Police Pension Board
Regular MeetingMundelein, IL · June 3, 2026
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 Wednesday, June 3, 2026 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. Approval of Remote Attendance and Full Participation by Certain Trustees (if any)
5. Village of Mundelein Treasurer’s Report
6. Approval of Meeting Minutes
a. January 21, 2026 Regular Meeting
7. President’s Report
8. 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
9. Investment Reports – IPOPIF
a. Cerity Partners, LLC
b. State Street Statements
10. Communications and Reports
a. Affidavits of Continued Eligibility
b. Statements of Economic Interest
11. Trustee Training Updates
a. Approval of Trustee Training Registration Fees and Reimbursable Expenses
12. Applications for Membership/Withdrawals from Fund
a. Applications for Membership – Jaime Alarcon Villanueva and Trudie Magallon
b. Contribution Refund – Thomas Sorenson
13. Applications for Retirement/Disability Benefits
14. Old Business
15. New Business
a. Certify Board Election Results – Active Member Positions
b. Discussion/Possible Action – Frederico Kliora Benefit Taxibility
c. Status Update – IPOPIF Compliance Audit
16. Attorney’s Report – Ottosen, DiNolfo, Hasenbalg & Castaldo, Ltd.
a. Legal Updates
b. Annual Independent Medical Examination – Tyler Waters
17. Closed Session, if needed
18. Action on items discussed in Closed Session, if needed
19. Adjournment
FUTURE MEETING DATES
July 23, 2026 and October 22, 2026 at 6:30 p.m.
Packet
NOTICE OF A REGULAR MEETING OF THE
MUNDELEIN POLICE PENSION FUND
BOARD OF TRUSTEES
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Wednesday, June 3, 2026 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. Approval of Remote Attendance and Full Participation by Certain Trustees (if any)
5. Village of Mundelein Treasurer’s Report
6. Approval of Meeting Minutes
a. January 21, 2026 Regular Meeting
7. President’s Report
8. 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
9. Investment Reports – IPOPIF
a. Cerity Partners, LLC
b. State Street Statements
10. Communications and Reports
a. Affidavits of Continued Eligibility
b. Statements of Economic Interest
11. Trustee Training Updates
a. Approval of Trustee Training Registration Fees and Reimbursable Expenses
12. Applications for Membership/Withdrawals from Fund
a. Applications for Membership – Jaime Alarcon Villanueva and Trudie Magallon
b. Contribution Refund – Thomas Sorenson
13. Applications for Retirement/Disability Benefits
14. Old Business
15. New Business
a. Certify Board Election Results – Active Member Positions
b. Discussion/Possible Action – Frederico Kliora Benefit Taxibility
c. Status Update – IPOPIF Compliance Audit
16. Attorney’s Report – Ottosen, DiNolfo, Hasenbalg & Castaldo, Ltd.
a. Legal Updates
b. Annual Independent Medical Examination – Tyler Waters
17. Closed Session, if needed
18. Action on items discussed in Closed Session, if needed
19. Adjournment
FUTURE MEETING DATES
July 23, 2026 and October 22, 2026 at 6:30 p.m.
Page 1 of 55
MINUTES OF A REGULAR MEETING OF
THE MUNDELEIN POLICE PENSION FUND BOARD OF TRUSTEES
JANUARY 22, 2026
A regular meeting of the Mundelein Police Pension Fund Board of Trustees was held on Thursday, January 22, 2026 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, Deborah Shutter and Kevin Callaghan
ABSENT: Trustees Jim Cupec and Peter Ahern
ALSO PRESENT: Attorney John Kelly, Ottosen DiNolfo Hasenbalg & Castaldo, Ltd.; Elizabeth Adelmann,
Lauterbach & Amen (L&A)
PUBLIC COMMENT: There was no public comment.
VILLAGE OF MUNDELEIN TREASURER’S REPORT: There was no Treasurer’s Report presented.
APPROVAL OF MEETING MINUTES: October 23, 2025 Regular Meeting: The Board reviewed the October 23, 2025
regular meeting minutes. A motion was made by Trustee Shutter and seconded by Trustee Callaghan to approve the
October 23, 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 eight-month period ending December 31, 2025, prepared by
L&A. As of December 31, 2025, the net position held in trust for pension benefits is $55,734,956.52 with a change in
position of $8,752,403.67. The Board also reviewed the Cash Analysis Report, Revenue Report, Municipal Revenue
Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly
Transfer Report and the Quarterly Disbursement Report for the period October 1, 2025 through December 31, 2025 for
total disbursements of $25,991.74. A motion was made by Trustee Callaghan and seconded by Trustee Shutter to
approve the Monthly Financial Report as presented and the disbursements shown on the Quarterly Disbursement
Reports in the amount of $25,991.74. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan and Shutter
NAYS: None
ABSENT: Trustees Cupec and Ahern
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.
INVESTMENT REPORTS – IPOPIF: Verus Advisory, Inc.: The Board reviewed the Verus Advisory, Inc. report for the
period ending November 30, 2025. As of November 30, 2025, the market value is $14,733,040,609 and the year-to-
date net return for the Illinois Police Officers’ Pension Investment Fund (IPOPIF) is 16.7%.
Page 2 of 55
Mundelein Police Pension Fund
Meeting Minutes – January 22, 2026
Page 2 of 3
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 December 31, 2025. As of December 31, 2025, the Fund’s
market value is $55,281,787.89 and the month-to-date net return for the Fund is 0.85%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A mailed Affidavits of
Continued Eligibility to all pensioners in December with a due date of January 31, 2026. A status update will be provided
at the next regular meeting.
Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the
Village/City by February 1, 2026. Statements of Economic Interest will be sent to all registered filers who will need to
respond by the deadline of May 1, 2026.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming
training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training registration
fees or reimbursable expenses presented for approval.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Contribution Refunds – Richard Comber, Jeffrey
Marra, Zaid Mohammed and Andrew Thompson: The Board reviewed the contribution refund request submitted by
Richard Comber. A motion was made by Trustee Callaghan and seconded by Trustee Shutter to approve Richard
Comber’s contribution refund in the amount of $7,041.84 paid in a direct rollover issued on January 15, 2026. Motion
carried by roll call vote.
AYES: Trustees Frasier, Callaghan and Shutter
NAYS: None
ABSENT: Trustees Cupec and Ahern
The Board reviewed the contribution refund request submitted by Jeffrey Marra. A motion was made by Trustee
Callaghan and seconded by Trustee Shutter to approve Jeffrey Marra’s contribution refund in the amount of
$22,209.48 paid directly to himself issued on December 22, 2025. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan and Shutter
NAYS: None
ABSENT: Trustees Cupec and Ahern
The Board reviewed the contribution refund request submitted by Zaid Mohammed. A motion was made by Trustee
Callaghan and seconded by Trustee Shutter to approve Zaid Mohammed’s contribution refund in the amount of
$2,365.57 paid directly to himself issued on November 26, 2025. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan and Shutter
NAYS: None
ABSENT: Trustees Cupec and Ahern
The Board reviewed the contribution refund request submitted by Andrew Thompson. A motion was made by Trustee
Callaghan and seconded by Trustee Shutter to approve Andrew Thompson’s contribution refund in the amount of
$6,794.21 paid directly to himself issued on December 22, 2025. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan and Shutter
NAYS: None
ABSENT: Trustees Cupec and Ahern
Page 3 of 55
Mundelein Police Pension Fund
Meeting Minutes – January 22, 2026
Page 3 of 3
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability
benefits.
OLD BUSINESS: There was no old business to discuss.
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the 2026 Cost of Living
Adjustments calculated by L&A. A motion was made by Trustee Shutter and seconded by Trustee Callaghan to approve
the 2026 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Frasier, Callaghan and Shutter
NAYS: None
ABSENT: Trustees Cupec and Ahern
Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms currently held
by Trustees Ahern and Callaghan are expiring in May 2026. Trustees Ahern and Callaghan expressed their interest to
remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the two active
member Trustee positions. The Board also noted that the appointed member positions held by Trustees Cupec and
Shutter are expiring in April 2026 and they are interested in remaining on the Board. The Board will contact the Village
and seek reappointment of Trustees Shutter and Cupec to the Board.
ATTORNEY’S REPORT – OTTOSEN DINOLFO, HASENBALG & CASTALDO, LTD: 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.
Annual Independent Medical Examination – Tyler Waters: Attorney Kelly informed the Board that Tyler Waters will be
attending his independent medical examination. Further discussion will be held at the next regular meeting.
