General
Regular MeetingRantoul, IL · April 21, 2026
Agenda
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,
April 2, 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.) January 20, 2026 Regular Meeting
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.) Affidavits of Continued Eligibility
8. Applications for Membership/Withdrawals from Fund
9. Applications for Retirement/Disability Benefits
a.) Approve Regular Retirement Benefits – Dustin Morgan and Rodney Sullivan
10. Old Business
a.) Review/Approve – Fiduciary Liability Insurance Renewal
11. New Business
a.) Certify Board Election Results – Retired Member Position
b.) Review/Approve – Lauterbach & Amen Engagement Letter
c.) Discussion/Possible Action – Village Contribution History
d.) Review/Update – Resolution for Authorized Agents and Account Representatives
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
c.) Approve Decision and Order – Matthew Bross
14. Closed Session, if needed
15. Adjournment
Packet
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,
April 21, 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.) January 20, 2026 Regular Meeting
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.) Affidavits of Continued Eligibility
8. Applications for Membership/Withdrawals from Fund
9. Applications for Retirement/Disability Benefits
a.) Approve Regular Retirement Benefits – Dustin Morgan
10. Old Business
a.) Review/Approve – Fiduciary Liability Insurance Renewal
11. New Business
a.) Certify Board Election Results – Retired Member Position
b.) Review/Approve – Lauterbach & Amen Engagement Letter
c.) Discussion/Possible Action – Village Contribution History
d.) Review/Update – Resolution for Authorized Agents and Account Representatives
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
c.) Approve Decision and Order – Matthew Bross
14. Closed Session, if needed
15. Adjournment
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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
JANUARY 20, 2026
A regular meeting of the Rantoul Police Pension Fund Board of Trustees was held on Tuesday,
January 20, 2026 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 Stuckemeyer called the meeting to order at 9:01 a.m.
ROLL CALL:
PRESENT: Trustees Kyle Gregg, John Vasquez and Orval Stuckemeyer
ABSENT: Trustees Marcus Beach and Craig Rogers
ALSO PRESENT: Attorney Lukas Korner (via teleconference), Reimer Dobrovolny & LaBardi
PC; Ashley Mesik, Lauterbach & Amen (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: October 21, 2025 Regular Meeting: The Board reviewed the
October 21, 2025 regular meeting minutes. A motion was made by Trustee Stuckemeyer and
seconded by Trustee Vasquez to approve the October 21, 2025 regular meeting minutes as written.
Motion carried unanimously by voice vote.
Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting
minutes for approval.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN: Monthly Financial Report and Presentation
and Approval of Bills: The Board reviewed the Monthly Financial Report for the seven-month period
ending November 30, 2025 prepared by L&A. As of November 30, 2025, the net position held in
trust for pension benefits was $42,547,081.84 for a change in position of $4,705,662.06. 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 September 1, 2025 through November 30, 2025 for total
disbursements of $27,064.09. A motion was made by Trustee Gregg and seconded by Trustee
Vasquez to accept the Monthly Financial Report as presented and to approve the disbursements
shown on the Quarterly Disbursement Report in the amount of $27,064.09. Motion carried by roll
call vote.
AYES: Trustees Gregg, Vasquez and Stuckemeyer
NAYS: None
ABSENT: Trustees Beach and Rogers
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.
INVESTMENT REPORT: IPOPIF – Verus Advisory, Inc: The Board reviewed the IPOPIF Performance
Report for the month ended November 30, 2025. The total market value was $14,733,040,609.
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Rantoul Police Pension Fund
Meeting Minutes – January 20, 2026
Page 2 of 3
State Street Statements: The Board reviewed the State Street statement for the month ended
December 31, 2025. The beginning balance was $42,249,308.16 with an ending balance of
$42,483,338.02.
COMMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board noted that the List
of Filers must be submitted to the County by the Village by February 1, 2026. Statements of
Economic Interest will be sent to all registered filers who will need to respond by the deadline of
May 1, 2026.
IDOI Security Administrator: The Board discussed the IDOI Security Administrator Designee. Further
discussion will be held at the next regular meeting.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approval of Regular Retirement
Benefits – Justin Bouse and Greg Willard: The Board reviewed the regular retirement benefit
calculation for Greg Willard prepared by L&A. Patrolman Willard had an entry date of May 7, 2004,
retirement date of September 30, 2025, effective date of pension of March 11, 2028, 50 years of age
at date of retirement, 21 years of creditable service, applicable salary of $107,952, applicable
pension percentage of 52.50%, amount of originally granted monthly pension of $4,722.90 and
amount of originally granted annual pension of $56,674.80. A motion was made by Trustee
Stuckemeyer and seconded by Trustee Vasquez to approve Greg Willard’s regular retirement
benefit calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Gregg, Vasquez and Stuckemeyer
NAYS: None
ABSENT: Trustees Beach and Rogers
The Board noted that Justin Bouse has no applied for his regular retirement benefit. Updates will
be provided as they become available.
OLD BUSINESS: There was no old business to discuss.
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the
2026 Cost of Living Adjustments calculated by L&A. A motion was made by Trustee Vasquez and
seconded by Trustee Stuckemeyer to approve the 2026 Cost of Living Adjustments as required by
statute and calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Gregg, Vasquez and Stuckemeyer
NAYS: None
ABSENT: Trustees Beach and Rogers
Review Trustee Term Expirations and Election Procedures: The Board noted that the retired member
term currently held by Trustee Beach. L&A will conduct an election on behalf of the Pension Fund
for the retired member position.
Review/Approve – Lauterbach & Amen Engagement Letter: The Board reviewed the 10-year
contribution history engagement letter provided by L&A. A motion was made by Trustee
Stuckemeyer and seconded by Trustee Vasquez to approve the L&A engagement letter in an
amount not to exceed $1,375. Motion carried by roll call vote.
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Rantoul Police Pension Fund
Meeting Minutes – January 20, 2026
Page 3 of 3
AYES: Trustees Gregg, Vasquez and Stuckemeyer
NAYS: None
ABSENT: Trustees Beach and Rogers
Review/Approve – Fiduciary Liability Insurance Renewal: The Board discussed the Fiduciary Liability
Insurance Renewal. Further discussion will be held at the next regular meeting.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and
discussed upcoming training opportunities. Trustees were reminded to submit any certificates of
completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expenses: The Board discussed the
8-hour mandatory training for all Trustees. A motion was made by Trustee Stuckemeyer and
seconded by Trustee Vasquez to approve all mandatory registration fees for all Trustees to attend
the mandatory training. Motion carried by roll call vote.
AYES: Trustees Gregg, Vasquez and Stuckemeyer
NAYS: None
ABSENT: Trustees Beach and Rogers
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Annual Independent Medical
Examination – Matthew Bros: The Board discussed sending Matthew Bross to his Annual
Independent Medical examination. A motion was made by Trustee Stuckemeyer and seconded by
Trustee Gregg to authorize the Board attorney to send Matthew Bross to his annual independent
medical examination. Motion carried by roll call vote.
AYES: Trustees Gregg, Vasquez and Stuckemeyer
NAYS: None
ABSENT: Trustees Beach and Rogers
Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney
Korner 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 Stuckemeyer 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 April 21, 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
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Rantoul Police Pension Fund
Monthly Financial Report
For the Month Ended
February 28, 2026
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483
www.lauterbachamen.com
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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
Pooled Investment NAV vs Accumulated Net Investments Graph................................................. 3-1
Cash Analysis Report............................................................................................................................. 4-1
Cash Analysis Summary Graph............................................................................................................ 4-2
Cash Transfer to/from Consolidated Fund Graph............................................................................. 5-1
Revenue Report....................................................................................................................................... 6-1
