Police Pension Board
Regular MeetingMundelein, IL · October 23, 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, October 23,
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. August 7, 2025 Regular Meeting
6. President’s Report
7. Accountant’s Report – Lauterbach & Amen
a. Monthly Financial Report
b. Presentation and Approval of Bills
c. Additional Bills, if any
d. Discussion/Possible Action – Cash Management Policy
i. Repeat Monthly Withdrawal Instructions for 2026
8. Investment Reports – IPOPIF
a. Verus Advisory, Inc.
b. State Street Statements
9. Communications and Reports
a. Affidavits of Continued Eligibility
10. Trustee Training Updates
a. Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a. Applications for Membership – Issa Daifallah, Jonathan Fierro and Thomas Sorenson
12. Applications for Retirement/Disability Benefits
a. Deceased Pensioner – Kenneth Fuller/Approve Surviving Spouse Benefits – Marilyn Fuller
13. Old Business
a. IDOI Annual Statement
14. New Business
a. Review/Approve – Actuarial Valuation and Tax Levy Request
b. Review/Adopt – Municipal Compliance Report
c. Discussion/Possible Action – Terminated Members Unclaimed Contributions
d. Establish 2026 Board Meeting Dates
15. Attorney’s Report – Ottosen, DiNolfo, Hasenbalg & Castaldo, Ltd.
a. Legal Updates
b. Annual Independent Medical Examination – Tyler Waters
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
TBD
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, October 23,
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. August 7, 2025 Regular Meeting
6. President’s Report
7. Accountant’s Report – Lauterbach & Amen
a. Monthly Financial Report
b. Presentation and Approval of Bills
c. Additional Bills, if any
d. Discussion/Possible Action – Cash Management Policy
i. Repeat Monthly Withdrawal Instructions for 2026
8. Investment Reports – IPOPIF
a. Verus Advisory, Inc.
b. State Street Statements
9. Communications and Reports
a. Affidavits of Continued Eligibility
10. Trustee Training Updates
a. Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a. Applications for Membership – Issa Daifallah, Jonathan Fierro and Thomas Sorenson
12. Applications for Retirement/Disability Benefits
a. Deceased Pensioner – Kenneth Fuller/Approve Surviving Spouse Benefits – Marilyn Fuller
13. Old Business
a. IDOI Annual Statement
14. New Business
a. Review/Approve – Actuarial Valuation and Tax Levy Request
b. Review/Adopt – Municipal Compliance Report
c. Discussion/Possible Action – Terminated Members Unclaimed Contributions
d. Establish 2026 Board Meeting Dates
15. Attorney’s Report – Ottosen, DiNolfo, Hasenbalg & Castaldo, Ltd.
a. Legal Updates
b. Annual Independent Medical Examination – Tyler Waters
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
TBD
Page 1 of 84
MINUTES OF A REGULAR MEETING OF
THE MUNDELEIN POLICE PENSION FUND BOARD OF TRUSTEES
AUGUST 7, 2025
A regular meeting of the Mundelein Police Pension Fund Board of Trustees was held on Thursday, August 7, 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, Deborah Shutter (arrived at 6:55 p.m.)
and Kevin Callaghan
ABSENT: None
ALSO PRESENT: Attorney John Kelly, Ottosen DiNolfo Hasenbalg & Castaldo, Ltd.; Elizabeth Adelmann and
Noelle Ness (via teleconference), 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: May 22, 2025 Regular Meeting: The Board reviewed the May 22, 2025 regular
meeting minutes. A motion was made by Trustee Cupec and seconded by Trustee Ahern to approve the May 22,
2025 regular meeting minutes as written. Motion carried unanimously by voice vote.
Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for review.
PRESIDENT’S REPORT: There was no President’s Report presented.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN: Monthly Financial Report and Presentation and Approval of Bills:
The Board reviewed the Monthly Financial Report for the two-month period ending June 30, 2025, prepared by
L&A. As of June 30, 2025, the net position held in trust for pension benefits is $51,263,223.55 with a change in
position of $4,280,670.70. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report,
Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and the
Quarterly Disbursement Report for the period March 1, 2025 through May 31, 2025 for total disbursements of
$20,302.26 and for the period April 1, 2025 through June 30, 2025 for total disbursements of $22,882.96 . A motion
was made by Trustee Callaghan and seconded by Trustee Cupec to approve the Monthly Financial Report as
presented and the disbursements shown on the Quarterly Disbursement Reports in the amount of $20,302.26 and
$22,882.96. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action – Cash Management Policy: The Board reviewed the Cash Management Policy and
determined no changes were necessary at this time.
Page 2 of 84
Mundelein Police Pension Fund
Meeting Minutes – August 7, 2025
Page 2 of 3
INVESTMENT REPORTS – IPOPIF: Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc. report for the
period ending June 30, 2025. As of June 30, 2025 the market value is $13,745,843,365 and the year-to-date net
return for the Illinois Police Officers’ Pension Investment Fund (IPOPIF) is 8.8%.
State Street Statements: The Board reviewed the Monthly Summary for the Fund prepared by the Illinois Police
Officers’ Pension Investment Fund (IPOPIF) for the period ending June 30, 2025. As of June 30, 2025 the Fund’s
market value is $50,371,673.76 and the month-to-date net return for the Fund is 3.07%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2025 Affidavits of
Continued Eligibility have been received by L&A. The originals were provided to the Board for their records.
Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for
distribution to all active members requesting any additional pension file documents.
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: The Board discussed the trustee training
requirements for 2025. A motion was made by Trustee Callaghan and seconded by Trustee Ahern to approve the
registration fees for trustees interested in attending the IPPFA 8-hour online training course and to direct L&A to
register Trustees Callaghan, Fraiser, Ahern and Cupec for the training. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership – Noe Torres: The
Board reviewed the Applications for Membership submitted by Noe Torres and Angel Gopar. A motion was made by
Trustee Ahern and seconded by Trustee Callaghan to accept Noe Torres effective April 15, 2024, and Angel Gopar
effective February 11, 2025 into the Mundelein Police Pension Fund as Tier II participants. Motion carried
unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits- William Guenther:
The Board reviewed the regular retirement benefit calculation for William Guenther prepared by L&A. Officer
Guenther had an entry date of June 30, 2003, retirement date of August 15, 2025, effective date of pension of August
16, 2025, 50 years of age at date of retirement, 22 years of creditable service, applicable salary of $144,493.65,
applicable pension percentage of 55%, amount of originally granted monthly pension of $6,622.63 and amount of
originally granted annual pension of $79,471.56. A motion was made by Trustee Ahern and seconded by Trustee
Cupec to approve William Guenther’s regular retirement benefit calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec and Ahern
NAYS: None
ABSENT: Trustee Shutter
OLD BUSINESS: There was no old business to discuss
NEW BUSINESS: Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation
prepared by L&A. The final report will be reviewed by the Board at the next regular meeting.
Mrs. Ness left the meeting at 6:51 p.m.
Trustee Shutter arrived at 6:55 p.m.
Page 3 of 84
Mundelein Police Pension Fund
Meeting Minutes – August 7, 2025
Page 3 of 3
Review/Approve – Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary liability insurance renewal
provided by Hudson Insurance Company through Cook Castle Associates, LLC. A motion was made by Trustee Cupec
and seconded by Trustee Callaghan to approve payment of the fiduciary liability insurance renewal effective August
1, 2025 through August 1, 2026 in the amount of $11,038. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec, Shutter and Ahern
NAYS: None
ABSENT: None
Board Officer Elections – President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Officer
Elections and nominated the following slate of Officers: Trustee Frasier as President; Trustee Shutter as Vice
President; Trustee Ahern as Secretary; and Trustee Callaghan as Assistant Secretary. A motion was made by Trustee
Cupec and seconded by Trustee Callaghan to elect the slate of Officers as stated. Motion by roll call vote.
AYES: Trustees Frasier, Callaghan, Cupec, Shutter and Ahern
NAYS: None
ABSENT: None
FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Ahern as the FOIA Officer and OMA
Designee. A motion was made by Trustee Cupec and seconded by Trustee Callaghan to maintain Trustee Ahern as
the FOIA Officer and OMA Designee. Motion carried unanimously by voice vote.
IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be
sent to the Board for review upon completion.
