General

Rantoul Police Pension Fund 109 E. Grove Avenue, Rantoul, Illinois 61866 Telephone (217) 893-0988 | Fax (217) 893-9556 NOTICE OF A REGULAR MEETING OF THE BOARD OF TRUSTEES The Rantoul Police Pension Fund Board of Trustees will conduct a regular meeting on Tuesday, January 20, 2026 at 9:00 a.m. in the Village Hall located at 333 South Tanner Street, Rantoul, Illinois 61866, for the purposes set forth in the following agenda: AGENDA 1. Call to Order 2. Roll Call 3. Public Comment 4. Approval of Meeting Minutes a.) October 21, 2025 Regular Meeting b.) Semi-Annual Review of Closed Session Meeting Minutes 5. Accountant’s Report – Lauterbach & Amen a.) Monthly Financial Report b.) Presentation and Approval of Bills c.) Additional Bills, if any d.) Review/Update – Cash Management Policy 6. Investment Report a.) IPOPIF – Verus Advisory, Inc. i. State Street Statements 7. Communications and Reports a.) Statements of Economic Interest b.) IDOI Security Administrator 8. Applications for Membership/Withdrawals from Fund 9. Applications for Retirement/Disability Benefits a.) Approve Regular Retirement Benefits – Justin Bouse and Greg Willard 10. Old Business 11. New Business a.) Approve Annual Cost of Living Adjustments for Pensioners b.) Review Trustee Term Expirations and Election Procedures c.) Review/Approve – Lauterbach & Amen Engagement Letter d.) Review/Approve – Fiduciary Liability Insurance Renewal 12. Trustee Training Updates a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses 13. Attorney’s Report – Reimer Dobrovolny & LaBardi PC a.) Legal Updates b.) Annual Independent Medical Examination – Matthew Bross 14. Closed Session, if needed 15. Adjournment 1 of 63  Rantoul Police Pension Fund 109 E. Grove Avenue, Rantoul, Illinois 61866 Telephone (217) 893-0988 | Fax (217) 893-9556 MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES OCTOBER 21, 2025 A regular meeting of the Rantoul Police Pension Fund Board of Trustees was held on Tuesday, October 21, 2025 at 9:00 a.m. in the Village Hall located at 333 South Tanner Street, Rantoul, Illinois 61866, pursuant to notice. CALL TO ORDER: Trustee Beach called the meeting to order at 9:00 a.m. ROLL CALL: PRESENT: Trustees Marcus Beach, Kyle Gregg, Craig Rogers, John Vasquez and Orval Stuckemeyer ABSENT: None ALSO PRESENT: Attorney Brian LaBardi (via teleconference), Reimer Dobrovolny & LaBardi PC; Ashley Mesik, Lauterbach & Amen (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 22, 2025 Regular Meeting: The Board reviewed the July 22, 2025 regular meeting minutes. A motion was made by Trustee Rogers and seconded by Trustee Gregg to approve the July 22, 2025 regular meeting minutes as written. Motion carried unanimously by voice vote. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the four-month period ending August 31, 2025 prepared by L&A. As of August 31, 2025, the net position held in trust for pension benefits was $41,172,568.17 for a change in position of $3,331,148.39. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and Quarterly Disbursement Report for the period June 1, 2025 through August 31, 2025 for total disbursements of $77,129.51. A motion was made by Trustee Stuckemeyer and seconded by Trustee Gregg to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $77,129.51. Motion carried roll call vote. AYES: Trustees Beach, Gregg, Rogers, Vasquez and Stuckemeyer NAYS: None ABSENT: None Additional Bills, if any: There were no additional bills presented for approval. Review/Update – Cash Management Policy: The Board discussed the Cash Management Policy and determined that no changes are required at this time. Repeat Monthly Withdrawal Instructions for 2026: The Board reviewed the Repeat Withdrawal Instructions for 2026. A motion was made by Trustee Beach and seconded by Trustee Rogers to set the 2026 monthly repeat deposits at $200,000 from IPOPIF beginning in January. Motion carried by roll call vote. 2 of 63 Rantoul Police Pension Fund Meeting Minutes – October 21, 2025 Page 2 of 3 AYES: Trustees Beach, Gregg, Rogers, Vasquez and Stuckemeyer NAYS: None ABSENT: None INVESTMENT REPORT: IPOPIF – Verus Advisory, Inc: The Board reviewed the IPOPIF Performance Report for the month ended August 31, 2025. The total market value was $14,157,575,825. State Street Statements: The Board reviewed the State Street statement for the month ended September 30, 2025. The beginning balance was $40,876,319.27 with an ending balance of $41,560,579.20. COMMUNICATIONS AND REPORTS: There were no communications or reports. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE FUND: Applications for Membership – Andrew Pratt, Connor Williams and Benjamin Ruppert: The Board reviewed the Applications for Membership submitted by Andrew Pratt, Connor Williams and Benjamin Ruppert. A motion was made by Trustee Stuckemeyer and seconded by Trustee Gregg to accept Andrew Pratt effective September 29, 2025, Connor Williams and Benjamin Ruppert effective August 11, 2025 into the Rantoul Police Pension Fund as Tier II participants. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approval of Regular Retirement Benefits – Justin Bouse and Greg Willard: The Board noted that the regular retirement benefit calculations for Justin Bouse and Greg Willard are currently in process. Further discussion will be held at the next regular meeting. OLD BUSINESS: IDOI Annual Statement: The Board noted that the IDOI Annual Statement will be filed with the Illinois Department of Insurance prior to the October 31, 2025 deadline. No further action is necessary. Discussion/Possible Action – Actuarial Funding Policy: The Board discussed the Actuarial Funding Policy. Updates will be provided as they become available. NEW BUSINESS: Review/Approve – Actuarial Valuation and Tax Levy Request: The Board discussed previous tax levy requests and if the Village of Rantoul is meeting the statutory minimum amounts over the last 10 years. A motion was made by Trustee Stuckemeyer and seconded Trustee Gregg to authorize L&A to complete a 10-year contribution history to the Rantoul Police Pension Fund. Motion carried by roll call vote. AYES: Trustees Beach, Gregg, Rogers, Vasquez and Stuckemeyer NAYS: None ABSENT: None The Board reviewed the finalized Actuarial Valuation prepared by L&A. Based on data and assumptions, the recommended contribution amount is $565,335 which is a $91,278 increase from the prior year contribution. A motion was made by Trustee Rogers and seconded by Trustee Vasquez to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $565,335 from the Village of Rantoul Board of Trustees based on the recommended amount stated in the Actuarial Valuation prepared by L&A or the IPOPIF number if it comes out higher than L&A. Motion carried by roll call vote. 3 of 63 Rantoul Police Pension Fund Meeting Minutes – October 21, 2025 Page 3 of 3 AYES: Trustees Beach, Gregg, Rogers, Vasquez and Stuckemeyer NAYS: None ABSENT: None Review/Adopt – Municipal Compliance Report: The Board discussed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Stuckemeyer and seconded by Trustee Rogers to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion unanimously voice vote. Establish 2026 Board Meeting Date: The Board discussed establishing the 2025 Board meeting dates as January 20, 2026; April 21, 2026; July 21, 2026; and October 20, 2026 at 9:00 a.m. in the Village Hall located at 333 South Tanner Street, Rantoul, Illinois 61866. A motion was made by Trustee Rogers and seconded by Trustee Gregg to establish the 2026 Board meeting dates as stated. Motion carried unanimously by voice vote. 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. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Annual Independent Medical Examination – Marcus Beach: The Board noted that Marcus Beach attended his annual independent medical examination and it was determined that he remains disabled at this time. A motion was made by Trustee Stuckemeyer and seconded by Trustee Vasquez to continue the disability benefits of Marcus Beach based on a finding that he remains disabled and subject to further annual examinations until age 50. Motion carried by voice vote with Trustee Beach abstaining. Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney LaBardi discussed recent court cases and decisions, as well as general pension matters with the Board. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Rogers and seconded by Trustee Gregg to adjourn the meeting at 9:43 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 20, 2026 at 9:00 a.m. ________________________________ Board President or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Ashley Mesik, Professional Services Administrator, Lauterbach & Amen 4 of 63 Rantoul Police Pension Fund Monthly Financial Report For the Month Ended November 30, 2025 Prepared By 668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563 PHONE 630.393.1483 www.lauterbachamen.com 5 of 63  Rantoul 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 Cash & Investments - Pie Chart........................................................................................................... 3-1 Cash Analysis Report............................................................................................................................. 4-1 Cash Analysis Summary - Graph......................................................................................................... 