Municipal Revenue Report.................................................................................................................... 7-1
Expense Report....................................................................................................................................... 8-1
Pension Benefits and Expenses Graph................................................................................................ 9-1
Member Contribution Report............................................................................................................... 10-1
Payroll Batch Report.............................................................................................................................. 11-1
Quarterly Deduction Report.................................................................................................................. 12-1
Quarterly Transfer Report..................................................................................................................... 13-1
Quarterly Disbursement Report........................................................................................................... 14-1
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Accountants' Compilation Report
7 of 67
March 26, 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 February 28,
2026 and the related statement of changes in net position - modified cash basis for the ten 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
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1-1
Financial Statements
9 of 67
Rantoul Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of February 28, 2026
Current Prior
Year-to-Date Year-to-Date
Assets
Cash and Cash Equivalents $ 113,251.15 469,740.82
Investments at Fair Market Value
Money Market Mutual Funds 206,043.87 49,159.86
Pooled Investments 44,478,687.77 37,928,087.25
Total Cash and Investments 44,797,982.79 38,446,987.93
Prepaids 2,516.50 2,496.50
Total Assets 44,800,499.29 38,449,484.43
Liabilities
Expenses Due/Unpaid 990.00 4,633.71
Total Liabilities 990.00 4,633.71
Net Position Held in Trust for Pension Benefits 44,799,509.29 38,444,850.72
See Accountants' Compilation Report
10 of 67
2-1
Rantoul Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Ten Months Ended February 28, 2026
Current Prior
Year-to-Date Year-to-Date
Additions
Contributions - Municipal $ 221,996.79 229,910.65
Contributions - Members 265,223.29 314,236.07
Total Contributions 487,220.08 544,146.72
Investment Income
Interest and Dividends Earned 180,926.42 448,045.65
Net Change in Fair Value 8,071,485.84 3,774,869.59
Total Investment Income 8,252,412.26 4,222,915.24
Less Investment Expense (83,057.51) (66,901.08)
Net Investment Income 8,169,354.75 4,156,014.16
Total Additions 8,656,574.83 4,700,160.88
Deductions
Administration 48,802.20 67,010.46
Pension Benefits and Refunds
Pension Benefits 1,649,683.12 1,662,756.14
Refunds 0.00 0.00
Total Deductions 1,698,485.32 1,729,766.60
Change in Position 6,958,089.51 2,970,394.28
Net Position Held in Trust for Pension Benefits
Beginning of Year 37,841,419.78 35,474,456.44
End of Period 44,799,509.29 38,444,850.72
See Accountants' Compilation Report
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2-2
Other Supplementary Information
12 of 67
Rantoul Police Pension Fund
Pooled Investment NAV vs Accumulated Net Investments
50,000,000
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 Jan-26
Pooled Investment NAV Accumulated Net Investments
See Accountants' Compilation Report
3-1 13 of 67
Rantoul Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending February 28, 2026
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 12/31/25 01/31/26 02/28/26
Financial Institutions
Busey Bank - CK $ 55,158 55,158 55,159 55,159 55,160 55,160 55,161 55,161 55,162 55,162 55,163 55,163
BMO Bank - CK 35,847 36,654 57,200 25,735 25,398 37,314 37,377 37,220 36,845 36,873 120,023 58,088
91,005 91,812 112,359 80,894 80,558 92,474 92,538 92,381 92,007 92,035 175,186 113,251
Schwab - MM #3711 200,119 200,285 200,456 200,867 201,512 202,248 202,899 203,544 204,240 205,141 205,412 206,044
200,119 200,285 200,456 200,867 201,512 202,248 202,899 203,544 204,240 205,141 205,412 206,044
Total 291,124 292,097 312,815 281,761 282,070 294,722 295,437 295,925 296,247 297,176 380,598 319,295
Contributions
Current Tax 20,108 20,116 - - 19,985 - - - - - - -
Personal Property Replacement Tax - 1,686 1,600 6,118 - - 5,168 - 4,566 - - 3,618
Other Municipal Revenue - - 20,025 20,252 - 20,172 - 40,258 20,095 20,071 19,934 20,135
Contributions - Current Year 21,902 21,581 23,443 23,876 23,326 35,106 24,259 24,174 23,431 23,763 35,436 23,860
Contributions - Prior Year 92 92 92 93 93 141 594 595 595 596 894 597
Interest Received from Members 26 26 26 25 25 36 24 23 23 22 33 21
42,128 43,501 45,186 50,364 43,429 55,455 30,045 65,050 48,710 44,452 56,297 48,231
Expenses
Pension Benefits 169,281 168,547 163,780 163,780 163,780 163,780 164,588 164,588 164,588 164,588 168,107 168,107
Administration 10,243 327 7,428 54,305 14,155 8,670 14,431 2,845 9,788 5,258 6,138 8,842
179,524 168,874 171,208 218,085 177,935 172,450 179,019 167,433 174,376 169,846 174,245 176,949
Total Contributions less Expenses (137,396) (125,373) (126,022) (167,721) (134,506) (116,995) (148,974) (102,383) (125,666) (125,394) (117,948) (128,718)
See Accountants' Compilation Report
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4-1
Rantoul Police Pension Fund
Cash Analysis Summary
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses
See Accountants' Compilation Report
4-2 15 of 67
Rantoul Police Pension Fund
Cash Transfers to/from Consolidated Fund
300,000
200,000
100,000
-
(100,000)
(200,000)
(300,000)
(400,000)
Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
5-1 16 of 67
Rantoul Police Pension Fund
Revenue Report as of February 28, 2026
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 20,220.50 1 201,480.81
41-230-00 - Personal Property Replacement Tax 3,617.61 1 21,070.06 11 5,632.21 1 28,429.84
41-250-00 - Other Municipal Revenue 20,135.00 1 180,942.09 11 0.00 1 0.00
23,752.61 221,996.79 25,852.71 229,910.65
Contributions - Members
41-410-00 - Contributions - Current Year 23,860.00 1 260,675.07 11 22,229.28 1 239,429.54
41-420-00 - Contributions - Prior Year 596.73 1 4,290.01 11 91.12 1 31,152.83
41-440-00 - Interest Received from Members 21.29 1 258.21 11 26.90 1 263.48
41-450-00 - Other Member Revenue 0.00 1 0.00 11 0.00 1 43,390.22
24,478.02 265,223.29 22,347.30 314,236.07
Total Contributions 48,230.63 1 487,220.08 11 48,200.01 1 544,146.72
3 33 3
Investment Income
Interest and Dividends
43-102-01 - Busey Bank - Checking 0.42 1 4.59 11 0.42 1 4.58
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 0.00 1 79,008.94
43-252-02 - Schwab - Fixed Income #1593 0.00 1 0.00 11 0.00 1 91,211.89
43-450-06 - Schwab - Stock Equities #3889 0.00 1 0.00 11 0.00 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 632.07 1 5,759.18 11 273.80 1 2,069.17
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 0.00 1 19,376.08
43-550-08 - Schwab - Mutual Funds #9303 0.00 1 0.00 11 0.00 1 197.26
43-800-01 - IPOPIF Consolidated Pool Income 25,331.67 1 174,512.37 11 14,678.50 1 157,011.34
25,964.16 1 180,276.14 11 14,952.72 1 525,215.65
5 55 5
See Accountants' Compilation Report
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6-1
Rantoul Police Pension Fund
Revenue Report as of February 28, 2026
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 973,360.86 1 6,822,017.61 11 24,609.37 1 301,552.44
44-800-02 - IPOPIF Consolidated Pool - Realized 136,734.77 1 1,249,468.23 11 28,494.75 1 (50,144.06)
1,110,095.63 1 8,071,485.84 11 53,104.12 1 3,774,869.59
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 1,136,059.79 4 8,252,412.26 44 68,056.84 4 4,222,915.24
7 77 7
Total Revenue 1,184,290.42 8,739,632.34 116,256.85 4,767,061.96
See Accountants' Compilation Report
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6-2
Rantoul Police Pension Fund
Municipal Revenue as of February 28, 2026
FYE 04/30/26 FYE 04/30/25 FYE 04/30/24 FYE 04/30/23
Property Taxes Received
Property Tax - May $ 0.00 20,147.75 20,071.75 20,206.50
Property Tax - June 0.00 20,144.25 20,162.00 20,140.48
Property Tax - July 19,984.64 20,189.46 20,135.72 19,638.88
Property Tax - August 0.00 20,108.88 0.00 186,452.09
Property Tax - September 0.00 0.00 40,221.50 20,130.50
Property Tax - October 0.00 40,334.25 20,071.50 20,045.50
Property Tax - November 0.00 20,164.72 20,075.79 20,107.49
Property Tax - December 0.00 20,073.00 20,132.00 19,954.70
Property Tax - January 0.00 20,098.00 19,880.75 20,073.25
Property Tax - February 0.00 20,220.50 20,152.25 0.00
Property Tax - March 0.00 20,107.50 20,045.75 40,245.00
Property Tax - April* 0.00 20,115.50 20,072.00 20,191.00
Total Taxes Received 19,984.64 241,703.81 241,021.01 407,185.39
All Other Employer Contributions
All Other Employer Contributions - May 21,624.53 0.00 0.00 0.00
All Other Employer Contributions - June 26,369.98 10,206.21 0.00 0.00
All Other Employer Contributions - July 0.00 0.00 0.00 0.00
All Other Employer Contributions - August 20,171.75 6,460.02 40,970.49 49,362.10
All Other Employer Contributions - September 5,168.46 1,204.92 22,327.80 0.00
All Other Employer Contributions - October 40,258.25 0.00 1,609.28 0.00
All Other Employer Contributions - November 24,661.49 4,926.48 8,273.24 0.00
All Other Employer Contributions - December 20,070.75 0.00 0.00 0.00
All Other Employer Contributions - January 19,934.33 0.00 2,567.61 0.00
