 0.00 109,183.69
Callas, Chris A. 204,609.35 2,328.05 0.00 0.00 206,937.40
Chrabot, Eric T. 165,084.21 2,318.55 0.00 0.00 167,402.76
Crispe, Rachel R. 154,671.99 2,341.90 0.00 0.00 157,013.89
Cummings, James S. 4,482.10 1,579.51 0.00 0.00 6,061.61
Devore, James M. 182,557.78 2,328.05 0.00 0.00 184,885.83
Dunn, Roger D. 16,960.55 1,808.55 0.00 0.00 18,769.10
Freese, Kevin R. 51,446.30 2,290.00 0.00 0.00 53,736.30
Glogovsky, Tony A. 184,288.71 2,328.05 0.00 0.00 186,616.76
Gopar, Angel 1,391.00 1,579.51 0.00 0.00 2,970.51
Guenther, William R. 185,400.96 2,736.61 0.00 0.00 188,137.57
Hernandez, Israel Jr. 82,640.98 2,290.00 0.00 0.00 84,930.98
Hurley, Austin T. 72,815.41 2,322.66 0.00 0.00 75,138.07
Jarol, Steven M. 30,582.33 2,290.00 0.00 0.00 32,872.33
Kamischke, Amber S. 50,892.68 2,313.07 0.00 0.00 53,205.75
Kaplan, Seamus A. 194,374.69 2,558.78 0.00 0.00 196,933.47
Kisselburg, Brian J. 223,422.91 3,102.93 0.00 0.00 226,525.84
Kivley, Mark R. 11,649.46 1,964.13 0.00 0.00 13,613.59
Korinek, Antonio R. 10,166.43 1,686.36 0.00 0.00 11,852.79
Koumantos, Anastasios M. 164,740.45 2,318.55 0.00 0.00 167,059.00
Kroll, Steven G. 161,778.12 2,727.10 0.00 0.00 164,505.22
Logarta, Christian A. 114,208.05 2,322.66 0.00 0.00 116,530.71
Maldonado, Elizabeth 4,482.10 1,595.39 0.00 0.00 6,077.49
Mancilla, Stephanie 10,197.35 1,703.31 0.00 0.00 11,900.66
McCourt, Brian J. Jr. 86,329.39 2,290.00 0.00 0.00 88,619.39
Oakes, Jacob G. 49,271.70 2,134.15 0.00 0.00 51,405.85
See Accountants' Compilation Report Page 20 of 76
10-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended June 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Osoria, Jecoa D. 26,321.30 2,313.07 0.00 0.00 28,634.37
Perdue, Thomas M. 235,617.52 2,328.05 0.00 0.00 237,945.57
Poynor, Thomas R. 169,159.81 3,343.45 0.00 0.00 172,503.26
Pyrek, Michael V. 109,021.63 2,299.50 0.00 0.00 111,321.13
Reyes, Michael A. 100,191.34 2,299.50 0.00 0.00 102,490.84
Rodriguez, Walter 88,956.25 2,290.00 0.00 0.00 91,246.25
Sanchez, Jonathan O. 27,978.10 1,944.58 0.00 0.00 29,922.68
Schuldt, James T. III 166,934.77 2,290.00 0.00 0.00 169,224.77
Seeley, Jason L. 234,505.20 3,753.76 0.00 0.00 238,258.96
Servin, Juan C. 23,858.36 1,863.25 0.00 0.00 25,721.61
Sexton, Jessica L. 60,284.08 2,290.00 0.00 0.00 62,574.08
Simonelli, Steven P. 98,384.90 2,299.50 0.00 0.00 100,684.40
Stadler, Kurt R. 70,379.95 2,313.07 0.00 0.00 72,693.02
Thurman, Eliyah N. 4,482.10 1,579.51 0.00 0.00 6,061.61
Torres, Noe 7,735.48 1,665.43 0.00 0.00 9,400.91
Valdes, Alexis M. 19,364.00 1,808.55 0.00 0.00 21,172.55
Valenziano, Christ A. 97,144.79 2,322.66 0.00 0.00 99,467.45
Viduya, Paul B. 23,770.67 1,863.25 0.00 0.00 25,633.92
Waites, James J. 218,081.79 2,674.59 433.95 0.00 221,190.33
Wilfenger, Richard R. 196,626.69 3,102.93 0.00 0.00 199,729.62
Witt, Richard H. IV 159,151.57 2,318.55 0.00 0.00 161,470.12
5,559,363.22 125,807.90 433.95 0.00 5,685,605.07
Inactive/Terminated Members
Hall, Thomas B. 189,119.40 1,390.17 0.00 0.00 190,509.57
Vekemans, Jacob E. 63,813.56 0.00 0.00 (63,813.56) 0.00
Totals 5,812,296.18 127,198.07 433.95 (63,813.56) 5,876,114.64
See Accountants' Compilation Report Page 21 of 76
10-2
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended June 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
Waites, James J. - Military - Principal 433.95 0.00 0.00 433.95
Totals 433.95 0.00 0.00 433.95
See Accountants' Compilation Report Page 22 of 76
10-3
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 06/02/2025, 06/30/2025
Family ID EmployeeName Retro Pay Amt Mbr Gross Health Dental Benistar Federal Tax QILDRO Check # Payee Name
Insurance -Vision Insurance Deduct
Insurance
Contribution Refund
128562 Vekemans, Jacob E. Yes $0.00 $63,813.56 $0.00 $0.00 $0.00 $0.00 $0.00
128562 Vekemans, Jacob E. Yes $63,813.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -170
Contribution Refund $63,813.56 $63,813.56 $0.00 $0.00 $0.00 $0.00 $0.00
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. $7,282.41 $8,377.41 $0.00 $0.00 $0.00 $1,095.00 $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
Page 23 of 76
See Accountants' Compilation Report
11-1
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 06/02/2025, 06/30/2025
Family ID EmployeeName Retro Pay Amt Mbr Gross Health Dental Benistar Federal Tax QILDRO Check # Payee Name
Insurance -Vision Insurance Deduct
Insurance
118362 Guenther, Eric J. $7,738.05 $8,865.05 $0.00 $0.00 $0.00 $1,127.00 $0.00
128566 Hall, Thomas B. $5,031.77 $5,895.77 $0.00 $0.00 $0.00 $864.00 $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. $4,864.01 $7,469.18 $864.33 $54.84 $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
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 $205,146.32 $246,840.45 $1,728.66 $62.85 $0.00 $36,301.16 $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. $3,594.74 $4,299.36 $0.00 $0.00 $0.00 $704.62 $0.00
Surviving Spouse $9,136.77 $10,626.39 $0.00 $0.00 $0.00 $1,489.62 $0.00
Report Totals: $310,355.46 $357,279.05 $1,728.66 $117.69 $0.00 $41,475.78 $3,601.46
Batch Totals
Page 24 of 76
See Accountants' Compilation Report
11-2
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 06/02/2025, 06/30/2025
Batch Totals
ACH Flag Payments Net Payment Mbr Gross Health Dental Benistar Federal Tax QILDRO
Total Insurance -Vision Insurance Deduct
Insurance
Batch #77160 - 05/28/2025
Check 2 $63,813.56 $63,813.56 $0.00 $0.00 $0.00 $0.00 $0.00
Batch #77160 - 05/28/2025 $63,813.56 $63,813.56 $0.00 $0.00 $0.00 $0.00 $0.00
Batch #77457 - 06/16/2025
ACH 51 $246,541.90 $293,465.49 $1,728.66 $117.69 $0.00 $41,475.78 $3,601.46
Batch #77457 - 06/16/2025 $246,541.90 $293,465.49 $1,728.66 $117.69 $0.00 $41,475.78 $3,601.46
Page 25 of 76
See Accountants' Compilation Report
11-3
Mundelein Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
April 1, 2025 - June 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
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
05/30/25 20778 Village of Mundelein
20-220-00 Medical Insurance 5/25 1,728.66
20-220-00 Dental Insurance 117.69
ACH Amount (Direct Deposit) 1,846.35
05/30/25 20779 Internal Revenue Service
20-230-00 Internal Revenue Service 40,503.78
ACH Amount (Direct Deposit) 40,503.78
06/30/25 20783 Village of Mundelein
20-220-00 Medical Insurance 6/25 1,728.66
20-220-00 Dental Insurance 117.69
ACH Amount (Direct Deposit) 1,846.35
06/30/25 20784 Internal Revenue Service
20-230-00 Internal Revenue Service 41,475.78
ACH Amount (Direct Deposit) 41,475.78
Total Payments 127,003.22
See Accountants' Compilation Report
Page 26 of 76
12-1
Mundelein Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
April 1, 2025 - June 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
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
05/30/25 20781 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 336,400.00
ACH Amount (Direct Deposit) 336,400.00
06/30/25 20785 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 1,031,400.00
ACH Amount (Direct Deposit) 1,031,400.00
Total Payments 1,407,000.00
See Accountants' Compilation Report
Page 27 of 76
13-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
April 1, 2025 - June 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
05/12/25 20777 Lauterbach & Amen, LLP