5-1 Revenue Report....................................................................................................................................... 6-1 Expenses - Bar Chart............................................................................................................................. 7-1 Expense Report....................................................................................................................................... 8-1 Member Contribution Report............................................................................................................... 9-1 Payroll Batch Report.............................................................................................................................. 10-1 Quarterly Disbursement Report........................................................................................................... 11-1 Quarterly Deduction Report.................................................................................................................. 12-1 Quarterly Transfer Report..................................................................................................................... 13-1 6 of 63 Accountants' Compilation Report 7 of 63 January 02, 2026 Rantoul Police Pension Fund 333 S Tanner Street Rantoul, IL 61866 To Members of the Pension Board: Management is responsible for the accompanying interim financial statements of the Rantoul Police Pension Fund which comprise the statement of net position - modified cash basis as of November 30, 2025 and the related statement of changes in net position - modified cash basis for the seven 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 8 of 63 Financial Statements 9 of 63  Rantoul Police Pension Fund Statement of Net Position - Modified Cash Basis As of November 30, 2025 Current Prior Year-to-Date Year-to-Date Assets Cash and Cash Equivalents $ 92,006.78 141,146.21 Investments at Fair Market Value Money Market Mutual Funds 204,240.40 340,582.28 Pooled Investments 42,249,308.16 38,212,865.63 Total Cash and Investments 42,545,555.34 38,694,594.12 Prepaids 2,516.50 2,496.50 Total Assets 42,548,071.84 38,697,090.62 Liabilities Expenses Due/Unpaid 990.00 4,633.71 Total Liabilities 990.00 4,633.71 Net Position Held in Trust for Pension Benefits 42,547,081.84 38,692,456.91 See Accountants' Compilation Report 10 of 63 2-1  Rantoul Police Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Seven Months Ended November 30, 2025 Current Prior Year-to-Date Year-to-Date Additions Contributions - Municipal $ 158,239.10 163,886.94 Contributions - Members 180,001.24 235,326.21 Total Contributions 338,240.34 399,213.15 Investment Income Interest and Dividends Earned 128,418.50 404,004.32 Net Change in Fair Value 5,499,507.01 3,694,976.92 Total Investment Income 5,627,925.51 4,098,981.24 Less Investment Expense (72,542.35) (60,093.66) Net Investment Income 5,555,383.16 4,038,887.58 Total Additions 5,893,623.50 4,438,100.73 Deductions Administration 39,079.50 61,795.52 Pension Benefits and Refunds Pension Benefits 1,148,881.94 1,158,304.74 Refunds 0.00 0.00 Total Deductions 1,187,961.44 1,220,100.26 Change in Position 4,705,662.06 3,218,000.47 Net Position Held in Trust for Pension Benefits Beginning of Year 37,841,419.78 35,474,456.44 End of Period 42,547,081.84 38,692,456.91 See Accountants' Compilation Report 11 of 63 2-2 Other Supplementary Information 12 of 63  Rantoul Police Pension Fund Pooled Investment NAV vs Accumulated Net Investments 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 - Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Pooled Investment NAV Accumulated Net Investments See Accountants' Compilation Report 3-1 13 of 63  Rantoul Police Pension Fund Cash Analysis Report For the Twelve Periods Ending November 30, 2025 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 10/31/25 11/30/25 Financial Institutions Busey Bank - CK $ 55,157 55,157 55,157 55,158 55,158 55,159 55,159 55,160 55,160 55,161 55,161 55,162 BMO Bank - CK 81,582 135,701 414,583 35,847 36,654 57,200 25,735 25,398 37,314 37,377 37,220 36,845 136,739 190,858 469,740 91,005 91,812 112,359 80,894 80,558 92,474 92,538 92,381 92,007 Schwab - MM #3711 220,051 48,886 49,160 200,119 200,285 200,456 200,867 201,512 202,248 202,899 203,544 204,240 220,051 48,886 49,160 200,119 200,285 200,456 200,867 201,512 202,248 202,899 203,544 204,240 Total 356,790 239,744 518,900 291,124 292,097 312,815 281,761 282,070 294,722 295,437 295,925 296,247 Contributions Current Tax 20,073 20,098 20,221 20,108 20,116 - - 19,985 - - - - Personal Property Replacement Tax - - 5,632 - 1,686 1,600 6,118 - - 5,168 - 4,566 Other Municipal Revenue - - - - - 20,025 20,252 - 20,172 - 40,258 20,095 Contributions - Current Year 22,386 33,882 22,229 21,902 21,581 23,443 23,876 23,326 35,106 24,259 24,174 23,431 Contributions - Prior Year 90 136 91 92 92 92 93 93 141 594 595 595 Interest Received from Members 28 41 27 26 26 26 25 25 36 24 23 23 42,577 54,157 48,200 42,128 43,501 45,186 50,364 43,429 55,455 30,045 65,050 48,710 Expenses Pension Benefits 165,890 169,281 169,281 169,281 168,547 163,780 163,780 163,780 163,780 164,588 164,588 164,588 Administration 3,892 4,257 3,873 10,243 327 7,428 54,305 14,155 8,670 14,431 2,845 9,788 169,782 173,538 173,154 179,524 168,874 171,208 218,085 177,935 172,450 179,019 167,433 174,376 Total Contributions less Expenses (127,205) (119,381) (124,954) (137,396) (125,373) (126,022) (167,721) (134,506) (116,995) (148,974) (102,383) (125,666) See Accountants' Compilation Report 14 of 63 4-1  Rantoul Police Pension Fund Cash Analysis Summary 600,000 500,000 400,000 300,000 200,000 100,000 - Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses See Accountants' Compilation Report 4-2 15 of 63  Rantoul Police Pension Fund Cash Transfers to/from Consolidated Fund 300,000 200,000 100,000 - (100,000) (200,000) (300,000) (400,000) Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund See Accountants' Compilation Report 5-1 16 of 63  Rantoul Police Pension Fund Revenue Report as of November 30, 2025 Prior Year Prior Year Received Received Received Received this Month Year-to-Date this Month Year-to-Date Contributions Contributions - Municipal 41-210-00 - Current Tax $ 0.00 1 19,984.64 11 20,164.72 1 141,089.31 41-230-00 - Personal Property Replacement Tax 4,566.41 1 17,452.45 11 4,926.48 1 22,797.63 41-250-00 - Other Municipal Revenue 20,095.08 1 120,802.01 11 0.00 1 0.00 24,661.49 158,239.10 25,091.20 163,886.94 Contributions - Members 41-410-00 - Contributions - Current Year 23,430.94 1 177,616.09 11 21,736.54 1 160,932.75 41-420-00 - Contributions - Prior Year 595.19 1 2,203.38 11 89.67 1 30,835.72 41-440-00 - Interest Received from Members 22.83 1 181.77 11 28.35 1 167.52 41-450-00 - Other Member Revenue 0.00 1 0.00 11 0.00 1 43,390.22 24,048.96 180,001.24 21,854.56 235,326.21 Total Contributions 48,710.45 1 338,240.34 11 46,945.76 1 399,213.15 3 33 3 Investment Income Interest and Dividends 43-102-01 - Busey Bank - Checking 0.45 1 3.23 11 0.46 1 3.23 43-102-09 - BMO Bank - Checking 0.00 1 0.00 11 0.00 1 268.15 43-252-01 - Schwab - Fixed Income #0192 0.00 1 0.00 11 1.50 1 79,008.94 43-252-02 - Schwab - Fixed Income #1593 0.00 1 0.00 11 0.03 1 91,211.89 43-450-06 - Schwab - Stock Equities #3889 0.00 1 0.00 11 0.02 1 104,872.95 43-550-03 - Schwab - Mutual Funds #3337 0.00 1 0.00 11 0.00 1 22,989.95 43-550-04 - Schwab - Mutual Funds #3711 696.51 1 3,955.71 11 50.84 1 50.84 43-550-05 - Schwab - Mutual Funds #3848 0.00 1 0.00 11 0.00 1 48,205.34 43-550-07 - Schwab - Mutual Funds #8186 0.00 1 0.00 11 0.09 1 19,376.08 43-550-08 - Schwab - Mutual Funds #9303 0.00 1 0.00 11 25.39 1 197.26 43-800-01 - IPOPIF Consolidated Pool Income 18,325.64 1 123,809.28 11 24,216.55 1 114,989.69 19,022.60 1 127,768.22 11 24,294.88 1 481,174.32 5 55 5 See Accountants' Compilation Report 17 of 63 6-1  Rantoul Police Pension Fund Revenue Report as of November 30, 2025 Gains and Losses 44-252-01 - Schwab - Fixed Income #0192 0.00 1 0.00 11 0.00 1 348,049.83 44-252-02 - Schwab - Fixed Income #1593 0.00 1 0.00 11 0.00 1 327,410.40 44-400-01 - Principal Life - Insurance 0.00 1 0.00 11 0.00 1 (18,462.29) 44-450-06 - Schwab - Stock Equities #3889 0.00 1 0.00 11 0.00 1 672,935.20 44-550-03 - Schwab - Mutual Funds #3337 0.00 1 0.00 11 0.00 1 212,659.26 44-550-04 - Schwab - Mutual Funds #3711 0.00 1 0.00 11 0.00 1 1,783,223.17 44-550-05 - Schwab - Mutual Funds #3848 0.00 1 0.00 11 0.00 1 87,977.33 44-550-07 - Schwab - Mutual Funds #8186 0.00 1 0.00 11 0.00 1 180,929.04 44-600-01 - Transfer Market Value Adjustment 0.00 1 0.00 11 0.00 1 (71,260.73) 44-800-01 - IPOPIF Consolidated Pool - Unrealized 266,702.39 1 4,746,822.93 11 839,080.82 1 354,576.87 44-800-02 - IPOPIF Consolidated Pool - Realized 39,478.07 1 752,684.08 11 413.85 1 (183,061.16) 306,180.46 1 5,499,507.01 11 839,494.67 1 3,694,976.92 3 33 3 Other Income 45-200-00 - Accrued Interest 0.00 1 0.00 11 0.00 1 (77,170.00) 49-000-01 - Other Income 0.00 1 650.28 11 0.00 1 0.00 0.00 4 650.28 44 0.00 4 (77,170.00) Total Investment Income 325,203.06 4 5,627,925.51 44 863,789.55 4 4,098,981.24 7 77 7 Total Revenue 373,913.51 5,966,165.85 910,735.31 4,498,194.39 See Accountants' Compilation Report 18 of 63 6-2  Rantoul Police Pension Fund Expense Report as of November 30, 2025 Prior Year Prior Year Expended Expended Expended Expended this Month this Year this Month Year-to-Date Pensions and Benefits 51-020-00 - Service Pensions $ 110,864.82 772,821.22 112,472.39 784,382.17 51-040-00 - Duty