All Other Employer Contributions - February 23,752.61 5,632.21 5,677.76 28,571.21
All Other Employer Contributions - March 0.00 0.00 0.00 0.00
All Other Employer Contributions - April* 0.00 1,685.59 3,348.18 0.00
Total Other Employer Contributions 202,012.15 30,115.43 84,774.36 77,933.31
Total Employer Contributions 221,996.79 271,819.24 325,795.37 485,118.70
Private Actuary Recommended Contribution** 474,057.00 370,414.00 281,503.00 496,375.00
Percent Received 46.83% 73.38% 115.73% 97.73%
IFPIF/IPOPIF Minimum Contribution 450,043.00 397,013.00 430,247.00 515,702.00
Percent Received 49.33% 68.47% 75.72% 94.07%
*Final month of the fiscal year may include adjustments and accruals.
**Based on the most recent Actuarial Valuation prior to the levy ordinance being issued for the applicable fiscal-year.
See Accountants' Compilation Report
19 of 67
7-1
Rantoul Police Pension Fund
Expense Report as of February 28, 2026
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 $ 114,078.29 1,111,842.62 115,557.79 1,127,970.14
51-040-00 - Duty Disability Pensions 28,417.09 281,727.30 28,111.64 278,672.80
51-060-00 - Surviving Spouse Pensions 25,611.32 256,113.20 25,611.32 256,113.20
Total Pensions and Benefits 168,106.70 1,649,683.12 169,280.75 1,662,756.14
Administrative
Insurance
52-150-01 - Fiduciary Insurance 0.00 2,717.00 0.00 2,622.00
0.00 2,717.00 0.00 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 15,305.20 0.00 10,044.91
52-170-03 - Accounting & Bookkeeping Services 985.00 12,915.00 0.00 12,500.00
52-170-04 - Medical Services 0.00 0.00 0.00 14,576.40
52-170-05 - Legal Services 0.00 0.00 0.00 4,938.69
52-170-06 - PSA/Court Reporter 1,020.00 10,170.00 0.00 9,840.00
2,005.00 44,700.20 0.00 62,993.46
Investment
52-190-01 - Investment Manager/Advisor Fees 0.00 0.00 0.00 55,685.70
52-190-04 - Bank Fees 53.59 350.98 37.14 477.55
52-195-02 - Administrative Expense (IPOPIF) 396.63 5,730.98 422.80 2,080.40
52-195-03 - Investment Expense (IPOPIF) 575.88 6,414.52 829.19 2,319.77
52-195-04 - Investment Manager Fees (IPOPIF) 5,811.08 20,932.75 2,584.11 6,337.66
52-195-06 - Transition Cost Allocation Expense (IPOPIF) 0.00 49,628.28 0.00 0.00
6,837.18 83,057.51 3,873.24 66,901.08
Other Expense
52-290-25 - Conference/Seminar Fees 0.00 560.00 0.00 570.00
52-290-26 - Association Dues 0.00 825.00 0.00 825.00
0.00 1,385.00 0.00 1,395.00
Total Administrative 8,842.18 131,859.71 3,873.24 133,911.54
Total Expenses 176,948.88 1,781,542.83 173,153.99 1,796,667.68
See Accountants' Compilation Report
20 of 67
8-1
Rantoul Police Pension Fund
Pension Benefits and Expenses
1,200,000
1,000,000
800,000
600,000
400,000
200,000
-
Service Duty Disability Surviving Spouse Administrative
Expenses 1,111,843 281,727 256,113 131,860
See Accountants' Compilation Report
9-1 21 of 67
Rantoul Police Pension Fund
Member Contribution Report
As of Month Ended February 28, 2026
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Anaya, Yaleina V. $ 12,424.94 6,640.40 0.00 0.00 19,065.34
Barnett, James W. 92,019.75 8,368.36 0.00 0.00 100,388.11
Bross, Matthew R. 119,778.37 8,703.42 0.00 0.00 128,481.79
Carlson, Katelyn N. 17,338.09 7,437.24 0.00 0.00 24,775.33
Donovan, Kyle E. 124,549.70 9,636.44 0.00 0.00 134,186.14
Evans, Malik 0.00 2,964.30 0.00 0.00 2,964.30
Garcia-Payano, Edgar A. 37,788.46 8,045.84 0.00 0.00 45,834.30
Gregg, Kyle T. 105,085.37 9,636.44 0.00 0.00 114,721.81
Gretz, Kyle M. 24,447.28 7,888.76 0.00 0.00 32,336.04
Grice, Johnathan A. 7,584.30 6,984.13 0.00 0.00 14,568.43
Heath, Ashley L. 51,312.05 7,680.12 0.00 0.00 58,992.17
Heath, Jeremy R. 115,716.56 8,703.42 0.00 0.00 124,419.98
Jackson, Thane A. 85,233.75 8,551.12 3,250.00 0.00 97,034.87
Johnston, Tyler W. 99,518.14 9,232.96 0.00 0.00 108,751.10
King, Jerry M. 89,880.30 9,636.44 0.00 0.00 99,516.74
Kraft, Kaleb D. 16,579.94 8,368.36 0.00 0.00 24,948.30
McComas, Rikki J. 39,603.62 8,045.84 0.00 0.00 47,649.46
Mennenga, Haley 56,727.21 8,045.84 0.00 0.00 64,773.05
Meyer, Casey E. 20,075.26 7,676.28 0.00 0.00 27,751.54
Morgan, Dustin S. 181,121.20 11,024.15 0.00 0.00 192,145.35
Nierenhausen, Kyle 3,377.28 6,521.46 0.00 0.00 9,898.74
Pratt, Andrew 0.00 3,260.73 0.00 0.00 3,260.73
Reifsteck, Christina A. 153,740.37 10,119.56 0.00 0.00 163,859.93
Romero Guerrero, Armando 7,584.30 6,984.13 0.00 0.00 14,568.43
Ruppert, Benjamin M. 0.00 5,019.84 0.00 0.00 5,019.84
Schlorff, Kyle 46,936.41 8,045.84 1,298.22 0.00 56,280.47
Schmidt, James L. 135,765.09 9,636.44 0.00 0.00 145,401.53
Sexton, John 0.00 6,521.46 0.00 0.00 6,521.46
Stuckmeyer, Orval W. III 138,579.99 9,724.28 0.00 0.00 148,304.27
Sullivan, Rodney R. 200,633.52 11,352.66 0.00 0.00 211,986.18
Williams, Connor 0.00 4,150.02 0.00 0.00 4,150.02
Wissel, Rene D. 103,002.32 8,551.12 0.00 0.00 111,553.44
2,086,403.57 253,157.40 4,548.22 0.00 2,344,109.19
See Accountants' Compilation Report 22 of 67
10-1
Rantoul Police Pension Fund
Member Contribution Report
As of Month Ended February 28, 2026
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 2,438,186.86 260,675.07 4,548.22 0.00 2,703,410.15
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 3,250.00 0.00 0.00 3,250.00
Schlorff, Kyle - Portability - Principal 1,040.01 0.00 0.00 1,040.01
Schlorff, Kyle - Portability - Interest 0.00 258.21 0.00 258.21
Totals 4,290.01 258.21 0.00 4,548.22
See Accountants' Compilation Report 23 of 67
10-2
Rantoul Police Pension Fund
Rantoul Police Check Date: 02/27/2026
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. $4,394.07 $4,394.07 $0.00 $0.00 $0.00 $0.00 $0.00
115061 Flick, Terry Lee $4,180.01 $4,292.53 $112.52 $0.00 $0.00 $0.00 $0.00
115062 Goodwin, Richard D. $3,724.46 $3,796.22 $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 $4,642.09 $4,673.91 $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 $28,200.99 $28,417.09 $216.10 $0.00 $0.00 $0.00 $0.00
QILDRO
Q115057 McLemore, Marie J. $1,092.00 $1,200.00 $0.00 $0.00 $0.00 $108.00 $0.00
Q124244 Sumner, Susan E. $482.99 $582.99 $0.00 $0.00 $0.00 $100.00 $0.00
QILDRO $1,574.99 $1,782.99 $0.00 $0.00 $0.00 $208.00 $0.00
Service
116356 Arie, Sean B. $2,106.98 $6,218.98 $0.00 $0.00 $0.00 $762.00 $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. $3,100.46 $4,493.51 $884.05 $0.00 $0.00 $509.00 $0.00
121297 Buckley, Kurtis M. $3,295.20 $3,749.20 $0.00 $0.00 $0.00 $354.00 $0.00
121297 Buckley, Kurtis M. $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
115130 Casagrande, Charles A. $4,768.64 $5,513.97 $83.65 $0.00 $0.00 $661.68 $0.00
115046 Gamel, Henry H. $6,417.94 $8,452.40 $304.35 $25.00 $200.00 $1,505.11 $0.00
115047 Gass, David Lee $4,026.04 $4,626.84 $0.80 $0.00 $0.00 $600.00 $0.00
115048 Jones, Allen L. $6,671.53 $7,567.49 $70.96 $0.00 $0.00 $825.00 $0.00
115049 Kaiser, Kevin C. $5,326.68 $6,408.89 $0.00 $0.00 $0.00 $1,082.21 $0.00
115056 McLemore, Ronald L. $2,599.61 $6,649.61 $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. $5,993.99 $6,885.99 $0.00 $0.00 $0.00 $892.00 $0.00
115131 Richter, Bert J. $3,338.18 $4,172.72 $0.00 $0.00 $0.00 $834.54 $0.00
123005 Saltsgaver, Bradley K. $4,372.57 $5,938.83 $135.27 $0.00 $0.00 $848.00 $582.99
115051 Sawlaw, David Eric $4,040.89 $4,810.58 $0.00 $0.00 $0.00 $769.69 $0.00
115059 Schlosser, Michael D. $3,785.77 $4,142.77 $0.00 $0.00 $0.00 $357.00 $0.00
115052 Smith, Charles J. $3,200.14 $5,751.89 $1,724.75 $0.00 $0.00 $827.00 $0.00
115053 Spear, Mark A. $3,560.80 $5,947.67 $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
24 of 67
2/13/2026 9:8 AM Page Number: 1
See Accountants' Compilation Report
11-1
Rantoul Police Pension Fund
Rantoul Police Check Date: 02/27/2026
Family ID EmployeeName Retro Pay Amt Mbr Gross Insurance Fitness Utilities Federal Tax QILDRO Check # Payee Name
Center Deduct
Dues
119520 Welch, Richard K. $5,602.69 $7,101.25 $882.56 $0.00 $0.00 $616.00 $0.00
115054 Williams Jr, Glenn W. $3,200.93 $8,024.93 $0.00 $0.00 $0.00 $824.00 $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. $6,416.67 $7,620.77 $0.00 $0.00 $0.00 $1,204.10 $0.00
Service $93,425.71 $114,078.29 $4,157.35 $25.00 $200.00 $14,487.24 $1,782.99
Surviving Spouse
115074 Carter, Margurette $3,867.42 $6,280.42 $0.00 $0.00 $0.00 $1,813.00 $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 $22,060.17 $25,611.32 $58.32 $0.00 $0.00 $3,492.83 $0.00
Batch Totals
ACH Flag Payments Net Payment Mbr Gross Insurance Fitness Utilities Federal Tax QILDRO
Total Center Deduct
Dues
Batch #83159 - 02/13/2026
ACH 46 $145,261.86 $169,889.69 $4,431.77 $25.00 $200.00 $18,188.07 $1,782.99
Batch #83159 - 02/13/2026 $145,261.86 $169,889.69 $4,431.77 $25.00 $200.00 $18,188.07 $1,782.99
25 of 67
2/13/2026 9:8 AM Page Number: 2
See Accountants' Compilation Report
11-2
Rantoul Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
December 1, 2025 - February 28, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
12/31/25 30579 Village of Rantoul - Forum Fitness Center
20-240-00 Union Dues - 12/25 25.00
Check Amount 25.00
12/31/25 30580 Village of Rantoul - Insurance
20-220-00 Insurance - 12/25 3,962.51
Check Amount 3,962.51
12/31/25 30581 Village of Rantoul - Utility Department
20-240-00 Utilities - 12/25 200.00
Check Amount 200.00
12/31/25 30582 Internal Revenue Service
20-230-00 Internal Revenue Service 18,153.34
ACH Amount (Direct Deposit) 18,153.34
01/30/26 30587 Village of Rantoul - Forum Fitness Center
20-240-00 Union Dues - 01/26 25.00
Check Amount 25.00
01/30/26 30588 Village of Rantoul - Insurance
20-220-00 Insurance - 01/26 4,431.77
Check Amount 4,431.77
01/30/26 30589 Village of Rantoul - Utility Department