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 Shutter and seconded by Trustee Callaghan to adjourn the meeting
at 6:46 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for May 21, 2026 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 55
Mundelein Police Pension Fund
Monthly Financial Report
For the Month Ended
April 30, 2026
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483
www.lauterbachamen.com
Page 5 of 55
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 55
Accountants' Compilation Report
Page 7 of 55
May 19, 2026
Mundelein Police Pension Fund
221 N Lake Street
Mundelein, IL 60060
To Members of the Pension Board:
Management is responsible for the accompanying interim financial statements of the Mundelein Police
Pension Fund which comprise the statement of net position - modified cash basis as of April 30, 2026
and the related statement of changes in net position - modified cash basis for the twelve months then
ended in accordance with the modified cash basis of accounting and for determining that the modified
cash basis of accounting is an acceptable financial reporting framework. We have performed a
compilation engagement in accordance with Statements on Standards for Accounting and Review
Services promulgated by the Accounting and Review Services Committee of the American Institute of
Certified Public Accountants. We did not audit or review the interim financial statements nor were we
required to perform any procedures to verify the accuracy or completeness of the information provided
by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of
assurance on these interim financial statements.
The interim financial statements are prepared in accordance with the modified cash basis of accounting,
which is a basis of accounting other than accounting principles generally accepted in the United States of
America.
Management has elected to omit substantially all of the disclosures ordinarily included in interim
financial statements prepared in accordance with the modified cash basis of accounting. If the omitted
disclosures were included in the interim financial statements and other supplementary information,
they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position,
additions and deductions. Accordingly, the interim financial statements and other supplementary
information are not designed for those who are not informed about such matters.
Other Matter
The other supplementary information is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information is the responsibility of management.
The other supplementary information was subject to our compilation engagement. We have not audited
or reviewed the other supplementary information nor were we required to perform any procedures to
verify the accuracy or completeness of the information provided by management. Accordingly, we do not
express an opinion, a conclusion, nor provide any form of assurance on the other supplementary
information.
Cordially,
Lauterbach & Amen
Lauterbach & Amen
1-1 Page 8 of 55
Financial Statements
Page 9 of 55
Mundelein Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of April 30, 2026
Assets
Cash and Cash Equivalents $ 10,070.76
Investments at Fair Market Value
Money Market Mutual Funds 401,283.83
Pooled Investments 57,658,197.30
Total Cash and Investments 58,069,551.89
Prepaids 5,273.00
Total Assets 58,074,824.89
Liabilities
Expenses Due/Unpaid 2,305.00
Total Liabilities 2,305.00
Net Position Held in Trust for Pension Benefits 58,072,519.89
See Accountants' Compilation Report
Page 10 of 55
2-1
Mundelein Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Twelve Months Ended April 30, 2026
Additions
Contributions - Municipal $ 3,228,133.99
Contributions - Members 672,558.88
Total Contributions 3,900,692.87
Investment Income
Interest and Dividends Earned 299,238.72
Net Change in Fair Value 10,672,983.64
Total Investment Income 10,972,222.36
Less Investment Expense (48,523.50)
Net Investment Income 10,923,698.86
Total Additions 14,824,391.73
Deductions
Administration 67,289.00
Pension Benefits and Refunds
Pension Benefits 3,564,911.03
Refunds 102,224.66
Total Deductions 3,734,424.69
Change in Position 11,089,967.04
Net Position Held in Trust for Pension Benefits
Beginning of Year 46,982,552.85
End of Period 58,072,519.89
See Accountants' Compilation Report
Page 11 of 55
2-2
Other Supplementary Information
Page 12 of 55
Mundelein Police Pension Fund
Pooled Investment NAV vs Accumulated Net Investments
70,000,000
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 Oct-25 Jan-26 Apr-26
Pooled Investment NAV Accumulated Net Investments
See Accountants' Compilation Report
3-1 Page 13 of 55
Mundelein Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending April 30, 2026
05/31/25 06/30/25 07/31/25 08/31/25 09/30/25 10/31/25 11/30/25 12/31/25 01/31/26 02/28/26 03/31/26 04/30/26
Financial Institutions
BMO Bank - CK $ 77,418 486,099 10,084 23,549 10,088 10,065 29,004 22,997 10,010 9,997 10,085 10,071
77,418 486,099 10,084 23,549 10,088 10,065 29,004 22,997 10,010 9,997 10,085 10,071
BMO Bank - MM 427,485 402,483 401,433 401,347 402,271 431,140 541,021 427,180 481,063 401,084 454,055 401,214
MSSB - MM - Brokerage #2543 1 - - - - - - - - - - -
MSSB - MM - TCW Investment #2547 - - - - - - - - 46 46 46 46
MSSB - MM - Madison #2549 459 - - - - - - 24 24 24 24 24
427,945 402,483 401,433 401,347 402,271 431,140 541,021 427,204 481,133 401,154 454,125 401,284
Total 505,363 888,582 411,517 424,896 412,359 441,205 570,025 450,201 491,143 411,151 464,210 411,355
Contributions
Current Tax 263,205 1,393,064 71,752 70,714 1,018,568 353,632 56,944 - 138 15 - 99
Contributions - Current Year 76,258 50,940 51,378 51,080 52,009 77,692 51,581 51,875 52,458 51,655 51,740 51,636
Contributions - Prior Year 260 174 174 174 174 260 174 174 174 174 174 174
339,723 1,444,178 123,304 121,968 1,070,751 431,584 108,699 52,049 52,770 51,844 51,914 51,909
Expenses
Pension Benefits 284,592 289,864 289,864 293,714 296,919 297,703 297,703 297,703 303,797 303,797 304,411 304,843
Refunds/Transfers of Service - 63,814 - - - - 2,366 29,004 7,042 - - -
Administration 9,796 7,780 11,696 25,685 5,672 5,205 13,174 7,613 4,764 12,168 7,268 4,994
294,388 361,458 301,560 319,399 302,591 302,908 313,243 334,320 315,603 315,965 311,679 309,837
Total Contributions less Expenses 45,335 1,082,720 (178,256) (197,431) 768,160 128,676 (204,544) (282,271) (262,833) (264,121) (259,765) (257,928)
See Accountants' Compilation Report
Page 14 of 55
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 55
Mundelein Police Pension Fund
Cash Transfers to/from Consolidated Fund
1,200,000
1,000,000
800,000
600,000
400,000
200,000
-
(200,000)
(400,000)
Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
5-1 Page 16 of 55
Mundelein Police Pension Fund
Revenue Report as of April 30, 2026
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-210-00 - Current Tax $ 99.46 1 3,228,133.99
99.46 3,228,133.99
Contributions - Members
41-410-00 - Contributions - Current Year 51,636.26 1 670,302.34
41-420-00 - Contributions - Prior Year 173.58 1 2,256.54
51,809.84 672,558.88
Total Contributions 51,909.30 9 3,900,692.87
Investment Income
Interest and Dividends
43-102-09 - BMO Bank - Checking 29.99 1 1,074.42