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 Ahern and seconded by Trustee Callaghan to adjourn the meeting
at 7:01 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for October 23, 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 84
Mundelein Police Pension Fund
Monthly Financial Report
For the Month Ended
September 30, 2025
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483
www.lauterbachamen.com
Page 5 of 84
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 Analysis Summary Graph............................................................................................................ 4-2
Cash Transfer to/from Consolidated Fund Graph............................................................................. 5-1
Revenue Report....................................................................................................................................... 6-1
Municipal Revenue Report.................................................................................................................... 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 84
Accountants' Compilation Report
Page 7 of 84
October 08, 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 September 30,
2025 and the related statement of changes in net position - modified cash basis for the five 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
Lauterbach & Amen
Page 8 of 84
1-1
Financial Statements
Page 9 of 84
Mundelein Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of September 30, 2025
Assets
Cash and Cash Equivalents $ 10,087.68
Investments at Fair Market Value
Money Market Mutual Funds 402,270.83
Pooled Investments 54,013,372.85
Total Cash and Investments 54,425,731.36
Prepaids 5,273.00
Total Assets 54,431,004.36
Liabilities
Expenses Due/Unpaid 2,305.00
Total Liabilities 2,305.00
Net Position Held in Trust for Pension Benefits 54,428,699.36
See Accountants' Compilation Report
Page 10 of 84
2-1
Mundelein Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Five Months Ended September 30, 2025
Additions
Contributions - Municipal $ 2,817,304.42
Contributions - Members 282,619.12
Total Contributions 3,099,923.54
Investment Income
Interest and Dividends Earned 124,877.22
Net Change in Fair Value 5,800,739.40
Total Investment Income 5,925,616.62
Less Investment Expense (22,075.14)
Net Investment Income 5,903,541.48
Total Additions 9,003,465.02
Deductions
Administration 38,552.00
Pension Benefits and Refunds
Pension Benefits 1,454,952.95
Refunds 63,813.56
Total Deductions 1,557,318.51
Change in Position 7,446,146.51
Net Position Held in Trust for Pension Benefits
Beginning of Year 46,982,552.85
End of Period 54,428,699.36
See Accountants' Compilation Report
Page 11 of 84
2-2
Other Supplementary Information
Page 12 of 84
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 Jul-25
Pooled Investment NAV Accumulated Net Investments
See Accountants' Compilation Report
3-1 Page 13 of 84
Mundelein Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending September 30, 2025
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 07/31/25 08/31/25 09/30/25
Financial Institutions
BMO Bank - CK $ 10,084 10,072 10,076 10,295 6,754 10,144 10,133 77,418 486,099 10,084 23,549 10,088
10,084 10,072 10,076 10,295 6,754 10,144 10,133 77,418 486,099 10,084 23,549 10,088
BMO Bank - MM 472,231 426,144 496,326 401,508 452,351 401,472 452,572 427,485 402,483 401,433 401,347 402,271
MSSB - MM - Brokerage #2543 1 1 1 1 1 1 1 1 - - - -
MSSB - MM - TCW Investment #2547 - - - - 617 617 617 - - - - -
MSSB - MM - Madison #2549 - - - - - 459 459 459 - - - -
472,232 426,145 496,327 401,509 452,969 402,549 453,649 427,945 402,483 401,433 401,347 402,271
Total 482,316 436,217 506,403 411,804 459,723 412,693 463,782 505,363 888,582 411,517 424,896 412,359
Contributions
Current Tax 145,154 10,565 18,998 13 - - - 263,205 1,393,064 71,752 70,714 1,018,568
Contributions - Current Year 48,299 73,361 49,555 50,199 49,543 49,865 49,632 76,258 50,940 51,378 51,080 52,009
Contributions - Prior Year 174 260 174 174 174 174 174 260 174 174 174 174
193,627 84,186 68,727 50,386 49,717 50,039 49,806 339,723 1,444,178 123,304 121,968 1,070,751
Expenses
Pension Benefits 274,842 274,842 274,842 283,071 283,071 283,071 283,071 284,592 289,864 289,864 293,714 296,919
Refunds/Transfers of Service - - - - - - - - 63,814 - - -
Administration 9,945 11,600 3,875 6,094 10,845 5,199 678 9,796 7,780 11,696 25,685 5,672
284,787 286,442 278,717 289,165 293,916 288,270 283,749 294,388 361,458 301,560 319,399 302,591
Total Contributions less Expenses (91,160) (202,256) (209,990) (238,779) (244,199) (238,231) (233,943) 45,335 1,082,720 (178,256) (197,431) 768,160
See Accountants' Compilation Report
Page 14 of 84
4-1
Mundelein Police Pension Fund
Cash Analysis Summary
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
-
Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses
See Accountants' Compilation Report
4-2 Page 15 of 84
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)
Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
5-1 Page 16 of 84
Mundelein Police Pension Fund
Revenue Report as of September 30, 2025
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-210-00 - Current Tax $ 1,018,568.41 1 2,817,304.42
1,018,568.41 2,817,304.42
Contributions - Members
41-410-00 - Contributions - Current Year 52,008.58 1 281,664.43
41-420-00 - Contributions - Prior Year 173.58 1 954.69
52,182.16 282,619.12
Total Contributions 1,070,750.57 9 3,099,923.54
Investment Income
Interest and Dividends
43-102-09 - BMO Bank - Checking 58.74 1 696.76
43-105-03 - BMO Bank - MM 2,199.69 1 9,009.43
43-800-01 - IPOPIF Consolidated Pool Income 23,687.14 1 115,171.03
25,945.57 7 124,877.22
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 1,013,458.03 1 5,215,213.27
44-800-02 - IPOPIF Consolidated Pool - Realized 29,128.08 1 585,526.13
1,042,586.11 4 5,800,739.40
Total Investment Income 1,068,531.68 2 5,925,616.62
2
Total Revenue 2,139,282.25 9,025,540.16
See Accountants' Compilation Report
Page 17 of 84
6-1
Mundelein Police Pension Fund
Municipal Revenue as of September 30, 2025
FYE 04/30/26 FYE 04/30/25 FYE 04/30/24 FYE 04/30/23
Property Taxes Received
Property Tax - May $ 263,205.31 143,054.63 81,156.58 88,824.82
Property Tax - June 1,393,064.36 1,322,714.54 1,183,185.03 1,046,621.38
Property Tax - July 71,752.05 44,048.33 123,003.13 165,128.08
Property Tax - August 70,714.29 86,309.73 20,835.50 35,206.08
Property Tax - September 1,018,568.41 1,101,546.85 864,916.89 824,679.33
Property Tax - October 0.00 145,153.94 206,018.69 221,489.60
Property Tax - November 0.00 10,564.62 152,244.80 37,484.34
Property Tax - December 0.00 18,997.66 17,109.55 4,562.87
Property Tax - January 0.00 12.55 2,161.82 0.00
Property Tax - February 0.00 0.00 0.00 0.00
Property Tax - March 0.00 0.00 0.00 23,359.27
Property Tax - April* 0.00 0.00 17.30 0.00
Total Taxes Received 2,817,304.42 2,872,402.85 2,650,649.29 2,447,355.77
All Other Employer Contributions
All Other Employer Contributions - May 0.00 0.00 0.00 0.00
All Other Employer Contributions - June 0.00 0.00 0.00 0.00
All Other Employer Contributions - July 0.00 0.00 0.00 0.00
All Other Employer Contributions - August 0.00 0.00 0.00 0.00
All Other Employer Contributions - September 0.00 0.00 0.00 0.00
All Other Employer Contributions - October 0.00 0.00 0.00 0.00
All Other Employer Contributions - November 0.00 0.00 0.00 0.00
All Other Employer Contributions - December 0.00 0.00 0.00 0.00
All Other Employer Contributions - January 0.00 0.00 0.00 0.00
All Other Employer Contributions - February 0.00 0.00 0.00 0.00
All Other Employer Contributions - March 0.00 0.00 0.00 0.00
All Other Employer Contributions - April* 0.00 0.00 0.00 0.00
Total Other Employer Contributions 0.00 0.00 0.00 0.00
Total Employer Contributions 2,817,304.42 2,872,402.85 2,650,649.29 2,447,355.77
Private Actuary Recommended Contribution** N/A N/A N/A N/A
Percent Received 0.00% 0.00% 0.00% 0.00%
IFPIF/IPOPIF Minimum Contribution N/A N/A N/A N/A
Percent Received 0.00% 0.00% 0.00% 0.00%
*Final month of the fiscal year may include adjustments and accruals.
**Based on the most recent Actuarial Valuation prior to the levy ordinance being issued for the applicable fiscal-year.
See Accountants' Compilation Report
Page 18 of 84
7-1
Mundelein Police Pension Fund
Expense Report as of September 30, 2025
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 249,936.21 1,232,172.82
51-030-00 - Non-Duty Disability Pensions 19,012.19 95,060.95
51-040-00 - Duty Disability Pensions 13,385.00 66,925.00
51-060-00 - Surviving Spouse Pensions 14,585.21 60,794.18
51-100-00 - Refund of Contributions 0.00 63,813.56
Total Pensions and Benefits 296,918.61 1,518,766.51
Administrative
Insurance
52-150-01 - Fiduciary Insurance 0.00 11,038.00
0.00 11,038.00
Professional Services
52-170-01 - Actuarial Services 0.00 6,800.00
52-170-03 - Accounting & Bookkeeping Services 1,917.00 10,398.00
52-170-05 - Legal Services 0.00 2,000.00
52-170-06 - PSA/Court Reporter 1,384.00 6,841.00
3,301.00 26,039.00
Investment
52-190-04 - Bank Fees 26.38 133.68
52-195-02 - Administrative Expense (IPOPIF) 888.20 4,134.71
52-195-03 - Investment Expense (IPOPIF) 831.71 4,309.84
52-195-04 - Investment Manager Fees (IPOPIF) 624.35 12,312.98
52-195-06 - Transition Cost Allocation Expense (IPOPIF) 0.00 1,183.93
2,370.64 22,075.14
Other Expense
52-290-25 - Conference/Seminar Fees 0.00 1,475.00
0.00 1,475.00
Total Administrative 5,671.64 60,627.14
Total Expenses 302,590.25 1,579,393.65
See Accountants' Compilation Report
Page 19 of 84
8-1
Mundelein Police Pension Fund
Pension Benefits and Expenses
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
-
Service Non-Duty Duty Disability Surviving Refund Administrative
Disability Spouse
Expenses 1,232,173 95,061 66,925 60,794 63,814 60,627
See Accountants' Compilation Report
9-1 Page 20 of 84
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended September 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Ahern, Peter W. $ 176,946.07 5,188.59 0.00 0.00 182,134.66
Anderson, Erik M. 27,980.02 4,310.19 0.00 0.00 32,290.21
Anderson, Jakob C. 166,127.01 6,568.57 0.00 0.00 172,695.58
Balogh, Stephen E. 76,337.02 5,101.00 0.00 0.00 81,438.02
Bond, Michael J. 104,555.45 5,102.04 0.00 0.00 109,657.49
Brigano, Christopher E. 147,795.67 6,102.46 0.00 0.00 153,898.13
Burnham, Jessica P. 31,187.04 4,414.11 0.00 0.00 35,601.15
Bush, Michael A. 165,155.45 6,047.58 0.00 0.00 171,203.03
Callaghan, Kevin P. 106,884.19 5,078.88 0.00 0.00 111,963.07
Callas, Chris A. 204,609.35 5,188.59 0.00 0.00 209,797.94
Chrabot, Eric T. 165,084.21 5,144.14 0.00 0.00 170,228.35
Crispe, Rachel R. 154,671.99 5,167.49 0.00 0.00 159,839.48
Cummings, James S. 4,482.10 3,500.99 0.00 0.00 7,983.09
Daifallah, Issa F. 0.00 794.00 0.00 0.00 794.00
Devore, James M. 182,557.78 5,165.14 0.00 0.00 187,722.92
Dunn, Roger D. 16,960.55 4,008.69 0.00 0.00 20,969.24
Fierro, Jonathan J. 0.00 794.00 0.00 0.00 794.00
Freese, Kevin R. 51,446.30 5,115.65 0.00 0.00 56,561.95