52-170-03 #103877 04/25 Accounting & Benefits 1,435.00
52-170-06 #103877 04/25 PSA 1,305.00
ACH Amount (Direct Deposit) 2,740.00
05/22/25 50740 BMO Bank
52-190-04 Bank Fee 24.24
Check Amount 24.24
05/27/25 20780 Ottosen DiNolfo, LTD
52-170-05 #14134 Retainer 1,000.00
ACH Amount (Direct Deposit) 1,000.00
05/31/25 50741 IPOPIF
52-195-02 Administrative Expense 877.12
52-195-03 Investment Expense 898.58
52-195-04 Investment Manager Fees 4,255.75
Check Amount 6,031.45
06/09/25 20782 Lauterbach & Amen, LLP
52-170-03 #104883 05/25 Accounting & Benefits 1,507.00
52-170-06 #104883 05/25 PSA 1,384.00
52-170-03 #104883 05/25 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
06/23/25 50742 BMO Bank
52-190-04 Bank Fee 28.28
Check Amount 28.28
See Accountants' Compilation Report
Page 28 of 76
14-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
April 1, 2025 - June 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
06/30/25 202506 IPOPIF
52-195-02 Administrative Expense 609.57
52-195-03 Investment Expense 1,196.18
52-195-04 Investment Manager Fees 1,460.80
52-195-06 Transition Cost Allocation Expense 1,183.93
Check Amount 4,450.48
Total Payments 22,882.96
See Accountants' Compilation Report
Page 29 of 76
14-2
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
March 1, 2025 - May 31, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
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
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
05/12/25 20777 Lauterbach & Amen, LLP
52-170-03 #103877 04/25 Accounting & Benefits 1,435.00
52-170-06 #103877 04/25 PSA 1,305.00
ACH Amount (Direct Deposit) 2,740.00
05/22/25 50740 BMO Bank
52-190-04 Bank Fee 24.24
Check Amount 24.24
See Accountants' Compilation Report
Page 30 of 76
14-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
March 1, 2025 - May 31, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
05/27/25 20780 Ottosen DiNolfo, LTD
52-170-05 #14134 Retainer 1,000.00
ACH Amount (Direct Deposit) 1,000.00
05/31/25 50741 IPOPIF
52-195-02 Administrative Expense 877.12
52-195-03 Investment Expense 898.58
52-195-04 Investment Manager Fees 4,255.75
Check Amount 6,031.45
Total Payments 20,302.26
See Accountants' Compilation Report
Page 31 of 76
14-2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: June 30, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Total Fund with Member and Transition Accounts 13,745,843,365 100.0 100.0 3.1 8.3 13.3 8.8 13.3 11.1 6.8 03/01/22
Policy Index 3.0 7.7 12.6 8.2 12.6 11.1 6.5
Policy Index- Broad Based 3.7 9.5 13.9 9.1 13.9 12.6 6.7
IPOPIF Investment Portfolio 13,745,843,365 100.0 100.0 3.1 8.3 13.1 8.7 13.1 11.3 6.7 04/01/22
Policy Index 3.0 7.7 12.6 8.2 12.6 11.1 6.6
Policy Index- Broad Based 3.7 9.5 13.9 9.1 13.9 12.6 6.7
Growth 8,260,697,040 60.1 58.0 4.5 13.0 16.9 12.3 16.9 15.9 8.9 04/01/22
Growth Benchmark 4.4 12.3 16.3 11.7 16.3 15.5 8.6
RhumbLine Russell 1000 Index 3,216,687,761 23.4 23.0 5.0 11.1 15.7 6.1 15.7 19.5 11.4 04/01/22
Russell 1000 Index 5.1 11.1 15.7 6.1 15.7 19.6 11.5
RhumbLine Russell 2000 Index 685,060,451 5.0 5.0 5.4 8.4 7.7 -1.8 7.7 10.0 2.9 04/01/22
Russell 2000 Index 5.4 8.5 7.7 -1.8 7.7 10.0 3.0
SSgA Non-US Developed Index 2,662,220,553 19.4 19.0 2.4 12.2 19.1 19.4 19.1 16.1 9.4 04/01/22
MSCI World ex U.S. (Net) 2.3 12.0 18.7 19.0 18.7 15.7 9.0
International Developed Small Cap Equity 774,451,435 5.6 5.0 5.6 19.8 25.9 22.2 25.9 15.2 7.3 04/01/22
MSCI World ex U.S. Small Cap Index (Net) 4.6 16.8 22.9 20.8 22.9 13.4 5.7
Acadian ACWI ex US Small-Cap Fund 375,786,702 2.7 2.5 4.4 16.4 22.3 18.4 22.3 - 22.4 02/01/24
MSCI AC World ex USA Small Cap (Net) 4.9 16.9 18.3 17.7 18.3 - 16.2
WCM International Small Cap Growth Fund 198,589,132 1.4 1.3 8.8 28.7 29.1 24.0 29.1 - 20.0 03/01/24
MSCI AC World ex USA Small Cap (Net) 4.9 16.9 18.3 17.7 18.3 - 16.5
LSV International Small Cap Value Equity Fund 200,075,601 1.5 1.3 4.8 18.1 29.7 28.4 29.7 - 24.4 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) 4.7 17.4 19.8 21.2 19.8 - 17.2
Emerging Market Equities 922,276,841 6.7 6.0 7.7 20.0 12.5 17.7 12.5 8.8 4.5 04/01/22
Emerging Markets Equity Benchmark 7.0 16.5 10.4 14.5 10.4 8.3 3.7
William Blair Emerging Markets ex China Growth Fund 456,461,292 3.3 1.4 7.1 19.4 - 7.7 - - 7.7 01/01/25
MSCI Emerging Markets ex China IMI (Net) 6.8 16.9 - 13.9 - - 13.9
ARGA Emerging Markets Ex China Equity 465,815,549 3.4 2.3 8.3 21.2 - 26.8 - - 22.1 12/01/24
MSCI Emerging Markets ex China (Net) 7.0 16.5 - 14.5 - - 13.2
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.
Page 32 of 76 1
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: June 30, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Income 2,142,163,830 15.6 16.0 1.9 3.4 9.9 4.9 9.9 9.5 4.6 04/01/22
Income Benchmark 1.9 3.2 9.6 4.6 9.6 9.4 5.2
SSgA High Yield Corporate Credit 763,790,119 5.6 5.7 1.8 3.4 10.3 4.5 10.3 10.0 5.5 04/01/22
Spliced SSgA U.S. High Yield Index 1.9 3.6 10.2 4.6 10.2 10.0 5.5
Emerging Market Debt 793,340,832 5.8 6.0 2.6 4.0 11.0 6.7 11.0 9.1 3.8 04/01/22
Emerging Markets Debt Benchmark 2.4 3.3 10.0 5.6 10.0 8.9 4.7
SSgA EMD Hard Index Fund 585,051,900 4.3 4.5 2.4 3.4 10.4 5.7 10.4 8.9 3.6 04/01/22
Spliced SSgA EMD Hard Index 2.4 3.3 10.0 5.6 10.0 8.9 3.9
Capital Group Emerging Markets Debt 208,288,931 1.5 1.5 2.9 5.7 - 9.6 - - 7.5 11/01/24
Spliced Capital Group EMD Index 2.3 5.0 - 8.5 - - 7.0
Bank Loans 406,703,375 3.0 3.0 0.9 2.4 7.3 2.9 7.3 - 7.6 03/01/24
S&P UBS Leveraged Loan Index 0.8 2.3 7.5 3.0 7.5 - 7.7
Ares Institutional Loan Fund 135,378,166 1.0 1.0 0.9 2.4 7.6 2.7 7.6 - 8.0 03/01/24
S&P UBS Leveraged Loan Index 0.8 2.3 7.5 3.0 7.5 - 7.7
Aristotle Institutional Loan Fund 271,325,209 2.0 2.0 0.9 2.4 7.1 2.9 7.1 - 7.4 03/01/24
S&P UBS Leveraged Loan Index 0.8 2.3 7.5 3.0 7.5 - 7.7
Oaktree Global Credit Fund 178,329,504 1.3 1.4 1.9 - - - - - 1.9 05/01/25
Real Assets 712,643,045 5.2 6.0 -0.4 -0.6 7.1 0.2 7.1 2.2 0.1 04/01/22
Real Assets Benchmark -0.4 -0.5 6.8 0.6 6.8 1.6 -2.3
SSgA REITs Index 494,880,584 3.6 4.0 -1.0 -1.7 8.1 -0.6 8.1 4.7 -1.8 04/01/22
Dow Jones U.S. Select REIT Total Return Index -1.0 -1.7 8.1 -0.6 8.1 4.8 -1.8
Principal USPA 217,762,461 1.6 2.0 0.8 1.9 2.8 1.9 2.8 -5.6 -4.8 05/01/22
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
Page 33 of 76 2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: June 30, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Risk Mitigation 2,630,339,451 19.1 20.0 0.8 1.1 5.9 3.3 5.9 3.7 2.9 04/01/22
Risk Mitigation Benchmark 0.8 1.1 5.9 3.3 5.9 3.7 2.9
SSgA US Treasury Index 377,014,524 2.7 3.0 1.3 0.9 5.3 3.8 5.3 - 6.8 05/01/24
Blmbg. U.S. Treasury Index 1.3 0.8 5.3 3.8 5.3 - 6.7
SSgA Core Fixed Income Index 378,935,837 2.8 3.0 1.5 1.2 6.1 4.0 6.1 2.6 0.9 04/01/22
Blmbg. U.S. Aggregate Index 1.5 1.2 6.1 4.0 6.1 2.5 0.8
SSgA Short-Term Gov't/Credit Index 1,335,654,120 9.7 10.0 0.6 1.3 6.0 2.9 6.0 3.8 3.3 04/01/22
Bloomberg U.S. Gov/Credit 1-3 Year Index 0.6 1.3 5.9 2.9 5.9 3.8 3.3
SSgA US TIPS Index 378,461,642 2.8 3.0 0.6 0.9 6.6 4.1 6.6 3.9 3.2 04/01/22
Blmbg. U.S. TIPS 0-5 Year 0.5 1.0 6.5 4.0 6.5 4.0 3.3
Cash 159,935,737 1.2 1.0 0.3 1.0 4.4 1.9 4.4 4.3 3.9 04/01/22
90 Day U.S. Treasury Bill 0.3 1.0 4.7 2.1 4.7 4.6 4.2
IPOPIF Pool Fixed Income Transition 337,591 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.