20-240-00 Utilities - 01/26 200.00
Check Amount 200.00
01/30/26 30590 Internal Revenue Service
20-230-00 Internal Revenue Service 18,188.07
ACH Amount (Direct Deposit) 18,188.07
02/27/26 30593 Village of Rantoul - Forum Fitness Center
20-240-00 Union Dues - 02/26 25.00
Check Amount 25.00
02/27/26 30594 Village of Rantoul - Insurance
20-220-00 Insurance - 02/26 4,431.77
Check Amount 4,431.77
02/27/26 30595 Village of Rantoul - Utility Department
20-240-00 Utilities - 02/26 200.00
Check Amount 200.00
02/27/26 30596 Internal Revenue Service
20-230-00 Internal Revenue Service 18,188.07
ACH Amount (Direct Deposit) 18,188.07
See Accountants' Compilation Report
26 of 67
12-1
Rantoul Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
December 1, 2025 - February 28, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
Total Payments 68,030.53
See Accountants' Compilation Report
27 of 67
12-2
Rantoul Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
December 1, 2025 - February 28, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
12/31/25 30584 State Street Bank and Trust Company
13-800-01 Rantoul Police Pension Fund 77,100.00
ACH Amount (Direct Deposit) 77,100.00
Total Payments 77,100.00
See Accountants' Compilation Report
28 of 67
13-1
Rantoul Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
December 1, 2025 - February 28, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
12/22/25 30578 Lauterbach & Amen, LLP
52-170-03 #112658 11/25 Accounting & Benefits 985.00
52-170-06 #112658 11/25 PSA 1,020.00
ACH Amount (Direct Deposit) 2,005.00
12/22/25 50134 BMO Bank
52-190-04 Bank Fee 35.83
Check Amount 35.83
12/23/25 30583 Village of Rantoul*
52-170-02 Reimburse FYE25 Final Audit Billing - #17889 695.70
Check Amount 695.70
12/31/25 202512 IPOPIF
52-195-02 Administrative Expense 342.25
52-195-03 Investment Expense 1,160.61
52-195-04 Investment Manager Fees 1,018.41
Check Amount 2,521.27
01/12/26 30585 IPPFA
52-290-25 2026 8hr Online Seminar Registration 0.00
52-290-25 Beach,M #NVN98SJH76G 295.00
ACH Amount (Direct Deposit) 295.00
01/12/26 30586 Lauterbach & Amen, LLP
52-170-03 #113738 12/25 Accounting & Benefits 985.00
52-170-06 #113738 12/25 PSA 1,020.00
ACH Amount (Direct Deposit) 2,005.00
01/22/26 30591 Alliant Insurance Services, Inc
52-150-01 Account #RANTPOL-01 0.00
52-150-01 Policy #MGL0013072 09 2,717.00
52-150-01 01/23/26 - 01/23/27 #3375324 0.00
ACH Amount (Direct Deposit) 2,717.00
01/22/26 50135 BMO Bank
52-190-04 Bank Fee 23.43
Check Amount 23.43
01/31/26 202601 IPOPIF
52-195-02 Administrative Expense 821.70
52-195-03 Investment Expense 275.75
Check Amount 1,097.45
See Accountants' Compilation Report
29 of 67
14-1
Rantoul Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
December 1, 2025 - February 28, 2026
Check Invoice Check
Date Number Vendor Name Amount Amount
02/17/26 30592 Lauterbach & Amen, LLP
52-170-03 #114612 1/26 Accounting & Benefits 985.00
52-170-06 #114612 1/26 PSA 1,020.00
ACH Amount (Direct Deposit) 2,005.00
02/23/26 50136 BMO Bank
52-190-04 Bank Fee 53.59
Check Amount 53.59
02/28/26 202602 IPOPIF
52-195-02 Administrative Expense 396.63
52-195-03 Investment Expense 575.88
52-195-04 Investment Manager Fees 5,811.08
Check Amount 6,783.59
Total Payments 20,237.86
See Accountants' Compilation Report
30 of 67
14-2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: February 28, 2026
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Total Fund with Member and Transition Accounts 15,692,914,645 100.0 100.0 2.5 5.6 14.5 5.6 21.6 14.8 9.3 03/01/22
Policy Index 2.2 4.9 13.7 4.9 20.1 14.4 8.9
Policy Index- Broad Based 1.4 4.0 12.4 4.0 20.0 15.5 8.7
IPOPIF Investment Portfolio 15,692,914,645 100.0 100.0 2.5 5.6 14.5 5.6 21.6 14.7 9.2 04/01/22
Policy Index 2.2 4.9 13.7 4.9 20.1 14.4 8.9
Policy Index- Broad Based 1.4 4.0 12.4 4.0 20.0 15.5 8.7
Growth 9,408,037,940 60.0 58.0 3.2 8.0 20.8 8.0 32.4 20.4 12.6 04/01/22
Growth Benchmark 2.9 7.2 19.9 7.2 30.6 19.9 12.1
RhumbLine Russell 1000 Index 3,405,935,401 21.7 23.0 -0.5 0.8 11.5 0.8 16.7 21.4 12.5 04/01/22
Russell 1000 Index -0.5 0.8 11.5 0.8 16.7 21.4 12.6
Domestic Small Cap Equity 782,728,190 5.0 5.0 1.4 7.5 23.5 7.5 24.8 13.6 8.1 04/01/22
Russell 2000 Index 0.8 6.2 22.0 6.2 23.3 13.1 7.8
RhumbLine Russell 2000 Index 298,927,444 1.9 2.0 0.8 6.2 21.9 6.2 23.2 13.1 7.7 04/01/22
Russell 2000 Index 0.8 6.2 22.0 6.2 23.3 13.1 7.8
Hood River Small Cap Growth 245,073,211 1.6 1.5 2.8 11.0 - 11.0 - - 10.9 12/01/25
Russell 2000 Growth Index -0.2 3.7 - 3.7 - - 2.4
Reinhart Small Cap Value 238,727,535 1.5 1.5 0.7 5.8 - 5.8 - - 7.5 12/01/25
Russell 2000 Value Index 1.9 8.9 - 8.9 - - 9.1
US Transition Manager Account - 0.0 0.0
SSgA Non-US Developed Index 3,090,315,379 19.7 19.0 4.8 9.8 21.7 9.8 36.0 19.5 13.3 04/01/22
MSCI World ex U.S. (Net) 4.8 9.8 21.6 9.8 35.5 19.1 12.9
International Developed Small Cap Equity 879,352,234 5.6 5.0 4.4 11.2 20.0 11.2 43.3 18.7 11.1 04/01/22
MSCI World ex U.S. Small Cap Index (Net) 5.7 12.2 24.5 12.2 46.3 18.3 10.7
Acadian ACWI ex US Small-Cap Fund 431,936,718 2.8 2.5 4.4 11.5 22.9 11.5 43.8 - 26.7 02/01/24
MSCI AC World ex USA Small Cap (Net) 5.3 12.0 23.1 12.0 44.5 - 22.4
WCM International Small Cap Growth Fund 207,289,733 1.3 1.3 2.8 8.8 4.4 8.8 27.1 - 15.4 03/01/24
MSCI AC World ex USA Small Cap (Net) 5.3 12.0 23.1 12.0 44.5 - 22.8
LSV International Small Cap Value Equity Fund 240,125,783 1.5 1.3 5.9 13.1 30.3 13.1 59.0 - 32.0 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) 5.2 11.9 24.0 11.9 45.4 - 23.7
Emerging Market Equities 1,249,706,736 8.0 6.0 10.7 25.1 49.2 25.1 79.6 25.3 14.8 04/01/22
Emerging Markets Equity Benchmark 9.6 21.0 42.2 21.0 65.8 22.7 12.8
William Blair Emerging Markets ex China Growth Fund 589,449,284 3.8 3.0 10.3 22.4 44.5 22.4 71.0 - 46.2 01/01/25
MSCI Emerging Markets ex China IMI (Net) 8.8 19.6 38.9 19.6 62.5 - 48.2
ARGA Emerging Markets Ex China Equity 660,257,452 4.2 3.0 11.1 27.8 53.7 27.8 88.6 - 65.5 12/01/24
MSCI Emerging Markets ex China (Net) 9.6 21.0 42.2 21.0 65.8 - 46.4
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 67 1
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: February 28, 2026
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Income 2,399,989,439 15.3 16.0 0.4 0.9 6.1 0.9 9.0 9.9 5.4 04/01/22
Income Benchmark 0.4 0.7 6.1 0.7 8.6 9.6 5.9
High Yield 622,636,605 4.0 4.3 0.3 0.9 4.8 0.9 7.2 9.6 5.8 04/01/22
Blmbg. U.S. Corp: High Yield Index 0.2 0.7 4.6 0.7 7.2 9.4 5.9
SSgA High Yield Corporate Credit 316,630,529 2.0 2.3 0.2 0.7 4.7 0.7 7.1 9.6 5.8 04/01/22
Spliced SSgA U.S. High Yield Index 0.2 0.6 4.5 0.6 7.0 9.3 5.7
Metlife Opportunistic High Yield 303,636,827 1.9 2.0 - - - - - - -0.3 02/03/26
Blmbg. U.S. Corp: High Yield Index 0.2 - - - - - 0.1
High Yield Transition Manager Account 2,369,249 0.0 0.0
Emerging Market Debt 919,123,503 5.9 6.0 1.4 2.3 10.2 2.3 14.1 11.3 5.7 04/01/22
Emerging Markets Debt Benchmark 1.4 2.1 10.4 2.1 13.2 11.0 6.6
SSgA EMD Hard Index Fund 690,915,559 4.4 4.5 1.4 2.1 10.5 2.1 13.4 11.2 5.6 04/01/22
Spliced SSgA EMD Hard Index 1.4 2.1 10.4 2.1 13.2 11.0 5.9
Capital Group Emerging Markets Debt 228,207,944 1.5 1.5 1.5 2.9 9.4 2.9 16.4 - 13.0 11/01/24
Spliced Capital Group EMD Index 1.2 2.7 9.4 2.7 15.6 - 12.6
Bank Loans 451,516,358 2.9 3.0 -0.9 -1.0 2.5 -1.0 4.7 - 6.3 03/01/24
S&P UBS Leveraged Loan Index -0.8 -1.1 1.8 -1.1 3.9 - 6.0
Ares Institutional Loan Fund 149,993,868 1.0 1.0 -0.7 -1.0 2.0 -1.0 4.0 - 6.3 03/01/24
S&P UBS Leveraged Loan Index -0.8 -1.1 1.8 -1.1 3.9 - 6.0
Aristotle Institutional Loan Fund 301,522,490 1.9 2.0 -1.0 -1.0 2.7 -1.0 5.0 - 6.3 03/01/24
S&P UBS Leveraged Loan Index -0.8 -1.1 1.8 -1.1 3.9 - 6.0
Oaktree Blue Credit 1 406,712,973 2.6 2.7 0.0 0.0 3.4 0.0 - - 5.4 05/01/25
Real Return 883,406,608 5.6 6.0 5.7 8.1 12.1 8.1 8.2 6.7 3.0 04/01/22
Real Return Benchmark 5.3 7.5 11.0 7.5 7.6 5.6 0.7
SSgA REITs Index 658,807,489 4.2 4.0 7.7 10.9 15.6 10.9 9.4 10.3 2.2 04/01/22
Dow Jones U.S. Select REIT Total Return Index 7.7 10.9 15.7 10.9 9.4 10.3 2.2
Principal USPA 224,599,119 1.4 2.0 0.4 0.7 3.1 0.7 4.6 -2.5 -3.2 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.
32 of 67 2
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: February 28, 2026
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Risk Mitigation 3,001,480,658 19.1 20.0 0.9 1.1 3.5 1.1 5.2 5.1 3.3 04/01/22
Risk Mitigation Benchmark 0.8 1.1 3.5 1.1 5.1 5.2 3.3
SSgA US Treasury Index 454,810,163 2.9 3.0 1.8 1.8 4.2 1.8 5.3 - 6.6 05/01/24
Blmbg. U.S. Treasury Index 1.8 1.7 4.2 1.7 5.3 - 6.6
SSgA Core Fixed Income Index 463,813,597 3.0 3.0 1.6 1.8 4.9 1.8 6.3 5.1 2.0 04/01/22
Blmbg. U.S. Aggregate Index 1.6 1.7 5.0 1.7 6.3 5.1 2.0
SSgA Short-Term Gov't/Credit Index 1,490,069,795 9.5 10.0 0.5 0.8 3.1 0.8 4.9 5.0 3.5 04/01/22
Bloomberg U.S. Gov/Credit 1-3 Year Index 0.5 0.7 3.1 0.7 4.9 5.0 3.5
SSgA US TIPS Index 445,108,370 2.8 3.0 0.4 0.9 2.9 0.9 5.0 5.4 3.4 04/01/22
Blmbg. U.S. TIPS 0-5 Year 0.4 0.9 2.8 0.9 4.8 5.3 3.5
Cash 146,679,778 0.9 1.0 0.3 0.5 2.6 0.5 3.9 4.7 3.9 04/01/22
90 Day U.S. Treasury Bill 0.3 0.6 2.6 0.6 4.0 4.8 4.2
IPOPIF Pool Fixed Income Transition 998,956 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.
33 of 67 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: February 28, 2026
Performance Return Calculations
Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year.
Data Source
Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to,
differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the
pricing methodologies and any difference in valuation.