Glogovsky, Tony A. 184,288.71 5,165.14 0.00 0.00 189,453.85
Gopar, Angel 1,391.00 3,516.87 0.00 0.00 4,907.87
Hernandez, Israel Jr. 82,640.98 5,057.98 0.00 0.00 87,698.96
Hurley, Austin T. 72,815.41 5,148.36 0.00 0.00 77,963.77
Jarol, Steven M. 30,582.33 5,057.98 0.00 0.00 35,640.31
Kamischke, Amber S. 50,892.68 5,081.05 0.00 0.00 55,973.73
Kaplan, Seamus A. 194,374.69 5,664.23 0.00 0.00 200,038.92
Kisselburg, Brian J. 223,422.91 6,849.75 0.00 0.00 230,272.66
Kivley, Mark R. 11,649.46 4,349.29 0.00 0.00 15,998.75
Korinek, Antonio R. 10,166.43 3,737.79 0.00 0.00 13,904.22
Koumantos, Anastasios M. 164,740.45 5,144.14 0.00 0.00 169,884.59
Kroll, Steven G. 161,778.12 6,047.58 0.00 0.00 167,825.70
Logarta, Christian A. 114,208.05 5,125.20 0.00 0.00 119,333.25
Maldonado, Elizabeth 4,482.10 3,516.87 0.00 0.00 7,998.97
Mancilla, Stephanie 10,197.35 3,771.69 0.00 0.00 13,969.04
McCourt, Brian J. Jr. 86,329.39 5,069.38 0.00 0.00 91,398.77
Oakes, Jacob G. 49,271.70 4,910.81 0.00 0.00 54,182.51
Osoria, Jecoa D. 26,321.30 5,104.12 0.00 0.00 31,425.42
Perdue, Thomas M. 235,617.52 5,165.14 0.00 0.00 240,782.66
Poynor, Thomas R. 169,159.81 7,380.79 0.00 0.00 176,540.60
See Accountants' Compilation Report
Page 21 of 84
10-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended September 30, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Pyrek, Michael V. 109,021.63 5,078.88 0.00 0.00 114,100.51
Reyes, Michael A. 100,191.34 5,102.04 0.00 0.00 105,293.38
Rodriguez, Walter 88,956.25 5,057.98 0.00 0.00 94,014.23
Sanchez, Jonathan O. 27,978.10 4,310.19 0.00 0.00 32,288.29
Schuldt, James T. III 166,934.77 5,088.65 0.00 0.00 172,023.42
Seeley, Jason L. 234,505.20 8,286.52 0.00 0.00 242,791.72
Servin, Juan C. 23,858.36 4,209.31 0.00 0.00 28,067.67
Sexton, Jessica L. 60,284.08 5,081.05 0.00 0.00 65,365.13
Simonelli, Steven P. 98,384.90 5,078.88 0.00 0.00 103,463.78
Sorensen, Thomas W. 0.00 794.00 0.00 0.00 794.00
Stadler, Kurt R. 70,379.95 5,104.12 0.00 0.00 75,484.07
Thurman, Eliyah N. 4,482.10 3,516.87 0.00 0.00 7,998.97
Torres, Noe 7,735.48 3,716.86 0.00 0.00 11,452.34
Valdes, Alexis M. 19,364.00 4,008.69 0.00 0.00 23,372.69
Valenziano, Christ A. 97,144.79 5,125.20 0.00 0.00 102,269.99
Viduya, Paul B. 23,770.67 4,228.86 0.00 0.00 27,999.53
Waites, James J. 218,081.79 6,006.57 954.69 0.00 225,043.05
Wilfenger, Richard R. 196,626.69 6,849.75 0.00 0.00 203,476.44
Witt, Richard H. IV 159,151.57 5,144.14 0.00 0.00 164,295.71
5,373,962.26 275,444.83 954.69 0.00 5,650,361.78
Inactive/Terminated Members
Guenther, William R. 185,400.96 4,829.43 0.00 0.00 190,230.39
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 5,812,296.18 281,664.43 954.69 (63,813.56) 6,031,101.74
See Accountants' Compilation Report
Page 22 of 84
10-2
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended September 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 954.69 0.00 0.00 954.69
Totals 954.69 0.00 0.00 954.69
See Accountants' Compilation Report
Page 23 of 84
10-3
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 09/30/2025
Family ID EmployeeName Retro Pay Amt Mbr Gross Health Dental Benistar Federal Tax QILDRO Check # Payee Name
Insurance -Vision Insurance Deduct
Insurance
Duty Disability
105720 Roy, Susan $3,561.35 $4,116.19 $0.00 $54.84 $0.00 $500.00 $0.00
111941 Sturlini, John P. $4,732.12 $4,732.12 $0.00 $0.00 $0.00 $0.00 $0.00
105737 Villarreal Jr, Stanley D. $4,536.69 $4,536.69 $0.00 $0.00 $0.00 $0.00 $0.00
Duty Disability $12,830.16 $13,385.00 $0.00 $54.84 $0.00 $500.00 $0.00
Non-Duty Disability
105731 Jones, Stephanie L. $2,473.32 $3,256.32 $0.00 $0.00 $0.00 $783.00 $0.00
105726 Maddock, Robert H. $3,537.02 $3,537.02 $0.00 $0.00 $0.00 $0.00 $0.00
105718 Ostdick, Jeffrey A. $3,255.05 $3,944.05 $0.00 $0.00 $0.00 $689.00 $0.00
105710 Pierce-Demski, Kerry A. $3,330.43 $4,166.43 $0.00 $0.00 $0.00 $836.00 $0.00
116686 Waters, Tyler E. $3,699.37 $4,108.37 $0.00 $0.00 $0.00 $409.00 $0.00
Non-Duty Disability $16,295.19 $19,012.19 $0.00 $0.00 $0.00 $2,717.00 $0.00
QILDRO
Q105738 Kipp, Kathryn A. $3,133.46 $3,601.46 $0.00 $0.00 $0.00 $468.00 $0.00
QILDRO $3,133.46 $3,601.46 $0.00 $0.00 $0.00 $468.00 $0.00
Service
105734 Beese, Richard M. $6,216.39 $8,585.90 $0.00 $0.00 $0.00 $2,369.51 $0.00
105736 Bronge, Joseph M. $5,512.37 $6,203.37 $0.00 $0.00 $0.00 $691.00 $0.00
105709 Butt, Eric A. $3,695.58 $4,902.92 $864.33 $8.01 $0.00 $335.00 $0.00
122795 Clark, Scott D. $4,541.78 $4,978.78 $0.00 $0.00 $0.00 $437.00 $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. $7,107.41 $8,377.41 $0.00 $0.00 $0.00 $1,270.00 $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
120514 Gara, Patrick J. $6,482.08 $7,254.08 $0.00 $0.00 $0.00 $772.00 $0.00
115800 Gorski, Daniel R. $4,667.94 $6,151.94 $0.00 $0.00 $0.00 $484.00 $0.00
115800 Gorski, Daniel R. $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
118362 Guenther, Eric J. $7,738.05 $8,865.05 $0.00 $0.00 $0.00 $1,127.00 $0.00
128971 Guenther, William R. $5,947.63 $6,622.63 $0.00 $0.00 $0.00 $675.00 $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
Page 24 of 84
9/16/2025 8:26 AM Page Number: 1
See Accountants' Compilation Report
11-1
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 09/30/2025
Family ID EmployeeName Retro Pay Amt Mbr Gross Health Dental Benistar Federal Tax QILDRO Check # Payee Name
Insurance -Vision Insurance Deduct
Insurance
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 $207,604.08 $249,936.21 $1,728.66 $62.85 $0.00 $36,939.16 $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
105722 Fuller, Marilyn R. $3,812.82 $3,958.82 $0.00 $0.00 $0.00 $146.00 $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 $12,949.59 $14,585.21 $0.00 $0.00 $0.00 $1,635.62 $0.00
Batch Totals
ACH Flag Payments Net Payment Mbr Gross Health Dental Benistar Federal Tax QILDRO
Total Insurance -Vision Insurance Deduct
Insurance
Batch #79401 - 09/16/2025
ACH 52 $252,812.48 $300,520.07 $1,728.66 $117.69 $0.00 $42,259.78 $3,601.46
Page 25 of 84
9/16/2025 8:26 AM Page Number: 2
See Accountants' Compilation Report
11-2
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 09/30/2025
Batch #79401 - 09/16/2025 $252,812.48 $300,520.07 $1,728.66 $117.69 $0.00 $42,259.78 $3,601.46
Page 26 of 84
9/16/2025 8:26 AM Page Number: 3
See Accountants' Compilation Report
11-3
Mundelein Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
July 1, 2025 - September 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
07/31/25 20788 Village of Mundelein
20-220-00 Medical Insurance 07/25 1,728.66
20-220-00 Dental Insurance 117.69
ACH Amount (Direct Deposit) 1,846.35
07/31/25 20789 Internal Revenue Service
20-230-00 Internal Revenue Service 41,650.78
ACH Amount (Direct Deposit) 41,650.78
08/29/25 20796 Village of Mundelein
20-220-00 Medical Insurance 08/25 1,728.66
20-220-00 Dental Insurance 08/25 117.69
ACH Amount (Direct Deposit) 1,846.35
08/29/25 20797 Internal Revenue Service
20-230-00 Internal Revenue Service 41,859.78
ACH Amount (Direct Deposit) 41,859.78
09/30/25 20801 Village of Mundelein
20-220-00 Medical Insurance - 09/25 1,728.66
20-220-00 Dental-Vision Insurance 117.69
ACH Amount (Direct Deposit) 1,846.35
09/30/25 20802 Internal Revenue Service
20-230-00 Internal Revenue Service 42,259.78
ACH Amount (Direct Deposit) 42,259.78
Total Payments 131,309.39
See Accountants' Compilation Report
Page 27 of 84
12-1
Mundelein Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
July 1, 2025 - September 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
07/31/25 20790 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 125,700.00
ACH Amount (Direct Deposit) 125,700.00
07/31/25 20791 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 501,400.00
ACH Amount (Direct Deposit) 501,400.00
08/28/25 20799 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 123,400.00
ACH Amount (Direct Deposit) 123,400.00
09/29/25 20803 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 1,110,300.00
ACH Amount (Direct Deposit) 1,110,300.00
Total Payments 1,860,800.00
See Accountants' Compilation Report
Page 28 of 84
13-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
July 1, 2025 - September 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
07/14/25 20786 Lauterbach & Amen, LLP
52-170-03 #105831 06/25 Accounting & Benefits 1,507.00
52-170-06 #105831 06/25 PSA 1,384.00
52-170-03 #105831 06/25 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
07/21/25 20787 Lauterbach & Amen, LLP
52-170-01 #105356 FYE25 Tax Levy 3,700.00
52-170-01 #105356 FYE25 GASB 67/68 3,100.00
ACH Amount (Direct Deposit) 6,800.00
07/22/25 50743 BMO Bank
52-190-04 Bank Fee 28.40
Check Amount 28.40
07/31/25 202507 IPOPIF
52-195-02 Administrative Expense 1,069.60
52-195-03 Investment Expense 496.55
Check Amount 1,566.15
08/11/25 20792 Lauterbach & Amen, LLP
52-170-03 #106643 FYE25 Workpapers 1,295.00
ACH Amount (Direct Deposit) 1,295.00
08/11/25 20793 Lauterbach & Amen, LLP
52-170-03 #107281 07/25 Accounting & Benefits 1,507.00
52-170-06 #107281 07/25 PSA 1,384.00
52-170-03 #107281 07/25 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
08/18/25 20794 Cook Castle Associates LLC
52-150-01 Policy #SFD31211565-05 11,038.00
52-150-01 08/01/25 - 08/01/26 #3646 0.00
ACH Amount (Direct Deposit) 11,038.00
08/18/25 20795 IPPFA
52-290-25 2025 8hr Online Training Registration 0.00
52-290-25 Frasier,W #3HNQDCVKKYG 295.00
52-290-25 Ahern,P #Q4NXTZ2RMZS 295.00
52-290-25 Cupec,J #MRN7VYJNCD4 295.00
52-290-25 Callaghan,K #H6NHXP3NSXD 295.00
52-290-25 Shutter,D #RMNW3JZNRH9 295.00
ACH Amount (Direct Deposit) 1,475.00
See Accountants' Compilation Report
Page 29 of 84
14-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
July 1, 2025 - September 30, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
08/21/25 20798 Ottosen DiNolfo, LTD
52-170-05 #16165 Retainer 1,000.00
ACH Amount (Direct Deposit) 1,000.00
08/22/25 50744 BMO Bank
52-190-04 Bank Fee 26.38
Check Amount 26.38
08/31/25 202508 IPOPIF
52-195-02 Administrative Expense 690.22
52-195-03 Investment Expense 886.82
52-195-04 Investment Manager Fees 5,972.08
Check Amount 7,549.12
09/08/25 20800 Lauterbach & Amen, LLP
52-170-03 #108368 08/25 Accounting & Benefits 1,507.00
52-170-06 #108368 08/25 PSA 1,384.00
52-170-03 #108368 08/25 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
09/22/25 50745 BMO Bank
52-190-04 Bank Fee 26.38
Check Amount 26.38
09/30/25 202509 IPOPIF
52-195-02 Administrative Expense 888.20
52-195-03 Investment Expense 831.71
52-195-04 Investment Manager Fees 624.35
Check Amount 2,344.26
Total Payments 43,051.69
See Accountants' Compilation Report
Page 30 of 84
14-2
Police Pension Funds
Repeat Monthly Withdrawal Instructions
Pension Fund Name: ______________________________________________
Instruction for Monthly Repeat Withdrawal Request:
The above-named Pension Fund is requesting “Repeat Withdrawal” to be created using eCFM in
the My.StateStreet portal, for the purpose of transferring funds from State Street (POPIF) to the Pension
Fund’s BMO Bank account to cover monthly Benefit & Vendor payments.