43-105-03 - BMO Bank - MM 1,180.27 1 17,704.58
43-800-01 - IPOPIF Consolidated Pool Income 20,944.03 1 280,359.13
22,154.29 7 299,138.13
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 2,881,128.17 1 8,894,755.47
44-800-02 - IPOPIF Consolidated Pool - Realized 68,421.27 1 1,778,228.17
2,949,549.44 4 10,672,983.64
Other Income
49-000-01 - Other Income 0.00 1 100.59
0.00 3 100.59
Total Investment Income 2,971,703.73 2 10,972,222.36
5
Total Revenue 3,023,613.03 14,872,915.23
See Accountants' Compilation Report
Page 17 of 55
6-1
Mundelein Police Pension Fund
Municipal Revenue as of April 30, 2026
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 353,632.48 145,153.94 206,018.69 221,489.60
Property Tax - November 56,944.30 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 138.25 12.55 2,161.82 0.00
Property Tax - February 15.08 0.00 0.00 0.00
Property Tax - March 0.00 0.00 0.00 23,359.27
Property Tax - April* 99.46 0.00 17.30 0.00
Total Taxes Received 3,228,133.99 2,872,402.85 2,650,649.29 2,447,355.77
Total Employer Contributions 3,228,133.99 2,872,402.85 2,650,649.29 2,447,355.77
Private Actuary Recommended Contribution** 2,874,365.00 2,526,387.00 2,299,326.00 2,406,776.00
Percent Received 112.31% 113.70% 115.28% 101.69%
IFPIF/IPOPIF Minimum Contribution 3,338,462.00 3,122,748.00 2,958,195.00 2,951,078.00
Percent Received 96.70% 91.98% 89.60% 82.93%
*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 55
7-1
Mundelein Police Pension Fund
Expense Report as of April 30, 2026
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 257,516.16 3,011,875.62
51-030-00 - Non-Duty Disability Pensions 19,221.03 228,981.64
51-040-00 - Duty Disability Pensions 13,520.78 161,163.12
51-060-00 - Surviving Spouse Pensions 14,585.21 162,890.65
51-100-00 - Refund of Contributions 0.00 102,224.66
Total Pensions and Benefits 304,843.18 3,667,135.69
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 26,622.00
52-170-05 - Legal Services 0.00 4,000.00
52-170-06 - PSA/Court Reporter 1,384.00 16,529.00
3,301.00 53,951.00
Investment
52-190-01 - Investment Manager/Advisor Fees 0.00 4.45
52-190-04 - Bank Fees 30.83 369.70
52-195-02 - Administrative Expense (IPOPIF) 824.07 8,884.72
52-195-03 - Investment Expense (IPOPIF) 837.91 9,893.90
52-195-04 - Investment Manager Fees (IPOPIF) 0.00 28,186.80
52-195-06 - Transition Cost Allocation Expense (IPOPIF) 0.00 1,183.93
1,692.81 48,523.50
Other Expense
52-290-25 - Conference/Seminar Fees 0.00 1,475.00
52-290-26 - Association Dues 0.00 825.00
0.00 2,300.00
Total Administrative 4,993.81 115,812.50
Total Expenses 309,836.99 3,782,948.19
See Accountants' Compilation Report
Page 19 of 55
8-1
Mundelein Police Pension Fund
Pension Benefits and Expenses
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
Service Non-Duty Duty Disability Surviving Refund Administrative
Disability Spouse
Expenses 3,011,876 228,982 161,163 162,891 102,225 115,813
See Accountants' Compilation Report
9-1 Page 20 of 55
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended April 30, 2026
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Ahern, Peter W. $ 176,946.07 12,257.86 0.00 0.00 189,203.93
Anderson, Erik M. 27,980.02 10,585.60 0.00 0.00 38,565.62
Anderson, Jakob C. 166,127.01 15,693.49 0.00 0.00 181,820.50
Balogh, Stephen E. 76,337.02 12,416.04 0.00 0.00 88,753.06
Bond, Michael J. 104,555.45 12,108.40 0.00 0.00 116,663.85
Brigano, Christopher E. 147,795.67 14,403.66 0.00 0.00 162,199.33
Burnham, Jessica P. 31,187.04 10,798.86 0.00 0.00 41,985.90
Bush, Michael A. 165,155.45 14,321.34 0.00 0.00 179,476.79
Callaghan, Kevin P. 106,884.19 12,027.33 0.00 0.00 118,911.52
Callas, Chris A. 204,609.35 12,246.14 0.00 0.00 216,855.49
Chrabot, Eric T. 165,084.21 12,244.79 0.00 0.00 177,329.00
Crispe, Rachel R. 154,671.99 12,184.76 0.00 0.00 166,856.75
Cummings, James S. 4,482.10 8,638.05 0.00 0.00 13,120.15
Daifallah, Issa F. 0.00 5,494.61 0.00 0.00 5,494.61
Devore, James M. 182,557.78 12,199.24 0.00 0.00 194,757.02
Dunn, Roger D. 16,960.55 9,518.29 0.00 0.00 26,478.84
Freese, Kevin R. 51,446.30 12,035.60 0.00 0.00 63,481.90
Glogovsky, Tony A. 184,288.71 12,199.24 0.00 0.00 196,487.95
Gopar, Angel 1,391.00 8,420.03 0.00 0.00 9,811.03
Hernandez, Israel Jr. 82,640.98 12,018.19 0.00 0.00 94,659.17
Hurley, Austin T. 72,815.41 12,119.97 0.00 0.00 84,935.38
Jarol, Steven M. 30,582.33 12,024.06 0.00 0.00 42,606.39
Kamischke, Amber S. 50,892.68 12,001.00 0.00 0.00 62,893.68
Kaplan, Seamus A. 194,374.69 13,664.98 0.00 0.00 208,039.67
Kisselburg, Brian J. 223,422.91 16,216.80 0.00 0.00 239,639.71
Kivley, Mark R. 11,649.46 10,505.79 0.00 0.00 22,155.25
Korinek, Antonio R. 10,166.43 9,013.00 0.00 0.00 19,179.43
Koumantos, Anastasios M. 164,740.45 12,174.44 0.00 0.00 176,914.89
Kroll, Steven G. 161,778.12 14,335.06 0.00 0.00 176,113.18
Logarta, Christian A. 114,208.05 12,108.40 0.00 0.00 126,316.45
Maldonado, Elizabeth 4,482.10 8,653.93 0.00 0.00 13,136.03
Mancilla, Stephanie 10,197.35 9,072.33 0.00 0.00 19,269.68
McCourt, Brian J. Jr. 86,329.39 12,017.83 0.00 0.00 98,347.22
Oakes, Jacob G. 49,271.70 11,888.43 0.00 0.00 61,160.13
Osoria, Jecoa D. 26,321.30 12,058.67 0.00 0.00 38,379.97
Perdue, Thomas M. 235,617.52 12,222.69 0.00 0.00 247,840.21
Poynor, Thomas R. 169,159.81 17,660.97 0.00 0.00 186,820.78
Pyrek, Michael V. 109,021.63 12,027.33 0.00 0.00 121,048.96
See Accountants' Compilation Report
10-1 Page 21 of 55
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended April 30, 2026
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Reyes, Michael A. 100,191.34 12,050.49 0.00 0.00 112,241.83
Rodriguez, Walter 88,956.25 11,977.93 0.00 0.00 100,934.18
Sanchez, Jonathan O. 27,978.10 10,543.03 0.00 0.00 38,521.13
Schuldt, James T. III 166,934.77 12,060.26 0.00 0.00 178,995.03
Seeley, Jason L. 234,505.20 19,853.97 0.00 0.00 254,359.17
Servin, Juan C. 23,858.36 10,103.78 0.00 0.00 33,962.14
Sexton, Jessica L. 60,284.08 12,035.60 0.00 0.00 72,319.68
Simonelli, Steven P. 98,384.90 12,027.33 0.00 0.00 110,412.23
Sorensen, Thomas W. 0.00 5,399.20 0.00 0.00 5,399.20
Stadler, Kurt R. 70,379.95 12,081.74 0.00 0.00 82,461.69
Thurman, Eliyah N. 4,482.10 8,645.45 0.00 0.00 13,127.55
Torres, Noe 7,735.48 8,853.92 0.00 0.00 16,589.40
Valdes, Alexis M. 19,364.00 9,767.02 0.00 0.00 29,131.02
Valenziano, Christ A. 97,144.79 12,096.81 0.00 0.00 109,241.60
Viduya, Paul B. 23,770.67 10,113.56 0.00 0.00 33,884.23
Waites, James J. 218,081.79 14,295.21 2,256.54 0.00 234,633.54
Wilfenger, Richard R. 196,626.69 16,216.80 0.00 0.00 212,843.49
Witt, Richard H. IV 159,151.57 12,219.79 0.00 0.00 171,371.36
5,373,962.26 661,919.09 2,256.54 0.00 6,038,137.89
Inactive/Terminated Members
Comber, Richard A. III 7,041.84 0.00 0.00 (7,041.84) 0.00
Fierro, Jonathan J. 0.00 2,163.65 0.00 0.00 2,163.65
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
Marra, Jeffrey A. 22,209.48 0.00 0.00 (22,209.48) 0.00
Mohammed, Zaid S. 2,365.57 0.00 0.00 (2,365.57) 0.00
Thompson, Andrew N. 6,794.21 0.00 0.00 (6,794.21) 0.00
Vekemans, Jacob E. 63,813.56 0.00 0.00 (63,813.56) 0.00
Totals 5,850,707.28 670,302.34 2,256.54 (102,224.66) 6,421,041.50
See Accountants' Compilation Report
10-2 Page 22 of 55
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended April 30, 2026