Manager Line Up
Manager Inception Date Data Source Manager Inception Date Data Source
RhumbLine Russell 1000 Index Fund 3/15/2022 State Street Metlife Opportunistic Fixed Incoe 2/3/2026 State Street
RhumbLine Russell 2000 Index Fund 3/15/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street
Hood River Small Cap Growth 11/7/2025 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street
Reinhart Small Cap Value 11/7/2025 State Street Ares Institutional Loan Fund 3/1/2024 Ares
SSgA Non-US Developed Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle
SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Principal USPA 4/6/2022 State Street
Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Oaktree Blue Credit 1 5/1/2025 Oaktree
WCM International Small Cap Growth Fund 3/1/2024 WCM SSgA REITs Index Fund 3/10/2022 State Street
LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA US Treasury Index Fund 5/1/2024 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street
SSgA Emerging Markets ex China Equity Index Fun 5/1/2024 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA US TIPS Index Fund 3/17/2022 State Street
ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA Cash 3/22/2022 State Street
SSgA High Yield Corporate Credit 3/18/2022 State Street
Custom Benchmark Composition
Benchmark Time period Composition
Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI IMI (Net) and 30% Bloomberg Global Multiverse.
Spliced SSgA EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index
Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index
Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained
Spliced SSgA U.S. High Yield Index 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index
Spliced Capital Group EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD
Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD
34 of 67 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: February 28, 2026
Policy Index Composition
Policy Risk
As of 9/1/2025 Policy Index Growth Income Real Return Risk Mitigation As of 8/1/2025 Index Growth Income Real Return Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 4.0% 25.0% Bloomberg US Corporate High Yield Index 4.5% 28.1%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 3.0% 18.8% Private Credit Actual Performance 2.5% 15.6%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 7/1/2025 Policy Index Growth Income Real Return Risk Mitigation As of 6/1/2025 Index Growth Income Real Return Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 5.1% 31.7% Bloomberg US Corporate High Yield Index 5.7% 35.3%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 1.9% 12.0% Private Credit Actual Performance 1.4% 8.4%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 5/1/2025 Policy Index Growth Income Real Return Risk Mitigation As of 12/1/2024 Index Growth Income Real Return Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 6.2% 38.9% Bloomberg US Corporate High Yield Index 7.0% 43.8%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 0.8% 4.8% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% Dow Jones US Select REIT Index 4.0% 66.7%
Dow Jones US Select REIT Index 4.0% 66.7% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% 90 Day US Treasury Bill Index 1.0% 5.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
35 of 67 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: February 28, 2026
Policy Index Composition
Policy Risk
As of 11/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 10/1/2024 Index Growth Income Real Return Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 0.7% 1.2% MSCI Emerging Markets 0.8% 1.4%
MSCI Emerging Markets ex China 5.3% 9.2% MSCI Emerging Markets ex China 5.2% 9.0%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 9/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 8/1/2024 Index Growth Income Real Return Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 1.5% 2.6% MSCI Emerging Markets 2% 3.4%
MSCI Emerging Markets ex China 4.5% 7.8% MSCI Emerging Markets ex China 4% 6.9%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 7/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 6/1/2024 Index Growth Income Real Return Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 36.5%
Russell 2000 5% 8.6% Russell 2000 5% 7.9%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 30.1%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 7.9%
MSCI Emerging Markets 3% 5.2% MSCI Emerging Markets 4% 6.3%
MSCI Emerging Markets ex China 3% 5.2% MSCI Emerging Markets ex China 2% 3.2%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 64.1%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 54.9%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 27.5%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 2% 10.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 11% 55.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
36 of 67 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: February 28, 2026
Policy Index Composition
Policy Risk
As of 5/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 4/1/2024 Index Growth Income Real Return Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 5% 8.6% MSCI Emerging Markets 6% 10.3%
MSCI Emerging Markets ex China 1% 1.7% Bloomberg US Corporate High Yield Index 7% 43.8%
Bloomberg US Corporate High Yield Index 7% 43.8% JPM EMBI Global Diversified Index 6% 37.5%
JPM EMBI Global Diversified Index 6% 37.5% S&P UBS Leveraged Loan Index 3% 18.8%
S&P UBS Leveraged Loan Index 3% 18.8% NFI-ODCE Equal-Weighted Index 2% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg US Treasury Index 1% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 12% 60.0% 90 Day US Treasury Bill Index 1% 5.0%
Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 3/1/2024 Policy Index Growth Income Real Return Risk Mitigation As of 5/1/2023 Index Growth Income Real Return Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 18% 31.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 12.1%
Bloomberg US Corporate High Yield Index 8.5% 53.1% Bloomberg US Corporate High Yield Index 10% 62.5%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 1.5% 9.4% NFI-ODCE Equal-Weighted Index 2% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0%
90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 1/1/2023 Policy Index Growth Income Real Return Risk Mitigation As of 3/31/2022 Index Growth Income Real Return Mitigation
Russell 1000 18% 36.0% Russell 3000 23% 46.0%
Russell 2000 5% 10.0% MSCI ACWI ex USA IMI 20% 40.0%
MSCI World ex U.S. 15% 30.0% MSCI Emerging Markets IMI 7% 14.0%
MSCI World ex U.S. Small Cap 5% 10.0% Bloomberg US Corporate High Yield Index 10% 62.5%
MSCI Emerging Markets 7% 14.0% 50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
Bloomberg US Corporate High Yield Index 10% 62.5% NCREIF Property Index 2% 66.7%
JPM EMBI Global Diversified Index 6% 37.5% Dow Jones US Select REIT Index 4% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Bloomberg US Aggregate Index 7% 25.0%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US Aggregate Index 7% 25.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6% 90 Day US Treasury Bill Index 3% 10.7%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
37 of 67 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.
‐
‐
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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.
39 of 67
RANTOUL POLICE PENSION FUND
Month Ended: March 31, 2026
Market Value Summary:
Current Period Year to Date
Beginning Balance $44,478,687.77 $42,483,338.02
Contributions $0.00 $0.00
Withdrawals ($110,000.00) ($370,000.00)
Transfers In/Out $0.00 $0.00
Income $27,995.77 $59,560.01
Administrative Expense ($566.55) ($1,784.88)
Investment Expense ($659.30) ($1,510.93)
Investment Manager Fees ($1,034.54) ($6,845.62)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $81,989.80 $550,160.97
Unrealized Gain/Loss ($2,066,740.54) ($303,245.16)
Ending Balance $42,409,672.41 $42,409,672.41
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: (4.40%) 0.69% 0.69% 18.07% N/A N/A N/A 10.98% 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 4
40 of 67
RANTOUL POLICE PENSION FUND
Fund Name: RANTOUL POLICE PENSION
Month Ended: March 31, 2026
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $0.00 $0.00 Beginning Units 0.000 0.000
Contributions $0.00 $0.00 Unit Purchases from Additions 0.102 0.445
Withdrawals $0.00 $0.00 Unit Sales from Withdrawals (0.102) (0.445)
Transfers In/Out ($5.79) ($25.25)
Ending Units 0.000 0.000
Income $5.79 $25.25
Administrative Expense $0.00 $0.00
Period Beginning Net Asset Value per Unit $56.739130
Investment Expense $0.00 $0.00
Period Ending Net Asset Value per Unit $0.000000 $0.000000
Investment Manager Fees $0.00 $0.00
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $0.00 $0.00
Unrealized Gain/Loss $0.00 $0.00
Ending Balance $0.00 $0.00
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: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 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 2 of 4
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RANTOUL POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: March 31, 2026
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $44,478,687.77 $42,483,338.02 Beginning Units 3,038,104.130 3,056,403.742
Contributions $0.00 $0.00 Unit Purchases from Additions 0.397 1.762
Withdrawals ($110,000.00) ($370,000.00) Unit Sales from Withdrawals (7,847.155) (26,148.132)
Transfers In/Out $5.79 $25.25
Ending Units 3,030,257.372 3,030,257.372
Income $27,989.98 $59,534.76
Administrative Expense ($566.55) ($1,784.88)
Period Beginning Net Asset Value per Unit $14.640278 $13.899779
Investment Expense ($659.30) ($1,510.93)
Period Ending Net Asset Value per Unit $13.995403 $13.995403
Investment Manager Fees ($1,034.54) ($6,845.62)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $81,989.80 $550,160.97
Unrealized Gain/Loss ($2,066,740.54) ($303,245.16)
Ending Balance $42,409,672.41 $42,409,672.41
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: (4.40%) 0.69% 0.69% 18.07% N/A N/A N/A 11.25% 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 3 of 4
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Statement of Transaction Detail for the Month Ending 03/31/2026
RANTOUL POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
RANTOUL POLICE PENSION
03/02/2026 03/03/2026 Transfers Out (5.79) 56.739130 (0.1020)
IPOPIF Pool
03/02/2026 03/03/2026 Transfers In 5.79 14.574765 0.3973
03/24/2026 03/25/2026 Redemptions (110,000.00) 14.017819 (7,847.1551)
Page 4 of 4
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March 2026 Statement Supplement
Cash Flows
Period Contributions Withdrawals
March 2026 $38 million $70 million
CY 2026 $166 million $202 million
Expenses Paid
Administrative Investment Direct Investment
Period
Expenses Expenses Manager Fees
3/1/2026 $199,014.13 $231,597.60 $363,408.49
CY 2026 $625,018.83 $529,729.23 $2,399,904.22
• Expenses are paid from the IPOPIF Pool and allocated proportionately by member value.
• Investment expenses exclude investment manager fees.
• Direct Investment Manager Fee includes those fees invoiced and paid by IPOPIF. Other
investment manager fees are tracked separately and reported to the Board and disclosed in
the Fund’s Annual Comprehensive Financial Report.
Investment Pool Details
Date Units Value Unit Price
2/28/2026 1,067,213,250.3271 15,624,298,220.00 14.640278
3/31/2026 1,065,014,264.9730 14,905,303,594.41 13.995403
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
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Peoria, Illinois 61602
Rantoul Police Pension Fund
Board of Trustees
______________________________
Notice of Election Results
______________________________
April 2026 Election
Retired Member Position
Nominations are closed and have resulted in:
Marcus Beach
running unopposed for the position of:
Retired Member Trustee
Two-Year Term Expiring May 9, 2028
Mr. Beach has accepted the position as a member of the Board of
Trustees and has agreed to uphold the duties required.
Elections conducted by Ashley Mesik, Professional Services Administrator
Lauterbach & Amen
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January 26, 2026
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 following services we are to provide
for the Rantoul Police Pension Fund for the fiscal years ended April 30, 2027, 2028, and 2029.