Page 34 of 76 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: June 30, 2025
Policy Index Composition
Policy Risk
As of 6/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2025 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 5.7% 35.3% Bloomberg US Corporate High Yield Index 6.2% 38.9%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 1.4% 8.4% Private Credit Actual Performance 0.8% 4.8%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 11/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets 0.7% 1.2%
Bloomberg US Corporate High Yield Index 7.0% 43.8% MSCI Emerging Markets ex China 5.3% 9.2%
JPM EMBI Global Diversified Index 6.0% 37.5% Bloomberg US Corporate High Yield Index 7% 43.8%
S&P UBS Leveraged Loan Index 3.0% 18.8% JPM EMBI Global Diversified Index 6% 37.5%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% S&P UBS Leveraged Loan Index 3% 18.8%
Dow Jones US Select REIT Index 4.0% 66.7% NFI-ODCE Equal-Weighted Index 2% 33.3%
Bloomberg US Aggregate Index 3.0% 15.0% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
90 Day US Treasury Bill Index 1.0% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 10/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 9/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 0.8% 1.4% MSCI Emerging Markets 1.5% 2.6%
MSCI Emerging Markets ex China 5.2% 9.0% MSCI Emerging Markets ex China 4.5% 7.8%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Page 35 of 76 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: June 30, 2025
Policy Index Composition
Policy Risk
As of 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 2% 3.4% MSCI Emerging Markets 3% 5.2%
MSCI Emerging Markets ex China 4% 6.9% MSCI Emerging Markets ex China 3% 5.2%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 35.4% Russell 1000 23% 39.7%
Russell 2000 5% 7.7% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 29.2% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 7.7% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 4% 6.2% MSCI Emerging Markets 5% 8.6%
MSCI Emerging Markets ex China 2% 3.1% MSCI Emerging Markets ex China 1% 1.7%
Bloomberg US Corporate High Yield Index 7% 63.6% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 54.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 27.3% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 28.6% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 57.1% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 16.7% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 2% 11.1% Bloomberg US Treasury Index 1% 5.0%
Bloomberg 1-3 Year Gov/Credit Index 11% 61.1% Bloomberg 1-3 Year Gov/Credit Index 12% 60.0%
Bloomberg US TIPS 0-5 Year 3% 16.7% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.6% 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%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 1.5% 9.4%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Page 36 of 76 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: June 30, 2025
Policy Index Composition
Policy Risk
As of 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 18% 36.0%
Russell 2000 5% 8.6% Russell 2000 5% 10.0%
MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 15% 30.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 10.0%
MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US Corporate High Yield Index 10% 62.5%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 3% 10.7%
As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation
Russell 3000 23% 46.0%
MSCI ACWI ex USA IMI 20% 40.0%
MSCI Emerging Markets IMI 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5%
50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
NCREIF Property Index 2% 66.7%
Dow Jones US Select REIT Index 4% 33.3%
Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
Page 37 of 76 3
Glossary
Allocation Effect: An attribution effect that describes the amount attributable to the managers' asset allocation decisions, relative to the benchmark.
Alpha: The excess return of a portfolio after adjusting for market risk. This excess return is attributable to the selection skill of the portfolio manager. Alpha is calculated as: Portfolio Return [Risk free Rate + Portfolio Beta x (Market Return Risk
free Rate)].
‐ ‐ ‐ ‐
Benchmark R squared: Measures how well the Benchmark return series fits the manager's return series. The higher the Benchmark R squared, the more appropriate the benchmark is for the manager.
Beta: A measure
‐ of systematic, or market risk; the part of risk in a portfolio or security that is attributable to general market movements. ‐Beta is calculated by dividing the covariance of a security by the variance of the market.
Book to Market: The ratio of book value per share to market price per share. Growth managers typically have low book to market ratios while value managers typically have high book to market ratios.
Capture
‐ ‐Ratio: A statistical measure of an investment manager's overall performance in up or down markets. The capture ‐ ‐ratio is used to evaluate how well an investment manager performed
‐ ‐ relative to an index during periods when that index has
risen (up market) or fallen (down market). The capture ratio is calculated by dividing the manager's returns by the returns of the index during the up/down market, and multiplying that factor by 100.
Correlation: A measure of the relative movement of returns of one security or asset class relative to another over time. A correlation of 1 means the returns of two securities move in lock step, a correlation of 1 means the returns of two securities
move in the exact opposite direction over time. Correlation is used as a measure to help maximize the benefits of diversification when constructing an investment portfolio.
‐
Excess Return: A measure of the difference in appreciation or depreciation in the price of an investment compared to its benchmark, over a given time period. This is usually expressed as a percentage and may be annualized over a number of
years or represent a single period.
Information Ratio: A measure of a manager's ability to earn excess return without incurring additional risk. Information ratio is calculated as: excess return divided by tracking error.
Interaction Effect: An attribution effect that describes the portion of active management that is contributable to the cross interaction between the allocation and selection effect. This can also be explained as an effect that cannot be easily traced to
a source.
Portfolio Turnover: The percentage of a portfolio that is sold and replaced (turned over) during a given time period. Low portfolio turnover is indicative of a buy and hold strategy while high portfolio turnover implies a more active form of
management.
Price to Earnings Ratio (P/E): Also called the earnings multiplier, it is calculated by dividing the price of a company's stock into earnings per share. Growth managers typically hold stocks with high price to earnings ratios whereas value
managers hold stocks with low price to earnings ratios.
‐ ‐ ‐ ‐
R Squared: Also called the coefficient‐ ‐of determination, it measures the amount of variation in one variable explained by variations in another, i.e., the goodness of fit to a benchmark. In the case of investments, the term is used to explain the
amount of variation in a security or portfolio explained by movements in the market or the portfolio's benchmark.
‐
Selection Effect: An attribution effect that describes the amount attributable to the managers' stock selection decisions, relative to the benchmark.
Sharpe Ratio: A measure of portfolio efficiency. The Sharpe Ratio indicates excess portfolio return for each unit of risk associated with achieving the excess return. The higher the Sharpe Ratio, the more efficient the portfolio. Sharpe ratio is
calculated as: Portfolio Excess Return / Portfolio Standard Deviation.
Sortino Ratio: Measures the risk adjusted return of an investment, portfolio, or strategy. It is a modification of the Sharpe Ratio, but penalizes only those returns falling below a specified benchmark. The Sortino Ratio uses downside deviation in
the denominator rather than standard deviation, like the Sharpe Ratio.