Disability Pensions 28,111.64 196,781.48 27,806.19 194,643.33 51-060-00 - Surviving Spouse Pensions 25,611.32 179,279.24 25,611.32 179,279.24 Total Pensions and Benefits 164,587.78 1,148,881.94 165,889.90 1,158,304.74 Administrative Insurance 52-150-01 - Fiduciary Insurance 0.00 0.00 2,622.00 2,622.00 0.00 0.00 2,622.00 2,622.00 Professional Services 52-170-01 - Actuarial Services 0.00 6,310.00 0.00 11,093.46 52-170-02 - Auditing Services 0.00 14,609.50 0.00 10,044.91 52-170-03 - Accounting & Bookkeeping Services 3,355.00 9,960.00 3,260.00 10,590.00 52-170-04 - Medical Services 0.00 0.00 6,600.00 14,576.40 52-170-05 - Legal Services 0.00 0.00 0.00 3,898.75 52-170-06 - PSA/Court Reporter 1,020.00 7,110.00 990.00 7,860.00 4,375.00 37,989.50 10,850.00 58,063.52 Investment 52-190-01 - Investment Manager/Advisor Fees 0.00 0.00 18,111.17 55,685.70 52-190-04 - Bank Fees 22.25 238.13 52.52 362.83 52-195-02 - Administrative Expense (IPOPIF) 484.82 4,170.40 518.53 518.53 52-195-03 - Investment Expense (IPOPIF) 577.12 4,402.28 578.67 578.67 52-195-04 - Investment Manager Fees (IPOPIF) 4,328.34 14,103.26 2,947.93 2,947.93 52-195-06 - Transition Cost Allocation Expense (IPOPIF) 0.00 49,628.28 0.00 0.00 5,412.53 72,542.35 22,208.82 60,093.66 Other Expense 52-290-25 - Conference/Seminar Fees 0.00 265.00 0.00 285.00 52-290-26 - Association Dues 0.00 825.00 0.00 825.00 0.00 1,090.00 0.00 1,110.00 Total Administrative 9,787.53 111,621.85 35,680.82 121,889.18 Total Expenses 174,375.31 1,260,503.79 201,570.72 1,280,193.92 See Accountants' Compilation Report 19 of 63 8-1  Rantoul Police Pension Fund Pension Benefits and Expenses 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 - Service Duty Disability Surviving Spouse Administrative Expenses 772,821 196,781 179,279 111,622 See Accountants' Compilation Report 9-1 20 of 63  Rantoul Police Pension Fund Member Contribution Report As of Month Ended November 30, 2025 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Anaya, Yaleina V. $ 12,424.94 4,648.28 0.00 0.00 17,073.22 Barnett, James W. 92,019.75 5,705.70 0.00 0.00 97,725.45 Bross, Matthew R. 119,778.37 5,934.15 0.00 0.00 125,712.52 Carlson, Katelyn N. 17,338.09 4,980.30 0.00 0.00 22,318.39 Donovan, Kyle E. 124,549.70 6,570.30 0.00 0.00 131,120.00 Evans, Malik 0.00 2,964.30 0.00 0.00 2,964.30 Garcia-Payano, Edgar A. 37,788.46 5,485.80 0.00 0.00 43,274.26 Gregg, Kyle T. 105,085.37 6,570.30 0.00 0.00 111,655.67 Gretz, Kyle M. 24,447.28 5,378.70 0.00 0.00 29,825.98 Grice, Johnathan A. 7,584.30 4,659.99 0.00 0.00 12,244.29 Heath, Ashley L. 51,312.05 5,120.08 0.00 0.00 56,432.13 Heath, Jeremy R. 115,716.56 5,934.15 0.00 0.00 121,650.71 Jackson, Thane A. 85,233.75 5,781.85 1,500.00 0.00 92,515.60 Johnston, Tyler W. 99,518.14 6,166.82 0.00 0.00 105,684.96 King, Jerry M. 89,880.30 6,570.30 0.00 0.00 96,450.60 Kraft, Kaleb D. 16,579.94 5,705.70 0.00 0.00 22,285.64 McComas, Rikki J. 39,603.62 5,485.80 0.00 0.00 45,089.42 Mennenga, Haley 56,727.21 5,485.80 0.00 0.00 62,213.01 Meyer, Casey E. 20,075.26 5,166.22 0.00 0.00 25,241.48 Morgan, Dustin S. 181,121.20 7,411.94 0.00 0.00 188,533.14 Nierenhausen, Kyle 3,377.28 4,446.45 0.00 0.00 7,823.73 Pratt, Andrew 0.00 1,185.72 0.00 0.00 1,185.72 Reifsteck, Christina A. 153,740.37 6,899.70 0.00 0.00 160,640.07 Romero Guerrero, Armando 7,584.30 4,659.99 0.00 0.00 12,244.29 Rubert, Benjamin 0.00 2,509.92 0.00 0.00 2,509.92 Schlorff, Kyle 46,936.41 5,485.80 885.15 0.00 53,307.36 Schmidt, James L. 135,765.09 6,570.30 0.00 0.00 142,335.39 Sexton, John 0.00 4,446.45 0.00 0.00 4,446.45 Stuckmeyer, Orval W. III 138,579.99 6,570.30 0.00 0.00 145,150.29 Sullivan, Rodney R. 200,633.52 7,740.45 0.00 0.00 208,373.97 Williams, Connor 0.00 2,075.01 0.00 0.00 2,075.01 Wissel, Rene D. 103,002.32 5,781.85 0.00 0.00 108,784.17 2,086,403.57 170,098.42 2,385.15 0.00 2,258,887.14 See Accountants' Compilation Report 21 of 63 10-1  Rantoul Police Pension Fund Member Contribution Report As of Month Ended November 30, 2025 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Inactive/Terminated Members Bouse, Justin E. 180,070.68 2,580.15 0.00 0.00 182,650.83 Guider, Shanice P. 5,332.78 0.00 0.00 0.00 5,332.78 Todd, Rathen K. 28,131.68 0.00 0.00 0.00 28,131.68 Webb, Darius 284.96 0.00 0.00 0.00 284.96 Willard, Gregory D. 137,963.19 4,937.52 0.00 0.00 142,900.71 Totals 2,438,186.86 177,616.09 2,385.15 0.00 2,618,188.10 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 Jackson, Thane A. - Service Purchase - Principal 1,500.00 0.00 0.00 1,500.00 Schlorff, Kyle - Portability - Principal 703.38 0.00 0.00 703.38 Schlorff, Kyle - Portability - Interest 0.00 181.77 0.00 181.77 Totals 2,203.38 181.77 0.00 2,385.15 See Accountants' Compilation Report 22 of 63 10-2  Rantoul Police Pension Fund Rantoul Police Check Date: 11/28/2025 Family ID EmployeeName Retro Pay Amt Mbr Gross Insurance Fitness Utilities Federal Tax QILDRO Check # Payee Name Center Deduct Dues Duty Disability 124699 Beach, Marcus R. $5,441.80 $5,441.80 $0.00 $0.00 $0.00 $0.00 $0.00 115060 Crane, Dwight D. $4,320.01 $4,320.01 $0.00 $0.00 $0.00 $0.00 $0.00 115061 Flick, Terry Lee $4,096.39 $4,208.91 $112.52 $0.00 $0.00 $0.00 $0.00 115062 Goodwin, Richard D. $3,673.39 $3,745.15 $71.76 $0.00 $0.00 $0.00 $0.00 115063 Hart, John D. $1,728.76 $1,728.76 $0.00 $0.00 $0.00 $0.00 $0.00 115064 Hedrick, Rick $4,545.39 $4,577.21 $31.82 $0.00 $0.00 $0.00 $0.00 115065 Kerney, Lance C. $4,089.80 $4,089.80 $0.00 $0.00 $0.00 $0.00 $0.00 Duty Disability $27,895.54 $28,111.64 $216.10 $0.00 $0.00 $0.00 $0.00 QILDRO Q115057 McLemore, Marie J. $1,083.00 $1,200.00 $0.00 $0.00 $0.00 $117.00 $0.00 Q124244 Sumner, Susan E. $466.01 $566.01 $0.00 $0.00 $0.00 $100.00 $0.00 QILDRO $1,549.01 $1,766.01 $0.00 $0.00 $0.00 $217.00 $0.00 Service 116356 Arie, Sean B. $1,923.84 $6,037.84 $0.00 $0.00 $0.00 $764.00 $0.00 116356 Arie, Sean B. $2,400.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 116356 Arie, Sean B. $950.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 118757 Barrett, Stephanie L. $3,146.93 $4,362.63 $704.70 $0.00 $0.00 $511.00 $0.00 121297 Buckley, Kurtis M. $3,283.20 $3,749.20 $0.00 $0.00 $0.00 $366.00 $0.00 121297 Buckley, Kurtis M. $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115130 Casagrande, Charles A. $4,626.96 $5,353.37 $84.01 $0.00 $0.00 $642.40 $0.00 115046 Gamel, Henry H. $6,171.60 $8,206.21 $304.50 $25.00 $200.00 $1,505.11 $0.00 115047 Gass, David Lee $3,891.28 $4,492.08 $0.80 $0.00 $0.00 $600.00 $0.00 115048 Jones, Allen L. $6,451.12 $7,347.08 $70.96 $0.00 $0.00 $825.00 $0.00 115049 Kaiser, Kevin C. $5,171.75 $6,222.22 $0.00 $0.00 $0.00 $1,050.47 $0.00 115056 McLemore, Ronald L. $2,405.93 $6,455.93 $0.00 $0.00 $0.00 $700.00 $1,200.00 115056 McLemore, Ronald L. $2,150.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 119431 Meyer, Alex F. $5,793.43 $6,685.43 $0.00 $0.00 $0.00 $892.00 $0.00 115131 Richter, Bert J. $3,240.94 $4,051.18 $0.00 $0.00 $0.00 $810.24 $0.00 123005 Saltsgaver, Bradley K. $4,210.39 $5,765.85 $136.45 $0.00 $0.00 $853.00 $566.01 115051 Sawlaw, David Eric $3,923.19 $4,670.47 $0.00 $0.00 $0.00 $747.28 $0.00 115059 Schlosser, Michael D. $3,656.11 $4,022.11 $0.00 $0.00 $0.00 $366.00 $0.00 115052 Smith, Charles J. $3,204.79 $5,584.36 $1,548.57 $0.00 $0.00 $831.00 $0.00 115053 Spear, Mark A. $3,387.57 $5,774.44 $70.96 $0.00 $0.00 $315.91 $0.00 115053 Spear, Mark A. $2,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 23 of 63 11/13/2025 12:6 PM Page Number: 1 See Accountants' Compilation Report 11-1  Rantoul Police Pension Fund Rantoul Police Check Date: 11/28/2025 Family ID EmployeeName Retro Pay Amt Mbr Gross Insurance Fitness Utilities Federal Tax QILDRO Check # Payee Name Center Deduct Dues 119520 Welch, Richard K. $5,512.28 $6,894.42 $767.14 $0.00 $0.00 $615.00 $0.00 115054 Williams Jr, Glenn W. $2,971.19 $7,791.19 $0.00 $0.00 $0.00 $820.00 $0.00 115054 Williams Jr, Glenn W. $3,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115054 Williams Jr, Glenn W. $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115132 Wooten, Jeffrey A. $6,206.71 $7,398.81 $0.00 $0.00 $0.00 $1,192.10 $0.00 Service $90,779.21 $110,864.82 $3,688.09 $25.00 $200.00 $14,406.51 $1,766.01 Surviving Spouse 115074 Carter, Margurette $3,830.42 $6,280.42 $0.00 $0.00 $0.00 $1,850.00 $0.00 115074 Carter, Margurette $600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115076 Grabow, Jacqueline M. $3,589.97 $4,496.30 $26.50 $0.00 $0.00 $879.83 $0.00 115078 Tarr, Betty J. $2,622.50 $2,822.50 $0.00 $0.00 $0.00 $200.00 $0.00 115066 Tittle, Elaine A. $4,228.94 $4,228.94 $0.00 $0.00 $0.00 $0.00 $0.00 115080 Wiseman Casper, Lisle C. $1,000.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 115055 Zonfrilli, Mary Ann $4,301.34 $6,783.16 $31.82 $0.00 $0.00 $600.00 $0.00 115055 Zonfrilli, Mary Ann $600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115055 Zonfrilli, Mary Ann $600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115055 Zonfrilli, Mary Ann $300.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 115055 Zonfrilli, Mary Ann $350.