We will compile from information you provide, monthly Treasurer's reports including annual and interim
statements of net position - modified cash basis, statements of changes in net position - modified cash
basis, and other supplementary information for the fiscal years ended April 30, 2027, 2028, and 2029 and
perform a compilation engagement with respect to those financial statements. These financial statements
will not include related notes to the financial statements as required for the financial statements prepared
in accordance with the modified cash basis of accounting. In addition, the supplementary information
accompanying the compiled financial statements will be prepared and presented with the financial
statements. Such supplementary information is the responsibility of management and will be subject to
our compilation engagement. We will not audit or review the supplementary information. We will not
express an opinion, a conclusion or provide any assurance on such supplementary information.
Our Responsibilities
1. We will provide you with the following bookkeeping services: post the cash receipt and cash
disbursement journals; reconcile all bank accounts; account for all investment transactions; post
the general ledger; issue vendor, contribution refund, and pension benefit payments; maintain
vendor and benefit payment history; maintain records of contributions paid by members.
2. We will prepare financial statements in accordance with the modified cash basis of accounting
based on information provided by you.
3. We will apply accounting and financial reporting expertise to assist you in the presentation of
financial statements without undertaking to obtain or provide assurance that there are no material
modifications that should be made to the financial statements in order for them to be in accordance
with the modified cash basis of accounting.
Rantoul Police Pension Fund 46 of 67
January 26, 2026 Page 1 of 6
Our Responsibilities - Continued
4. In addition, we will prepare the Illinois Department of Insurance (IDOI) Annual Statement, Year
End Auditor's Workpapers, and the Municipal Compliance Report, per Public Act 95-0950. We
will also prepare and file the annual tax forms 1099-R, 945, 1099-MISC and 1099-NEC and 1096
for the calendar years ended December 31, 2026, 2027, and 2028. All transactions will be recorded
utilizing the chart of accounts established by the IDOI. Account coding for transactions is self-
evident based upon the chart of accounts established. It is our understanding that the transactions
posted, along with the monthly Treasurer’s reports, will be approved by the Pension Board at the
regularly scheduled Board Meetings.
5. We will perform pension benefit calculations and process benefit and vendor disbursements upon
written authorization of management. A list of the scheduled pension benefit increases for each
calendar year will be provided to the Pension Board for approval. All benefits are calculated in
accordance with State Statutes and are based upon the pension benefit calculation schedules
prepared for each beneficiary and approved by the Pension Board. We will disburse to the
pensioners the gross pension benefit amounts indicated on the list provided for the applicable
twelve-month benefit period. Any other amendments or changes to the gross benefits will require
written authorization from the Pension Board. We will also perform requested non-actuarial
calculations for all creditable service transfers and purchases allowable per State Statutes in effect
as of December 31, 2024. An additional cost may be incurred to perform such calculations in effect
as of January 1, 2025.
6. We will provide Professional Services Administration (PSA), which includes board meeting
agenda preparation, scheduled board meeting attendance and preparation of minutes, maintenance
of active member files, administration of annual elections, and preparation of annual affidavits to
pensioners.
7. We will provide electronic data management by utilizing online portals. The portal will allow
online access to an archive of current and historic Rantoul Police Pension Fund financial
documents and active member files. The documentation will be uploaded into the portal, filed
appropriately and maintained by Lauterbach & Amen. It is the understanding of the parties that
the portal is a supplement to, and not a replacement for, the Pension Board’s responsibility to
maintain original paper and/or electronic public records of the Pension Fund. The Pension Fund
may terminate the portal services with written notice to Lauterbach & Amen. Lauterbach & Amen
agrees to maintain the Pension Board’s access for a maximum of 30 days after written notice is
received, for the Pension Board to make sufficient electronic copies.
8. Lauterbach & Amen will maintain cyber and professional liability coverage and we will provide
evidence of coverage on an annual basis.
We will conduct our compilation engagement in accordance with Statements on Standards for Accounting
and Review Services (SSARS) promulgated by the Accounting and Review Services Committee of the
American Institute of Certified Public Accountants (AICPA) and comply with applicable professional
standards, including the AICPA’s Code of Professional Conduct and its ethical principles of integrity,
objectivity, professional competence, and due care, when performing the bookkeeping services, preparing
the financial statements, and performing the compilation engagement.
Rantoul Police Pension Fund 47 of 67
January 26, 2026 Page 2 of 6
Our Responsibilities - Continued
We are not required to, and will not, verify the accuracy or completeness of the information you will
provide to us for the engagement or otherwise gather evidence for the purpose of expressing an opinion
or a conclusion. Accordingly, we will not express an opinion or a conclusion nor provide any assurance
on the financial statements.
Our engagement cannot be relied upon to identify or disclose any financial statement misstatements,
including those caused by fraud or error, or to identify or disclose any wrongdoing within the entity or
noncompliance with laws and regulations. However, we will inform the Pension Board of any material
errors, and of any evidence or information that comes to our attention during the performance of our
compilation procedures with respect to possible instances of fraud or misstatements unless they are clearly
inconsequential.
We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any
action that could be construed as assuming management responsibilities since performing those
procedures or taking such action would impair our independence.
Your Responsibilities
The engagement to be performed is conducted on the basis that you acknowledge and understand that our
role is to prepare financial statements in accordance with the modified cash basis of accounting and assist
you in the presentation of the financial statements in accordance with the modified cash basis of
accounting. You have the following overall responsibilities that are fundamental to our undertaking the
engagement in accordance with SSARS:
1. The selection of the modified cash basis of accounting as the financial reporting framework to be
applied in the preparation of the financial statements.
2. The preparation and fair presentation of financial statements in accordance with the modified cash
basis of accounting and the inclusion of a description of the modified cash basis of accounting.
3. The design, implementation, and maintenance of internal controls relevant to the preparation and
fair presentation of the financial statements that are free from material misstatement, whether due
to fraud or error.
4. The prevention and detection of fraud.
5. To ensure that the Rantoul Police Pension Fund complies with the laws and regulations applicable
to its activities.
6. The accuracy and completeness of the records, documents, explanations, and other information,
including significant judgments, you provide to us for the engagement.
7. To provide us with -
a. access to all information of which you are aware is relevant to the preparation and fair
presentation of the financial statements, such as records, documentation, and other matters,
Rantoul Police Pension Fund 48 of 67
January 26, 2026 Page 3 of 6
Your Responsibilities - Continued
b. additional information that we may request from you for the purpose of the compilation
engagement,
c. unrestricted access to persons within the entity of whom we determine it necessary to make
inquiries.
You are also responsible for all management decisions and responsibilities and for designating an
individual, with suitable skills, knowledge, and experience to oversee our bookkeeping services and the
preparation of your financial statements. You are responsible for evaluating the adequacy and results of
the services performed and accepting responsibility for such services.
Lauterbach & Amen, LLP does not assume any management responsibilities for the Pension Fund. We
are not engaged to, and will not, perform an audit, the objective of which would be the expression of an
opinion on the specified elements, accounts, or items. These services cannot be relied upon to detect
errors, irregularities, or illegal acts that may exist. However, we will inform you of any such matters that
may come to our attention.
It is the understanding of the parties that the portals provided to or held by Lauterbach & Amen, LLP, is
a supplement to, and not a replacement for, the original paper and electronic public records of the Pension
Fund.
Our Report
As part of our engagement, we will issue a report that will state that we did not audit or review the financial
statements and that, accordingly, we do not express an opinion, a conclusion, nor provide any assurance
on them. There may be circumstances in which the report differs from the expected form and content.
Our report will disclose that the Pension Fund management has elected to omit substantially all the
disclosures ordinarily included in financial statements prepared in accordance with the modified cash basis
of accounting. If the omitted disclosures were to be included in the financial statements, they might
influence the user’s conclusions about the Pension Fund’s assets, liabilities, net position, additions and
deductions. Accordingly, the financial statements will not be designed for those who are not informed
about such matters. If for any reason, we are unable to complete the compilation of your financial
statements, we will not issue a report on such statements as a result of this engagement.
Our report will disclose that the financial statements are prepared in accordance with the modified cash
basis of accounting, which is a basis of accounting other than accounting principles generally accepted in
the United States of America.
You agree to include our accountant's compilation report in any document containing financial statements
that indicates that we have performed a compilation engagement on such financial statements and, prior
to inclusion of the report, to ask our permission to do so. The supplementary information accompanying
the financial statements will be presented for purposes of additional analysis. Our report will not express
an opinion, a conclusion, nor provide any assurance on such information.
Rantoul Police Pension Fund 49 of 67
January 26, 2026 Page 4 of 6
Other Relevant Information
Costs for our services are as follows:
Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended
Annual Services Provided 04/30/2027 04/30/2028 04/30/2029
• IDOI Annual Statement $1,924 $2,000 $2,080
• Municipal Compliance Report $613 $637 $662
• Year End Auditor's Workpapers $800 $832 $865
Calendar Calendar Calendar
Year Ended Year Ended Year Ended
12/31/2026 12/31/2027 12/31/2028
• Payroll & Vendor Tax Forms $431 $455 $473
Total Costs of Annual Services $3,768 $3,924 $4,080
Amount to be Billed Monthly - See Below $314 $327 $340
Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended
Total Monthly Services Provided 04/30/2027 04/30/2028 04/30/2029
• Monthly Accounting & Benefits Administration $1,025 $1,066 $1,109
• Professional Service Administration $1,061 $1,104 $1,149
• Annual Services (Billed Monthly - See Above) $314 $327 $340
Monthly Total Costs of Services $2,400 $2,497 $2,598
Total Annual Cost $28,800 $29,964 $31,176
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.
All services will be billed monthly, as indicated in the above table.
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.
Rantoul Police Pension Fund 50 of 67
January 26, 2026 Page 5 of 6
Other Relevant Information - Continued
Either party may terminate all or a portion of the services contemplated by this engagement at any time
for any reason upon 30 days written notice to the other. Subcontracting is prohibited without the express
written approval of the Pension Fund’s Board of Trustees. This agreement shall be governed by and
construed in accordance with the laws of the State of Illinois.
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 acknowledge and agree with the terms of our engagement as described in this letter, please
indicate your acceptance of the above understanding by signing below and returning a signed copy to us.
If the Pension Fund's needs change during the year, the nature of our services can be adjusted accordingly.
Likewise, if you have special projects with which we can assist, please let us know.