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 2,256.54 0.00 0.00 2,256.54
Totals 2,256.54 0.00 0.00 2,256.54
See Accountants' Compilation Report
10-3 Page 23 of 55
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 04/30/2026
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 $3,621.63 $4,179.19 $0.00 $57.56 $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. $4,609.47 $4,609.47 $0.00 $0.00 $0.00 $0.00 $0.00
Duty Disability $12,963.22 $13,520.78 $0.00 $57.56 $0.00 $500.00 $0.00
Non-Duty Disability
105731 Jones, Stephanie L. $2,491.32 $3,256.32 $0.00 $0.00 $0.00 $765.00 $0.00
105726 Maddock, Robert H. $3,594.69 $3,594.69 $0.00 $0.00 $0.00 $0.00 $0.00
105718 Ostdick, Jeffrey A. $3,328.06 $4,014.06 $0.00 $0.00 $0.00 $686.00 $0.00
105710 Pierce-Demski, Kerry A. $3,413.59 $4,247.59 $0.00 $0.00 $0.00 $834.00 $0.00
116686 Waters, Tyler E. $3,711.37 $4,108.37 $0.00 $0.00 $0.00 $397.00 $0.00
Non-Duty Disability $16,539.03 $19,221.03 $0.00 $0.00 $0.00 $2,682.00 $0.00
QILDRO
Q105738 Kipp, Kathryn A. $3,240.50 $3,709.50 $0.00 $0.00 $0.00 $469.00 $0.00
QILDRO $3,240.50 $3,709.50 $0.00 $0.00 $0.00 $469.00 $0.00
Service
105734 Beese, Richard M. $6,454.97 $8,843.48 $0.00 $0.00 $0.00 $2,388.51 $0.00
105736 Bronge, Joseph M. $5,700.47 $6,389.47 $0.00 $0.00 $0.00 $689.00 $0.00
105709 Butt, Eric A. $3,709.51 $5,050.01 $1,003.49 $8.01 $0.00 $329.00 $0.00
122795 Clark, Scott D. $4,697.14 $5,128.14 $0.00 $0.00 $0.00 $431.00 $0.00
121020 Dempsey, Paul W. $5,868.50 $6,402.50 $0.00 $0.00 $0.00 $534.00 $0.00
120014 DuHamel, Gary W. $7,352.73 $8,628.73 $0.00 $0.00 $0.00 $1,276.00 $0.00
109417 Eugenis, Cameron P. $7,661.00 $8,391.00 $0.00 $0.00 $0.00 $730.00 $0.00
105728 Fox, Gregory S. $5,923.67 $6,464.67 $0.00 $0.00 $0.00 $541.00 $0.00
105721 Frasier Jr, Wallace E. $7,910.25 $9,262.25 $0.00 $0.00 $0.00 $1,352.00 $0.00
120514 Gara, Patrick J. $6,535.08 $7,254.08 $0.00 $0.00 $0.00 $719.00 $0.00
115800 Gorski, Daniel R. $4,853.50 $6,336.50 $0.00 $0.00 $0.00 $483.00 $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. $7,791.05 $8,865.05 $0.00 $0.00 $0.00 $1,074.00 $0.00
128971 Guenther, William R. $5,984.63 $6,622.63 $0.00 $0.00 $0.00 $638.00 $0.00
128566 Hall, Thomas B. $5,081.77 $5,895.77 $0.00 $0.00 $0.00 $814.00 $0.00
114213 Hansen, Donovan C. $8,448.07 $10,896.07 $0.00 $0.00 $0.00 $2,448.00 $0.00
118063 Hergott, Marc S. $3,723.74 $7,693.26 $2,167.89 $112.63 $0.00 $689.00 $0.00
118063 Hergott, Marc S. $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
4/16/2026 10:11 AM Page 24 of 55
Page Number: 1
See Accountants' Compilation Report
11-1
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 04/30/2026
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. $1,797.49 $2,097.49 $0.00 $0.00 $0.00 $300.00 $0.00
105727 Kalodimos, Keith A. $7,402.88 $8,596.88 $0.00 $0.00 $0.00 $1,194.00 $0.00
105719 Kipp Jr, Edward D. $3,154.51 $7,419.01 $0.00 $0.00 $0.00 $555.00 $3,709.50
112170 Kliora, Federico J. $5,721.89 $9,644.89 $0.00 $0.00 $0.00 $3,923.00 $0.00
105724 Martinek, Philip P. $5,721.99 $6,928.99 $0.00 $0.00 $0.00 $507.00 $0.00
105724 Martinek, Philip P. $700.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
105735 McCommons, Roy J. $6,028.17 $7,420.37 $0.00 $0.00 $0.00 $1,392.20 $0.00
125090 Monahan, John M. $9,808.28 $12,776.28 $0.00 $0.00 $0.00 $2,968.00 $0.00
105713 O'Brien, Michael S. $8,281.43 $10,282.43 $0.00 $0.00 $0.00 $2,001.00 $0.00
105725 Parrish, Mark L. $7,022.08 $8,007.08 $0.00 $0.00 $0.00 $985.00 $0.00
105711 Pender, Patrick T. $8,222.49 $9,073.49 $0.00 $0.00 $0.00 $851.00 $0.00
124241 Rathke, Phillip E. $4,579.77 $4,978.77 $0.00 $0.00 $0.00 $399.00 $0.00
122797 Richards, Michael E. $7,099.26 $8,105.26 $0.00 $0.00 $0.00 $1,006.00 $0.00
105715 Robertson, David M. $4,558.60 $4,558.60 $0.00 $0.00 $0.00 $0.00 $0.00
105714 Roy, Steven E. $2,698.70 $3,011.28 $0.00 $0.00 $0.00 $312.58 $0.00
105717 Schaefer, Steven R. $3,661.03 $4,407.03 $0.00 $0.00 $0.00 $746.00 $0.00
123732 Schmidt, Daniel J. $5,435.88 $5,910.88 $0.00 $0.00 $0.00 $475.00 $0.00
122567 Smith, Kathleen L. $4,251.74 $6,070.02 $0.00 $0.00 $0.00 $1,818.28 $0.00
105716 Torbeck, Dennis C. $6,095.38 $6,944.97 $0.00 $0.00 $0.00 $849.59 $0.00
105730 Werfelmann, Paul W. $6,579.64 $7,946.64 $0.00 $0.00 $0.00 $1,367.00 $0.00
113685 Yarc, Brian M. $4,815.19 $5,212.19 $0.00 $0.00 $0.00 $397.00 $0.00
Service $213,332.48 $257,516.16 $3,171.38 $120.64 $0.00 $37,182.16 $3,709.50
Surviving Spouse
108021 Awe, Judy E. $4,713.76 $5,301.76 $0.00 $0.00 $0.00 $588.00 $0.00
105722 Fuller, Marilyn R. $3,830.82 $3,958.82 $0.00 $0.00 $0.00 $128.00 $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. $3,612.74 $4,299.36 $0.00 $0.00 $0.00 $686.62 $0.00
Surviving Spouse $13,022.59 $14,585.21 $0.00 $0.00 $0.00 $1,562.62 $0.00
Batch Totals
ACH Flag Payments Net Payment Mbr Gross Health Dental Benistar Federal Tax QILDRO
Total Insurance -Vision Insurance Deduct
Insurance
Batch #84691 - 04/16/2026
ACH 52 $259,097.82 $308,552.68 $3,171.38 $178.20 $0.00 $42,395.78 $3,709.50
4/16/2026 10:11 AM Page 25 of 55
Page Number: 2
See Accountants' Compilation Report
11-2
Mundelein Police Pension Fund
Mundelein Police Pension Fund Check Date: 04/30/2026
Batch #84691 - 04/16/2026 $259,097.82 $308,552.68 $3,171.38 $178.20 $0.00 $42,395.78 $3,709.50
4/16/2026 10:11 AM Page 26 of 55
Page Number: 3
See Accountants' Compilation Report
11-3
Mundelein Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
February 1, 2026 - April 30, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
02/27/26 20825 Village of Mundelein
20-220-00 Health Insurance - 02/26 3,171.38
20-220-00 Dental-Vision Insurance 178.20
ACH Amount (Direct Deposit) 3,349.58
02/27/26 20826 Internal Revenue Service
20-230-00 Internal Revenue Service 42,273.78
ACH Amount (Direct Deposit) 42,273.78
03/31/26 20831 Village of Mundelein
20-220-00 Health Insurance - 03/26 3,171.38
20-220-00 Dental-Vision Insurance 178.20
ACH Amount (Direct Deposit) 3,349.58
03/31/26 20832 Internal Revenue Service
20-230-00 Internal Revenue Service 42,347.78
ACH Amount (Direct Deposit) 42,347.78
04/30/26 20835 Village of Mundelein
20-220-00 Health Insurance - 04/26 3,171.38
20-220-00 Dental-Vision Insurance 178.20
ACH Amount (Direct Deposit) 3,349.58
04/30/26 20836 Internal Revenue Service
20-230-00 Internal Revenue Service 42,395.78
ACH Amount (Direct Deposit) 42,395.78
Total Payments 137,066.08
See Accountants' Compilation Report
Page 27 of 55
12-1
Mundelein Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
February 1, 2026 - April 30, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
02/26/26 20828 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 150,800.00
ACH Amount (Direct Deposit) 150,800.00
03/30/26 20833 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 16,200.00
ACH Amount (Direct Deposit) 16,200.00
04/30/26 20837 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 122,800.00
ACH Amount (Direct Deposit) 122,800.00
Total Payments 289,800.00
See Accountants' Compilation Report
Page 28 of 55
13-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
February 1, 2026 - April 30, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
02/23/26 20827 Lauterbach & Amen, LLP
52-170-03 #114546 01/26 Accounting & Benefits 1,507.00
52-170-06 #114546 01/26 PSA 1,384.00