‐
Standard Deviation: A measure of volatility, or risk, inherent in a security or portfolio. The standard deviation of a series is a measure of the extent to which observations in the series differ from the arithmetic mean of the series. For example, if a
security has an average annual rate of return of 10% and a standard deviation of 5%, then two thirds of the time, one would expect to receive an annual rate of return between 5% and 15%.
Style Analysis: A return based analysis designed to identify combinations of passive investments
‐ to closely replicate the performance of funds
Style Map: A specialized form or scatter plot chart typically used to show where a Manager lies in relation to a set of style indices on a two dimensional plane. This is simply a way of viewing the asset loadings in a different context. The
coordinates are calculated by rescaling the asset loadings to range from 1 to 1 on each axis and are dependent on the Style Indices comprising the Map.
‐
‐
Page 38 of 76
Disclosure
This report contains confidential and proprietary information and is subject to the terms and conditions of the Consulting Agreement. It is being provided for use solely by the
customer. The report may not be sold or otherwise provided, in whole or in part, to any other person or entity without written permission from Verus Advisory, Inc., (hereinafter
Verus) or as required by law or any regulatory authority. The information presented does not constitute a recommendation by Verus and cannot be used for advertising or sales
promotion purposes. This does not constitute an offer or a solicitation of an offer to buy or sell securities, commodities or any other financial instruments or products.
The information presented has been prepared using data from third party sources that Verus believes to be reliable. While Verus exercised reasonable professional care in
preparing the report, it cannot guarantee the accuracy of the information provided by third party sources. Therefore, Verus makes no representations or warranties as to the
accuracy of the information presented. Verus takes no responsibility or liability (including damages) for any error, omission, or inaccuracy in the data supplied by any third party.
Nothing contained herein is, or should be relied on as a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio
diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the investor should be prepared to bear.
The information presented may be deemed to contain forward‐looking information. Examples of forward looking information include, but are not limited to, (a) projections of or
statements regarding return on investment, future earnings, interest income, other income, growth prospects, capital structure and other financial terms, (b) statements of
plans or objectives of management,(c) statements of future economic performance, and (d) statements of assumptions, such as economic conditions underlying other
statements. Such forward‐looking information can be identified by the use of forward looking terminology such as believes, expects, may, will, should, anticipates, or the
negative of any of the foregoing or other variations thereon comparable terminology, or by discussion of strategy. No assurance can be given that the future results described by
the forward‐looking information will be achieved. Such statements are subject to risks, uncertainties, and other factors which could cause the actual results to differ materially
from future results expressed or implied by such forward looking information. The findings, rankings, and opinions expressed herein are the intellectual property of Verus and
are subject to change without notice. The information presented does not claim to be all‐inclusive, nor does it contain all information that clients may desire for their purposes.
The information presented should be read in conjunction with any other material provided by Verus, investment managers, and custodians.
Verus will make every reasonable effort to obtain and include accurate market values. However, if managers or custodians are unable to provide the reporting period's market
values prior to the report issuance, Verus may use the last reported market value or make estimates based on the manager's stated or estimated returns and other information
available at the time. These estimates may differ materially from the actual value. Hedge fund market values presented in this report are provided by the fund manager or
custodian. Market values presented for private equity investments reflect the last reported NAV by the custodian or manager net of capital calls and distributions as of the end
of the reporting period. These values are estimates and may differ materially from the investments actual value. Private equity managers report performance using an internal
rate of return (IRR), which differs from the time‐weighted rate of return (TWRR) calculation done by Verus. It is inappropriate to compare IRR and TWRR to each other. IRR
figures reported in the illiquid alternative pages are provided by the respective managers, and Verus has not made any attempts to verify these returns. Until a partnership is
liquidated (typically over 10‐12 years), the IRR is only an interim estimated return. The actual IRR performance of any LP is not known until the final liquidation.
Net‐of‐Fees Returns mean gross‐of‐fees returns reduced by fees and expenses charged by third‐party investment managers on the products of such managers held by client.
Net‐of‐Fees Returns does not include a reduction of returns for Verus’ investment management and consulting fees, or other expenses incurred by the asset owner, fund or
plan.
Verus receives universe data from InvMetrics, eVestment Alliance, and Morningstar. We believe this data to be robust and appropriate for peer comparison. Nevertheless, these
universes may not be comprehensive of all peer investors/managers but rather of the investors/managers that comprise that database. The resulting universe composition is not
static and will change over time. Returns are annualized when they cover more than one year. Investment managers may revise their data after report distribution. Verus will
make the appropriate correction to the client account but may or may not disclose the change to the client based on the materiality of the change.
Page 39 of 76
MUNDELEIN POLICE PENSION FUND
Month Ended: June 30, 2025
Market Value Summary:
Current Period Year to Date
Beginning Balance $48,193,150.62 $46,721,079.69
Contributions $1,031,400.00 $1,769,100.00
Withdrawals ($325,000.00) ($1,950,000.00)
Transfers In/Out $0.00 $0.00
Income $25,847.03 $127,456.64
Administrative Expense ($609.57) ($4,507.44)
Investment Expense ($1,196.18) ($4,664.26)
Investment Manager Fees ($1,460.80) ($11,427.01)
IFA Loan Repayment $0.00 $0.00
Adjustment ($1,183.93) ($1,183.93)
Realized Gain/Loss $163,606.68 $368,149.58
Unrealized Gain/Loss $1,287,119.91 $3,357,670.49
Ending Balance $50,371,673.76 $50,371,673.76
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 3.07% 7.89% 8.37% 12.72% N/A N/A N/A 15.10% 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 40 of 76
MUNDELEIN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: June 30, 2025
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $48,193,150.62 $46,721,079.69 Beginning Units 3,884,113.396 3,959,331.158
Contributions $1,031,400.00 $1,769,100.00 Unit Purchases from Additions 80,558.420 141,090.645
Withdrawals ($325,000.00) ($1,950,000.00) Unit Sales from Withdrawals (25,782.147) (161,532.133)
Transfers In/Out $0.00 $0.00
Ending Units 3,938,889.669 3,938,889.669
Income $25,847.03 $127,456.64
Administrative Expense ($609.57) ($4,507.44)
Period Beginning Net Asset Value per Unit $12.407761 $11.800246
Investment Expense ($1,196.18) ($4,664.26)
Period Ending Net Asset Value per Unit $12.788293 $12.788293
Investment Manager Fees ($1,460.80) ($11,427.01)
IFA Loan Repayment $0.00 $0.00
Adjustment ($1,183.93) ($1,183.93)
Realized Gain/Loss $163,606.68 $368,149.58
Unrealized Gain/Loss $1,287,119.91 $3,357,670.49
Ending Balance $50,371,673.76 $50,371,673.76
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: 3.07% 7.89% 8.37% 12.72% N/A N/A N/A 11.95% 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 41 of 76
Statement of Transaction Detail for the Month Ending 06/30/2025
MUNDELEIN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
IPOPIF Pool
06/16/2025 06/17/2025 Redemptions (325,000.00) 12.605622 (25,782.1470)
06/24/2025 06/25/2025 Final Transition Cost Allocation Adjustment (1,183.93) 12.666413 (93.4700)
06/30/2025 07/01/2025 Contribution 1,031,400.00 12.788293 80,651.8900
Page 3 of 3
Page 42 of 76
June 2025 Statement Supplement
Cash Flows
Period Contributions Withdrawals
June 2025 $88 million $61 million
CY 2025 $350 million $371 million
Expenses Paid
Administrative Investment Direct Investment
Period
Expenses Expenses Manager Fees
6/1/2025 $167,634.84 $328,959.52 $401,731.83
CY 2025 $1,232,248.07 $1,276,017.69 $3,127,492.31
• 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
5/31/2025 1,068,161,285.4171 13,253,489,912.96 12.407761
6/30/2025 1,070,220,385.5127 13,686,291,467.91 12.788293
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.
Final Transition Cost Allocation Adjustment
Consistent with the IPOPIF AR 2022-01 Valuation and Cost Rule.pdf, to ensure equitable treatment of
all participating Article 3 funds, a final true-up allocation of all costs paid using funds from the
consolidated IPOPIF investment portfolio from inception through December 31, 2024, was completed
in June 2025. The “true-up” or final transition cost allocation was calculated based on the December
31, 2024, pro rata balance of each participant pension fund as compared to the consolidated
December 31, 2024, balance of all participant pension funds. Total allocated costs were $15,492,597,
including the loan repayment with the Illinois Finance Authority, representing 12.25 basis points of
each participant fund’s balance at December 31, 2024.