State Street (POPIF) allows multiple payments to be created at the same time for up to one year:
Repeat Monthly Amount: $_____________ (Same dollar amount every month)
Repeat Settlement Date: ________ (Same day every month) Example: 17th
Repeat Beginning Date: _________ (First Month & Year) Example: Jan 2026
Repeat Ending Date: ____________Last Month & Year - December) Example: Dec 2026
(Suggestion: create repeat withdrawals up to and including December – A new dollar amount can be established for the
following calendar year to account for anticipated COLA changes.)
This action requires 2 eCFM Account Representatives:
• One to input the monthly withdrawals.
• One to approve the monthly withdrawals.
Signature of a Board Trustee:
Signature: _________________________________________________________ Date: _________________
Print Name: _______________________________________________________ Title: __________________
Optional Second Signature:
Signature: _________________________________________________________ Date: _________________
Print Name: ________________________________________________________Title: __________________
Page 31 of 84
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Total Fund with Member and Transition Accounts 14,157,575,825 100.0 100.0 2.6 3.0 3.0 12.1 11.7 11.7 7.4 03/01/22
Policy Index 2.5 3.0 3.0 11.4 10.8 11.5 7.1
Policy Index- Broad Based 2.3 2.9 2.9 12.3 12.0 13.0 7.2
IPOPIF Investment Portfolio 14,157,575,825 100.0 100.0 2.6 3.0 3.0 12.0 11.5 11.7 7.3 04/01/22
Policy Index 2.5 3.0 3.0 11.4 10.8 11.5 7.2
Policy Index- Broad Based 2.3 2.9 2.9 12.3 12.0 13.0 7.2
Growth 8,490,643,209 60.0 58.0 3.4 4.0 4.0 16.9 15.8 16.4 9.7 04/01/22
Growth Benchmark 3.3 4.0 4.0 16.2 14.9 15.9 9.4
RhumbLine Russell 1000 Index 3,252,329,984 23.0 23.0 2.1 4.4 4.4 10.8 16.2 19.3 12.2 04/01/22
Russell 1000 Index 2.1 4.4 4.4 10.8 16.2 19.3 12.3
RhumbLine Russell 2000 Index 746,119,378 5.3 5.0 7.1 8.9 8.9 7.0 8.1 10.2 5.4 04/01/22
Russell 2000 Index 7.1 9.0 9.0 7.1 8.2 10.3 5.5
SSgA Non-US Developed Index 2,746,216,332 19.4 19.0 4.4 3.2 3.2 23.1 15.3 17.3 9.9 04/01/22
MSCI World ex U.S. (Net) 4.4 3.1 3.1 22.7 14.9 16.9 9.5
International Developed Small Cap Equity 805,328,931 5.7 5.0 3.7 3.9 3.9 27.0 24.0 15.8 8.1 04/01/22
MSCI World ex U.S. Small Cap Index (Net) 5.0 4.9 4.9 26.7 19.9 14.4 6.9
Acadian ACWI ex US Small-Cap Fund 392,946,407 2.8 2.5 3.9 4.4 4.4 23.6 21.4 - 23.1 02/01/24
MSCI AC World ex USA Small Cap (Net) 4.3 4.4 4.4 22.9 16.9 - 17.6
WCM International Small Cap Growth Fund 203,068,353 1.4 1.3 2.5 2.3 2.3 26.8 25.1 - 19.3 03/01/24
MSCI AC World ex USA Small Cap (Net) 4.3 4.4 4.4 22.9 16.9 - 17.9
LSV International Small Cap Value Equity Fund 209,314,171 1.5 1.3 4.6 4.4 4.4 34.0 27.9 - 25.0 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) 3.9 4.5 4.5 26.6 18.3 - 18.5
Emerging Market Equities 940,648,584 6.6 6.0 1.6 1.9 1.9 20.0 12.8 9.7 4.8 04/01/22
Emerging Markets Equity Benchmark -0.2 0.6 0.6 15.2 8.5 8.5 3.7
William Blair Emerging Markets ex China Growth Fund 463,107,521 3.3 1.4 0.9 1.4 1.4 9.2 - - 9.2 01/01/25
MSCI Emerging Markets ex China IMI (Net) 0.3 1.0 1.0 15.0 - - 15.0
ARGA Emerging Markets Ex China Equity 477,541,063 3.4 2.3 2.3 2.5 2.5 29.9 - - 25.2 12/01/24
MSCI Emerging Markets ex China (Net) -0.2 0.6 0.6 15.2 - - 13.8
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
Page 32 of 84 1
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Income 2,180,828,462 15.4 16.0 1.1 1.8 1.8 6.8 8.2 9.2 4.9 04/01/22
Income Benchmark 1.0 1.8 1.8 6.5 7.9 9.1 5.5
SSgA High Yield Corporate Credit 625,226,853 4.4 5.1 1.3 1.8 1.8 6.3 8.3 9.5 5.8 04/01/22
Spliced SSgA U.S. High Yield Index 1.2 1.6 1.6 6.2 8.2 9.3 5.7
Emerging Market Debt 814,979,380 5.8 6.0 1.8 2.7 2.7 9.6 9.4 9.5 4.4 04/01/22
Emerging Markets Debt Benchmark 1.6 2.9 2.9 8.7 8.6 9.6 5.4
SSgA EMD Hard Index Fund 602,141,045 4.3 4.5 1.6 2.9 2.9 8.8 9.0 9.4 4.3 04/01/22
Spliced SSgA EMD Hard Index 1.6 2.9 2.9 8.7 8.6 9.2 4.6
Capital Group Emerging Markets Debt 212,838,335 1.5 1.5 2.2 2.2 2.2 12.0 - - 9.9 11/01/24
Spliced Capital Group EMD Index 1.8 2.0 2.0 10.7 - - 9.2
Bank Loans 412,292,724 2.9 3.0 0.6 1.4 1.4 4.3 7.4 - 7.7 03/01/24
S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 - 7.7
Ares Institutional Loan Fund 137,133,845 1.0 1.0 0.6 1.3 1.3 4.1 7.4 - 8.0 03/01/24
S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 - 7.7
Aristotle Institutional Loan Fund 275,158,879 1.9 2.0 0.5 1.4 1.4 4.4 7.4 - 7.6 03/01/24
S&P UBS Leveraged Loan Index 0.4 1.2 1.2 4.2 7.4 - 7.7
Oaktree Global Credit Fund 328,329,504 2.3 1.9 0.0 0.0 0.0 - - - 1.9 05/01/25
Real Assets 790,999,561 5.6 6.0 3.4 3.0 3.0 3.1 1.0 3.1 0.9 04/01/22
Real Assets Benchmark 3.3 2.9 2.9 3.1 1.1 1.9 -1.5
SSgA REITs Index 571,393,795 4.0 4.0 4.7 3.9 3.9 3.3 -0.3 5.3 -0.6 04/01/22
Dow Jones U.S. Select REIT Total Return Index 4.7 3.9 3.9 3.3 -0.3 5.4 -0.6
Principal USPA 219,605,766 1.6 2.0 0.6 0.8 0.8 2.7 3.4 -5.4 -4.3 05/01/22
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
Page 33 of 84 2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Risk Mitigation 2,695,104,592 19.0 20.0 1.0 0.9 0.9 4.3 4.4 4.1 3.0 04/01/22
Risk Mitigation Benchmark 1.0 0.9 0.9 4.3 4.4 4.1 3.0
SSgA US Treasury Index 379,473,582 2.7 3.0 1.1 0.7 0.7 4.5 2.4 - 6.4 05/01/24
Blmbg. U.S. Treasury Index 1.1 0.7 0.7 4.5 2.4 - 6.4
SSgA Core Fixed Income Index 382,466,120 2.7 3.0 1.2 0.9 0.9 5.0 3.2 3.1 1.1 04/01/22
Blmbg. U.S. Aggregate Index 1.2 0.9 0.9 5.0 3.1 3.0 1.1
SSgA Short-Term Gov't/Credit Index 1,347,089,878 9.5 10.0 0.9 0.9 0.9 3.8 4.7 4.2 3.4 04/01/22
Bloomberg U.S. Gov/Credit 1-3 Year Index 0.9 0.9 0.9 3.8 4.6 4.1 3.4
SSgA US TIPS Index 384,640,219 2.7 3.0 1.3 1.6 1.6 5.8 6.7 4.4 3.5 04/01/22
Blmbg. U.S. TIPS 0-5 Year 1.3 1.6 1.6 5.7 6.7 4.4 3.6
Cash 200,468,818 1.4 1.0 0.4 0.7 0.7 2.6 4.2 4.5 4.0 04/01/22
90 Day U.S. Treasury Bill 0.4 0.7 0.7 2.8 4.5 4.7 4.2
IPOPIF Pool Fixed Income Transition 965,976 0.0 -
Member Accounts - 0.0 -
Transition Account - 0.0 -
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
Page 34 of 84 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: August 31, 2025
Performance Return Calculations
Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year.