Cordially,
Lauterbach & Amen, LLP
Lauterbach & Amen, LLP
RESPONSE:
This letter correctly sets forth the understanding of the Rantoul Police Pension Fund:
Accepted by: _________________________________________________________________________
Title: _______________________________________________________________________________
Rantoul Police Pension Fund 51 of 67
January 26, 2026 Page 6 of 6
Rantoul Police Pension Fund
Contribution History
History of Employer Contributions to Pension Fund
Lauterbach & Amen, Lauterbach & Amen, IPOPIF Statutory IL Dept. of Insurance Absolute Minimum
Actuarial
LLP Recommended LLP Statutory Minimum Minimum Statutory Minimum Contribution from All
Valuation Date 1 2 4 5
Contribution Contribution Contribution Contribution Sources
5/1/2025 $565,335 N/A $493,830 N/A 493,830
5/1/2024 474,057 N/A $450,043 N/A 450,043
5/1/2023 370,414 247,781 $397,013 N/A 397,013
5/1/2022 281,503 261,633 $430,247 N/A 430,247
5/1/2021 496,375 300,890 N/A $515,702 300,890
5/1/2020 546,282 273,116 N/A $557,841 273,116
5/1/2019 330,999 111,866 N/A $503,530 111,866
5/1/2018 277,852 85,182 N/A $475,994 85,182
5/1/2017 967,881 788,340 N/A $993,564 788,340
5/1/2016 868,102 654,375 N/A $820,540 654,375
5/1/2015 N/A N/A N/A $774,405 774,405
5/1/2014 N/A N/A N/A $723,262 723,262
Total $5,178,800 $2,723,183 $1,771,133 $5,364,838 $5,482,569
Employer Contribution Shortfall/(Excess)
Absolute Minimum Employer Employer
Actual Employer
Fiscal Year End 6 Contribution from All Contribution Contribution Shortfall
Contribution
Sources Shortfall/(Excess) Excluding Excess
4/30/2025 $271,819 $397,013 $125,194 $125,194
4/30/2024 325,795 430,247 104,452 104,452
4/30/2023 485,119 300,890 (184,229) 0
4/30/2022 454,866 273,116 (181,750) 0
4/30/2021 216,187 111,866 (104,321) 0
4/30/2020 115,053 85,182 (29,871) 0
4/30/2019 118,008 788,340 670,332 670,332
4/30/2018 11,268,316 654,375 (10,613,941) 0
4/30/2017 723,112 774,405 51,293 51,293
4/30/2016 683,547 723,262 39,715 39,715
Total $14,661,822 $4,538,696 ($10,123,126) $990,986
1
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Rantoul Police Pension Fund
Disclosures
1) The Actuarially Determined Contributions shown are based on the Recommended Contribution in the Actuarial Funding Reports completed by Lauterbach & Amen, LLP.
2) The Actuarially Determined Contributions shown are based on the funding methods and parameters in the Illinois statutes for pension funding as estimated in the Actuarial Funding
Report completed by Lauterbach & Amen, LLP. These contribution amounts are not the Recommended Contributions in these reports.
3) The Statutory Minimum Contribution for Actuarial Valuation Reports completed by the Illinois Police Officers Pension Fund (for 5/1/2022 and beyond) are recorded as the Absolute
Minimum Contribution, even if the contribution exceeds the Private Actuary's Minimum Contribution determined under the same funding policy. This is the opinion of Reimer
Dobrovolny & LaBardi PC, per 40 ILCS 5/1A-111.
4) The Actuarially Determined Contributions shown are based on the results in the Actuarial Valuation Report completed by the Illinois Department of Insurance.
5) For comparison purposes, the display assumes there is an inherent two-year time lag between the Fiscal Year End for the determination of the contribution and when the Fund
receives the Employer Contribution.
2
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2026 IPPFA Trustee Training Opportunities
IPPFA ONLINE 8-HOUR SEMINAR
WHEN: Ongoing
WHERE: IPPFA Website:
www.ippfa.org/education/online-classes/
COST: IPPFA MEMBER: $295.00/seminar
IPPFA NON-MEMBER: $590.00/seminar
8-hour Seminar Outline (2026):
• Ethics and Transparency in State and Local Government
• Social Security Update
• Re-Entry into Active Service
• PSEBA/PEDA
• Spousal & Dependent Benefits
• Legal Updates & Ask Your Attorney
• At the Intersection of Discipline and Pension
• Investment Funds Update
This online course satisfies the 8 hours of the required continuing pension trustee training
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16-hour Certified Trustee Programs* offered through IPPFA
IPPFA ONLINE Certified Trustee Program
COST: IPPFA MEMBER: $575.00
IPPFA NON-MEMBER: $1,150.00
Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/
IPPFA In-Person Certified Trustee Program
WHEN: April 14 - 15, 2026
WHERE: NIU Outreach Campus, Naperville IL
COST: IPPFA MEMBER: $550.00
IPPFA NON-MEMBER: $1,100.00
*On December 18, 2019, Governor J.B. Pritzker signed SB 1300, making it Public Act 101-0610. This act
will consolidate all Article 3 and 4 pension fund's investment assets. Under Public Act 101-0610, training
requirements have now been reduced from 32-hours to 16-hours of new trustee training, however all
pension trustees will still need 4-hours of mandatory consolidation transition training.
All Article 3 & 4 Pension Trustees elected or appointed are required to complete the 16-hour trustee
certification course within 18 months of election or appointment to the board.
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2026 IPPFA Illinois Pension
Conference
The Illinois Pension Conference is the perfect H'ay to complete your 8-hours of
pension trustee training. Highlights include dynamic speakers, informative exhibits,
and many networking opportunifies.
Time & Location
Apr 29, 2026, 7:00 AM - May 01, 2026, 1:00 PM
Eagle Ridge Resort, 444 Eagle Ridge Dr, Galena, IL 61036,
USA
Rooming
Main Hotel Accommodations:
Eagle Ridge Resort
444 Eagle Ridge Drive
Galena, IL 61036
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2026 IPPFA MidAmerican
Pension Conference
The MidAmerican Pension Conference is the perfect ..-ay w compl.ele your 8-hours
of pension trustee training. Highlights include dynamic speaker., infonnaJive
exhibits, and many networking opportunities.
:J • 111!!\U'li
�arraott
I
I
I
l
Schaumburg
Time & Location
Sep 30, 2026, 7:00 AM - Oct 02, 2026, 5:00 PM
Marriott Schaumburg, 50 N Martingale Rd, Schaumburg, IL 60173, USA
About the event
The MidAmerican Pension Conference is the perfect way to complete your 8-hours of pension
trustee training. Highlights include dynamic speakers, informative exhibits, and many
networking opportunities. For over 30 years, the IPPFA has given attendees the very best
training in ethics, fiduciary responsibilities, and legal and legislative updates, all covering every
aspect of pension trustee training.
Registration Not Yet Ogen
Rooming
Main Hotel Accommodations:
Marriott Schaumburg
50 N. Martingale Rd
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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: ________________________________________
___________________________________________________________________________ 58 of 67
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
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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.
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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
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Volume 27, Issue 2, April 2026
Legal and Legislative Update
How to Determine Effective Date and In This Issue…
Salary in Police Disability Matters 1 How to Determine Effective Date and
Salary in Police Disability Matters
Vokac v. Berwyn Police Pension Fund, et al.,
2 Officer Can Be Both Not Disabled and
2025 IL App (1st) 240338
Unable to Return to Duty
Often times in disability matters, the determination 3 Termination of Disability Benefits Requires
of effective date and salary for pension purposes is Evidence of “Recovery”
more complicated than the disability determination 4 Artificial Intelligence Can’t Save Police
itself. This is mostly due to a lack of clarity in the Officer’s Disability Claim
statute and very little case law on the subject. Both
issues were addressed by the First District 5 Attorney General Recommends Felony
Appellate Court in this recent matter giving Divestiture for Madigan’s General Assembly
pension boards much needed guidance. Pension
The police officer in this case was awarded a line 6 Suggested Agenda Items for July
of duty disability benefit. The pension board
awarded benefits effective upon removal from RDL News
PEDA with a salary on the same date. The police
officer appealed arguing his benefit should have from the city’s workers’ compensation carrier.
been effective on the date of disability hearing While receiving ttd benefits, the officer wrote
using a salary as of that date. Such a result would checks to the pension fund to represent what would
have increased his pensionable salary by have been his regular pension contribution. The
approximately $10,000. checks were not cashed by the fund.
Factually speaking, the police officer did not return At issue was Section 3-114.1 of the Pension Code
to work after his date of injury. He received PEDA which provides for a disability pension benefit of
benefits for one year thereafter. When PEDA 65% of salary attached to rank “at the date of
benefits expired, he began receiving ttd benefits suspension of duty or retirement”. The Court noted
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a lack of case law to provide guidance in the with setting an effective date and salary for
pension board’s determination of salary and disability pension purposes. Notwithstanding the
effective date of disability. During the pendency of Sottos case, Vokac would suggest disability
the disability matter, the pension board adopted an pension benefits would generally be effective upon
administrative rule to attempt to guide these types expiration of PEDA with a salary as of the same
of determinations. However, the Appellate Court date.❖
found the amendment inapplicable to claims
existing prior to adoption. Officer Can Be Both Not Disabled and
Unable to Return to Duty
The Court turned to the plain language of the
statute to find the Board did not err in determining Moreland v. Ret. Bd. of Policemen's Annuity &
the officer was “suspended of duty” on the last day Benefit Fund of City of Chicago, 2025 IL 131343
he received any salary from the municipality.
Because PEDA benefits are in the nature of regular For some time, there has been a gray area for public
salary, the pension board was correct in using safety personnel applying for disability. What
termination of PEDA as the effective date of happens when the pension board’s IME reports
benefit and salary attached to rank. indicate the officer is not disabled but the employer
finds they cannot return to duty? While prior cases
While a prior case in the firefighters’ context found for Articles 3 and 4 opined an induvial can be both
payment of ttd by a municipality constitutes not disabled and yet unable to return to duty, the
continuing to be on “payroll” for pension purposes answer for Article 5 (Chicago) was less clear.
(Sottos v. Firefighters’ Pension Fd. of City of
Moline), the Court here found ttd benefits are not In 2009 the Illinois Supreme Court decided the case
in the nature of “salary” as contemplated by Section of Kouzoukas v. Ret. Bd. of Policemen's Annuity &
3-114.1 because they are not intended to Benefit Fund of City of Chicago. In that case, the
compensate an employee for their full salary and officer was found disabled but able to work with
are offset from a disability benefit by Section 3- restrictions. As a result, the pension board denied
114.5. disability benefits. The City did not offer him any
position accommodating the restrictions. On
The Court concluded a disability pension benefit review, the Supreme Court found the pension
should commence after the officer stops receiving board’s denial was against the manifest weight of
“full pay”. In this case, that occurred upon the evidence. The Kouzoukas Court held that an
termination of PEDA and the pension board was officer who can work but only with restrictions is
correct in setting that as the effective date with a still disabled under the Pension Code if no
salary as of that date. accommodating position is offered. It granted the
officer disability benefits.
Finally, the Court also affirmed the pension board’s
determination the officer could not purchase In Chicago, the practical application of the Court’s
creditable service for the time he was on ttd. While ruling in Kouzoukas became that any officer whom
the Pension Code provides periods of disability for the pension board’s doctor found not disabled,
which no disability pension payment is received reported to the City for duty. The City would
shall count as creditable service, because the board inevitably find the officer could not work due to the
correctly awarded disability benefits for the ttd claimed disability. Because of the ruling in
period occurring after PEDA expired, the officer Kouzoukas, this would put the pension board in the
had, in fact received a disability pension benefit untenable position of awarding a disability even
and could therefore not receive creditable service though their doctor found no disability.
for the same period.