A separate calculation was performed for investment manager fees which were allocated on a pro
rata basis to each participant pension fund based on the time that a participant pension fund’s assets
were invested by IPOPIF. The sum of these two calculations was compared to amounts previously
paid by each participant pension fund, and balances due were charged interest at IPOPIF’s actual rate
of return, calculated monthly and reduced to a daily rate for each month. Interest was charged
through May 31, 2025.
Illinois Police Officers’ Pension Investment Fund 309-280-6464
456 Fulton Street, Suite 402 info@ipopif.org
Page 43 of 76
Peoria, Illinois 61602
The balances receivable or payable from both calculations plus interest were consolidated into one
number for each participant fund and appear on the Monthly Statement Market Value Summary as
“Adjustment” in the Current Period and Year-to-Date roll forward. The last page of the Monthly
Statement, the “Statement of Transaction Detail” also presents the “Adjustment” as “Final Transition
Cost Allocation Adjustment” with a date of June 25, 2025.
In conclusion, the calculations made for all Article 3 police pension funds resulted in small
adjustments to each participant fund that are consistent with the equitable treatment of all
participating police pension funds as required by Illinois Pension Code 40 ILCS 5/Art. 22B.
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/
Page 44 of 76
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 45 of 76
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 46 of 76
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 47 of 76
2025 IPPFA MidAmerican Pension Conference
October 1 - 2, 2025
8:00AM - 5:30PM
3500 Midwest Road Oak Brook, IL
60523
Julie Guy
October 1 – 2, 2025
The MidAmerican Pension Conference is the perfect way to complete your 8-hours of pension trustee training.
Highlights include dynamic speakers, informative exhibits, and many networking opportunities. For over 30
years, the IPPFA has given attendees the very best training in ethics, fiduciary responsibilities, and legal and
legislative updates, all covering every aspect of pension trustee training.
This year marks the 40th anniversary of IPPFA, and we invite you to celebrate this milestone with us during the conference!
PLEASE NOTE THAT THIS CONFERENCE HAS BEEN CHANGED TO TWO FULL DAYS (WEDNESDAY & THURSDAY).
Registration
CONFERENCE REGISTRATION IS NOT OPEN AT THIS TIME. PLEASE CHECK BACK LATER.
Rooming
Oak Brook Hills Resort
3500 Midwest Road
Oak Brook, IL 60523
Rooming rates start at $189 per night (plus $14.95 resort fee)
Heroes Family Fund Charity Golf Outing Registration
Tuesday, September 30th
Willow Crest Golf Club
3500 Midwest Rd.
Oak Brook, IL 60523
Page 48 of 76
2025 IPFA FALL PENSION SEMINAR
Friday November 7, 2025 Red Shift
Empress Banquets 200 East Lake Street Addison, IL 60101 630-279-5900
IN-PERSON SEMINAR REGISTRATION FORM
Municipality, (please print or type)
District, or
Firm: _____________________________________________ Address: _________________________________________________
City: ____________________________________________ , IL Zip: ____________ Phone: _____________________________
SEMINAR FEES: IPFA Members: $ 230.00 Non - Members: $ 320.00 Walk-In Registration: $ 340.00
Avoid the walk-in surcharge – register on or before Monday, November 3, 2025 Registration opens at 07:00, event begins at 08:00, & ends at 16:00
First Name: Last Name: e-mail Address: Member Non-Member
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
TOTAL CHECK ENCLOSED $_______.____
Payment must accompany this Registration Form and be received in our office on or before November 3, 2025 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, November 3, 2025 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 49 of 76
FACT SHEET M ar c h 1 0 , 2 0 2 5
ARTICLE 3 AND ARTICLE 4
PENSION TRUSTEE
CERTIFICATION
All elected and appointed Article 3 (police officers) and Article 4 (firefighters) local pension board trustees
are required to participate in state-mandated trustee certification training.
WHAT IS THE FIRST YEAR CERTIFICATION REQUIREMENT?
The trustee certification training requirement for a first year trustee is at least 16 hours.
WHAT IS THE ANNUAL CERTIFICATION REQUIREMENT?
Annually, all trustees must complete a minimum of eight hours of continuing trustee education. Trustees are
permitted to re-take previously selected courses to satisfy the training requirement.
WHERE CAN TRUSTEES RECEIVE THEIR TRAINING?
The Illinois Municipal League provides this certification training at no charge to all trustees.
More information is available at iml.org/pensiontrustees.
Trustee certification training is provided online, in partnership with Eastern Illinois University, and in
accordance with all statutory requirements. If you have questions regarding pension trustee certification,
please contact us by email at pensiontrustees@iml.org.
HOW MUCH DOES THE TRAINING COST?
$0. The Illinois Municipal League provides this certification training at no charge. Really — it’s free = no charge.
WHAT ARE SOME TRUSTEE EDUCATION TOPICS?
There are currently 21 videos available, including:
• Administrative Review (New)
• Felony Divestiture (New)
• Illinois Court System and Standard of Review (New)
• Mock Disability Pension Hearing (New)
• Pensionable Salary under Article 3 and 4 (New)
• QILDRO Training (New)
• Various Benefits Training (New)
• Articles 3 and 4 Pension Disability Pension Overview
• Duties and Ethical Obligations of a Pension Fund Fiduciary
• Board Oversight of Cyber Risk: Before a Breach
• Pension Plan Funding 101
• Illinois Public Employee Disability Act and Public Safety Employee
Benefits Act
• Managing Generational Differences and Unconscious Bias in the
Workplace
Scan for
PDF Version
ILLINOIS MUNICIPAL LEAGUE
500 East Capitol Avenue | P.O. Box 5180 | Springfield, IL 62705-5180 | Ph: 217.525.1220 | Fx: 217.525.7438 | iml.org
Page 50 of 76
ARTICLE 3 AND ARTICLE 4
Pension Trustee Certification
Instructions
Ma r c h 1 0 , 2 0 2 5
How to Register (All Users Must Create an Account):
1) Click here to visit the registration page.
2) At the top of the page, click “Register” to create an account and click “Submit.”
3) Click “Login” to enter your username and password.
4) At the top of the page, click on “Dashboard” in the main menu.
5) Click “My Courses.”
6) Under basic information, click on the course platform.
7) Once the new window opens, enter your username and password and click “Submit.”
How to Take a Training Course:
1) After you sign into the course platform, select a training course.
2) Click “Content” on the navigation bar.
3) Scroll down and click the video link to open the training.
4) The training presentation is available by clicking “Download: PowerPoint Slides.”
5) After viewing the video, click “Quizzes” on the navigation bar to take the quiz
assessment. A quiz will not be available until the training video has been viewed.
6) After passing the quiz, your certificate will take a few minutes to generate and will
appear under “Certificates” on the navigation bar.
7) Click “Home” in the top left corner to return to the full course menu.
If you have questions regarding Article 3 or Article 4 pension trustee certification,
please contact us by email at pensiontrustees@iml.org.
Page 51 of 76
Pension Trustee Training Course
Course Titles Credit Hours
Administrative Review 0.75 hours New
Articles 3 and 4 Pension Disability Pension Overview 2.50 hours
Board Oversight of Cyber Risk: Before a Breach 2.00 hours
Cyber Security: Best Practices 1.00 hour
Developments and Potential Changes in Federal and State of Illinois Labor and Employment Laws 1.50 hours
Duties and Ethical Obligations of a Pension Fund Fiduciary 1.50 hours
Felony Divestiture 0.75 hours New
How to Identify, Address and Prevent Sexual Harassment & Discrimination 1.00 hours
Illinois Court System and Standard of Review 1.00 hours New
Illinois Freedom of Information Act and Open Meetings Act 1.50 hours
Illinois Public Employee Disability Act and Public Safety Employee Benefits Act 1.50 hours
Let Me Ask You A Question 2.00 hours
Managing Generational Differences and Unconscious Bias in the Workplace 1.50 hours
Mock Disability Pension Hearing 1.75 hours New
Pension Plan Assumption 101: Common Approaches to Setting Actuarial Assumptions 0.75 hours
Pension Plan Funding 101: The Basics of Public Pension Funding Mechanics 0.75 hours
Pensionable Salary Under Articles 3 and 4 1.00 hour New
Public Pension Fund Accounting Principles 0.50 hours
QILDRO Training 1.00 hour New
Qualified Illinois Domestic Order “QILDRO” 1.50 hours
Various Benefits Training 2.00 hours New
Page 52 of 76
MUNDELEIN Guenther, William R.
POLICE PENSION FUND
Pension Calculation Worksheet Retirement 20-50
REVIEWED AND APPROVED BY PENSION FUND:
Signed copy on file
Trustee: Date:______________ Name: ____________________ Signature: _________________________
Signed copy on file
Treasurer: Date:______________ Name: ____________________ Signature: _________________________
Personal Data
Member Name Guenther, William R.