52-170-03 #114546 01/26 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
02/23/26 50751 BMO Bank
52-190-04 Bank Fee 14.75
Check Amount 14.75
02/23/26 50752 BMO Bank
52-190-04 Bank Fee 31.06
Check Amount 31.06
02/28/26 202602 IPOPIF
52-195-02 Administrative Expense 515.76
52-195-03 Investment Expense 748.85
52-195-04 Investment Manager Fees 7,556.46
Check Amount 8,821.07
03/05/26 20829 Ottosen DiNolfo, LTD
52-170-05 #19736 Retainer 1,000.00
ACH Amount (Direct Deposit) 1,000.00
03/16/26 20830 Lauterbach & Amen, LLP
52-170-03 #115888 02/26 Accounting & Benefits 1,507.00
52-170-06 #115888 02/26 PSA 1,384.00
52-170-03 #115888 02/26 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
03/23/26 50753 BMO Bank
52-190-04 Bank Fee 33.06
Check Amount 33.06
03/31/26 202603 IPOPIF
52-195-02 Administrative Expense 735.45
52-195-03 Investment Expense 855.86
52-195-04 Investment Manager Fees 1,342.96
Check Amount 2,934.27
04/13/26 20834 Lauterbach & Amen, LLP
52-170-03 #116930 03/26 Accounting & Benefits 1,507.00
52-170-06 #116930 03/26 PSA 1,384.00
52-170-03 #116930 03/26 Annual Services 410.00
ACH Amount (Direct Deposit) 3,301.00
See Accountants' Compilation Report
Page 29 of 55
14-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
February 1, 2026 - April 30, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
04/22/26 50754 BMO Bank
52-190-04 Bank Fee 30.83
Check Amount 30.83
04/30/26 202604 IPOPIF
52-195-02 Administrative Expense 824.07
52-195-03 Investment Expense 837.91
Check Amount 1,661.98
Total Payments 24,430.02
See Accountants' Compilation Report
Page 30 of 55
14-2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: March 31, 2026
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 14,797,395,577 100.0 100.0 -5.5 -0.2 8.2 -0.2 17.2 12.1 7.6 03/01/22
Policy Index -5.3 -0.6 7.7 -0.6 16.0 11.8 7.2
Policy Index- Broad Based -6.0 -2.2 5.6 -2.2 15.7 12.2 6.9
IPOPIF Investment Portfolio 14,797,395,577 100.0 100.0 -5.5 -0.2 8.2 -0.2 17.2 12.0 7.5 04/01/22
Policy Index -5.3 -0.6 7.7 -0.6 16.0 11.8 7.3
Policy Index- Broad Based -6.0 -2.2 5.6 -2.2 15.7 12.2 6.9
Growth 8,575,685,207 58.0 58.0 -8.2 -0.8 10.9 -0.8 25.2 16.3 10.0 04/01/22
Growth Benchmark -8.1 -1.5 10.2 -1.5 23.7 15.9 9.5
RhumbLine Russell 1000 Index 3,237,005,413 21.9 23.0 -5.0 -4.2 6.0 -4.2 17.7 18.1 10.8 04/01/22
Russell 1000 Index -5.0 -4.2 6.0 -4.2 17.7 18.1 10.9
Domestic Small Cap Equity 745,611,241 5.0 5.0 -4.7 2.4 17.6 2.4 27.5 13.6 6.6 04/01/22
Russell 2000 Index -5.0 0.9 15.9 0.9 25.7 13.0 6.3
RhumbLine Russell 2000 Index 284,075,887 1.9 2.0 -5.0 0.9 15.8 0.9 25.6 13.0 6.2 04/01/22
Russell 2000 Index -5.0 0.9 15.9 0.9 25.7 13.0 6.3
Hood River Small Cap Growth 232,235,595 1.6 1.5 -5.2 5.2 - 5.2 - - 5.1 12/01/25
Russell 2000 Growth Index -6.3 -2.8 - -2.8 - - -4.1
Reinhart Small Cap Value 229,299,759 1.5 1.5 -3.9 1.6 - 1.6 - - 3.2 12/01/25
Russell 2000 Value Index -3.6 5.0 - 5.0 - - 5.1
SSgA Non-US Developed Index 2,748,358,723 18.6 19.0 -9.6 -0.8 10.0 -0.8 23.5 14.7 10.2 04/01/22
MSCI World ex U.S. (Net) -9.7 -0.9 9.8 -0.9 23.0 14.3 9.8
International Developed Small Cap Equity 788,725,865 5.3 5.0 -10.3 -0.2 7.6 -0.2 28.9 14.5 7.9 04/01/22
MSCI World ex U.S. Small Cap Index (Net) -11.2 -0.4 10.6 -0.4 29.2 13.8 7.3
Acadian ACWI ex US Small-Cap Fund 385,658,884 2.6 2.5 -10.7 -0.5 9.8 -0.5 27.8 - 19.1 02/01/24
MSCI AC World ex USA Small Cap (Net) -11.2 -0.5 9.3 -0.5 27.8 - 15.0
WCM International Small Cap Growth Fund 187,264,997 1.3 1.3 -9.7 -1.7 -5.7 -1.7 21.4 - 9.2 03/01/24
MSCI AC World ex USA Small Cap (Net) -11.2 -0.5 9.3 -0.5 27.8 - 15.1
LSV International Small Cap Value Equity Fund 215,801,985 1.5 1.3 -10.1 1.7 17.1 1.7 38.3 - 24.0 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) -11.8 -1.3 9.3 -1.3 28.4 - 15.5
Emerging Market Equities 1,055,983,965 7.1 6.0 -14.5 7.0 27.6 7.0 53.1 17.6 10.1 04/01/22
Emerging Markets Equity Benchmark -14.8 3.2 21.3 3.2 41.3 15.2 8.1
William Blair Emerging Markets ex China Growth Fund 503,823,645 3.4 3.0 -14.5 4.6 23.5 4.6 47.5 - 25.7 01/01/25
MSCI Emerging Markets ex China IMI (Net) -14.2 2.7 19.2 2.7 39.4 - 27.8
ARGA Emerging Markets Ex China Equity 552,160,320 3.7 3.0 -14.4 9.3 31.5 9.3 59.4 - 42.7 12/01/24
MSCI Emerging Markets ex China (Net) -14.8 3.2 21.3 3.2 41.3 - 26.8
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 31 of 55 1
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: March 31, 2026
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Income 2,362,287,216 16.0 16.0 -1.6 -0.7 4.5 -0.7 8.0 8.9 4.9 04/01/22
Income Benchmark -1.3 -0.6 4.7 -0.6 8.0 8.8 5.4
High Yield 612,806,427 4.1 4.3 -1.5 -0.6 3.3 -0.6 6.9 8.7 5.3 04/01/22
Blmbg. U.S. Corp: High Yield Index -1.2 -0.5 3.4 -0.5 7.0 8.6 5.5
SSgA High Yield Corporate Credit 312,894,414 2.1 2.3 -1.2 -0.5 3.4 -0.5 7.0 8.7 5.3 04/01/22
Spliced SSgA U.S. High Yield Index -1.2 -0.5 3.2 -0.5 6.9 8.5 5.3
Metlife Opportunistic High Yield 298,253,569 2.0 2.0 -1.8 - - - - - -1.8 03/01/26
Blmbg. U.S. Corp: High Yield Index -1.2 - - - - - -1.2
High Yield Transition Manager Account 1,658,443 0.0 0.0
Emerging Market Debt 887,239,160 6.0 6.0 -3.5 -1.3 6.3 -1.3 10.5 9.7 4.7 04/01/22
Emerging Markets Debt Benchmark -3.3 -1.3 6.8 -1.3 10.4 9.5 5.5
SSgA EMD Hard Index Fund 668,252,982 4.5 4.5 -3.3 -1.3 6.8 -1.3 10.4 9.6 4.6 04/01/22
Spliced SSgA EMD Hard Index -3.3 -1.3 6.8 -1.3 10.4 9.5 4.9
Capital Group Emerging Markets Debt 218,986,179 1.5 1.5 -4.1 -1.3 4.9 -1.3 10.9 - 8.9 11/01/24
Spliced Capital Group EMD Index -4.1 -1.5 4.8 -1.5 10.2 - 8.5
Bank Loans 454,345,293 3.1 3.0 0.6 -0.4 3.1 -0.4 5.6 - 6.4 03/01/24
S&P UBS Leveraged Loan Index 0.6 -0.5 2.4 -0.5 4.8 - 6.1
Ares Institutional Loan Fund 150,614,725 1.0 1.0 0.4 -0.6 2.4 -0.6 4.8 - 6.2 03/01/24
S&P UBS Leveraged Loan Index 0.6 -0.5 2.4 -0.5 4.8 - 6.1
Aristotle Institutional Loan Fund 303,730,568 2.1 2.0 0.7 -0.3 3.5 -0.3 6.0 - 6.4 03/01/24
S&P UBS Leveraged Loan Index 0.6 -0.5 2.4 -0.5 4.8 - 6.1
Oaktree Blue Credit 1 407,896,336 2.8 2.7 0.3 0.3 3.7 0.3 - - 5.7 05/01/25
Real Return 846,811,203 5.7 6.0 -4.1 3.6 7.4 3.6 6.7 6.1 1.8 04/01/22
Real Return Benchmark -3.7 3.5 7.0 3.5 6.0 5.3 -0.3
SSgA REITs Index 621,462,185 4.2 4.0 -5.7 4.6 9.1 4.6 7.2 9.1 0.7 04/01/22
Dow Jones U.S. Select REIT Total Return Index -5.7 4.6 9.1 4.6 7.2 9.2 0.7
Principal USPA 225,349,018 1.5 2.0 0.3 1.1 3.5 1.1 5.4 -1.6 -3.0 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 32 of 55 2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: March 31, 2026
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Risk Mitigation 3,012,611,950 20.4 20.0 -0.7 0.4 2.7 0.4 3.9 4.3 3.1 04/01/22
Risk Mitigation Benchmark -0.7 0.3 2.7 0.3 3.9 4.3 3.0
SSgA US Treasury Index 446,932,608 3.0 3.0 -1.7 0.1 2.4 0.1 3.2 - 5.4 05/01/24
Blmbg. U.S. Treasury Index -1.7 0.0 2.4 0.0 3.3 - 5.3
SSgA Core Fixed Income Index 455,657,360 3.1 3.0 -1.8 0.0 3.1 0.0 4.3 3.7 1.5 04/01/22
Blmbg. U.S. Aggregate Index -1.8 0.0 3.1 0.0 4.3 3.6 1.5
SSgA Short-Term Gov't/Credit Index 1,483,197,308 10.0 10.0 -0.5 0.3 2.6 0.3 4.0 4.4 3.3 04/01/22
Bloomberg U.S. Gov/Credit 1-3 Year Index -0.5 0.3 2.7 0.3 4.0 4.3 3.3
SSgA US TIPS Index 445,280,819 3.0 3.0 0.0 1.0 2.9 1.0 3.9 4.7 3.3 04/01/22
Blmbg. U.S. TIPS 0-5 Year 0.1 0.9 2.9 0.9 3.9 4.7 3.4
Cash 180,554,789 1.2 1.0 0.3 0.8 2.9 0.8 3.9 4.7 3.9 04/01/22