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Surviving Spouse $22,023.17 $25,611.32 $58.32 $0.00 $0.00 $3,529.83 $0.00 Batch Totals ACH Flag Payments Net Payment Mbr Gross Insurance Fitness Utilities Federal Tax QILDRO Total Center Deduct Dues Batch #80552 - 11/13/2025 ACH 46 $142,246.93 $166,353.79 $3,962.51 $25.00 $200.00 $18,153.34 $1,766.01 Batch #80552 - 11/13/2025 $142,246.93 $166,353.79 $3,962.51 $25.00 $200.00 $18,153.34 $1,766.01 24 of 63 11/13/2025 12:6 PM Page Number: 2 See Accountants' Compilation Report 11-2  Rantoul Police Pension Fund Quarterly Disbursement Report All Bank Accounts September 1, 2025 - November 30, 2025 Check Invoice Check Date Number Vendor Name Amount Amount 09/12/25 30558 Village of Rantoul* 52-170-02 Reimburse FYE25 Progress Audit Billing - #17566 4,869.80 52-170-02 Reimburse FYE25 Progress Audit Billing - #17697 4,869.80 Check Amount 9,739.60 09/15/25 30557 Lauterbach & Amen, LLP 52-170-03 #108434 08/25 Accounting & Benefits 985.00 52-170-06 #108434 08/25 PSA 1,020.00 ACH Amount (Direct Deposit) 2,005.00 09/22/25 30563 IPPFA 52-290-26 2026 Association Dues 825.00 ACH Amount (Direct Deposit) 825.00 09/30/25 50131 BMO Bank 52-190-04 Bank Fee 24.90 Check Amount 24.90 09/30/25 202509 IPOPIF 52-195-02 Administrative Expense 696.00 52-195-03 Investment Expense 651.73 52-195-04 Investment Manager Fees 489.25 Check Amount 1,836.98 10/20/25 30565 Lauterbach & Amen, LLP 52-170-03 #110009 09/25 Accounting & Benefits 985.00 52-170-06 #110009 09/25 PSA 1,020.00 ACH Amount (Direct Deposit) 2,005.00 10/22/25 50132 BMO Bank 52-190-04 Bank Fee 34.77 Check Amount 34.77 10/31/25 202510 IPOPIF 52-195-02 Administrative Expense 405.79 52-195-03 Investment Expense 399.52 Check Amount 805.31 11/10/25 30571 Lauterbach & Amen, LLP 52-170-03 #110880 FYE25 IDOI 1,795.00 52-170-03 #110983 FYE25 MCR 575.00 ACH Amount (Direct Deposit) 2,370.00 See Accountants' Compilation Report 25 of 63 11-1  Rantoul Police Pension Fund Quarterly Disbursement Report All Bank Accounts September 1, 2025 - November 30, 2025 Check Invoice Check Date Number Vendor Name Amount Amount 11/24/25 30576 Lauterbach & Amen, LLP 52-170-03 #111555 10/25 Accounting & Benefits 985.00 52-170-06 #111555 10/25 PSA 1,020.00 ACH Amount (Direct Deposit) 2,005.00 11/24/25 50133 BMO Bank 52-190-04 Bank Fee 22.25 Check Amount 22.25 11/30/25 202511 IPOPIF 52-195-02 Administrative Expense 484.82 52-195-03 Investment Expense 577.12 52-195-04 Investment Manager Fees 4,328.34 Check Amount 5,390.28 Total Payments 27,064.09 See Accountants' Compilation Report 26 of 63 11-2  Rantoul Police Pension Fund Quarterly Deduction Report All Bank Accounts September 1, 2025 - November 30, 2025 Check Invoice Check Date Number Vendor Name Amount Amount 09/30/25 30559 Village of Rantoul - Forum Fitness Center 20-240-00 Union Dues - 09/25 25.00 Check Amount 25.00 09/30/25 30560 Village of Rantoul - Insurance 20-220-00 Insurance - 09/25 3,962.51 Check Amount 3,962.51 09/30/25 30561 Village of Rantoul - Utility Department 20-240-00 Utilities - 09/25 200.00 Check Amount 200.00 09/30/25 30562 Internal Revenue Service 20-230-00 Internal Revenue Service 18,153.34 ACH Amount (Direct Deposit) 18,153.34 10/31/25 30566 Village of Rantoul - Forum Fitness Center 20-240-00 Union Dues - 10/25 25.00 Check Amount 25.00 10/31/25 30567 Village of Rantoul - Insurance 20-220-00 Insurance - 10/25 3,962.51 Check Amount 3,962.51 10/31/25 30568 Village of Rantoul - Utility Department 20-240-00 Utilities - 10/25 200.00 Check Amount 200.00 10/31/25 30569 Internal Revenue Service 20-230-00 Internal Revenue Service 18,153.34 ACH Amount (Direct Deposit) 18,153.34 11/28/25 30572 Village of Rantoul - Forum Fitness Center 20-240-00 Union Dues - 11/25 25.00 Check Amount 25.00 11/28/25 30573 Village of Rantoul - Insurance 20-220-00 Insurance - 11/25 3,962.51 Check Amount 3,962.51 11/28/25 30574 Village of Rantoul - Utility Department 20-240-00 Utilities - 11/25 200.00 Check Amount 200.00 11/28/25 30575 Internal Revenue Service 20-230-00 Internal Revenue Service 18,153.34 ACH Amount (Direct Deposit) 18,153.34 See Accountants' Compilation Report 27 of 63 12-1  Rantoul Police Pension Fund Quarterly Deduction Report All Bank Accounts September 1, 2025 - November 30, 2025 Check Invoice Check Date Number Vendor Name Amount Amount Total Payments 67,022.55 See Accountants' Compilation Report 28 of 63 12-2  Rantoul Police Pension Fund Quarterly Transfer Report All Bank Accounts September 1, 2025 - November 30, 2025 Check Invoice Check Date Number Vendor Name Amount Amount 09/29/25 30564 State Street Bank and Trust Company 13-800-01 Rantoul Police Pension Fund 52,800.00 ACH Amount (Direct Deposit) 52,800.00 10/31/25 30570 State Street Bank and Trust Company 13-800-01 Rantoul Police Pension Fund 99,200.00 ACH Amount (Direct Deposit) 99,200.00 11/28/25 30577 State Street Bank and Trust Company 13-800-01 Rantoul Police Pension Fund 80,100.00 ACH Amount (Direct Deposit) 80,100.00 Total Payments 232,100.00 See Accountants' Compilation Report 29 of 63 13-1 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2025 Market % of Target Since Inception 1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Value Portfolio (%) Inception Date Total Fund with Member and Transition Accounts 14,733,040,609 100.0 100.0 0.5 2.0 7.3 16.7 14.1 12.6 8.0 03/01/22 Policy Index 0.5 1.9 7.3 16.1 13.5 12.6 7.8 Policy Index- Broad Based 0.2 1.5 7.2 17.0 14.0 13.9 7.9 IPOPIF Investment Portfolio 14,733,040,609 100.0 100.0 0.5 2.0 7.3 16.6 14.1 12.6 7.9 04/01/22 Policy Index 0.5 1.9 7.3 16.1 13.5 12.6 7.8 Policy Index- Broad Based 0.2 1.5 7.2 17.0 14.0 13.9 7.9 Growth 8,824,467,667 59.9 58.0 0.3 2.6 9.8 23.4 19.7 17.2 10.6 04/01/22 Growth Benchmark 0.4 2.6 10.1 22.9 19.2 17.1 10.4 RhumbLine Russell 1000 Index 3,377,666,343 22.9 23.0 0.2 2.4 10.6 17.3 14.1 20.3 13.1 04/01/22 Russell 1000 Index 0.2 2.4 10.6 17.4 14.1 20.3 13.2 Domestic Small Cap Equity 725,685,846 4.9 5.0 0.2 2.0 14.5 12.5 3.2 11.1 6.5 04/01/22 Russell 2000 Index 1.0 2.8 15.5 13.5 4.1 11.4 6.8 RhumbLine Russell 2000 Index 283,097,871 1.9 2.0 1.0 2.8 15.4 13.4 4.1 11.4 6.7 04/01/22 Russell 2000 Index 1.0 2.8 15.5 13.5 4.1 11.4 6.8 Hood River Small Cap Growth 220,630,243 1.5 1.5 - - - - - - 3.2 11/07/25 Russell 2000 Growth Index - - - - - - 2.7 Reinhart Small Cap Value 221,956,685 1.5 1.5 - - - - - - 1.4 11/07/25 Russell 2000 Value Index - - - - - - 3.5 US Transition Manager Account 1,047 0.0 0.0 SSgA Non-US Developed Index 2,866,133,511 19.5 19.0 1.1 2.2 7.7 28.5 25.0 16.7 10.5 04/01/22 MSCI World ex U.S. (Net) 1.0 2.1 7.6 28.0 24.6 16.3 10.1 International Developed Small Cap Equity 817,438,551 5.5 5.0 0.6 -0.3 5.3 28.7 27.4 15.8 8.0 04/01/22 MSCI World ex U.S. Small Cap Index (Net) 1.7 1.1 8.4 30.9 27.5 15.1 7.3 Acadian ACWI ex US Small-Cap Fund 404,543,777 2.7 2.5 1.0 0.7 7.4 27.1 26.1 - 21.5 02/01/24 MSCI AC World ex USA Small Cap (Net) 0.8 1.0 7.7 26.8 24.1 - 17.0 WCM International Small Cap Growth Fund 191,993,070 1.3 1.3 -3.1 -5.2 -3.3 19.9 18.2 - 12.7 03/01/24 MSCI AC World ex USA Small Cap (Net) 0.8 1.0 7.7 26.8 24.1 - 17.2 LSV International Small Cap Value Equity Fund 220,901,705 1.5 1.3 3.4 2.3 10.0 41.2 39.5 - 24.7 03/01/24 S&P Developed Ex-U.S. SmallCap (Net) 1.5 0.9 7.9 30.7 27.2 - 17.8 Emerging Market Equities 1,037,543,416 7.0 6.0 -1.6 7.1 14.0 34.1 32.1 13.9 7.7 04/01/22 Emerging Markets Equity Benchmark -2.3 5.3 12.3 28.6 27.0 13.2 6.6 William Blair Emerging Markets ex China Growth Fund 503,118,388 3.4 3.0 -3.0 6.1 13.2 22.0 - - 22.0 01/01/25 MSCI Emerging Markets ex China IMI (Net) -2.2 4.8 11.4 27.0 - - 27.0 ARGA Emerging Markets Ex China Equity 534,425,028 3.6 3.0 -0.3 8.0 14.7 45.4 40.1 - 40.1 12/01/24 MSCI Emerging Markets ex China (Net) -2.3 5.3 12.3 28.6 27.0 - 27.0 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. 30 of 63 1 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2025 Market % of Target Since Inception 1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Value Portfolio (%) Inception Date Income 2,277,412,414 15.5 16.0 0.5 1.2 4.4 9.5 8.8 9.8 5.3 04/01/22 Income Benchmark 0.3 1.2 4.5 9.3 8.6 9.8 5.9 SSgA High Yield Corporate Credit 609,235,200 4.1 4.3 0.6 0.7 3.3 7.9 7.5 9.7 5.8 04/01/22 Spliced SSgA U.S. High Yield Index 0.5 0.7 3.1 7.8 7.3 9.5 5.7 Emerging Market Debt 848,503,926 5.8 6.0 0.6 2.4 6.9 14.1 12.4 10.7 5.3 04/01/22 Emerging Markets Debt Benchmark 0.4 2.5 7.4 13.5 11.9 10.8 6.2 SSgA EMD Hard Index Fund 628,780,006 4.3 4.5 0.5 2.6 7.5 13.6 12.2 10.7 5.3 04/01/22 Spliced SSgA EMD Hard Index 0.4 2.5 7.4 13.5 11.9 10.5 5.5 Capital Group Emerging Markets Debt 219,723,920 1.5 1.5 1.0 1.8 5.4 15.5 13.1 - 12.3 11/01/24 Spliced Capital Group EMD Index 0.8 1.7 5.2 14.1 12.3 - 11.6 Bank Loans 418,399,532 2.8 3.0 0.4 0.9 2.9 5.8 6.4 - 7.5 03/01/24 S&P UBS Leveraged Loan Index 0.2 0.5 2.2 5.2 5.8 - 7.2 Ares Institutional Loan Fund 138,918,307 0.9 1.0 0.3 0.6 2.6 5.4 6.0 - 7.6 03/01/24 S&P UBS Leveraged Loan Index 0.2 0.5 2.2 5.2 5.8 - 7.2 Aristotle Institutional Loan Fund 279,481,226 1.9 2.0 0.5 1.0 3.0 6.0 6.5 - 7.4 03/01/24 S&P UBS Leveraged Loan Index 0.2 0.5 2.2 5.2 5.8 - 7.2 Oaktree Blue Credit 1 401,273,755 2.7 2.7 0.0 0.0 2.0 - - - 4.0 05/01/25 Real Assets 809,916,341 5.5 6.0 2.4 1.5 5.4 5.6 0.4 4.1 1.5 04/01/22 Real Assets Benchmark 2.2 1.4 5.0 5.3 0.6 3.2 -0.8 SSgA REITs Index 587,782,373 4.0 4.0 3.1 1.7 6.9 6.3 -1.3 7.4 0.2 04/01/22 Dow Jones U.S. Select REIT Total Return Index 3.1 1.7 6.9 6.3 -1.3 7.5 0.2 Principal USPA 222,133,967 1.5 2.0 0.5 0.8 2.0 3.9 4.7 -4.0 -3.7 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. 