Member Entry Date 06/30/03
Member Retirement Date 08/15/25
Member Effective Date of Pension 08/16/25
Member Age at Effective Date of Pension 50
Years (Y) of Creditable Service Earned Y 22
Applicable Salary $144,493.65
Applicable Pension Percentage (APP) 55.00%
Amount of the Original Monthly Pension Granted to Member $6,622.63
Pension Calculation History
Amount Amount
Amount of of Monthly of Annual
Date Description Change Pension Pension
08/16/25 Original Benefit (prorated) 3,418.13 3,418.13
09/01/25 Original Benefit (full month) 3,204.50 6,622.63 79,471.56
07/01/30 Initial Increase 960.28 7,582.91 90,994.92
01/01/31 Annual 3% COLA 227.49 7,810.40 93,724.80
01/01/32 Annual 3% COLA 234.31 8,044.71 96,536.52
01/01/33 Annual 3% COLA 241.34 8,286.05 99,432.60
01/01/34 Annual 3% COLA 248.58 8,534.63 102,415.56
01/01/35 Annual 3% COLA 256.04 8,790.67 105,488.04
01/01/36 Annual 3% COLA 263.72 9,054.39 108,652.68
01/01/37 Annual 3% COLA 271.63 9,326.02 111,912.24
01/01/38 Annual 3% COLA 279.78 9,605.80 115,269.60
01/01/39 Annual 3% COLA 288.17 9,893.97 118,727.64
01/01/40 Annual 3% COLA 296.82 10,190.79 122,289.48
Page 53 of 76
printed: 7/14/2025
MUNDELEIN Guenther, William R.
POLICE 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
01/01/41 Annual 3% COLA 305.72 10,496.51 125,958.12
01/01/42 Annual 3% COLA 314.90 10,811.41 129,736.92
01/01/43 Annual 3% COLA 324.34 11,135.75 133,629.00
01/01/44 Annual 3% COLA 334.07 11,469.82 137,637.84
01/01/45 Annual 3% COLA 344.09 11,813.91 141,766.92
01/01/46 Annual 3% COLA 354.42 12,168.33 146,019.96
01/01/47 Annual 3% COLA 365.05 12,533.38 150,400.56
01/01/48 Annual 3% COLA 376.00 12,909.38 154,912.56
01/01/49 Annual 3% COLA 387.28 13,296.66 159,559.92
01/01/50 Annual 3% COLA 398.90 13,695.56 164,346.72
01/01/51 Annual 3% COLA 410.87 14,106.43 169,277.16
01/01/52 Annual 3% COLA 423.19 14,529.62 174,355.44
01/01/53 Annual 3% COLA 435.89 14,965.51 179,586.12
01/01/54 Annual 3% COLA 448.97 15,414.48 184,973.76
01/01/55 Annual 3% COLA 462.43 15,876.91 190,522.92
01/01/56 Annual 3% COLA 476.31 16,353.22 196,238.64
01/01/57 Annual 3% COLA 490.60 16,843.82 202,125.84
01/01/58 Annual 3% COLA 505.31 17,349.13 208,189.56
01/01/59 Annual 3% COLA 520.47 17,869.60 214,435.20
01/01/60 Annual 3% COLA 536.09 18,405.69 220,868.28
01/01/61 Annual 3% COLA 552.17 18,957.86 227,494.32
01/01/62 Annual 3% COLA 568.74 19,526.60 234,319.20
01/01/63 Annual 3% COLA 585.80 20,112.40 241,348.80
01/01/64 Annual 3% COLA 603.37 20,715.77 248,589.24
01/01/65 Annual 3% COLA 621.47 21,337.24 256,046.88
01/01/66 Annual 3% COLA 640.12 21,977.36 263,728.32
01/01/67 Annual 3% COLA 659.32 22,636.68 271,640.16
01/01/68 Annual 3% COLA 679.10 23,315.78 279,789.36
01/01/69 Annual 3% COLA 699.47 24,015.25 288,183.00
01/01/70 Annual 3% COLA 720.46 24,735.71 296,828.52
01/01/71 Annual 3% COLA 742.07 25,477.78 305,733.36
01/01/72 Annual 3% COLA 764.33 26,242.11 314,905.32
Page 54 of 76
printed: 7/14/2025
MUNDELEIN Guenther, William R.
POLICE PENSION FUND
Basic Information Worksheet Retirement 20-50
Creditable Service
Entry Date 06/30/03
Termination/Retirement Date 08/15/25
Years
Creditable Service Earned 22
Additions to Creditable Service Additions (Days)
Reductions to Creditable Service Reductions (Days)
Total Creditable Service 22
Page 55 of 76
Printed: 7/14/2025
MUNDELEIN Guenther, William R.
POLICE PENSION FUND
Benefit Calculation Worksheet Retirement 20-50
Required Information
Applicable Salary $144,493.65
Rank @ Last Day of Service Sergeant
Years
Total Creditable Service 22
Applicable Pension Percentage
Creditable Service Years 1 to 20 x 2.5% 50.00%
Creditable Service (# of Years 21 to 30) x 2.5% 5.00%
Total (Maximum = 75%) 55.00%
Amount of Originally Granted Pension
Original Annual Pension $79,471.56
Monthly $6,622.63
Increases in Pension
Age @ Retirement Date 50
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 07/01/30
Amount of Initial Increase (monthly) $960.28
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 56 of 76
Printed: 7/14/2025
Mundelein Police Pension Fund Reporting
For the Contribution Year Ending April 30, 2026 for Funding Purposes
For the Fiscal Year Ending April 30, 2025 for Financial Statement Reporting
Presented by:
Hunter Raupach, Actuarial Consultant
Page 57 of 76
Recommended Contribution & Funded Status
Page 8 in Report
Prior Valuation Current Valuation Difference
$384,649
Recommended Contribution $3,394,560 $3,779,209
(11.33% Increase)
Fair Value of Assets (FVA) $42,949,600 $46,982,600 $4,033,000
Current Funding
Actuarial Value of Assets (AVA) $44,861,200 $47,895,400 $3,034,200 Policy is level %
pay contributions to
Actuarial Accrued Liability $77,235,700 $81,630,400 $4,394,700 a 100% funding
EAN Unfunded Actuarial
target over the
Accrued Liability/(Surplus)
$32,374,500 $33,734,900 $1,360,400 remaining 16 years.
Percent Funded (AVA) 58.08% 58.67% 0.59%
Percent Funded (FVA) 55.61% 57.56% 1.95%
Page 58 of 76
2
Recommended Contribution Reconciliation
Page 16 in Report
Actuarial Recommended
Liability Contribution
Expected Changes $2,972,100 $86,800
Salary Increases Greater than Expected $320,600 $67,400
Actuarial Experience $155,600 $18,800
Assumption Changes $946,400 $159,500
Investment Return Less than Expected $0 $17,100
Contributions Less than Expected $0 $35,200
Net Increase/(Decrease) $4,394,700 $384,600
Page 59 of 76
3
Recommended Contribution Breakdown
Page 27 in Report
Prior Valuation Current Valuation Difference
Employer Normal Cost The Recommended
$724,779 $870,571 $145,792
(with interest) Contribution has
Amortization of Unfunded Increased by
$2,669,781 $2,908,638 $238,857 11.33% from the
Accrued Liability/(Surplus)
Prior Valuation.
Recommended Contribution $3,394,560 $3,779,209 $384,649
Page 60 of 76
4
Demographic Changes
Page 13-14 in Report
• There were 4 Members who were hired during the year. This
increased the Recommended Contribution by
approximately $29,500.
• There was 1 Member who terminated employment during
the year. This decreased the Recommended Contribution by
approximately $6,300.
• There was 1 surviving spouse who passed away during the
year. In addition, there were 46 inactive Members who
continued to collect benefits. This decreased the
Recommended Contribution by approximately $3,900.
• Other demographic changes experienced during the year
were minimal.