Data Source
Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to,
differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the
pricing methodologies and any difference in valuation.
Manager Line Up
Manager Inception Date Data Source Manager Inception Date Data Source
RhumbLine Russell 1000 Index Fund 3/15/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street
RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street
SSgA Non-US Developed Index Fund 3/10/2022 State Street Ares Institutional Loan Fund 3/1/2024 Ares
SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle
Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Principal USPA 4/6/2022 State Street
WCM International Small Cap Growth Fund 3/1/2024 WCM Oaktree Global Credit Fund 5/1/2025 Oaktree
LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA REITs Index Fund 3/10/2022 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA US Treasury Index Fund 5/1/2024 State Street
SSgA Emerging Markets ex China Equity Index Fun 5/1/2024 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street
William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA SSgA US TIPS Index Fund 3/17/2022 State Street
SSgA High Yield Corporate Credit 3/18/2022 State Street Cash 3/22/2022 State Street
Custom Benchmark Composition
Benchmark Time period Composition
Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI IMI (Net) and 30% Bloomberg Global Multiverse.
Spliced SSgA EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index
Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index
Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained
Spliced SSgA U.S. High Yield Index 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index
Spliced Capital Group EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD
Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD
Page 35 of 84 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: August 31, 2025
Policy Index Composition
Policy Risk
As of 8/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2025 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 4.5% 28.1% Bloomberg US Corporate High Yield Index 5.1% 31.7%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 2.5% 15.6% Private Credit Actual Performance 1.9% 12.0%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 6/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2025 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 5.7% 35.3% Bloomberg US Corporate High Yield Index 6.2% 38.9%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 1.4% 8.4% Private Credit Actual Performance 0.8% 4.8%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 12/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 11/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets 0.7% 1.2%
Bloomberg US Corporate High Yield Index 7.0% 43.8% MSCI Emerging Markets ex China 5.3% 9.2%
JPM EMBI Global Diversified Index 6.0% 37.5% Bloomberg US Corporate High Yield Index 7% 43.8%
S&P UBS Leveraged Loan Index 3.0% 18.8% JPM EMBI Global Diversified Index 6% 37.5%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% S&P UBS Leveraged Loan Index 3% 18.8%
Dow Jones US Select REIT Index 4.0% 66.7% NFI-ODCE Equal-Weighted Index 2% 33.3%
Bloomberg US Aggregate Index 3.0% 15.0% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
90 Day US Treasury Bill Index 1.0% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Page 36 of 84 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: August 31, 2025
Policy Index Composition
Policy Risk
As of 10/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 9/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 0.8% 1.4% MSCI Emerging Markets 1.5% 2.6%
MSCI Emerging Markets ex China 5.2% 9.0% MSCI Emerging Markets ex China 4.5% 7.8%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 2% 3.4% MSCI Emerging Markets 3% 5.2%
MSCI Emerging Markets ex China 4% 6.9% MSCI Emerging Markets ex China 3% 5.2%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 36.1% Russell 1000 23% 39.7%
Russell 2000 5% 7.9% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 29.9% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 7.9% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 4% 6.3% MSCI Emerging Markets 5% 8.6%
MSCI Emerging Markets ex China 2% 3.1% MSCI Emerging Markets ex China 1% 1.7%
Bloomberg US Corporate High Yield Index 7% 67.6% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 58.0% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 29.0% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 2% 10.0% Bloomberg US Treasury Index 1% 5.0%
Bloomberg 1-3 Year Gov/Credit Index 11% 55.0% Bloomberg 1-3 Year Gov/Credit Index 12% 60.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Page 37 of 84 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: August 31, 2025
Policy Index Composition
Policy Risk
As of 4/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 3/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 18% 31.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 6% 10.3% MSCI Emerging Markets 7% 12.1%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 8.5% 53.1%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 1.5% 9.4%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 18% 36.0%
Russell 2000 5% 8.6% Russell 2000 5% 10.0%
MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 15% 30.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 10.0%
MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5% Bloomberg US Corporate High Yield Index 10% 62.5%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 3% 10.7%
As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation
Russell 3000 23% 46.0%
MSCI ACWI ex USA IMI 20% 40.0%
MSCI Emerging Markets IMI 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5%
50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
NCREIF Property Index 2% 66.7%
Dow Jones US Select REIT Index 4% 33.3%
Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
Page 38 of 84 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 39 of 84
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 40 of 84
MUNDELEIN POLICE PENSION FUND
Month Ended: September 30, 2025
Market Value Summary:
Current Period Year to Date
Beginning Balance $52,164,143.86 $46,721,079.69
Contributions $1,110,300.00 $3,629,900.00
Withdrawals ($325,000.00) ($2,925,000.00)
Transfers In/Out $0.00 $0.00
Income $23,687.14 $194,086.86
Administrative Expense ($888.20) ($7,155.46)
Investment Expense ($831.71) ($6,879.34)
Investment Manager Fees ($624.35) ($18,023.44)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 ($1,180.87)
Realized Gain/Loss $29,128.08 $635,185.27
Unrealized Gain/Loss $1,013,458.03 $5,791,360.14
Ending Balance $54,013,372.85 $54,013,372.85
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 2.04% 5.45% 14.28% 12.13% N/A N/A N/A 15.78% 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 41 of 84
MUNDELEIN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: September 30, 2025
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $52,164,143.86 $46,721,079.69 Beginning Units 3,946,865.969 3,959,331.158
Contributions $1,110,300.00 $3,629,900.00 Unit Purchases from Additions 82,560.793 281,576.411
Withdrawals ($325,000.00) ($2,925,000.00) Unit Sales from Withdrawals (24,174.042) (235,654.849)
Transfers In/Out $0.00 $0.00
Ending Units 4,005,252.720 4,005,252.720
Income $23,687.14 $194,086.86
Administrative Expense ($888.20) ($7,155.46)
Period Beginning Net Asset Value per Unit $13.216599 $11.800246
Investment Expense ($831.71) ($6,879.34)
Period Ending Net Asset Value per Unit $13.485634 $13.485634
Investment Manager Fees ($624.35) ($18,023.44)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 ($1,180.87)
Realized Gain/Loss $29,128.08 $635,185.27
Unrealized Gain/Loss $1,013,458.03 $5,791,360.14
Ending Balance $54,013,372.85 $54,013,372.85
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: 2.04% 5.45% 14.28% 12.13% N/A N/A N/A 12.92% 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 42 of 84
Statement of Transaction Detail for the Month Ending 09/30/2025
MUNDELEIN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
IPOPIF Pool
09/15/2025 09/16/2025 Redemptions (325,000.00) 13.444173 (24,174.0418)
09/29/2025 09/30/2025 Contribution 1,110,300.00 13.448272 82,560.7929
Page 3 of 3
Page 43 of 84
September 2025 Statement Supplement
Cash Flows
Period Contributions Withdrawals
September 2025 $94 million $62 million
CY 2025 $560 million $565 million
Expenses Paid
Administrative Investment Direct Investment
Period
Expenses Expenses Manager Fees
9/1/25 $240,754.69 $225,441.16 $169,234.76
CY 2025 $1,950,285.94 $1,876,213.12 $4,911,859.43
• 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
8/31/25 1,069,833,902.7071 14,139,565,427.94 13.216599
9/30/25 1,072,185,808.4005 14,459,105,554.65 13.485634
A spreadsheet with complete unit and expense detail history is linked on the Article 3 Fund Reports
page as IPOPIF Unit and Expense Information.xlsx.
Transition Cost Allocation Adjustments
June: Consistent with the IPOPIF AR 2022-01 Valuation and Cost Rule.pdf, to ensure equitable
treatment of all participating Article 3 funds, a final true-up allocation of all costs paid using funds
from the consolidated IPOPIF investment portfolio from inception through December 31, 2024, was
completed in June 2025. Additional details were provided in the June statement supplement.
August: An additional adjustment totaling $816 was processed in August relating to a small residual
transfer. All funds received a proportional credit based their IPOPIF balance. The amounts ranged
from $0.01 to $22.35.
Resources
• Monthly statement overview: Link to Statement Overview
• Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/
• Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment-
reports/
• IPOPIF Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/
Illinois Police Officers’ Pension Investment Fund 309-280-6464
456 Fulton Street, Suite 402 info@ipopif.org
Page 44 of 84
Peoria, Illinois 61602
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 IPPFA Online Training 8 8/28/2025 Yes
2
3
Peter Ahern
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8 IPPFA Online Training (registered)
2
3
4
Jim Cupec
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8 IPPFA Online Training 8 9/17/2025 Yes
2
3
Deborah Shutter
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8 IPPFA Online Training 8 10/9/2025 Yes
2
3
Kevin Callaghan
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8 IPPFA Online Training 8 9/17/2025 Yes
2
3
Page 45 of 84
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 84
16-hour Certified Trustee Programs* offered through IPPFA
IPPFA ONLINE Certified Trustee Program
COST: IPPFA MEMBER: $ 550.00
IPPFA NON-MEMBER: $1,100.00
Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/
IPPFA In-Person Certified Trustee Program
WHEN: December 16 - 17, 2025
WHERE: NIU Outreach Campus
1120 E. Diehl Road, Room 266
Naperville, IL 60563
COST: IPPFA MEMBER: $525.00
IPPFA NON-MEMBER: $1,050.00
*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 84
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 48 of 84
Page 49 of 84
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 84
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 84
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 84
*** NEW TRANSFER WINDOW OPEN ***
Article 3 Article 4
Article 4 Article 3
Public Act 104-0284 opens a window allowing
Active Article 3 members to transfer in
prior Article 4 service
Active Article 4 members to transfer in
prior Article 3 service
This window closes February 15, 2026.