31 of 63 2 Total Fund Illinois Police Officers' Pension Investment Fund Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2025 Market % of Target Since Inception 1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs Value Portfolio (%) Inception Date Risk Mitigation 2,821,244,188 19.1 20.0 0.5 0.9 2.3 5.7 5.3 4.8 3.2 04/01/22 Risk Mitigation Benchmark 0.5 0.9 2.3 5.7 5.3 4.8 3.2 SSgA US Treasury Index 387,465,519 2.6 3.0 0.6 1.2 2.8 6.7 5.0 - 6.8 05/01/24 Blmbg. U.S. Treasury Index 0.6 1.2 2.8 6.7 5.0 - 6.8 SSgA Core Fixed Income Index 391,500,486 2.7 3.0 0.6 1.3 3.3 7.5 5.6 4.6 1.7 04/01/22 Blmbg. U.S. Aggregate Index 0.6 1.3 3.3 7.5 5.7 4.6 1.6 SSgA Short-Term Gov't/Credit Index 1,473,804,908 10.0 10.0 0.5 0.8 2.0 5.0 5.2 4.7 3.5 04/01/22 Bloomberg U.S. Gov/Credit 1-3 Year Index 0.5 0.8 2.0 5.0 5.2 4.7 3.4 SSgA US TIPS Index 440,859,891 3.0 3.0 0.3 0.3 1.9 6.1 5.9 5.2 3.3 04/01/22 Blmbg. U.S. TIPS 0-5 Year 0.3 0.3 1.9 6.0 5.9 5.0 3.4 Cash 126,630,203 0.9 1.0 0.3 0.7 1.7 3.7 4.0 4.6 4.0 04/01/22 90 Day U.S. Treasury Bill 0.3 0.6 1.7 3.8 4.2 4.8 4.2 IPOPIF Pool Fixed Income Transition 983,180 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. 32 of 63 3 Total Fund Illinois Police Officers' Pension Investment Data Sources and Methodology Page Fund Period Ending: November 30, 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 High Yield Corporate Credit 3/18/2022 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 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 33 of 63 3 Total Fund Illinois Police Officers' Pension Investment Data Sources and Methodology Page Fund Period Ending: November 30, 2025 Policy Index Composition Policy Risk As of 9/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 8/1/2025 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 4.0% 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 Assets Risk Mitigation As of 6/1/2025 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 5.1% 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 Assets Risk Mitigation As of 12/1/2024 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 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% 34 of 63 3 Total Fund Illinois Police Officers' Pension Investment Data Sources and Methodology Page Fund Period Ending: November 30, 2025 Policy Index Composition Policy Risk As of 11/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 10/1/2024 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 0.7% 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 Assets Risk Mitigation As of 8/1/2024 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 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 Assets Risk Mitigation As of 6/1/2024 Index Growth Income Real Assets 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% 35 of 63 3 Total Fund Illinois Police Officers' Pension Investment Data Sources and Methodology Page Fund Period Ending: November 30, 2025 Policy Index Composition Policy Risk As of 5/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 4/1/2024 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 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 Assets Risk Mitigation As of 5/1/2023 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. 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 Assets Risk Mitigation As of 3/31/2022 Index Growth Income Real Assets 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% 36 of 63 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. ‐ ‐ 37 of 63 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. 38 of 63 RANTOUL POLICE PENSION FUND Month Ended: December 31, 2025 Market Value Summary: Current Period Year to Date Beginning Balance $42,249,308.16 $37,420,626.08 Contributions $77,100.00 $991,500.00 Withdrawals ($200,000.00) ($2,400,000.00) Transfers In/Out $0.00 $0.00 Income $19,138.85 $206,353.85 Administrative Expense ($342.25) ($6,936.43) Investment Expense ($1,160.61) ($7,624.83) Investment Manager Fees ($1,018.41) ($19,707.21) IFA Loan Repayment $0.00 $0.00 Adjustment $0.00 ($49,625.88) Realized Gain/Loss $28,612.98 $821,853.01 Unrealized Gain/Loss $311,699.30 $5,526,899.43 Ending Balance $42,483,338.02 $42,483,338.02 Performance Summary: Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 0.85% 3.07% 17.79% 17.79% N/A N/A N/A 12.66% 10/01/2024 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 39 of 63 RANTOUL POLICE PENSION FUND Fund Name: IPOPIF Pool Month Ended: December 31, 2025 Market Value Summary: Unit Value Summary: Current Period Year to Date Current Period Year to Date Beginning Balance $42,249,308.16 $37,420,619.16 Beginning Units 3,065,411.019 3,171,172.936 Contributions $77,100.00 $991,500.00 Unit Purchases from Additions 5,546.851 74,052.096 Withdrawals ($200,000.00) ($2,400,000.00) Unit Sales from Withdrawals (14,554.128) (188,821.289) Transfers In/Out $0.00 $39.58 Ending Units 3,056,403.742 3,056,403.742 Income $19,138.85 $206,321.19 Administrative Expense ($342.25) ($6,936.43) Period Beginning Net Asset Value per Unit $13.782592 $11.800246 Investment Expense ($1,160.61) ($7,624.83) Period Ending Net Asset Value per Unit $13.899779 $13.899779 Investment Manager Fees ($1,018.41) ($19,707.21) IFA Loan Repayment $0.00 $0.00 Adjustment $0.00 ($49,625.88) Realized Gain/Loss $28,612.98 $821,853.01 Unrealized Gain/Loss $311,699.30 $5,526,899.43 Ending Balance $42,483,338.02 $42,483,338.02 Performance Summary: RANTOUL POLICE PENSION FUND Inception to Participant MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date Net of Fees: 0.85% 3.07% 17.79% 17.79% N/A N/A N/A 13.05% 10/15/2024 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 40 of 63 Statement of Transaction Detail for the Month Ending 12/31/2025 RANTOUL POLICE PENSION FUND Trade Date Settle Date Description Amount Unit Value Units IPOPIF Pool 12/17/2025 12/18/2025 Redemptions (200,000.00) 13.741806 (14,554.1277) 12/31/2025 01/02/2026 Contribution 77,100.00 13.899779 5,546.8508 Page 3 of 3 41 of 63  December 2025 Statement Supplement Cash Flows Period Contributions Withdrawals December 2025 $43 million $67 million CY 2025 $705 million $763 million Expenses Paid Administrative Investment Direct Investment Period Expenses Expenses Manager Fees 12/1/2025 $119,382.80 $404,841.68 $355,238.34 CY 2025 $2,379,897.06 $2,621,283.81 $6,776,357.07 • 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 11/30/2025 1,069,269,338.1205 14,737,302,597.15 13.782592 12/31/2025 1,067,559,052.0752 14,838,835,409.28 13.899779 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 42 of 63 Peoria, Illinois 61602 RANTOUL Willard, Gregory D. POLICE PENSION FUND Pension Calculation Worksheet Retirement 20-50 REVIEWED AND APPROVED BY PENSION FUND: Trustee: Date:______________ Name: ____________________ Signature: _________________________ Treasurer: Date:______________ Name: ____________________ Signature: _________________________ Personal Data Member Name Willard, Gregory D. Member Entry Date 05/07/04 Member Retirement Date 09/30/25 Member Effective Date of Pension 03/11/28 Member Age at Effective Date of Pension 50 Years (Y) of Creditable Service Earned Y 21 Applicable Salary $107,952.00 Applicable Pension Percentage (APP) 52.50% Amount of the Original Monthly Pension Granted to Member $4,722.90 Pension Calculation History Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 03/11/28 Original Benefit (prorated) 3,199.38 3,199.38 04/01/28 Original Benefit (full month) 1,523.52 4,722.90 56,674.80 04/01/33 Initial Increase 708.44 5,431.34 65,176.08 01/01/34 Annual 3% COLA 162.94 5,594.28 67,131.36 01/01/35 Annual 3% COLA 167.83 5,762.11 69,145.32 01/01/36 Annual 3% COLA 172.86 5,934.97 71,219.64 01/01/37 Annual 3% COLA 178.05 6,113.02 73,356.24 01/01/38 Annual 3% COLA 183.39 6,296.41 75,556.92 01/01/39 Annual 3% COLA 188.89 6,485.30 77,823.60 01/01/40 Annual 3% COLA 194.56 6,679.86 80,158.32 01/01/41 Annual 3% COLA 200.40 6,880.26 82,563.12 01/01/42 Annual 3% COLA 206.41 7,086.67 85,040.04 01/01/43 Annual 3% COLA 212.60 7,299.27 87,591.24 43 of 63 printed: 10/23/2025 RANTOUL Willard, Gregory D. POLICE PENSION FUND Pension Calculation Worksheet Retirement 20-50 Pension Calculation History - Continued Amount Amount Amount of of Monthly of Annual Date Description Change Pension Pension 01/01/44 Annual 3% COLA 218.98 7,518.25 90,219.00 01/01/45 Annual 3% COLA 225.55 7,743.80 92,925.60 01/01/46 Annual 3% COLA 232.31 7,976.11 95,713.32 01/01/47 Annual 3% COLA 239.28 8,215.39 98,584.68 01/01/48 Annual 3% COLA 246.46 8,461.85 101,542.20 01/01/49 Annual 3% COLA 253.86 8,715.71 104,588.52 01/01/50 Annual 3% COLA 261.47 8,977.18 107,726.16 01/01/51 Annual 3% COLA 269.32 9,246.50 110,958.00 01/01/52 Annual 3% COLA 277.40 9,523.90 114,286.80 01/01/53 Annual 3% COLA 285.72 9,809.62 117,715.44 01/01/54 Annual 3% COLA 294.29 10,103.91 121,246.92 01/01/55 Annual 3% COLA 303.12 10,407.03 124,884.36 01/01/56 Annual 3% COLA 312.21 10,719.24 128,630.88 01/01/57 Annual 3% COLA 321.58 11,040.82 132,489.84 01/01/58 Annual 3% COLA 331.22 11,372.04 136,464.48 01/01/59 Annual 3% COLA 341.16 11,713.20 140,558.40 01/01/60 Annual 3% COLA 351.40 12,064.60 144,775.20 01/01/61 Annual 3% COLA 361.94 12,426.54 149,118.48 01/01/62 Annual 3% COLA 372.80 12,799.34 153,592.08 01/01/63 Annual 3% COLA 383.98 13,183.32 158,199.84 01/01/64 Annual 3% COLA 395.50 13,578.82 162,945.84 01/01/65 Annual 3% COLA 407.36 13,986.18 167,834.16 01/01/66 Annual 3% COLA 419.59 14,405.77 172,869.24 01/01/67 Annual 3% COLA 432.17 14,837.94 178,055.28 01/01/68 Annual 3% COLA 445.14 15,283.08 183,396.96 01/01/69 Annual 3% COLA 458.49 15,741.57 188,898.84 01/01/70 Annual 3% COLA 472.25 16,213.82 194,565.84 01/01/71 Annual 3% COLA 486.41 16,700.23 200,402.76 01/01/72 Annual 3% COLA 501.01 17,201.24 206,414.88 01/01/73 Annual 3% COLA 516.04 17,717.28 212,607.36 01/01/74 Annual 3% COLA 531.52 18,248.80 218,985.60 01/01/75 Annual 3% COLA 