The Illinois Supreme Court accepted the pension
While each situation is unique, this case provides board’s invitation to revisit it’s ruling in Kouzoukas
welcome guidance for police pension boards tasked in this case. Following a car accident in which he
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suffered back and hip injuries, Officer Moreland record contained conflicting medical opinions on
eventually had surgery to address his condition. disability. The board placed greater weight on its
Following recovery from the surgery, he was doctor’s opinion finding the officer not disabled.
released to full duty. His doctor opined he was Conversely, in Kouzoukas the Supreme Court
permanently disabled. He applied for disability. found the board’s decision against the manifest
The Board’s doctor found him able to return to full weight of the evidence because no doctor opined
duty. Following the roadmap laid out by the Kouzoukas could work without restrictions.
Kouzoukas decision, Moreland reported to CPD for Because the City did not offer Kouzoukas a
reinstatement. He was denied. The Board denied position accommodating those restrictions, she
disability benefits based on the doctor’s reports was, by definition, disabled.
finding Moreland could return to duty.
The Court went on to reject Moreland’s position he
The trial court affirmed the board’s decision. The must be awarded disability on the sole basis the
Appellate Court reversed the board finding the CPD did not offer him reinstatement or
Supreme Court’s decision in Kouzoukas mandated accommodation. The Court held, “it is for the
a finding the officer was disabled because CPD Board, not the Chicago Police Department, to
refused reinstatement. determine that same eligibility.”
On review, the Supreme Court identified two Moreland is a significant Supreme Court decision
issues. First, was Moreland eligible for a disability inasmuch as it provides much needed clarity of the
benefit at all inasmuch as no pension board doctor Court’s prior determination in Kouzoukas. It
found him disabled? Second, was he entitled to affirms other appellate decisions in the Article 3
disability pursuant to the Kouzoukas case because and 4 contexts that a disability applicant can be
CPD did not accommodate him even though some both not disabled and not returned to work by the
medical evidence concluded he was not disabled? employer. Kouzoukas now only applies in narrow
circumstances where, in essence, a pension board’s
The Supreme Court first found a certificate of disability determination is against the manifest
disability from a pension board physician is not a weight of the evidence.❖
prerequisite for disability pension benefits. This
overruled a prior First District Appellate Court case Termination of Disability Benefits Requires
wherein that Court had found an analogous Evidence of “Recovery”
provision in the Chicago Fire Pension Code meant
an applicant could never receive disability benefits Sandora v. Bd. of Trustees of the Evanston
unless a board physician found them disabled. Firefighters’ Pension Fund, 2026 IL App (1st)
(Nowak v. Retirement Board of the Firemen’s 250435-U
Annuity & Benefit Fund of Chicago). Instead, the
Supreme Court here found the pension board alone Evanston firefighter Sandora was awarded a line of
is the final adjudicator of disability. The statutory duty disability in 2021 for injuries related to her left
requirement that proof of disability must be hand incurred while responding to a structure fire.
presented to the board only requires obtaining an Prior to the disability award, she had two surgeries
opinion from a board appointed doctor. The board and participated in a “functional capacity exam”
retains the discretion to credit evidence or (FCE).
testimony from other physicians in the record not
appointed by the board. In early 2023, the pension board noted two videos
on Sandora’s social media accounts. The first
Turning to the Kouzoukas issue, the Supreme Court video depicted her doing squats with a dumbbell.
found the pension board’s decision Moreland was The second video showed an individual, later
not disabled was not against the manifest weight of determined to be the firefighters’ wife, swinging
the evidence. While the Court did not overrule from a rope off a cliff and falling into a body of
Kouzoukas, it found it distinguishable. Here, the water.
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The Court also found the pension board erred in
The pension board sent Sandora to Dr. Vender for giving more weight to Dr. Vender’s report because
an exam to determine whether she remained of his extensive reliance on the rope swinging
disabled. The videos were provided to Dr. Vender video. Upon further investigation, the evidence
in conjunction with his in-person exam. Dr. demonstrated that video did not depict Sandora at
Vender concluded the surgery on Sandora’s wrist all. The Court concluded that, upon consideration
had healed and the previous FCE was invalid in of all the evidence, including the reports of Dr.
light the activities depicted on the videos. During Cohen, the board’s termination of disability
his deposition, he further elaborated the original benefits was against the manifest weight of the
finding of disability was incorrect. evidence.
The board also heard evidence from one of This case is another in a series cautioning pension
Sandora’s treating physicians. Dr. Cohen reviewed boards that termination of disability benefits
the weightlifting video as well as Dr. Vender’s following an annual exam must be based upon
report. He concluded the weightlifting would not evidence of “recovery” as opposed to revisiting
impact Sandora’s wrist, the FCE remained valid, whether disability benefits should have been
and Dr. Vender’s report did not change his opinion granted in the first place. Medical opinions must
the firefighter remained disabled. be based upon satisfactory proof of recovery from
disability. This represents a much higher bar than
At hearing before the pension board, the board the initial determination of benefits.❖
determined Dr. Vender was more creditable than
Dr. Cohen in light of his in-person exam and review Artificial Intelligence Can’t Save Police
of the videos finding weightlifting to be Officer’s Disability Claim
inconsistent with her prior FCE restrictions. The
board found Dr. Vender more creditable despite Pletcher v. Village of Libertyville Police Pension
evidence introduced at the hearing indicating the Board., 2025 IL App (2d) 240416-U
rope swinging video did not, in fact, depict
Sandora. The board terminated Sandora’s Officer Pletcher filed a disability application,
disability pension benefit. alleging congestive heart failure, myocarditis, heart
failure, and cardiomyopathy resulted in his
The Appellate Court reversed the decision of the inability to perform police work. Plaintiff sought a
pension board and reinstated Sandora’s line of duty non-duty disability benefit. The evidence admitted
disability benefit. The Appellate Court reiterated at hearing established he failed to properly treat his
previous holdings that, to terminate a disability hypertension, which caused his conditions. The
benefit, there must be satisfactory proof the pension board denied Plaintiff’s claim.
firefighter has “recovered” from disability. It is not
appropriate to use the annual exam as a basis for On administrative review, Plaintiff represented
concluding a disability should not have been himself and cited several non-existent legal cases
granted in the first place. in support of his efforts to reverse the pension
board’s decision. He also tried to introduce
Here, the Court found fault with the pension evidence never presented to the pension board. The
board’s reliance on Dr. Vender. First, it noted Dr. Circuit Court affirmed the pension board's
Vender never actually found Sandora had decision, finding Plaintiff failed to establish the
“recovered” from her disability. Rather, he found pension board’s decision was erroneous.
the two videos were inconsistent with her FCE and
testimony from the original disability hearing. This On appeal to the Appellate Court, Plaintiff, again
led to his deposition conclusion the board erred representing himself, submitted a written brief
when it granted her initial disability benefit. containing numerous fictitious cases, along with
misinterpreting authentic cases, in support of his
arguments. The Appellate Court applied the
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standard in Illinois – parties choosing to represent
themselves without an attorney are “presumed to Inasmuch as Madigan was convicted of multiple
have full knowledge of applicable court rules and felonies following his federal trial, the question for
procedures and must comply with the same rules the Attorney General in the pension context was
and procedures as would be required of litigants whether any of those felony convictions arose out
represented by attorneys.” of or in connection with his service as a state
representative.
The Appellate Court meticulously examined
Plaintiff’s brief, finding he cited 5 non-existent For a felony to be related to public service, a nexus
cases and then misinterpreted and/or miscited 5 must exist between the criminal wrongdoing and
actual cases when trying to excuse his reliance on performance of official duties. The Attorney
the 5 fictitious cases. Also, the Appellate Court General noted Illinois Courts have used three
noted Plaintiff’s brief included fictitious quotes and alternative tests for determining whether a nexus
holdings from actual Illinois cases, totaling 7 more exists between conviction and public service.
violations of the Illinois Supreme Court Rules. The
Appellate Court found Plaintiff’s continued First, the “but for” test asks whether, “but for” the
attempt to use fictitious cases was “flagrant and pensioner’s status as a public official, he would not
unprincipled” warranting the striking of Plaintiff’s have been in a position to commit the felony in
brief and dismissal of his appeal without question. Next, the “material element/substantial
considering the merits of the pension board’s factor” test seeks to identify whether the
decision. pensioner’s service in public office was a material
element and substantial factor in bring about the
Experienced pension board trustees know the criminal offense. Finally, the “causal connection”
complexity of the Illinois Pension Code. In this test seeks to determine whether the conviction is in
regard, artificial intelligence cannot compete with some way connected with the public employment
an experienced lawyer. This case exemplifies the such that there is a causal connection between the
old adage – he who represents himself has a fool employment and the conviction.
for a client.❖
Taking each test in turn, the Attorney General
Attorney General Recommends Felony found Madigan’s convictions satisfied each of the
Divestiture for Madigan’s General three alternative tests employed by Illinois courts.
Assembly Pension First, the Attorney General found that, “but for” his
position as a member of the General Assembly,
Atty. Gen. Op. 2025-001 Madigan would not have been in the position to
accept bribes from ComEd in exchange for
In a letter to the General Assembly Retirement favorable action on legislation. Next, Madigan’s
System, the Illinois Attorney General opines position was a material element and substantial
former Speaker Michael Madigan’s multiple factor in his felony conviction inasmuch as he
convictions in his recent federal bribery and “used his name, official position, and influence as
conspiracy trial should result in forfeiture of his a member of the General Assembly to enrich
retirement pension benefit. himself and his loyalists”. This created a nexus
between Madigan’s service as Speaker and his
Article 2 of the Pension Code governing the felony convictions. Finally, the Attorney General
General Assembly Retirement System includes a also concluded the “causal connection” test
provision similar to other retirement systems supports divestiture of Madigan’s pension. Those
stating, “None of the benefits herein provided for convictions were connected to his service as a
shall be paid to any person who is convicted of any representative and Speaker of the House and,
felony related to or arising out of or in connection moreover, the criminal conduct depended on the
with his or her service as a member.” very duties Madigan was to perform in those public
roles. ❖
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Suggested Agenda Items for July (or 3rd • Review status of Trustees’ annual training
Quarter) requirements.
• Semi-annual review of closed executive
session minutes to determine what needs to
remain confidential.
• Election of Board Officers. (e.g. President,
Secretary, etc.)
• Potential selection of independent enrolled
actuary for recommended tax levy.
REIMER DOBROVOLNY & LABARDI PC NEWS
• April 14, 2026, RDL partner Richard Reimer will present at the IPPFA certified trustee training
class at the NIU Naperville campus.
• April 29-May 1, 2026, RDL attorneys will attend and present at the IPPFA spring pension
conference in Galena.
• May 1, 2026, RDL partner Brian LaBardi will present at the IPFA spring pension conference in
Addison.
Legal and Legislative Update
Volume 27, Issue 2, April 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
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