For additional information
please see the following Pension Benefit Bulletins
or contact our Benefits Team at (866) 952-6329
benefits@lauterbachamen.com
630.393.1483 lauterbachamen.com
Page 53 of 84
Pension Benefits Bulletin: Transfer of Creditable Service Opportunity
Article 3 Downstate Police to Article 4 Downstate Fire
P.A. 104-0284 / HB3193
WHAT
House Bill 3193 became Public Act 104-0284 on August 15, 2025. This opens a window for current
Article 4 members to transfer up to 8 years of creditable service from an Article 3 pension fund,
provided the member was not subject to disciplinary action when employment with the police
department was terminated. Here is a summary of the calculation and transfer process:
HOW
1. The member must submit application to their prior Article 3 Fund no later than February 15, 2026.
An application (“Police Article 3 to Fire Article 4 Transfer”) can be found on L&A’s webpage at
https://www.lauterbachamen.com/pension#forms.
2. L&A will then prepare a Complete Cost Packet for the member, the Article 3 Fund and the Article 4
Fund which will include
• the calculation of the amount due from the member to reinstate their Article 3 service, if
applicable
• the amount to be sent from the Article 3 Fund to the Article 4 Fund
• the additional amount due from the member to the Article 4 Fund, if applicable
• an election form.
WHEN
The transfer application must be submitted by the member no later than February 15, 2026.
TO NOTE
• The member may be required to remit payment to the Article 4 Fund to complete the transfer.
Therefore, members are strongly encouraged to wait until all cost information has been provided
to them before deciding to formally pursue or decline the transfer.
• Statutory references:
o 40 ILCS 5/3-110.12 (a-10)
o 40 ILCS 5/4-108 (c)(10)
QUESTIONS
Questions can be directed to L&A’s Benefits Team at benefits@lauterbachamen.com or by calling our
toll-free Benefits Hotline at (866) 952-6329.
Page 54 of 84
Pension Benefits Bulletin: Transfer of Creditable Service Opportunity
Article 4 Downstate Fire to Article 3 Downstate Police
P.A. 104-0284 / HB3193
WHAT
House Bill 3193 became Public Act 104-0284 on August 15, 2025. This opens a window for current
Article 3 members to transfer up to 8 years of creditable service from an Article 4 pension fund,
provided the member was not subject to disciplinary action when employment with the fire
department was terminated. Here is a summary of the calculation and transfer process:
HOW
1. The member must submit application to their prior Article 4 Fund no later than February 15, 2026.
An application (“Fire Article 4 to Police Article 3 Transfer”) can be found on L&A’s webpage at
https://www.lauterbachamen.com/pension#forms.
2. L&A will then prepare a Complete Cost Packet for the member, the Article 4 Fund and the Article 3
Fund which will include
• the calculation of the amount due from the member to reinstate their Article 4 service, if
applicable
• the amount to be sent from the Article 4 Fund to the Article 3 Fund
• the additional amount due from the member to the Article 3 Fund, if applicable
• an election form.
WHEN
The transfer application must be submitted by the member no later than February 15, 2026.
TO NOTE
• The member may be required to remit payment to the Article 3 Fund to complete the transfer.
Therefore, members are strongly encouraged to wait until all cost information has been provided
to them before deciding to formally pursue or decline the transfer.
• Statutory references:
o 40 ILCS 5/4-108.9
o 40 ILCS 5/3-110.15
QUESTIONS
Questions can be directed to L&A’s Benefits Team at benefits@lauterbachamen.com or by calling our
toll-free Benefits Hotline at (866) 952-6329.
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Page 67 of 84
MUNDELEIN Fuller, Kenneth L.
POLICE PENSION FUND Fuller, Marilyn R.
Pension Calculation Worksheet Surviving Spouse / Retirement 20-50
REVIEWED AND APPROVED BY PENSION FUND:
Trustee: Date:______________ Name: ____________________ Signature: _________________________
Treasurer: Date:______________ Name: ____________________ Signature: _________________________
Personal Data
Spouse Name Fuller, Marilyn R.
Member Entry Date 08/19/68
Member Retirement Date 09/01/88
Member Effective Date of Pension 04/20/96
Member Age at Effective Date of Pension 50
Years (Y) of Creditable Service Earned Y 20
Applicable Salary $40,643.00
Amount of the Original Monthly Pension Granted to Member $1,693.46
Member Date of Death 08/02/25
Spousal Effective Date of Benefit 08/03/25
Pension Calculation History
Amount Amount
Amount of of Monthly of Annual
Date Description Change Pension Pension
04/20/96 Original Benefit (prorated) 620.94 620.94
05/01/96 Original Benefit (full month) 1,072.52 1,693.46 20,321.52
05/01/01 Initial Increase 254.02 1,947.48 23,369.76
01/01/02 Annual 3% COLA 58.42 2,005.90 24,070.80
01/01/03 Annual 3% COLA 60.18 2,066.08 24,792.96
01/01/04 Annual 3% COLA 61.98 2,128.06 25,536.72
01/01/05 Annual 3% COLA 63.84 2,191.90 26,302.80
01/01/06 Annual 3% COLA 65.76 2,257.66 27,091.92
01/01/07 Annual 3% COLA 67.73 2,325.39 27,904.68
01/01/08 Annual 3% COLA 69.76 2,395.15 28,741.80
01/01/09 Annual 3% COLA 71.85 2,467.00 29,604.00
01/01/10 Annual 3% COLA 74.01 2,541.01 30,492.12
01/01/11 Annual 3% COLA 76.23 2,617.24 31,406.88
Page 68 of 84
printed: 8/12/2025
MUNDELEIN Fuller, Kenneth L.
POLICE PENSION FUND Fuller, Marilyn R.
Pension Calculation Worksheet Surviving Spouse / Retirement 20-50
Pension Calculation History - Continued
Amount Amount
Amount of of Monthly of Annual
Date Description Change Pension Pension
01/01/12 Annual 3% COLA 78.52 2,695.76 32,349.12
01/01/13 Annual 3% COLA 80.87 2,776.63 33,319.56
01/01/14 Annual 3% COLA 83.30 2,859.93 34,319.16
01/01/15 Annual 3% COLA 85.80 2,945.73 35,348.76
01/01/16 Annual 3% COLA 88.37 3,034.10 36,409.20
01/01/17 Annual 3% COLA 91.02 3,125.12 37,501.44
01/01/18 Annual 3% COLA 93.75 3,218.87 38,626.44
01/01/19 Annual 3% COLA 96.57 3,315.44 39,785.28
01/01/20 Annual 3% COLA 99.46 3,414.90 40,978.80
01/01/21 Annual 3% COLA 102.45 3,517.35 42,208.20
01/01/22 Annual 3% COLA 105.52 3,622.87 43,474.44
01/01/23 Annual 3% COLA 108.69 3,731.56 44,778.72
01/01/24 Annual 3% COLA 111.95 3,843.51 46,122.12
01/01/25 Annual 3% COLA 115.31 3,958.82 47,505.84
08/03/25 Spousal Benefits Begin (prorated) (255.41) 3,703.41
09/01/25 Spousal Benefits Begin (full month) 255.41 3,958.82 47,505.84
Page 69 of 84
printed: 8/12/2025
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
PUBLIC ACT 95-0950
MUNICIPAL COMPLIANCE REPORT
FOR THE FISCAL YEAR
ENDED APRIL 30, 2025
300 Plaza Circle
Mundelein, IL 60060
Phone: 847.968.4600
Fax: 847.949.2153
www.mundelein.org
Page 70 of 84
October 16, 2025
Members of the Pension Board of Trustees
Mundelein Police Pension Fund
Mundelein, Illinois
Enclosed please find a copy of your Municipal Compliance Report for the Mundelein Police Pension
Fund for the fiscal year ended April 30, 2025. We have prepared the report with the most recent
information available at our office. Should you have more current information, or notice any
inaccuracies, we are prepared to make any necessary revisions and return them to you.
The President and Secretary of the Pension Fund are required to sign the report on page 3. If not already
included with the enclosed report, please also include a copy of the Pension Fund’s most recent
investment policy.
The signed Public Act 95-0950 - Municipal Compliance Report must be provided to the Municipality
before the tax levy is filed on the last Tuesday in December. We are sending the report via email to
promote an environmentally-friendly work atmosphere.
If you have any questions regarding this report, please contact your Client Manager or PSA.
Respectfully submitted,
LAUTERBACH & AMEN, LLP
Page 71 of 84
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
Public Act 95-950 - Municipal Compliance Report
For the Fiscal Year Ending April 30, 2025
The Pension Board certifies to the Board of Trustees of the Village of Mundelein, Illinois on the condition of
the Pension Fund at the end of its most recently completed fiscal year the following information:
1) The total cash and investments, including accrued interest, of the fund at market value and the total net
position of the Pension Fund:
Current Preceding
Fiscal Year Fiscal Year
Total Cash and Investments (including accrued interest) $46,979,585 $42,951,241
Total Net Position $46,982,553 $42,949,580
2) The estimated receipts during the next succeeding fiscal year from deductions from the salaries of
police officers and from other sources:
Estimated Receipts - Employee Contributions $648,200
Estimated Receipts - All Other Sources
Investment Earnings $3,288,600
Municipal Contribution $3,779,209
3) The estimated amount required during the next succeeding fiscal year to (a) pay all pensions and other
obligations provided in Article 3 of the Illinois Pension Code, and (b) to meet the annual requirements
of the fund as provided in Sections 3-125 and 3-127:
(a) Pay all Pensions and Other Obligations $4,325,100
(b) Annual Requirement of the Fund as Determined by:
Illinois Police Officers' Pension Investment Fund N/A
Private Actuary - Lauterbach & Amen, LLP
Recommended Municipal Contribution $3,779,209
Alternative Municipal Contribution $3,196,009
Page 72 of 84
Page 1
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
Public Act 95-950 - Municipal Compliance Report
For the Fiscal Year Ending April 30, 2025
4) The total net income received from investment of assets along with the assumed investment return and
actual investment return received by the fund during its most recently completed fiscal year compared
to the total net income, assumed investment return, and actual investment return received during the
preceding fiscal year:
Current Preceding
Fiscal Year Fiscal Year
Net Income Received from Investment of Assets $3,919,329 $3,461,834
Assumed Investment Return
Illinois Police Officers' Pension Investment Fund N/A 6.800%
Private Actuary - Lauterbach & Amen, LLP 7.000% 7.000%
Actual Investment Return 8.716% 8.369%
5) The total number of active employees who are financially contributing to the fund:
Number of Active Members 56
6) The total amount that was disbursed in benefits during the fiscal year, including the number of and total
amount disbursed to (i) annuitants in receipt of a regular retirement pension, (ii) recipients being paid a
disability pension, and (iii) survivors and children in receipt of benefits:
Total Amount
Number of Disbursed
(i) Regular Retirement Pension 35 $2,840,986
(ii) Disability Pension 8 $362,515
(iii) Survivors and Child Benefits 3 $131,522
Totals 46 $3,335,023
Page 73 of 84
Page 2
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
Public Act 95-950 - Municipal Compliance Report
For the Fiscal Year Ending April 30, 2025
7) The funded ratio of the fund:
Current Preceding
Fiscal Year Fiscal Year
Illinois Police Officers' Pension Investment Fund N/A 56.20%
Private Actuary - Lauterbach & Amen, LLP 58.67% 58.08%
8) The unfunded liability carried by the fund, along with an actuarial explanation of the unfunded
liability:
Unfunded Liability:
Illinois Police Officers' Pension Investment Fund N/A
Private Actuary - Lauterbach & Amen, LLP $33,734,928
The accrued liability is the actuarial present value of the portion of the projected benefits that has been
accrued as of the valuation date based upon the actuarial valuation method and the actuarial
assumptions employed in the valuation. The unfunded accrued liability is the excess of the accrued
liability over the actuarial value of assets.