547.46 18,796.26 225,555.12 44 of 63 printed: 10/23/2025  Rantoul Police Pension Fund Annual Benefit Increases (COLA) Effective as of January 1, 2026 Type of Prior COLA Current Annualized Pensioner Pension Notes Benefit Increase Benefit Benefit Arie, Sean B. Service 6,037.84 181.14 6,218.98 74,627.76 Barrett, Stephanie L. Service 4,362.63 130.88 4,493.51 53,922.12 Beach, Marcus R. Duty Disability 5,441.80 0.00 5,441.80 65,301.60 Buckley, Kurtis M. Service 3,749.20 0.00 3,749.20 44,990.40 Carter, Margurette Spouse 6,280.42 0.00 6,280.42 75,365.04 Casagrande, Charles A. Service 5,353.37 160.60 5,513.97 66,167.64 Crane, Dwight D. Duty Disability 4,320.01 74.06 4,394.07 52,728.84 Flick, Terry L. Duty Disability 4,208.91 83.62 4,292.53 51,510.36 Gamel, Henry H. Service 8,206.21 246.19 8,452.40 101,428.80 Gass, David L. Service 4,492.08 134.76 4,626.84 55,522.08 Goodwin, Richard D. Duty Disability 3,745.15 51.07 3,796.22 45,554.64 Grabow, Jacqueline Spouse 4,496.30 0.00 4,496.30 53,955.60 Hart, John D. Duty Disability 1,728.76 0.00 1,728.76 20,745.12 Hedrick, Rick Duty Disability 4,577.21 96.70 4,673.91 56,086.92 Jones, Allen L. Service 7,347.08 220.41 7,567.49 90,809.88 Kaiser, Kevin C. Service 6,222.22 186.67 6,408.89 76,906.68 Kerney, Lance Duty Disability 4,089.80 0.00 4,089.80 49,077.60 McLemore, Ronald L. Service 5,255.93 193.68 5,449.61 65,395.32 McLemore, Ronald L. - QILDRO QILDRO 1,200.00 0.00 1,200.00 14,400.00 Meyer, Alex F. Service 6,685.43 200.56 6,885.99 82,631.88 Richter, Bert J. Service 4,051.18 121.54 4,172.72 50,072.64 Saltsgaver, Bradley K. Service 5,199.84 156.00 5,355.84 64,270.08 Saltsgaver, Bradley K. - QILDRO QILDRO 566.01 16.98 582.99 6,995.88 Sawlaw, David E. Service 4,670.47 140.11 4,810.58 57,726.96 Schlosser, Michael D. Service 4,022.11 120.66 4,142.77 49,713.24 Smith, Charles J. Service 5,584.36 167.53 5,751.89 69,022.68 Spear, Mark A. Service 5,774.44 173.23 5,947.67 71,372.04 Tarr, Betty J. Spouse 2,822.50 0.00 2,822.50 33,870.00 Tittle, Elaine A. Spouse - NT 4,228.94 0.00 4,228.94 50,747.28 Welch, Richard K. Service 6,894.42 206.83 7,101.25 85,215.00 Willard, Gregory D. Service 0.00 0.00 0.00 0.00 Williams, Glenn W. Jr. Service 7,791.19 233.74 8,024.93 96,299.16 Wiseman, Lisle C. Spouse 1,000.00 0.00 1,000.00 12,000.00 Wooten, Jeffrey A. Service 7,398.81 221.96 7,620.77 91,449.24 Zonfrilli, Mary A. Spouse 6,783.16 0.00 6,783.16 81,397.92 Totals 164,587.78 3,518.92 168,106.70 2,017,280.40 45 of 63 Page 1  Rantoul Police Pension Fund Summary of Benefit Changes and Notes Effective as of January 1, 2026 Amount of New Monthly Pensioner Reason Date Change Benefit Buckley, Kurtis M. Initial Increase 5/1/2026 487.40 4,236.60 Kerney, Lance Initial Increase 1/1/2028 1,595.02 5,684.82 Willard, Gregory D. - New Initial Benefit Pro Rata 3/11/2028 3,199.38 3,199.38 Willard, Gregory D. - New Initial Benefit 1st Full Month 4/1/2028 1,523.52 4,722.90 Hart, John D. Initial Increase 1/1/2030 1,555.88 3,284.64 Willard, Gregory D. Initial Increase 4/1/2033 708.44 5,431.34 Beach, Marcus R. Initial Increase 1/1/2037 2,122.30 7,564.10 Notes 1. None 46 of 63 Page 2 November 21, 2025 Members of the Pension Board of Trustees Rantoul Police Pension Fund 333 S Tanner Street Rantoul, Illinois 61866 We are pleased to confirm our acceptance and understanding of the services we will provide for the Rantoul Police Pension Fund for the fiscal year ended April 30, 2025. It is the understanding that Lauterbach & Amen, LLP will prepare a 10-year Contribution History to the Police Pension Fund. You agree to assume all management responsibilities for the actuarial services we provide; you will oversee the services by designating an individual, preferably from senior management, with suitable skill, knowledge, or experience; you will evaluate the adequacy and results of the services and will accept responsibility for them. Scope of Services: • 10-year Contribution History Exhibit The exhibit will be completed at a total cost of $1,375. In accordance with our firm policies, work may be suspended if your account becomes 90 days or more overdue and may not be resumed until your account is paid in full. Please be advised that we will charge interest on late invoices over sixty days. Out of Scope Services: Out of scope services will be billed on a time and charges basis. The hourly rate for out of scope services is $275 per hour. We will provide an estimate of costs for any out of scope services when the service is requested and the scope is defined. You will not be charged any additional costs under this section unless written approval, including email confirmation, is provided ahead of time. In connection with this agreement, the Rantoul Police Pension Fund authorizes Lauterbach & Amen, LLP to automatically debit the Pension Fund’s disbursement account at BMO Bank N.A. upon completion of any past, present, or future services for the cost agreed upon in the respective engagement letter. Either the Pension Fund or Lauterbach & Amen, LLP may terminate this auto debit arrangement at any time by providing prior written notice to the other. Services will be billed upon completion. This engagement may be terminated by either party by giving 30 days written notice to the other party. Subcontracting will be disclosed to the Pension Fund’s Board of Trustees prior to beginning work. This agreement shall be governed by and construed in accordance with the laws of the State of Illinois. Rantoul Police Pension Fund 47 of 63 November 21, 2025 Page 1 of 2 We appreciate the opportunity to be of service to the Rantoul Police Pension Fund and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign below and return it to us. Cordially, Lauterbach & Amen, LLP Lauterbach & Amen, LLP RESPONSE: This letter correctly sets forth the understanding of the Rantoul Police Pension Fund: Accepted by: _________________________________________________________________________ Title: _______________________________________________________________________________ Rantoul Police Pension Fund 48 of 63 November 21, 2025 Page 2 of 2  2026 IPPFA Trustee Training Opportunities IPPFA ONLINE SEMINAR COURSE WHEN: Ongoing • Online 8 hr. seminar (Recorded 2025) WHERE: IPPFA Website: www.ippfa.org/education/online-classes/ COST: IPPFA MEMBER: $295.00/seminar IPPFA NON-MEMBER: $590.00/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 49 of 63  16-hour Certified Trustee Programs* offered through IPPFA IPPFA ONLINE Certified Trustee Program COST: IPPFA MEMBER: $ 550.00 IPPFA NON-MEMBER: $1,100.00 Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/ IPPFA In-Person Certified Trustee Program WHEN: TBA WHERE: TBA COST: TBA *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. 50 of 63  UPCOMING CONFERENCES: 2026 Illinois Pension Conference April 29 - May 1, 2026 Eagle Ridge Resort in Galena, IL 2026 MidAmerican Pension Conference September 23 - 24, 2026 Oak Brook Hills Resort in Oak Brook, IL For more information, please visit our website at www.ippfa.org 51 of 63  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: ________________________________________ ___________________________________________________________________________ 52 of 63 NIAFPD CONFERENCE FEB 6 - FEB 7, 2026 Announcing our 33rd Annual Conference Dedicated to Education The Westin Chicago Lombard - 70 Yorktown Shopping Center, Lombard, IL 60148 Please join us for two days of educational programming to provide your Fire District Trustees, Chief Officers, Administrative staff, Commissioners and Pension Board Trustees an opportunity to exchange ideas in a relaxed atmosphere. Trustees can earn continuing education hours for their annual training requirements. Pension Board Trustees have an opportunity to complete 8 hours for their annual training requirements close to home. I look forward to seeing all of you in February at our 33rd Annual Conference. Ellen Dimock NIAFPD - President Conference Registration Registration is to be made online at niafpd.org Payment can be made by check or credit card Hotel Reservations Registration Due Date: Friday, January 23, 2026 (After this date an additional $25 will be added All hotel reservations are your responsibility. to the registration fee) Cutoff date is January 23, 2026. Special Meal Needs are Available Upon Request Contact the Hotel at 630.719.8000 Use Group Code : FDAFDAT You may also book your room online via the link in our website NIAFPD Scholarship Program Please Note: Application Forms Available Online Your incidental room charges such as room service, service bar, phone calls, and movies are your responsiblity. A credit card must NO REFUNDS FOR CANCELLATIONS be run at check-in for incidental room53charges. of 63  Registration Options Conference Cost Registration Description $375.00 Full Conference - Two Days Lodging Separate Two Days of Workshops, Lunches and Reception $250.00 Friday Workshop Only Lodging Separate One Day of Workshops on Friday Only $200.00 Saturday Workshop Only Lodging Separate One Day of Workshops on Saturday Only Non-Member Cost and Guest Options For More Information Contact: NIAFPD Non-Members Add $50.00 to all above Gina Degleffetti, Executive Director Conference Costs admin@niafpd.org $40.00 - Guest Friday Lunch or Guest Saturday Awards Lunch $25.00 - Sponsor’s Reception 54 of 63  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 55 of 63  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. 