90 Day U.S. Treasury Bill 0.3 0.8 2.9 0.8 4.0 4.7 4.2
IPOPIF Pool Fixed Income Transition 989,067 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 33 of 55 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2026
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 Metlife Opportunistic Fixed Incoe 2/3/2026 State Street
RhumbLine Russell 2000 Index Fund 3/15/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street
Hood River Small Cap Growth 11/7/2025 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street
Reinhart Small Cap Value 11/7/2025 State Street Ares Institutional Loan Fund 3/1/2024 Ares
SSgA Non-US Developed Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle
SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Principal USPA 4/6/2022 State Street
Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Oaktree Blue Credit 1 5/1/2025 Oaktree
WCM International Small Cap Growth Fund 3/1/2024 WCM SSgA REITs Index Fund 3/10/2022 State Street
LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA US Treasury Index Fund 5/1/2024 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street
SSgA Emerging Markets ex China Equity Index Fun 5/1/2024 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA US TIPS Index Fund 3/17/2022 State Street
ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA Cash 3/22/2022 State Street
SSgA High Yield Corporate Credit 3/18/2022 State Street
Custom Benchmark Composition
Benchmark Time period Composition
Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI IMI (Net) and 30% Bloomberg Global Multiverse.
Spliced SSgA EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index
Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index
Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained
Spliced SSgA U.S. High Yield Index 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index
Spliced Capital Group EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD
Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD
Page 34 of 55 3
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: March 31, 2026
Policy Index Composition
Policy Risk
As of 9/1/2025 Policy Index Growth Income Real Return Risk Mitigation As of 8/1/2025 Index Growth Income Real Return 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 4.0% 25.0% Bloomberg US Corporate High Yield Index 4.5% 28.1%
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 3.0% 18.8% Private Credit Actual Performance 2.5% 15.6%
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 7/1/2025 Policy Index Growth Income Real Return Risk Mitigation As of 6/1/2025 Index Growth Income Real Return 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 5.1% 31.7% Bloomberg US Corporate High Yield Index 5.7% 35.3%
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 1.9% 12.0% Private Credit Actual Performance 1.4% 8.4%
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 5/1/2025 Policy Index Growth Income Real Return Risk Mitigation As of 12/1/2024 Index Growth Income Real Return 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 6.2% 38.9% Bloomberg US Corporate High Yield Index 7.0% 43.8%
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 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% 90 Day US Treasury Bill Index 1% 5.0%
Page 35 of 55 3
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: March 31, 2026
Policy Index Composition
Policy Risk
As of 11/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 10/1/2024 Index Growth Income Real Return 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 0.7% 1.2% MSCI Emerging Markets 0.8% 1.4%
MSCI Emerging Markets ex China 5.3% 9.2% MSCI Emerging Markets ex China 5.2% 9.0%
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 9/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 8/1/2024 Index Growth Income Real Return 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 1.5% 2.6% MSCI Emerging Markets 2% 3.4%
MSCI Emerging Markets ex China 4.5% 7.8% MSCI Emerging Markets ex China 4% 6.9%
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 7/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 6/1/2024 Index Growth Income Real Return Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 36.5%
Russell 2000 5% 8.6% Russell 2000 5% 7.9%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 30.1%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 7.9%
MSCI Emerging Markets 3% 5.2% MSCI Emerging Markets 4% 6.3%
MSCI Emerging Markets ex China 3% 5.2% MSCI Emerging Markets ex China 2% 3.2%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 64.1%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 54.9%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 27.5%
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 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 2% 10.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 11% 55.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Page 36 of 55 3
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: March 31, 2026
Policy Index Composition
Policy Risk
As of 5/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 4/1/2024 Index Growth Income Real Return 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 5% 8.6% MSCI Emerging Markets 6% 10.3%
MSCI Emerging Markets ex China 1% 1.7% Bloomberg US Corporate High Yield Index 7% 43.8%
Bloomberg US Corporate High Yield Index 7% 43.8% JPM EMBI Global Diversified Index 6% 37.5%
JPM EMBI Global Diversified Index 6% 37.5% 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 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg US Treasury Index 1% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 12% 60.0% 90 Day US Treasury Bill Index 1% 5.0%
Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 3/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 5/1/2023 Index Growth Income Real Return 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. 18% 31.0% 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 7% 12.1% MSCI Emerging Markets 7% 12.1%
Bloomberg US Corporate High Yield Index 8.5% 53.1% 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%
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 1/1/2023 Policy Index Growth Income Real Return Risk Mitigation As of 3/31/2022 Index Growth Income Real Return Mitigation
Russell 1000 18% 36.0% Russell 3000 23% 46.0%
Russell 2000 5% 10.0% MSCI ACWI ex USA IMI 20% 40.0%
MSCI World ex U.S. 15% 30.0% MSCI Emerging Markets IMI 7% 14.0%
MSCI World ex U.S. Small Cap 5% 10.0% Bloomberg US Corporate High Yield Index 10% 62.5%
MSCI Emerging Markets 7% 14.0% 50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
Bloomberg US Corporate High Yield Index 10% 62.5% NCREIF Property Index 2% 66.7%
JPM EMBI Global Diversified Index 6% 37.5% Dow Jones US Select REIT Index 4% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Bloomberg US Aggregate Index 7% 25.0%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US Aggregate Index 7% 25.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6% 90 Day US Treasury Bill Index 3% 10.7%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
Page 37 of 55 3
Glossary
Allocation Effect: An attribution effect that describes the amount attributable to the managers' asset allocation decisions, relative to the benchmark.