Page 61 of 76
5
Age and Service Distribution
Page 37 in Report
5/1/2025 Age and Service Distribution - Tier 1|Tier 2 Active Members
Service Under 1 1 to 4 5 to 9 10 to 14 15 to 19 20 to 24 25 to 29 30 to 34 35 to 39 40 & up Total
Age
Under 25 0|2 0|2
25 to 29 0|2 0|5 0|7
30 to 34 0|2 0|3 0|3 0|1 0|9
35 to 39 0|1 0|5 0|2 2|0 2|8
40 to 44 0|3 4|0 1|0 5|3
45 to 49 0|1 0|1 0|2 3|0 6|0 2|0 11|4
50 to 54 0|1 1|0 1|0 2|1
55 to 59 1|0 1|0 2|0
60 to 64
65 to 69
70 & up
Total 0|4 0|13 0|9 0|8 9|0 9|0 4|0 22|34
Page 62 of 76
6
Expected Benefit Payments
Page 9 & 36 in Report
Current Valuation
Total Active Members 56
Total Inactive Members 64
Benefit Payments are
Anticipated to
Increase 47% in the
Current Benefit Payments $3,335,000 Next 5 Years and
94% in the Next 10
Expected Benefit Payments
$4,913,600
Years.
in 5 Years
Expected Benefit Payments
$6,470,300
in 10 Years
Page 63 of 76
7
Assumption Changes
Page 14 in Report
• In the current valuation, the following assumptions were
changed:
• Inflation Rate (CPI-U)
• Individual Pay Increases
• Retirement Rates
• Termination Rates
• Disability Rates
• Mortality Rates
• Mortality Improvement Rates
• Duty Death Probability
Page 64 of 76
8
Change in Fair Value of Assets
Page 18 in Report
Current Valuation
Beginning Fair Value of Assets $42,949,600
The Rate of Return
Employer Contributions $2,872,400
on Investments on a
Fair Value of Assets
Basis for the Fund
Member Contributions $701,400
was Approximately
8.95% Net of
Return on Investments $3,919,300 Administrative
Expense. The
Benefit Payments ($3,335,000) Expected Rate of
Return on
Refunds & Transfers ($59,900) Investments is
7.00%.
Other Expenses ($65,200)
Change in Fair Value $4,033,000
Ending Fair Value of Assets $46,982,600
Page 65 of 76
9
Risk Management
Page 11, 13 & 24 in Report
• The Fair Value of Assets ($47M) is less than the Actuarial Accrued
Liability for inactive Members ($54.1M).
• The ratio of benefit payments to the Fair Value of Assets is 7.10%,
compared to an Expected Rate of Return on Investments of
7.00%.
• Based on the number of active Members in the Plan, there is a
low demographic risk.
0.25% Current Expected Rate 0.25%
Decrease of Return on Investments Increase
(6.75%) (7.00%) (7.25%)
Recommended Contribution $4,056,429 $3,779,209 $3,512,682
Dollar Impact $277,220 ($266,527)
Percentage Impact 7.34% (7.05%)
Page 66 of 76
10
Alternative Contribution
Page 32 in Report
Prior Valuation Current Valuation Difference Alternative
Alternative Contribution $2,874,365 $3,196,009 $321,644
Contribution Funding
Policy is Level % Pay
PUC Unfunded Actuarial Contributions to a
$33,153,600 $34,522,800 $1,369,200
Accrued Liability/(Surplus) 90% Funding Target
Alternative Contribution Funded Over the Remaining
57.50% 58.11% 0.61% 15 Years.
Percentage (AVA)
Page 67 of 76
11
Five-Year Employer Contribution History
Page 34 in GASB 67/68 Report
Actuarially Determined
Fiscal Year End Employer Contribution % of ADC
Contribution (ADC)
The Actuarially
4/30/2025 $2,872,403 $2,526,387 113.70% Determined Contribution
for the Current Year is the
4/30/2024 $2,650,649 $2,299,326 115.28%
Alternative Contribution
4/30/2023 $2,447,356 $2,406,776 101.69% from the May 1, 2023
Actuarial Valuation
4/30/2022 $2,376,978 $2,381,996 99.79% Completed by Lauterbach
& Amen, LLP.
4/30/2021 $2,030,261 $2,038,532 99.59%
5 - Year Average 106.01%
Page 68 of 76
12
GASB Solvency Test
Page 43 in GASB 67/68 Report
The Plan’s Projected
Fiduciary Net
Position is
Anticipated to Cover
Projected Benefit
Payments in Full for
the Current
Employees Through
the Year 2070.
Page 69 of 76
13
Actuarial Certification
• The valuation results summarized in this presentation are
from the May 1, 2025 Actuarial Funding Report & May 1, 2024
GASB 67/68 Report, which have been reviewed by Actuarial
Consultants that meet the Qualification Standards of the
American Academy of Actuaries.
• This report is not intended for purposes other than
determining the Recommended Contribution, under the
selected Funding Policy, and the Alternative Contribution.
• This report contains the full description of the data,
assumptions, methods, and provisions used to produce these
actuarial results.
• For any rounded figures shown in this presentation, please
refer to the Actuarial Funding Report for more exact figures.
Page 70 of 76
14
PRESENTED BY:
Greg G. Kiesewetter, CIC
Cook Castle Associates, LLC
FIDUCIARY LIABILITY RENEWAL PROPOSAL
INSURED PLAN(s): MUNDELEIN POLICE PENSION FUND
Address: 300 Plaza Circle
Mundelein, IL 60060
INSURANCE REPRESENTATIVE: Cook Castle Associates, LLC
Address: PO Box 806285
Chicago, IL 60680-4124
RENEWAL OF POLICY NUMBER: SFD31211565-04
UNDERWRITING COMPANY: Hudson Insurance Company
a subsidiary of Odyssey Re Holdings Corp.
A.M. Best Rating: A (excellent) XV ($2B or greater)
POLICY PERIOD: (12:01a Local Time)
Effective Date: 08/01/2025
Expiration Date: 08/01/2026
PENDING OR PRIOR PROCEEDING DATE: 08/01/2020
LIMITS OF LIABILITY:
a) AGGREGATE LIMIT OF LIABILITY (expiring limit $2m): $2,000,000
POLICY SUB-LIMITS:
b) Trustee Claim Expenses $1,000,000
c) Voluntary Compliance Program Expenditures: $100,000
d) ERISA 502(c) Civil Penalties: $50,000
e) HIPPA & HITECH Fines & Penalties: $2,000,000
f) PPACA Fines & Penalties: $2,000,000
g) Section 4975 Penalties: $100,000
h) ERISA Section 502(a)(3) Relief: $50,000
i) Benefit Overpayment* $50,000
j) Cyber Essentials: no coverage
RETENTION:
a) Each Claim: $-0-
b) *Benefit Overpayment Sublimit: $10,000
May 28, 2025 Page 71PPF
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76
2
PREMIUM:
a) Basic Premium (expiring $11,038; +$000): $11,038.00
b) Waiver of Recourse: $-0.00-
c) Tax/Surcharge: $-0.00-
TOTAL PREMIUM $11,038.00
POLICY FORMS/ENDORSEMENT SCHEDULE:
The Euclid Vanguard Fiduciary Liability Insurance Policy (Admitted Company in all states)
ESF-31210001 (09/2012)
The following endorsements, plus any applicable State Amendatory Endorsement(s),
will be attached to and form a part of the policy.
a) TRIA Notice of Terrorism Insurance Coverage Policyholder Disclosure
b) IL P 001 01 04 US Treasury Dept. OFAC Advisory Notice to Policyholders
Endorsements:
c) ESF-31230013 Illinois Amendatory
d) ESF-31220010 Additional Insured Natural Person Endorsement
(available) (TBD)
e) ESF-31220007 Renewal Guarantee Endorsement
(per expiring)
f) ESF-31220060B Public Entity Fiduciary Liability
g) ESF-31220063 Miscellaneous/Other Penalties Endorsement
($50,000/$50,000/$-0-)
h) ESF-31220079 Failure to Fund Exclusion Endorsement
SUBJECTIVITIES:
Coverage is subject to receipt and satisfactory review of the following item(s) prior to binding:
a) Conditions of the Renewal Guarantee Endorsement (ESF-31220007 09/2012) attached
to the expiring policy are satisfied through policy expiration.
IMPORTANT NOTICE – PLEASE READ CAREFULLY:
This quotation is valid for a period of sixty (60) days from the date issued by Encore Fiduciary unless amended or withdrawn by the
Insurer and is subject to the terms and conditions of the policy. If between the date of this quotation and the effective date of the
policy or date of binding coverage, whichever is later, there is any material change in underwriting information, then the applicant
must notify Encore Fiduciary as a condition prior to binding coverage. Encore Fiduciary reserves the right to amend the premium,
revise coverage terms and conditions, or withdraw the quotation entirely. Please further note that the terms and conditions offered
in the quotation may not match the expiring terms of any current policy.
A copy of the underwriting company’s quote including a specimen policy with endorsements are available by request.
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PENSION IN S I G H T S Third Quarter 2025
Investing in Your Members
Before consolidation, the responsibility for investment decisions had a prominent role in Article 3 and 4
pension boards’ meetings and captured, perhaps, an outsized amount of attention from pension trustees. That
focus and interest was understandable; anyone who has served on a public pension board over the last three
decades can attest to the enormous responsibility public pension trustees have to make sure the fund’s
assets are prudently invested, properly diversified and managed by investment professionals who engage in
their co-fiduciary responsibilities with integrity and at fair fees.