56 of 63  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 57 of 63  Volume 27, Issue 1, January 2026 Legal and Legislative Update Police Officers Collecting Benefits May In This Issue… Not Join Second Article 3 Fund 1 Police Officers Collecting Benefits May Not Join Second Article 3 Fund Kooistra v. Bd. of Trustees of the Sycamore Police 2 Supreme Court Affirms Employers May Pension Fd., 2025 IL App (2d) 240787 Withhold Taxes on PEDA Benefits In a case of first impression, the Second District 3 Workers’ Compensation Commission Appellate Court has ruled a police officer Bound by Pension Board’s Causation collecting a retirement benefit from an Article 3 Determination Fund may not join a subsequent Article 3 Fund as 4 Preexisting Injuries Result in Officer a participant. The case stems from legislation Receiving a Lesser Benefit passed in 2017 providing: Police Officer Failed to Prove his Back “If a police officer who first becomes a member on Injury was caused by Act of Duty or after January 1, 2019 is receiving pension payments and re-enters active service with any 5 DOI Publishes Tier 2 Salary Cap and COLA municipality that has established a pension fund Increase for 2026 under this Article, that police officer may continue to receive pension payments while he or she is in Suggested Agenda Items for January active service, but shall only participate in a defined contribution plan established by the 6 RDL News municipality pursuant to Section 3-109.4 and may not establish creditable service in the pension fund collecting his retirement benefit, he was hired as a established by that municipality or have his or her patrol officer for the Sycamore Police Department. pension recomputed.” 40 ILCS 5/3-124.1(b). The Pension Board denied his application for membership in the pension fund finding he could In this case, Plaintiff was hired in his first fund in not join inasmuch as he was collecting benefits 1997 and retired in 2024. He began collecting a from another Article 3 fund. Plaintiff could regular retirement benefit. The day after he began © 2026 REIMER DOBROVOLNY & LABARDI PC 1 58 of 63 however, elect to participate in Sycamore’s defined to ensure it has all the information necessary to contribution plan. make a determination on whether a new hire should be admitted into the fund. As always, please do not The trial court agreed with the pension board and hesitate to contact your RDL attorney should you affirmed it’s decision to bar plaintiff from have any questions on this complicated issue.❖ participation in the fund. On appeal, the court focused on the meaning of the statutory language Supreme Court Affirms Employers May “first becomes a member on or after January 1, Withhold Taxes on PEDA Benefits 2019”. Does this apply to the date a police officer first became a member of any Article 3 fund or does Bitner v. City of Pekin, 2025 IL 131039 it refer to the date the officer joined the second municipality’s police department? In this case, What does “getting paid on the same basis” mean plaintiff first joined a fund in 1997 and joined the under the Public Employee’s Disability Act second police department in 2024. (“PEDA”) as far as employer deductions for employment taxes? The Illinois Supreme Court Because the court found this phrasing ambiguous, has answered that question in a follow-up to a case it turned to the legislative intent to aid in featured in our October 2024 newsletter. interpretation. The Appellate Court concluded the The Supreme Court held that PEDA’s section statute should be interpreted to apply to a police providing injured employees shall continue to be officer who retires from one municipality, begins paid on same basis as before injury does not collecting a pension and then re-enters active prohibit an employer from withholding service with another municipality after January 1, employment taxes from payments made under that 2019. The date does not refer to the initial section. Using applicable rules of statutory membership in the first fund. In this case, because construction, the Supreme Court examined the plaintiff reentered service with Sycamore after plain language of the statute to ascertain and give January 1, 2019, and was collecting a benefit from effect to the legislature’s intent. another fund, he could only participate in the The plaintiffs were injured in the line of duty in municipality’s defined contribution plan and was separate incidents while working as police officers not eligible to join Sycamore’s Article 3 fund. for the defendant, the City of Pekin. Following their injuries, both Plaintiffs received payments pursuant In holding plaintiff was ineligible for membership to Section 1(b) of the Disability Act (5 ILCS in the pension fund, the Court found the intent of 345/1(b)), which in relevant part states the public the statutory amendment was to prevent police employee “shall continue to be paid by the officers from “double dipping” by collecting one employing public entity on the same basis as he pension while building credit towards a second was paid before the injury, with no deduction from pension. The Court also rejected plaintiff’s his sick leave credits, compensatory time for argument such an interpretation would violate the overtime accumulations or vacation, or service Pension Protection Clause of the Illinois credits […].” Constitution. The City continued to pay the plaintiffs’ salaries in the same manner it did before the injuries occurred, Inasmuch as this is the first case to interpret Section i.e. continued to withhold the plaintiffs’ 3-124.1(b), it is binding precedent for the entire employment taxes, including federal and state State. It also leaves a number of unanswered income taxes, Social Security taxes, and Medicare questions. While the Court’s instructions are clear taxes. on how to apply the statute to a police officer who The Plaintiffs, after several mis-starts, filed a is colleting pension benefits, how do you handle a second amended complaint for declaratory relief, officer who is deferred from their prior fund? claiming the City violated Section 1(b) of the Disability Act when it withheld employment taxes As a preliminary step, we are recommending our from the plaintiffs’ disability payments and clients review their membership application forms © 2026 REIMER DOBROVOLNY & LABARDI PC 2 59 of 63 deducted from the plaintiffs’ accrued sick, does not prohibit a public employer from vacation, or compensatory time. The City in effect withholding employment taxes “in the same conceded the latter issue, which was remanded to manner.” ❖ the trial court. The first issue was addressed by the Court. Workers’ Compensation Commission The Plaintiffs were originally successful in the Bound by Pension Board’s Causation circuit court, where their motion for summary Determination judgment was granted. The Appellate Court reversed, however, rejecting the Plaintiffs’ legal City of Zion Police Dept. v. Illinois Workers' Comp. theories relying on the unsupported claim PEDA Comm'n, 2025 IL App (2d) 240758WC-U payments are “in the nature of” worker’s compensation or personal injury compensation, James Labonne – a City of Zion police officer – which are statutorily excluded from employment injured his wrist performing a “burpee” during a taxation. firearms training event on May 8, 2015. He was The Illinois Supreme Court granted plaintiffs’ denied a line-of-duty disability pension but petition for leave to appeal. In the Supreme Court, awarded a not on duty disability pension in 2018. the parties disputed only the question of whether He did not seek administrative review of that the appellate court erred in its interpretation of decision. The Zion Police Pension Board found the Section 1(b), leading to a straightforward analysis May 8, 2015, incident did not cause Labonne’s of the language of the statute. The Court explained disability. Subsequently, Labonne sought benefits the requirement of Section 1(b) that an injured under the Workers’ Compensation Act, but that employee continue to be paid “on the same basis” application was dismissed on grounds of collateral “clearly means that an injured employee is to be estoppel. paid from the regular payroll in the same manner as if the employee was on duty and in active service,” The Second District Appellate Court ultimately and that if an employer withheld employment taxes heard the case and considered the issue of collateral prior to the injury “it may continue to do so after estoppel – a doctrine appropriately asserted when the injury.” The Court also noted the express (1) the issue decided in the prior adjudication is prohibition against deductions for sick leave, identical to the issue in the current action; (2) the overtime, vacation, and service credits created an issue was ‘necessarily determined’ in the prior implied exclusion of all other deductions under the adjudication; (3) the party against whom estoppel maxim of expressio unius est exclusion alterius is asserted was a party or in privity with a party in (“the expression of one thing is the exclusion of any the prior action; (4) the party had a full and fair other”). opportunity to contest the issue in the prior The Court rejected plaintiffs’ argument the City’s adjudication; and (5) the prior adjudication must position would “yield absurd or unjust have resulted in a final judgment on the merits. consequences.” Plaintiffs argued Section 1(b) payments are not subject to federal income tax and The Appellate Court held the issue of causation that the Illinois legislature