Alpha: The excess return of a portfolio after adjusting for market risk. This excess return is attributable to the selection skill of the portfolio manager. Alpha is calculated as: Portfolio Return [Risk free Rate + Portfolio Beta x (Market Return Risk
free Rate)].
‐ ‐ ‐ ‐
Benchmark R squared: Measures how well the Benchmark return series fits the manager's return series. The higher the Benchmark R squared, the more appropriate the benchmark is for the manager.
Beta: A measure
‐ of systematic, or market risk; the part of risk in a portfolio or security that is attributable to general market movements. ‐Beta is calculated by dividing the covariance of a security by the variance of the market.
Book to Market: The ratio of book value per share to market price per share. Growth managers typically have low book to market ratios while value managers typically have high book to market ratios.
Capture
‐ ‐Ratio: A statistical measure of an investment manager's overall performance in up or down markets. The capture ‐ ‐ratio is used to evaluate how well an investment manager performed
‐ ‐ relative to an index during periods when that index has
risen (up market) or fallen (down market). The capture ratio is calculated by dividing the manager's returns by the returns of the index during the up/down market, and multiplying that factor by 100.
Correlation: A measure of the relative movement of returns of one security or asset class relative to another over time. A correlation of 1 means the returns of two securities move in lock step, a correlation of 1 means the returns of two securities
move in the exact opposite direction over time. Correlation is used as a measure to help maximize the benefits of diversification when constructing an investment portfolio.
‐
Excess Return: A measure of the difference in appreciation or depreciation in the price of an investment compared to its benchmark, over a given time period. This is usually expressed as a percentage and may be annualized over a number of
years or represent a single period.
Information Ratio: A measure of a manager's ability to earn excess return without incurring additional risk. Information ratio is calculated as: excess return divided by tracking error.
Interaction Effect: An attribution effect that describes the portion of active management that is contributable to the cross interaction between the allocation and selection effect. This can also be explained as an effect that cannot be easily traced to
a source.
Portfolio Turnover: The percentage of a portfolio that is sold and replaced (turned over) during a given time period. Low portfolio turnover is indicative of a buy and hold strategy while high portfolio turnover implies a more active form of
management.
Price to Earnings Ratio (P/E): Also called the earnings multiplier, it is calculated by dividing the price of a company's stock into earnings per share. Growth managers typically hold stocks with high price to earnings ratios whereas value
managers hold stocks with low price to earnings ratios.
‐ ‐ ‐ ‐
R Squared: Also called the coefficient‐ ‐of determination, it measures the amount of variation in one variable explained by variations in another, i.e., the goodness of fit to a benchmark. In the case of investments, the term is used to explain the
amount of variation in a security or portfolio explained by movements in the market or the portfolio's benchmark.
‐
Selection Effect: An attribution effect that describes the amount attributable to the managers' stock selection decisions, relative to the benchmark.
Sharpe Ratio: A measure of portfolio efficiency. The Sharpe Ratio indicates excess portfolio return for each unit of risk associated with achieving the excess return. The higher the Sharpe Ratio, the more efficient the portfolio. Sharpe ratio is
calculated as: Portfolio Excess Return / Portfolio Standard Deviation.
Sortino Ratio: Measures the risk adjusted return of an investment, portfolio, or strategy. It is a modification of the Sharpe Ratio, but penalizes only those returns falling below a specified benchmark. The Sortino Ratio uses downside deviation in
the denominator rather than standard deviation, like the Sharpe Ratio.
‐
Standard Deviation: A measure of volatility, or risk, inherent in a security or portfolio. The standard deviation of a series is a measure of the extent to which observations in the series differ from the arithmetic mean of the series. For example, if a
security has an average annual rate of return of 10% and a standard deviation of 5%, then two thirds of the time, one would expect to receive an annual rate of return between 5% and 15%.
Style Analysis: A return based analysis designed to identify combinations of passive investments
‐ to closely replicate the performance of funds
Style Map: A specialized form or scatter plot chart typically used to show where a Manager lies in relation to a set of style indices on a two dimensional plane. This is simply a way of viewing the asset loadings in a different context. The
coordinates are calculated by rescaling the asset loadings to range from 1 to 1 on each axis and are dependent on the Style Indices comprising the Map.
‐
‐
Page 38 of 55
Disclosure
Cerity Partners Retirement Plan Advisors LLC, doing business as Retirement Plan Consultants ("RPA" or "RPC") and Cerity Partners Institutional Consulting (“CPIC”), is an SEC‐
registered investment adviser. Registration as an investment adviser does not imply any level of skill or training. RPA is a related adviser within the Cerity Partners organization.
RPA provides retirement plan consulting services only.
The information contained herein is not personalized investment, tax, or legal advice and is for informational purposes only. There is no guarantee that any views or opinions
expressed will come to pass. This information is subject to change without notice and should not be considered an offer to sell or a solicitation to buy any security. Past
performance is not indicative of future results. Before making any decision that may affect your retirement plan or finances, consult a qualified professional adviser.
For information about RPA's registration status, refer to the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov. For additional information about RPA's
services, fees, conflicts of interest, and related persons, please request our Form ADV Part 2A and Form CRS disclosure documents. Please read these documents carefully
before engaging our services.
© 2026 Cerity Partners Retirement Plan Advisors LLC. All rights reserved.
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 CPIC or as required by law or
any regulatory authority. The information presented does not constitute a recommendation by CPIC 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 CPIC believes to be reliable. While CPIC exercised reasonable professional care in
preparing the report, it cannot guarantee the accuracy of the information provided by third party sources. Therefore, CPIC makes no representations or warranties as to the
accuracy of the information presented. CPIC 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 CPIC 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 CPIC, investment managers, and custodians.
Page 39 of 55 1
Disclosure
CPIC 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, CPIC 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 CPIC. 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 CPIC 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 CPIC’ investment management and consulting fees, or other expenses incurred by the asset owner, fund or plan.