The responsibility for investments was useful in recruiting appointed trustees to serve on the pension board,
many of whom were investment professionals who offered valuable additional insight in the investment
decision process. Furthermore, the investment education that accompanied their fiduciary responsibilities was
an added personal bonus for pension trustees, helping them understand the financial markets and make
prudent decisions regarding their own investments and future retirement security.
Now with the two consolidated funds – Illinois Police Officers’ Pension Investment Fund (IPOPIF) and
Firefighters’ Pension Investment Fund of Illinois (FPIF) -- responsible for investments, Article 3 and 4 pension
trustees need to rethink the primary focus of their fiduciary responsibilities. That focus should be an
“investment” in the needs of the fund’s members. Here are a few ways trustees can focus their efforts on
members:
Communicate regularly with members, providing them with education about their pension benefits.
▪ From the inception of their entry into service, members should be provided information about their
pension benefits. At a minimum, the board should consider providing a copy of the board rules to new
members when meeting with them to secure their membership application and related documents for the
fund’s files. Often, active pension trustees will also share a more extensive introductory presentation with
new members to explain benefits.
▪ Periodically, members also appreciate opportunities to receive benefit information through workshops
where their spouses can attend, and they can ask specific questions. These workshops can be provided
with the assistance of the fund’s outside vendors and/or through opportunities provided with the
municipality’s human resource department where related employee benefits, such as health insurance,
are addressed.
▪ Finally, many boards provide periodic communications about the activities of the board, whether by simply
posting in the station or emailing the board’s approved meeting minutes, or by sharing general updates
about pension issues relevant to the membership.
Encourage members to keep their information on file with the pension fund up to date.
▪ It is important that members keep their personal and beneficiary information up to date with the pension
fund. Life events such as marriage, birth of a child, divorce, or death may affect who is eligible for survivor
benefits. This becomes particularly important for retired members who, as they live longer (and
sometimes become widowed), may need to have assistance from an adult child or other trusted person to
serve as their power of attorney.
▪ Make sure members know that they need to share information with the pension fund and provide
opportunities at least annually for members to review their information on file and submit updates and new
documents, as needed, for their pension files.
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Protect members’ personal information.
▪ Pension funds hold a tremendous amount of sensitive personal information regarding their members and
beneficiaries; as a result, pension funds (and their underlying municipalities) are often targets of
cyberattacks. It is imperative that pension funds take steps to protect this information, whether held
internally or externally with third parties.
▪ Similarly, medical information is occasionally sought regarding members going through the disability
application process or through annual IME processes to confirm continued qualification for disability
benefits. Boards should be cautious about releasing medical documents to third parties (such as the
municipality or a worker’s compensation carrier) unless a subpoena has been properly issued or the
member has provided a release. Furthermore, requests for medical information about members under a
Freedom of Information Act (FOIA) request should be denied, as this information constitutes personal and
private information which is exempt from disclosure (5 ILCS 140/2(c-5), 7(b) and (c)).
▪ Critical to protecting information held by the pension fund is using more secure ways to share information
amongst the board members, the employer, outside professional advisors, and members. Emailing this
information is not secure and regular U.S. postal services are becoming less reliable; pension boards
should consider secure cloud-based options to provide a method to receive and share information
instead.
Conduct ongoing internal audits of member information.
▪ At a minimum, the pension board should be carefully reviewing member information contained in the
Illinois Department of Insurance (DOI) Annual Statement to ensure it is accurate and updated. Asking
active members to review their own information annually and confirm their personal pension files is
complete should be routinely done.
▪ Review carefully the list of deferred members and terminated members in the pension fund, to make sure
steps have been taken for the members to qualify for benefits in the future and, where terminated
members are entitled to refunds, that the fund takes steps to find them to obtain their application for a
refund. When a fund cannot track down terminated members about a refund of contributions, the fund has
an obligation to report this information to the State Treasurer as unclaimed property under the Revised
Uniform Unclaimed Property Act (765 ILCS 1026/15-1505 and 15-1506).
1804 North Naper Boulevard, Suite 350, Naperville, Illinois 60563
P: (630) 682-0085 F: (630) 682-0788
www.ottosenlaw.com
Ottosen DiNolfo Hasenbalg & Castaldo, Ltd. © 2025 Page 74 of 76
FIDUCIARY NSIGHTS I July 2025
The Critical Importance of Documentation of Process
In the complex landscape of public pension administration, thorough documentation serves as both
shield and compass. For Illinois public pension funds, recordkeeping isn’t merely good practice; it’s
essential for regulatory compliance, fiduciary responsibility, and long-term fund sustainability.
Building a Foundation of Accountability
Documentation creates a clear trail of decisions and actions taken by pension boards. Its major
benefit is that, if there is ever an issue regarding a previously encountered matter, pension funds will
be well poised to confidently and efficiently put to rest any subsequent disputes or issues. In that
sense, routine documentation is one of the most useful tools a pension fund can implement—both on
a macro and micro scale. Clearly, a pension board would document its “big” decisions (e.g.,
retirement and disability pension determinations). However, documentation of day-to-day items is
important, too. For instance, when accountants’ and investment reports are reviewed, meeting
minutes should reflect not only that the review occurred, but also capture any significant discussions,
questions raised, and resulting decisions. This level of detail demonstrates active oversight and
prudent management of fund assets.
Protecting Pensioner Rights and Benefits
Perhaps no documentation is more critical to a pensioner than that concerning their benefits.
Accordingly, public pension funds should strive to maintain thorough files and documentation about
their members. At a minimum, each pensioner’s file should contain complete records of their initial
application materials, relevant biographical information, benefit calculations, disability applications,
determinations, and annual examination reports (when applicable), and correspondence related to
benefits.
When questions arise about a specific pensioner’s benefits—whether from the individual, family
members, or regulatory bodies—having readily accessible, thorough documentation allows for
prompt, accurate responses. This protects both the pensioner’s rights and the fund from potential
disputes.
Weathering Regulatory Scrutiny
Under Section 1A-104 of the Illinois Pension Code (40 ILCS 5/1A-104), the Illinois Department of
Insurance (DOI) Public Pension Division is responsible to make periodic examinations and
investigations of all pension funds in Illinois. Section 1A-104 allows the DOI to accept and rely upon
an outside audit report conducted by an independent certified public accountant, but retains the
power to make further audit, examination or investigation if it deems necessary.
More recently for Article 3 and 4 pension funds, the periodic examination responsibility has shifted
from the DOI to the two consolidated funds—Illinois Police Officers’ Pension Investment Fund
(IPOPIF) and the Firefighters’ Pension Investment Fund of Illinois (FPIF)—who are now responsible
for conducting a compliance examination of all Article 3 and 4 funds once every three years. (40
ILCS 5/1A-104(b))
Ottosen DiNolfo Hasenbalg & Castaldo, Ltd. © 2025 Page 75 of 76
Examiners carefully review documentation to verify compliance with statutory requirements and
proper fund management. Funds with incomplete or disorganized records often face adverse
findings, potentially leading to additional reporting and follow up requirements, public criticism that
undermines stakeholder confidence, and more. However, well-documented funds typically
experience smoother examinations with fewer findings. The investment in proper documentation
pays dividends through reduced regulatory friction.
Creating Effective Documentation Systems
Effective documentation doesn’t just happen. Instead, it requires pension trustees to put in place
appropriate systems. To the extent they have not already, pension funds should establish:
▪ Standardized templates for meeting minutes
▪ Structured processes for retirement and disability benefit applications
▪ Organized filing systems (physical and digital)
▪ Regular informal documentation audits to identify gaps
But at the same time, documentation routines should balance thoroughness with practicality. For
example, meeting minutes need not be a verbatim recitation of everything that was said at a meeting.
Instead, they should capture any significant matters. In addition, board resolutions can be used to
develop documentation of statutory authority—as well as explanation of the board’s careful review
and consideration of a matter—to support board action, while efficiently providing written proof of a
board’s due diligence. This further eliminates the need for extensive explanation in board meeting
minutes to properly document the board’s decision-making processes. Using such a balanced
documentation approach will preserve precious resources while still meeting essential documentation
requirements.
Conclusion
For Illinois public pension funds, documentation serves as both an insurance policy and a
management tool. By establishing robust documentation processes, pension trustees fulfill their
fiduciary responsibilities, protect pensioner interests, and position their funds for successful
regulatory examinations. As such, good documentation isn’t busywork—it’s protection.
1804 North Naper Boulevard, Suite 350, Naperville, Illinois 60563
P: (630) 682-0085 F: (630) 682-0788
www.ottosenlaw.com
Ottosen DiNolfo Hasenbalg & Castaldo, Ltd. © 2025 Page 76 of 76