9) Please see attached Investment/Cash Management policy if applicable
Please see Notes Page attached.
CERTIFICATION OF MUNICIPAL POLICE
PENSION FUND COMPLIANCE REPORT
The Board of Trustees of the Pension Fund, based upon information and belief, and to the best of our
knowledge, hereby certify pursuant to §3-143 of the Illinois Pension Code 40 ILCS 5/3-143, that the
preceding report is true and accurate.
Adopted this ___________ day of __________, 2025
President __________________________________________________ Date ___________________
Secretary __________________________________________________ Date ___________________
Page 74 of 84
Page 3
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
Public Act 95-950 - Municipal Compliance Report
For the Fiscal Year Ending April 30, 2025
INDEX OF ASSUMPTIONS
1) Total Cash and Investments - as Reported at Market Value in the Audited Financial Statements for the
Years Ended April 30, 2025 and 2024.
Total Net Position - as Reported in the Audited Financial Statementsfor the Years Ended April 30, 2025
and 2024.
2) Estimated Receipts - Employee Contributions as Reported in the Audited Financial Statements for the
Year Ended April 30, 2025 plus 3.25% Increase (Actuarial Salary Increase Assumption) Rounded to the
Nearest $100.
Estimated Receipts - All Other Sources:
Investment Earnings - Cash and Investments as Reported in the Audited Financial Statements for the
Year Ended April 30, 2025, times 7% (Actuarial Investment Return Assumption) Rounded to the
Nearest $100.
Municipal Contributions - Recommended Tax Levy Requirement as Reported by Lauterbach & Amen,
LLP, Actuarial Valuation for the Year Ended April 30, 2025.
3) (a) Pay all Pensions and Other Obligations - Total Non-Investment Deductions as Reported in the
Audited Financial Statements for the Year Ended April 30, 2025, plus a 25% Increase, Rounded to the
Nearest $100.
(b) Annual Requirement of the Fund as Determined by:
Illinois Police Officers' Pension Investment Fund - No April 30, 2025 Actuarial Valuation available
at the time of this report.
Private Actuary - Lauterbach & Amen, LLP:
Recommended Amount of Tax Levy as Reported by Lauterbach & Amen, LLP in the April 30,
2025 Actuarial Valuation.
Alternative Amount of Tax Levy as Reported by Lauterbach & Amen, LLP in the April 30,
2025 Actuarial Valuation.
Page 75 of 84
Page 4
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
Public Act 95-950 - Municipal Compliance Report
For the Fiscal Year Ending April 30, 2025
INDEX OF ASSUMPTIONS
4) Net Income Received from Investment of Assets - Investment Income (Loss) net of Investment
Expense, as Reported in the Audited Financial Statements for the Years Ended April 30, 2025 and
2024.
Assumed Investment Return:
Illinois Police Officers' Pension Investment Fund - Preceding Fiscal Year Interest Rate Assumption
as Reported in the April 30, 2024 Actuarial Valuation. No April 30, 2025 Actuarial Valuation
available at the time of this report.
Private Actuary - Current and Preceding Fiscal Year Interest Rate Assumption as Reported in the
Years Ended April 30, 2025 and 2024 Actuarial Valuations.
Actual Investment Return -Net Income Received from Investments as Reported Above as a Percentage
of the Average of the Beginning and Ending Balances of the Fiscal Year Cash Investments, Excluding
Net Investment Income, Gains, and Losses for the Fiscal Year Return Being calculated, as Reported in
the Audited Financial Statements for the Fiscal Years Ended April 30, 2025 and 2024.
5) Number of Active Members - Illinois Department of Insurance Annual Statement for April 30, 2025 -
Schedule P.
6) (i) Regular Retirement Pension - Illinois Department of Insurance Annual Statement for April 30, 2025
- Schedule P for Number of Participants and Expense page 1 for Total Amount Disbursed.
(ii) Disability Pension - Same as above.
(iii) Survivors and Child Benefits - Same as above.
Page 76 of 84
Page 5
THE VILLAGE OF MUNDELEIN, ILLINOIS
POLICE PENSION FUND
Public Act 95-950 - Municipal Compliance Report
For the Fiscal Year Ending April 30, 2025
INDEX OF ASSUMPTIONS
7) The funded ratio of the fund:
Illinois Police Officers' Pension Investment Fund - Preceding Fiscal Year Net Present Assets as a
percentage of Total Assets as Reported in the April 30, 2024 Actuarial Valuation. No April 30,
2025 Actuarial Valuation available at the time of this report.
Private Actuary - Current and Preceding Fiscal Year Net Present Assets as a percentage of Total
Assets as Reported in the April 30, 2025 and 2024 Actuarial Valuations.
8) Unfunded Liability:
Illinois Police Officers' Pension Investment Fund - Deferred Asset (Unfunded Accrued Liability) -
No April 30, 2025 Actuarial Valuation available at the time of this report.
Private Actuary - Deferred Asset (Unfunded Accrued Liability) as Reported by Lauterbach &
Amen, LLP in the April 30, 2025 Actuarial Valuation.
Page 77 of 84
Page 6
2026
JANUARY FEBRUARY MARCH
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 1 2 3 4 5 6 7 1 2 3 4 5 6 7
4 5 6 7 8 9 10 8 9 10 11 12 13 14 8 9 10 11 12 13 14
11 12 13 14 15 16 17 15 16 17 18 19 20 21 15 16 17 18 19 20 21
18 19 20 21 22 23 24 22 23 24 25 26 27 28 22 23 24 25 26 27 28
25 26 27 28 29 30 31 29 30 31
APRIL MAY JUNE
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 1 2 1 2 3 4 5 6
5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13
12 13 14 15 16 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20
19 20 21 22 23 24 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27
26 27 28 29 30 24 25 26 27 28 29 30 28 29 30
31
JULY AUGUST SEPTEMBER
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 1 1 2 3 4 5
5 6 7 8 9 10 11 2 3 4 5 6 7 8 6 7 8 9 10 11 12
12 13 14 15 16 17 18 9 10 11 12 13 14 15 13 14 15 16 17 18 19
19 20 21 22 23 24 25 16 17 18 19 20 21 22 20 21 22 23 24 25 26
26 27 28 29 30 31 23 24 25 26 27 28 29 27 28 29 30
30 31
OCTOBER NOVEMBER DECEMBER
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 1 2 3 4 5 6 7 1 2 3 4 5
4 5 6 7 8 9 10 8 9 10 11 12 13 14 6 7 8 9 10 11 12
11 12 13 14 15 16 17 15 16 17 18 19 20 21 13 14 15 16 17 18 19
18 19 20 21 22 23 24 22 23 24 25 26 27 28 20 21 22 23 24 25 26
25 26 27 28 29 30 31 29 30 27 28 29 30 31
01/Jan New Year's Day 04/Jul Independence Day 11/Nov Veterans Day
19/Jan Martin Luther King Jr. Day 07/Sep Labor Day 26/Nov Thanksgiving Day
16/Feb Presidents' Day 12/Oct Columbus Day 25/Dec Christmas Day
25/May Memorial Day
Page 78 of 84
Recent Legislation Affecting Illinois Pension Funds and Their Members
Public Act / Topic Synopsis Effective Date
Statutory Citation
104-0065 Pension Benefits Aligns Tier 2 benefits for Article 5 (Chicago Police) and Article 6 (Chicago Fire) with Tier 2 benefits for August 1, 2025
downstate police and fire.
40 ILCS 5/5-238 (Chicago Police and
40 ILCS 5/6-229 Firefighters)
104-0163 Return to Employment If annuitant returns to work as a school security guard for a participating employer and works more than August 15, 2025
999 hours annually, they are considered a “participating employee” and benefit payments would be
40 ILCS 5/7-144 Illinois Municipal suspended.
Retirement Fund
(IMRF)
104-0196 Prohibition on transfer Amends Section 4-135 to prohibit a pensioner, annuitant, applicant for a refund, disability beneficiary, January 1, 2026
or assignment of or other beneficiary to transfer or assign their pension/benefit/refund. Exception for payment made to
40 ILCS 5/4-135 benefits with exceptions an association or organization with which the annuitant or disability beneficiary or surviving spouse may
be affiliated by virtue of their fire service or for hospitalization insurance purposes.
(Article 4 Firefighters)
104-0221 Deputy Chief Pete Phases out the use of perfluoroalkyl and polyfluoroalkyl substances (PFAS) in firefighting protective January 1, 2026
Bendinelli PFAS PPE gear, with key deadlines built in. Beginning January 1, 2026, any person or company selling firefighting
415 ILCS 170/5 Act personal protective clothing that contains PFAS must provide written notice at the time of sale disclosing
415 ILCS 170/20 that the gear contains PFAS and explaining the reason the chemicals are used. Both the seller and
new (PFAS Reduction Act) purchaser are required to keep a copy of this notice for at least three years, and sellers must furnish it
to the Illinois Environmental Protection Agency within 60 days if requested. On January 1, 2027, the law
prohibits the knowing manufacture, sale, or distribution of firefighting personal protective clothing
containing intentionally added PFAS. By January 1, 2030, the same ban will extend to “auxiliary
firefighting personal protective equipment,” which now includes items beyond clothing, such as self-
contained breathing apparatuses and other respiratory protection products, hearing protection,
protective communication devices, and fall protection products. These measures reflect growing
concern over PFAS, often called “forever chemicals,” which are linked to long-term environmental
persistence and serious health risks.