would not “allow a under the Workers' Compensation Act and Pension public employer to withhold a portion of the Code is identical. Thus, because Labonne failed to benefits from an injured employee without reason.” establish the May 8, 2015, incident caused his The Supreme Court found plaintiffs did not cite to disability before the Zion Police Pension Board, the any specific IRS ruling or federal law or regulation Appellate Court held he is barred from relitigating that prohibits withholding of payroll taxes. The that issue before the Workers’ Compensation Court also noted that even if the plaintiffs are Commission. In this regard, the Appellate Court correct their payments are exempt from federal held the above elements of collateral estoppel were taxes, the proper remedy is to seek a refund from all met in this case. the IRS or to adjust their tax withholding by submitting a new W-4 to the employer. Thus, the Court concluded Section 1(b) “unambiguously” © 2026 REIMER DOBROVOLNY & LABARDI PC 3 60 of 63 In short, final decisions rendered by a pension the Board’s decision, arguing she is entitled to a board may impact police officers’ (or firefighters’) 75% duty disability benefit because her disability ability to seek benefits under the Workers’ was no caused by preexisting injuries. Compensation Act. While the Second District Appellate Court did not discuss the reverse The Appellate Court affirmed the Pension Board, situation, that issue was previously litigated in Vill. finding there was sufficient evidence in the record of Alsip v. Portincaso, 2017 IL App (1st) 153167, of preexisting injuries. Specifically, the Appellate where the First District Appellate Court held a Court noted Baqai was involved in multiple prior decision in a workers’ compensation proceeding car crashes and falls that resulted in varying bars re-litigation of causation before a pension degrees of head trauma. Likewise, multiple doctors board. noted she sustained head trauma, including trauma prior to January 20, 2019. Additionally, the Pension The key takeaway is that a decision by either a Fund’s independent medical examiner found pension board or a workers’ compensation Baqai’s disability did not stem from the January 20, commission regarding causation – that is, whether 2019, incident alone. the alleged incident caused the disability – may bar the other from reconsidering that issue. However, The Appellate Court held Baqai sought to assuming the claimed incident caused the challenge the weight the Pension Board afforded disability, a pension board will still have to the evidence. It affirmed the Pension Board, determine whether that incident constitutes an “act holding its findings are entitled to “considerable of duty” as defined in the Pension Code.❖ deference” and should not be reversed unless against the manifest weight of the evidence.❖ Preexisting Injuries Result in Officer Receiving a Lesser Benefit Police Officer Failed to Prove his Back Injury was caused by Act of Duty Baqai v. The Retirement Board of the Policemen’s Annuity and Benefit Fund of the City of Chicago, 1- Trevino v. Retirement Board of the Policemen’s 25-0691 (Ill. App. Ct. 1st Dist. 2025) Annuity and Benefit Fund of the City of Chicago, 2025 IL App (1st) 241306-U The Chicago Police Pension Fund is subject to Article 5 of the Illinois Pension Code, as opposed Officer Trevino sought duty disability benefits for to downstate funds that are subject to Article 3. a period of 18 months, claiming injuries to discs in Section 5-154 of the Pension Code governs the his neck resulted from an act of duty, specifically award of duty disability benefits. Per that Section, an incident when his right shoulder, arm, and hand the Chicago Police Pension Fund can reduce a duty were injured while subduing a suspect who resisted disability pension from 75% to 50% if it finds the arrest (“2015 incident”). After the 2015 incident, disability resulted from preexisting injuries. There Ofc. Trevino underwent rotator cuff surgery and is no equivalent provision under Article 3. Instead, physical therapy, allowing him to return to work in under Article 3, irrespective of whether an officer 2017. has preexisting injuries or not, he or she is entitled to a duty disability pension if they prove they are Ofc. Trevino continued to experience pain and was disabled because of an “act of duty.” prescribed opioid medication. Later in 2017, doctors diagnosed disc injuries in Ofc. Trevino’s On January 20, 2019, Baqai slipped and fell and hit neck, for which he was prescribed physical therapy, the back of her head. She developed traumatic brain injections, and more opioid medication. In 2019, injury and applied for duty disability benefits. the discs were surgically repaired. Baqai was awarded a 50% duty disability pension, as her disability was caused in part from a “physical On March 1, 2022, Ofc. Trevino returned to work. defect or mental disorder … which existed at the Ofc. Trevino continued to experience pain, and he time the injury was sustained.” Baqai challenged © 2026 REIMER DOBROVOLNY & LABARDI PC 4 61 of 63 eventually retired on March 13, 2023. Prior to DOI Publishes Tier 2 Salary Cap and returning to work, Ofc. Trevino was awarded COLA Increase for 2026 ordinary disability benefits for the time period of September 28, 2020, to March 1, 2022 (18 months) Via a SIREN issued October 31, 2025, the without prejudice – a period of time he was unable Department of Insurance has released the salary to work limited duty. Ofc. Trevino sought to cap limitation for pension purposes and annual recover duty disability benefits (75% of salary) for increases for tier two pensioners. Recall that for this 18-month time period, claiming his disc tier two members of Article 3 and 4 pension funds, injuries resulted from the 2015 incident. the DOI is required to publish the maximum salary for pension purposes which increases annually at The Pension Board refused to award him duty the lesser of 3% or the annual unadjusted consumer disability benefits, finding insufficient evidence price index (CPI) for the prior 12 months ending in linking an act of duty to Ofc. Trevino’s disc September. Likewise, the COLA increase for tier injuries. The Circuit Court of Cook County and the two pensioners is calculated as the lesser of 3% or Illinois Appellate Court affirmed the Pension ½ the annual unadjusted percentage change in CPI Board’s decision. Relying on the doctor’s report, for the prior 12 months ending in September. The the Court found there was sufficient evidence to resulting calculation published by the DOI on support the Pension Board’s decision. October 31 is a maximum pensionable salary for tier two members for 2026 of $145,649.97. This Importantly, the Court reiterated the standard of figure should be used as a cap for both retirement review regarding factual determinations as to cause determinations and salary withholdings. The of an officer’s disability. Under the manifest COLA for tier two members for 2026 will be weight standard, the Pension Board’s decision will 1.5%.❖ only be reversed when “the opposite conclusion is clearly evident.” The Court noted it does not re- weigh the evidence, and “so long as the record contains evidence supporting the agency’s decision, the decision should be affirmed.” Suggested Agenda Items for April (or 2nd Quarter of 2026) In this case, other than Ofc. Trevino’s testimony, there was no medical evidence linking his disc • Election of active/retired/disabled Trustees. injuries to the 2015 incident. To the contrary, the Independent Medical Examiner (Dr. Levin) found • Review and/or modification of Board’s Cash the medical evidence did not support an injury to Management Policy. Ofc. Trevino’s cervical spine from an act of duty. Although the Court found it would be reasonable to • Authorize preparation of annual Department infer Ofc. Trevino’s spinal injuries resulted from of Insurance Report. the 2015 incident, it is the Pension Board’s function to resolve the factual conflicts. Dr. Levin’s report, • Status of independent audit report. (Due along with the lack of evidence linking the disc within 6 months of close of fiscal year). injuries to the 2015 incident, provided the Pension Board with sufficient evidence to only award • Status of Letters of Credit/Collateralization ordinary disability benefits. ❖ Agreements • Review and/or modification of Board’s Administrative Rules and Regulations. • Annual filing of statement of economic interest statements for each Trustee. © 2026 REIMER DOBROVOLNY & LABARDI PC 5 62 of 63  REIMER DOBROVOLNY & LABARDI PC NEWS • October 1-2, 2025, RDL attorneys attended and presented at the IPPFA Mid-American Pension Conference in Oak Brook. • November 7, 2025, RDL partner Brian LaBardi attended and presented at the IPFA Fall Pension Conference in Addison. • December 16, 2025, RDL partner Rick Reimer presented at the IPPFA Certified Trustee training class at the NIU Naperville campus. Legal and Legislative Update Volume 27, Issue 1, January 2026 This publication constitutes advertising material. Information contained herein should not be considered legal advice. Legal and Legislative Update is published periodically. Questions may be directed to: REIMER DOBROVOLNY & LABARDI PC 15 Spinning Wheel Road, Suite 310, Hinsdale, IL 60521 (630) 654-9547 Fax (630) 654-9676 www.rdlaborlawpc.com Unauthorized reproduction prohibited. All rights reserved. © 2026 REIMER DOBROVOLNY & LABARDI PC 6 63 of 63