CPIC 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. CPIC 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 55 2
MUNDELEIN POLICE PENSION FUND
Month Ended: April 30, 2026
Market Value Summary:
Current Period Year to Date
Beginning Balance $54,891,565.81 $55,281,787.89
Contributions $122,800.00 $313,700.00
Withdrawals ($325,000.00) ($1,300,000.00)
Transfers In/Out $0.00 $0.00
Income $20,944.03 $98,230.76
Administrative Expense ($824.07) ($3,144.52)
Investment Expense ($837.91) ($2,801.44)
Investment Manager Fees $0.00 ($8,899.42)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $68,421.27 $783,738.98
Unrealized Gain/Loss $2,881,128.17 $2,495,585.05
Ending Balance $57,658,197.30 $57,658,197.30
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 5.41% 5.41% 6.14% 23.17% 13.95% N/A N/A 15.93% 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 55
MUNDELEIN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: April 30, 2026
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $54,891,565.81 $55,281,787.89 Beginning Units 3,922,114.048 3,977,170.138
Contributions $122,800.00 $313,700.00 Unit Purchases from Additions 8,323.700 21,455.303
Withdrawals ($325,000.00) ($1,300,000.00) Unit Sales from Withdrawals (22,216.889) (90,404.582)
Transfers In/Out $0.00 $31.62
Ending Units 3,908,220.859 3,908,220.859
Income $20,944.03 $98,199.14
Administrative Expense ($824.07) ($3,144.52)
Period Beginning Net Asset Value per Unit $13.995403 $13.899779
Investment Expense ($837.91) ($2,801.44)
Period Ending Net Asset Value per Unit $14.753055 $14.753055
Investment Manager Fees $0.00 ($8,899.42)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $68,421.27 $783,738.98
Unrealized Gain/Loss $2,881,128.17 $2,495,585.05
Ending Balance $57,658,197.30 $57,658,197.30
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: 5.41% 5.41% 6.14% 23.17% 13.95% N/A N/A 13.55% 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 55
Statement of Transaction Detail for the Month Ending 04/30/2026
MUNDELEIN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
IPOPIF Pool
04/15/2026 04/16/2026 Redemptions (325,000.00) 14.628511 (22,216.8886)
04/30/2026 05/01/2026 Contribution 122,800.00 14.753055 8,323.6997
Page 3 of 3
Page 43 of 55
April 2026 Statement Supplement
Cash Flows
Period Contributions Withdrawals
April 2026 $99 million $68 million
CY 2026 $265 million $270 million
Expenses Paid
Administrative Investment Direct Investment
Period
Expenses Expenses Manager Fees
4/1/2026 $223,767.42 $227,526.41 $0.00
CY 2026 $848,786.25 $757,255.64 $2,399,904.22
• Expenses are paid from the IPOPIF Pool and allocated proportionately by member value.
• Investment expenses exclude investment manager fees.
• Direct Investment Manager Fee includes those fees invoiced and paid by IPOPIF. Other
investment manager fees are tracked separately and reported to the Board and disclosed in
the Fund’s Annual Comprehensive Financial Report.
Investment Pool Details
Date Units Value Unit Price
3/31/2026 1,065,014,264.9730 14,905,303,594.41 13.995403
4/30/2026 1,067,074,103.9812 15,742,602,946.78 14.753055
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.
Resources
• Monthly statement overview: Link to Statement Overview
• Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/
• Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment-
reports/
• IPOPIF Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/
Illinois Police Officers’ Pension Investment Fund 309-280-6464
456 Fulton Street, Suite 402 info@ipopif.org
Peoria, Illinois 61602 Page 44 of 55
Certified Trustee Training
Organization: Mundelein Police Pension Fund Year: 2026
Wallace Fraiser
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Peter Ahern
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
Jim Cupec
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Deborah Shutter
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Kevin Callaghan
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
Page 45 of 55
2026 IPPFA Trustee Training Opportunities
IPPFA ONLINE 8-HOUR SEMINAR
WHEN: Ongoing
WHERE: IPPFA Website:
www.ippfa.org/education/online-classes/
COST: IPPFA MEMBER: $295.00/seminar
IPPFA NON-MEMBER: $590.00/seminar
8-hour Seminar Outline (2026):
• Ethics and Transparency in State and Local Government
• Social Security Update
• Re-Entry into Active Service
• PSEBA/PEDA
• Spousal & Dependent Benefits
• Legal Updates & Ask Your Attorney
• At the Intersection of Discipline and Pension
• Investment Funds Update
This online course satisfies the 8 hours of the required continuing pension trustee training
Page 46 of 55
16-hour Certified Trustee Programs* offered through IPPFA
IPPFA ONLINE Certified Trustee Program
COST: IPPFA MEMBER: $575.00
IPPFA NON-MEMBER: $1,150.00
Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/
*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 55
2026 IPPFA MidAmerican
Pension Conference
The MidAmerican Pension Conference is the perfect ..-ay w compl.ele your 8-hours
of pension trustee training. Highlights include dynamic speaker., infonnaJive
exhibits, and many networking opportunities.
:J • 111!!\U'li
�arraott
I
I
I
l
Schaumburg
Time & Location
Sep 30, 2026, 7:00 AM - Oct 02, 2026, 5:00 PM
Marriott Schaumburg, 50 N Martingale Rd, Schaumburg, IL 60173, USA
About the event
The MidAmerican Pension Conference is the perfect way to complete your 8-hours of pension
trustee training. Highlights include dynamic speakers, informative exhibits, and many
networking opportunities. For over 30 years, the IPPFA has given attendees the very best
training in ethics, fiduciary responsibilities, and legal and legislative updates, all covering every
aspect of pension trustee training.
Registration Not Yet Ogen
Rooming
Main Hotel Accommodations:
Marriott Schaumburg
50 N. Martingale Rd
Page 48 of 55
2026 IPFA SPRING PENSION SEMINAR
Friday May 1, 2026 Gold 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: $ 240.00 Non - Members: $ 330.00 Walk-In Registration: $ 350.00
Avoid the walk-in surcharge – register on or before Monday, April 27, 2026 Registration opens at 07:00, event begins at 08:00, & ends at 16:00
First Name: Last Name: e-mail Address: Member Non-Member
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
TOTAL CHECK ENCLOSED $_______.____
Payment must accompany this Registration Form and be received in our office on or before April 27, 2026 to qualify for lower rates. Reservations received after the
above date will be charged walk-in registration fee. Requests for refunds must be received on or before Monday, April 27, 2026 for full fee credit. No credits of seminar
fees after this date. Please mail the completed form to IPFA, 188 Industrial Drive, Suite 134, Elmhurst, IL 60126-1608, fax it to 630-833-2412, or scan & e-mail to
ipfa@aol.com. Any questions, call 630-833-2405. For Tax Reporting Purposes our Federal I.D. Number is: 36-2650496.
The Illinois Pension Statute requires continuing education for all pension board trustees. This seminar provides up to 8 hours of credits.
For IPFA Office Use: Date: ___________ Check #: ___________ Amount: _____________ Payer: ________________________________________
___________________________________________________________________________ Page 49 of 55
FACT SHEET A pr il 1 5 , 2 0 2 6
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 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 pensiontraining.org.
Trustee certification training is provided online, in partnership with Western 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
• Articles 3 and 4 Pension Disability Pension Overview
• Board Oversight of Cyber Risk: Before a Breach
• Duties and Ethical Obligations of a Pension Fund Fiduciary
• Felony Divestiture
• Illinois Court System and Standard of Review
• Illinois Public Employee Disability Act and Public Safety Employee Benefits Act
• Managing Generational Differences and Unconscious Bias in the Workplace
• Mock Disability Pension Hearing
• Pension Plan Funding 101
• Pensionable Salary under Article 3 and 4
• QILDRO Training
• Various Benefits Training
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 55
ARTICLE 3 AND ARTICLE 4
Pension Trustee Certification
Apr il 1 5 , 2 0 2 6
How to register for pension trustee training (all users must create a new account):
1. Go to www.pensiontraining.org to access the training platform.
2. Click “Register” to create a new account.
3. Complete the required registration information, then click “Register” to finalize the account.
4. Once registration is complete, users will automatically be logged into their new account.
5. Select a training course by clicking “Start Course.”
6. Click the video to begin the training.
7. Training presentations are available under “Additional Resources” as a PDF, which may be
downloaded or printed.
8. After finishing the training video, the user will need to check the box to certify the training
session has been completed.
9. Click “Take Exam” to begin the assessment. Exams will not be available until the user has
certified the training session has been completed.
10. After passing the exam, scroll down and click “View Certificate” to access the certificate. The
certificate may be printed directly from this page or a copy of the certificate can be emailed
to each user. *
11. To return to the full course menu, click the Illinois Municipal League logo in the top header of
the page.
* Past training records may be accessed through each user’s account with Western Illinois
University or by contacting CAIT by phone at (309) 298-1804.
in
partnership
with
ILLINOIS MUNICIPAL LEAGUE
If you have questions regarding Article 3 (police officers) or Article 4 (firefighters)
pension trustee certification, please contact us by email at pensiontrustees@iml.org.
Page 51 of 55
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 55
Page 53 of 55
Page 54 of 55
Mundelein Police Pension Fund
Board of Trustees
______________________________
Notice of Election Results
______________________________
April 2026 Election
Active Member Positions
Nominations are closed and have resulted in:
Peter Ahern and Kevin Callaghan
running unopposed for the positions of:
Active Member Trustees
Two-Year Terms Expiring May 9, 2028
Peter Ahern and Kevin Callaghan have accepted the position as a
members of the Board of Trustees and have agreed to uphold the
duties required.
Elections conducted by Elizabeth Adelmann, Professional Services Administrator
Lauterbach & Amen
Page 55 of 55