Page 79 of 84
Public Act / Topic Synopsis Effective Date
Statutory Citation
104-0284 Cancellation of The new law softens the consequences when retirees exceed post-retirement work limits. Instead of full August 15, 2025
(Article 1) Pensions cancellation, a service retirement pension will now be reduced pro rata for each day worked beyond the
statutory cap. In addition, a special rule applies to retirees who teach driver’s education courses
40 ILCS 5/17-149 Chicago Teachers’ exclusively after regular school hours. They may work up to 900 hours per school year without losing
Pension Fund (CTPF) their pension; if they exceed that limit, benefits will be withheld on a pro rata basis for every 7.5 hours
above the cap. These changes are expressly made retroactive to July 1, 2020, and retirees whose
pensions were cancelled during that period will have their overpayments recalculated, with refunds
issued for any excess amounts plus interest.
104-0284 Elected Officials Clarifies that an elected official who did not elect to participate in IMRF for their elective office is not January 1, 2026
(Article 2) automatically disqualified from receiving service credit for that office. Service credit will still be
Illinois Municipal recognized so long as three conditions are met: (1) the member previously participated in IMRF through
40 ILCS 5/7-137.1 Retirement Fund a non-elected position with the same employer; (2) the employer continued to make contributions during
(IMRF) the elected service; and (3) there is no break in service credit between the non-elected and elected
roles.
104-0284 Computation of Service Clarified that for computing days of service, the members received the greater of one day of service for January 1, 2026
(Article 4) each day they are paid salary or 10 days of service credit for each 10-day period in which the contributor
Chicago Teachers’ worked 50% or more of the regularly scheduled hours.
40 ILCS 5/17-114 Pension Fund (CTPF)
104-0284 Indemnification Provides that every retirement system, pension fund, or other system or fund established under the January 1, 2026
(Article 8) Illinois Pension Code shall (no longer “may”) indemnify and protect trustees and staff against liability,
(Article 1) except for willful misconduct and gross negligence.
40 ILCS 5/1-107
Adds that every retirement system, pension fund, or other system or fund established under the Illinois
Pension Code may indemnify consultants against liability, except for willful misconduct and gross
negligence.
104-0284 Occupational Disease Adds breast cancer to the list of occupational diseases resulting from service as a firefighter for which August 15, 2025
(Article 9) active firefighters who have completed seven or more years of service and are disabled shall be entitled
(Chicago Firefighters) to disability benefits.
40 ILCS 5/6-151.1
Page 80 of 84
Public Act / Topic Synopsis Effective Date
Statutory Citation
104-0284 Survivor Insurance Modifies the survivors insurance provision to change the requirement of written notice of a waiver of August 15, 2025
(Article 11) Benefits right to receive survivorship benefits from six months after the death of the participant or annuitant to
six months after SURS notified that person of the benefits payable upon the death of the participant or
40 ILCS 5/15-148 State Universities annuitant.
Retirement System
(SURS)
104-0284 Contributions by Changes the date payments are due from participating municipalities or instrumentalities who owe August 15, 2025
(Article 12) participating contributions due to the “6% Rule” from three years to seven years after receipt of the bill from IMRF.
municipalities
40 ILCS 5/7-172
Illinois Municipal
Retirement Fund
(IMRF)
104-0284 Optional Defined Section 16-204 is narrowed to cover only full-time or part-time contractual members employed by eligible January 1, 2026
(Article 13) Contribution Benefit TRS employers. Automatic enrollment is tied to the close of the federal “notice period” under IRC §
414(w). The statute also confirms that automatically enrolled members may withdraw within 90 days of
40 ILCS 5/16-204 Teachers’ Retirement their first contribution, with employer matches forfeited and redirected to cover plan expenses. Finally,
System (TRS) it expressly excludes employees of departments as defined under 40 ILCS 5/14-103.04 (SERS) from
eligibility.
104-0284 Transfer Window An actively employed sheriff’s law enforcement employee may make a written election, within a six- January 1, 2026
(Article 14) month window, to transfer creditable service from a police pension fund to IMRF (Article 7). The election
Article 3 (Police) to must be made within 6 months of January 1, 2026. Upon a timely election, the police pension fund
40 ILCS Article 7 (IMRF) transfers the member’s accumulated contributions plus an equal amount of employer contributions to
5/3-110.14 and IMRF; participation in the police fund for that service ends on the transfer date, and previously forfeited
7-139.1a credits cannot be reinstated.
Page 81 of 84
Public Act / Topic Synopsis Effective Date
Statutory Citation
104-0284 Final Rate of Earnings Corrects and clarifies the calculation of the average annual earnings for Tier 2 members in SURS for an August 15, 2025
(Article 15) employee who is paid on an hourly basis or who receives an annual salary in installments during 12
State Universities months of each academic year may be based on the average annual earnings during the 8 consecutive
40 ILCS 5/15-112 Retirement System academic years of service within the 10 years of service prior to termination in which the employee’s
(SURS) earnings were the highest, if it is greater than the current statutory method to calculate it. Applies
retroactively to January 1, 2011.
104-0284 Conduct and Reduces the number of petition signatures required for candidates seeking nomination for active trustee January 1, 2026
(Article 17) Administration of positions on the FPIF Board of Trustees from 400 participants to 200 participants. Also provides for
Elections elections to be held by a combination of methods of mail, internet balloting, or phone balloting.
40 ILCS 5/22C-116
Firefighters’ Pension
Investment Fund of
Illinois (FPIF)
104-0284 Employer Contributions Changes the date payments are due from participant’s employers who owe contributions due to the “6% January 1, 2026
(Article 18) Rule” from three years to seven years after receipt of the bill from SURS.
State Universities
40 ILCS 5/15-155 Retirement System
(SURS)
104-0284 Contributions by State Changes the date payments must be concluded from participant’s employers who owe contributions January 1, 2026
(Article 18) and Employing Units due to the “6% Rule” from three years to seven years after receipt of the bill from TRS.
40 ILCS 5/16-158 Teachers’ Retirement
System (TRS)
104-0284 Payment of Benefits Changes language of annuitant-authorized withholding of a portion of their annuity for “payment of dues January 1, 2026
(Article 19) to any labor organization” to “payment to any labor organization.”
Illinois Municipal
40 ILCS 5/7-217 Retirement Fund
(IMRF)
Page 82 of 84
Public Act / Topic Synopsis Effective Date
Statutory Citation
104-0284 Computation of A member may receive credit for up to two years of service as a career and technical educator if (1) January 1, 2026
(Article 23) Creditable Service credit is not held in any other pension fund or retirement systems and the member (i) was certified or
licensed under the law at the time the service was rendered; (ii) applies in writing on or before June 30,
40 ILCS 5/16-127 Teachers’ Retirement 2028; (iii) supplies satisfactory evidence of employment; (iv) completes 10 years of contributing service
System (TRS) as a teacher; and (v) pays the contribution as required.
104-0284 Transfer Windows Active members of an Article 4 firefighters’ pension fund have six months from August 15, 2025 to August 15, 2025
(Article 26) transfer up to eight years of creditable service from an Article 3 police pension fund. The transfer is
Transfer from Article 3 allowed only if the firefighter was not under disciplinary action when leaving the police department. The
40 ILCS (Police) to Article 4 police fund must transfer the employee’s contributions, an equal amount of employer contributions, and
5/3-110.12 and (Firefighters) any interest paid to reinstate service. Participation in the police fund ends on the transfer date. This
4-108 provision additionally permits up to eight years of Article 3 police service to be credited in the firefighters’
fund if the service is transferred under Section 3-110.12 and the firefighter pays the difference between
police and firefighter contribution rates plus interest at the actuarially assumed rate.
104-0284 Transfer Window Active members of an Article 3 police pension fund have six months from January 1, 2026 to transfer January 1, 2026
(Article 30) up to eight years of creditable service from an Article 4 firefighters’ pension fund. The transfer is allowed
Transfer from Article 4 only if the firefighter was not under disciplinary action when leaving the fire department and upon
40 ILCS (Firefighters) to Article 3 payment to the fund in an amount equal to (i) the difference between the amount of employee and
5/3-110.15 and (Police) employer contributions transferred to the fund under Section 4-108.9 and the amounts that would have
4-108.9 been contributed had such contributions been made at the rates applicable to a police officer under this
Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of
service to the date of payment. The firefighter fund must transfer the employee’s contributions, an equal
amount of employer contributions, and any interest paid to reinstate service. Participation in the
firefighter fund ends on the transfer date. A police fund may reinstate creditable service that was
terminated due to a refund by payment of the amount of the refund with interest at a rate of 6% per year
and compounded annually from the date of the refund to the date of payment.
104-0284 Return to Work Add new subsection (i-5) to Section 15-139.5 and requires an employer that is liable for aggregate August 15, 2025
(Article 35) contributions in excess of $300,000 under this Section for employing the same affected annuitant during
State Universities academic years 2021, 2022 and 2023 shall receive a credit for said contributions against future
40 ILCS 5/15-139.5 Retirement System contributions or penalties owed to SURS by the employer.
(SURS)
Page 83 of 84
Public Act / Topic Synopsis Effective Date
Statutory Citation
104-0284 Municipalities and Adds the Joliet Regional Port District as a participating instrumentality of IMRF. August 15, 2025
(Article 36) Instrumentalities
40 ILCS 5/7-132 Illinois Municipal
Retirement Fund
(IMRF)
A special note regarding PA 104-0284 and effective dates: Illinois law sets default effective dates under the Effective Date of Laws Act (5 ILCS 75/0.01 et seq.). If a bill
passes before June 1 and does not specify an effective date, it takes effect the following January 1. If it does specify a date, that date controls so long as it is not earlier than
the date the bill becomes law. For bills passed after May 31, the default effective date is June 1 of the following year, unless the General Assembly votes by three-fifths for an
earlier date or specifies a later date. In the case of PA 104-0284, Articles 1, 9, 11, 12, 15, 26, 33, 34, 35, and 36 were expressly noted as taking effect upon becoming law,
meaning the amendments contained in those articles of the public act were effective on August 15, 2025, when Governor Pritzker signed them into law. The remaining articles
are effective as of January 1, 2026, as the legislature passed the bill on May 31, 2025.
2441 Warrenville Road, Suite 310, Lisle, Illinois 60532
P: (630) 682-0085 F: (630) 682-0788
www.ottosenlaw.com
Page 84 of 84