Board of Trustees of the Fire Pension Fund

Agenda Village of Arlington Heights Board of Trustees of the Firefighters Pension Fund Fire Station #2 Conference Room 1150 N. Arlington Heights Rd, 60004 February 27, 2023 9:00 AM I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES A. Minutes of Regular Pension Board Meeting - November 7, 2022 B. Minutes of Disability Hearing - January 23, 2023 IV. PUBLIC COMMENTS V. CLOSED SESSION A. Executive Session - Retired FF Tamosaitis VI. TREASURER'S REPORT A. Financial Report - As of December 31, 2022 VII.PAYMENT OF BILLS A. Payment of Bills - As of December 31, 2022 B. Payment of Invoice to Court Reporter Kathleen Bono VIII.REPORTS A. FPIF - Consolidated Fund as of December 31, 2022 B. FPIF - AH Pension Fund Summary as of December 31, 2022 IX. OLD BUSINESS A. Retirement Pension of FF William Essling - Update B. Former Chief Andrew Larson - Pension Update Effective March 25, 2022 C. Disability Pension for former Chief Larson - Update D. Disability Pension 3% Increase of Retired FF Tamosaitis - Update X. NEW BUSINESS  A. Review of Pension Board Forms B. Retired FF Kevin McDonagh - Overpayment C. Annual Medical Evaluation Retired, Disabled FF Under Age 50 - Gregory O'Rourke D. Annual Medical Evaluation Retired, Disabled FF Under Age 50 - Daniel Bennett E. Annual Confirmation - Retiree James Prickett XI. OTHER BUSINESS XII.ADJOURNMENT Persons with disabilities requiring auxiliary aids or services, such as an American Sign Language interpreter or written materials in accessible formats, should contact Erin Mercado, at 33 S. Arlington Heights Road, Arlington Heights, Illinois 60005, emercado@vah.com or (847)368-5793.  Board of Trustees of the Firefighters Pension Fund 2/27/2023 Item: minutes-reg Department: fire Minutes of Regular Pension Board Meeting - November 7, 2022 ATTACHMENTS: Description Type Minutes - Regular Meeting November 7, Minutes 2022  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on November 7, 2022 Arlington Heights Fire Department Administrative Headquarters 1150 No. Arlington Heights Road – Arlington Heights IL 60004 Members in Attendance: Mark Aleckson Lance Harris Thomas Kuehne Members Absent: Carl Brandon Adam Sielig Others in Attendance: Thomas Radja, Board Attorney (Collins, Radja & Hartwell) Melissa Cayer, Public Observer CALL TO ORDER Mark Aleckson called the meeting to order at 9:03 AM. Roll was called with board members Mark Aleckson, Lance Harris and Thomas Kuehne present. Mark announced that Chief Harris was recently appointed by the Village Board as a trustee of the Firefighters Pension Board. Also present were Thomas Radja, Board Attorney representing Law Offices of Collins, Radja & Hartwell, and Melissa Cayer, Public Observer. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of August 8, 2022 and minutes from the Special Meeting of October 7, 2022 were reviewed for approval. A motion was made and seconded (T. Kuehne/M. Aleckson) to approve the minutes from both the Regular Board meeting on August 8, 2022 and minutes from the Special Meeting on October 7, 2022. Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. PUBLIC COMMENTS Melissa Cayer commented that the Board should try to decrease expenses to avoid any increase in property taxes. Firefighters’ Pension Board Meeting – November 7, 2022 – Page 1 of 6 CLOSED SESSION None. TREASURER’S REPORT Tom Kuehne distributed the Financial Report ending September 2022, as well as the Projected Cash Flow Report for 2022. The Financial Report indicates net assets to be approximately $127 million, and on the expense side we are right on track as anticipated. Projected Cash Flow Based on the Cash Flow Projection, we are working on a test run of transferring money from the Illinois fund into our money market fund account probably in November. Mark Aleckson and Mary Ellen Juarez will determine the amount required. In addition, we will also transfer $1 million from the FPIF consolidated fund into our checking account to process the pension payouts. Motion was made and seconded (T. Kuehne/M. Aleckson) to transfer money from the Illinois State investment fund to our money market account, and secondly, a $1 million transfer from the FPIF consolidated fund into our checking account. Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. Tom further indicated that the County will issue real estate tax bills within a few weeks which are due by the end of the year. This will provide much needed funds into our pension account. 2023 Proposed Fire Pension Budget The next document Tom Kuehne reviewed is the Proposed Fire Pension Budget. This is included in the final Village Budget to be reviewed next week. Revenue numbers are kept fairly consistent from year to year, thus in some years we may be slightly under budget and other years slightly over budget. On the expense side, we always budget for three additional pensioners and also allow a decrease for someone who comes off the pension plan. Motion was made and seconded (M. Aleckson/L. Harris) to approve the Proposed Fire Pension Budget as presented. Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. PAYMENT OF BILLS The Check Register ending September 30, 2022 was reviewed and Tom Kuehne asked for approval of checks #731 (journal voucher 227) through check #734 (journal voucher 311). Firefighters’ Pension Board Meeting – November 7, 2022 – Page 2 of 6 Motion was made and seconded (T. Kuehne/M. Aleckson) to approve payments of check #731 (JV 227) through check 734 (JV 311). Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Mark Aleckson discussed the September 2022 statement from FPIF, specifically the Arlington Heights pension fund portion, indicating the ending Net Asset Value is down 21% to $112,424 million. It’s been a rough year in the overall market. Unfortunately, we don’t have the October figures as of this date, but there was some improvement in October. OLD BUSINESS • Duty Disability Pension of retired FF William Essling - Update Attorney Tom Radja stated that William Essling has two cases pending before the Circuit Court. One is related to the denial of his line-of-duty disability claim. For this case, a briefing schedule is due from Bill Essling’s attorney by November 16, followed by our response which is due by December 16. The Circuit Court Judge will then review all documents prior to a final hearing date of January 13, 2023. Once the dates are deemed as firm, Tom Radja will let the Board know. Board members can certainly attend the final hearing date either in person or virtually, if any wish to do so. The second case pending is related to the effective date of his pension. Bill Essling’s briefing schedule is due November 9 and our response is due December 7. Tom will forward the administrative briefing documents to the Board once he receives them. • Disability Pension 3% Increase of Retired FF Victor Tamosaitis – Update Attorney Radja indicated this is also in the Circuit Court. The issue is a matter of when pension benefits should have begun. He presented a quick summary of previous events. We issued a Decision & Order indicating the pension would begin when Vic Tamosaitis goes off PEDA, but we were not informed that he applied and began receiving Worker Comp benefits, which are considered the same as having payroll. As a result, his pension payments were delayed until W/C benefits ended. Vic Tamosaitis wants the benefits start date restored to when the D&O document indicated, or after PEDA ended. This will result in the 3% increase to be reinstated to the earlier timeframe. We have a case status as of January 30, 2023. In the meantime, the Judge recommends that both sides consider settling the case. Tom Radja contacted the client’s attorney. A settlement offer was Firefighters’ Pension Board Meeting – November 7, 2022 – Page 3 of 6  recently received, but Tom needs to clarify some points. Afterwards he will forward the settlement document to the Board, with the prospect of reviewing it at an Executive Session or the February meeting. • Application for Occupational Disease Disability for Chief Andrew Larson - Update The state statute requires that we have three IMEs (independent medical exams) for a disability case. Tom Radja advised we had two medical exams completed for Andrew Larson’s medical evaluation but it’s been very difficult to get a third cardiac appointment. Going through INSPE, he just recently was able to schedule an appointment for the week of November 14. Possibly it may take another 45 days or so to get the medical report from the physician. After that, we can proceed to set up a disability hearing. • Interim Benefits for former Chief Andrew Larson Tom Radja advised that he recently received a letter from Andrew Larson’s attorney requesting interim compensation benefits. As such, it is not binding and not prejudicial to his occupational disease claim. The Department of Insurance statute requires that we have at least three physicians indicating he is disabled and we have that covered from previous doctor reports when he first submitted his disability application, plus the two recent IME evaluations. All examinations indicate he is not able to return to work and is cardiac disabled. Andrew Larson currently has no income. His attorney is asking for a non-duty interim payment as some form of compensation which would be 50% of non duty disability and would be retroactive to the date of when he was off payroll. This income would be something he’s entitled to anyway, so it seems reasonable but is at the Board’s discretion. Question arose as to how this could affect other cases going forward or even the two cases we still have pending? Tom Radja responded this is legal and is really on a case-by-case basis. We have the medical evaluations and met the Department of Insurance statutory requirements. The delay was due to getting the final medical evaluation, not because of any lag on the part of the Board. Motion was made and seconded (L. Harris/T. Kuehne) to grant Andrew Larson an interim non-duty disability, and not prejudicial to his pending occupational disease disability claim. Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. The plan is to determine the compensation figures and issue a pension payment at the next pension check run on November 25, if at all possible. Tom Radja will notify the client’s attorney. NEW BSINESS • Applications for Pension Fund Membership – Fire Chief Lance Harris, FF Adam Hoeflich and FF Bryan Gronset Firefighters’ Pension Board Meeting – November 7, 2022 – Page 4 of 6  Required documents have been received from newly hired firefighter applicants for membership to the Pension Fund, namely Fire Chief Lance Harris, FF Adam Hoeflich and FF Bryan Gronset. Motion was made and seconded (M. Aleckson/T. Kuehne) to accept the applications for membership from new hires Chief Lance Harris hired June 27, 2022, FF Adam Hoeflich and FF Bryan Gronset, hired July 11, 2022, as members of the Arlington Heights Firefighters’ Pension Fund Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. • Closed Executive Sessions – Release of Minutes After a brief discussion, the Board agreed to keep all Executive Sessions minutes as confidential. Motion was made and seconded (M. Aleckson/L. Harris) to maintain Executive Session meeting minutes as confidential. Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. • Former U.S. Bank Account – Removal of $0.88 Balance After the investment fund consolidation, Mark Aleckson contacted U.S. Bank to remove the old balance of $0.88 in our former pension fund account. It has now been removed and the account is closed with a zero balance. • Senate Bill 37 – Required Notification of Secondary Fire Agency Employment Tom Radja advised this is actually related to Statute 4-109.3H “as a condition of being eligible for creditable service, any firefighter hired after July 1, 2004, within 21 months after being hired, must notify current and previous employers, and the Department of Insurance, of his/her intent to receive benefits.” There is nothing for the Board to do, but the responsibility to notify lies with the firefighter. The intent of this law is to make certain there is no fraudulent claim. If needed, we would have all the information necessary to subpoena for documents of current and past employers. OTHER BUSINESS Mark Aleckson expressed concern that if a firefighter applies for regular retirement benefits, often there’s a long period of time before we have our next regular pension board meeting and this could result in the retiree not receiving any benefits for a few months. To the avoid this delay, Tom Radja recommends that we consider having a separate Special Meeting to approve retirement pension benefits. Likewise, if a firefighter is retiring soon and we have a pension meeting a few weeks earlier, the Board can proceed with approval, contingent on the upcoming retirement date. Firefighters’ Pension Board Meeting – November 7, 2022 – Page 5 of 6 ADJOURNMENT As there was no other business to present before the Board, a motion was made and seconded (M. Aleckson/T. Kuehne) to adjourn the meeting. Roll was called. Ayes: M. Aleckson, L. Harris, and T. Kuehne Ayes – 3; Nays - 0. Motion carried. Meeting adjourned at 10:00 AM. NEXT REGULAR MEETING – Scheduled for Monday, February 27, 2023 at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Adam Sielig Board Secretary Firefighters’ Pension Board Meeting – November 7, 2022 – Page 6 of 6  Board of Trustees of the Firefighters Pension Fund 2/27/2023 Item: Disability Hearing Department: Fire Minutes of Disability Hearing - January 23, 2023 ATTACHMENTS: Description Type Disability Hearing - January 23, 2023 Minutes  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Disability Hearing held on January 23, 2023 Arlington Heights Fire Department Administrative Headquarters 1150 No. Arlington Heights Road – Arlington Heights IL 60004 A Disability Hearing to determine the application for Occupational Disease Disability Pension requested by applicant, former Fire Chief Andrew Larson. CALL TO ORDER Board President Mark Aleckson called the meeting to order at 9:03 AM. Board Members in attendance: Mark Aleckson, Lance Harris, Thomas Kuehne, and Adam Sielig. Board Member Carl Brandon was absent. Others in attendance: Thomas Radja, Pension Board Attorney; Jerome Marconi, applicant’s Attorney; and pension applicant Chief Andrew Larson. A Court Reporter was also present. MEETING Attorney Radja opened the meeting indicating this was a Disability Hearing of former Fire Chief Andrew Larson, to review the evidence related to his application for occupational disease disability pension. Medical evidence, including physician evaluations, was presented. Andrew Larson’s ongoing heart problems and medical condition were carefully reviewed. At 9:50 AM, the motion was made and seconded (L. Harris/M. Aleckson) to grant and approve the application for Occupational Disease Disability Pension to former Chief Andrew Larson. Roll was called. Ayes: M. Aleckson, L. Harris, T. Kuehne, and A. Sielig Nays: None Motion carried. ADJOURNMENT At 9:55 AM, the motion was made and seconded (M. Aleckson/T. Kuehne) to adjourn the Disability Hearing of former Chief Andrew Larson. Roll was called. Ayes: M. Aleckson, L. Harris, T. Kuehne, and A. Sielig Nays: None Motion carried. Disability Hearing – January 23, 2023 Proceedings were recorded and transcribed by Court Reporter. _______________________ Adam Sielig, Board Secretary Disability Hearing – January 23, 2023  Board of Trustees of the Firefighters Pension Fund 2/27/2023 Item: Financials Department: Fire Financial Report - As of December 31, 2022 ATTACHMENTS: Description Type Financial Report as of December 31, 2022 Report  CY 2022 BALANCE SHEET December 31, 2022 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL December 2022 Financial Report Cash and Investments Cash and Equivalents 4,314,751 Pension Investments 120,136,304 Illinois Funds 0 124,451,055 Receivables Accrued Interest 254,073 Other 0 Due From Other Funds 1,058,216 TOTAL ASSETS 125,763,344 LIABILITIES Accounts Payable 23,979 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 23,979 NET ASSETS 125,739,365 BUDGET COMPARISON REPORT CALENDAR YEAR 2022 December 31, 2022 FIREFIGHTERS' PENSION FUND 100% of the Calendar Year 2022 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 900,000 75,000 48,211 900,000 302,823 597,177 34% Market Value Adjustments 2,000,000 166,674 3,724,579 2,000,000 (22,206,916) 24,206,916 -1110% Dividend Income 900,000 75,000 166,178 900,000 857,018 42,982 95% Contributions - Participants 1,100,000 91,674 129,073 1,100,000 1,175,480 (75,480) 107% Contributions - R/E Tax 4,962,000 0 2,209,870 4,962,000 4,962,000 0 100% Portability Payments 0 0 0 0 0 0 N/A Other Income 0 0 3 0 (7,320) 7,320 N/A TOTAL 9,862,000 408,348 6,277,914 9,862,000 (14,916,915) 24,778,915 -151% 2022 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 5,601,800 466,824 490,346 5,601,800 5,762,436 (160,636) 103% Non-Duty Disability Pensions 32,300 2,699 14,282 32,300 151,972 (119,672) 471% Duty Disability Pensions 1,389,300 115,775 105,619 1,389,300 1,267,425 121,875 91% Surviving Spouse Pensions 1,147,200 95,600 93,655 1,147,200 1,142,854 4,346 100% Occupational Disease Pensions 257,200 21,437 15,334 257,200 184,008 73,192 72% Legal Services 25,000 2,087 17,400 25,000 89,906 (64,906) 360% Investment Manager Services 25,000 2,087 0 25,000 5,000 20,000 20% Investment Custodian 1,000 87 20,426 1,000 69,280 (68,280) 6928% Bank Services 0 0 0 0 0 0 N/A Examinations 10,000 837 11,724 10,000 23,474 (13,474) 235% Other Services 20,000 1,674 529 20,000 6,710 13,290 34% Dues 1,500 125 0 1,500 1,295 205 86% Training 2,000 174 0 2,000 725 1,275 36% Postage 400 37 (3) 400 (3) 403 -1% Publications/Periodicals 500 49 0 500 0 500 0% Office Supplies & Equip 300 25 0 300 99 202 33% Pension Refunds 25,000 2,087 0 25,000 0 25,000 0% Foreign Taxes Paid 0 0 0 0 0 0 N/A TOTAL 8,538,500 711,604 769,312 8,538,500 8,705,179 (166,679) 102% REVENUE OVER (UNDER) EXPENDITURES 1,323,500 (303,256) 5,508,602 1,323,500 (23,622,095) 24,945,595 -1785% BEG. FUND BALANCE 149,361,460 149,361,460 ENDING FUND BALANCE 150,684,960 125,739,366  FIRE PENSION ILLINIOS FUNDS Projected Cash Flow by Month 2022 January February March April May June July August September October November December 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Total Cash In 0 From the US BANK Account 0 0 7,000,000 7,000,000 Interest 2,181 4,747 6,140 6,835 8,089 8,329 8,779 8,969 6,857 60,927 Total In 0 0 0 7,002,181 4,747 6,140 6,835 8,089 8,329 8,779 8,969 6,857 7,060,927 Cash Out * Transfer to Checking Account 0 2,000,000 1,000,000 1,000,000 1,000,000 0 5,000,000 Total Out 0 0 0 0 0 2,000,000 0 1,000,000 0 1,000,000 1,000,000 0 5,000,000 Change in Cash 0 0 0 7,002,181 4,747 (1,993,860) 6,835 (991,911) 8,329 (991,221) (991,031) 6,857 2,060,927 Beg Cash Balance 0 0 0 0 7,002,181 7,006,929 5,013,069 5,019,904 4,027,993 4,036,321 3,045,101 2,054,070 0 Ending Cash Balance 0 0 0 7,002,181 7,006,929 5,013,069 5,019,904 4,027,993 4,036,321 3,045,101 2,054,070 2,060,927 2,060,927 C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\B0JKG3N2\Fire Pension Cash Flow 2022 4th QTR for Board  FIRE PENSION ILLINIOS FUNDS Projected Cash Flow by Month 2022 Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected February March April May June Projected July August September October November December 2023 January 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 Total Cash In 0 From the Checking Account 2,000,000 2,000,000 Interest 7,383 10,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 87,383 Total In 7,383 2,010,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 2,087,383 Cash Out * Transfer to Checking Account 2,000,000 1,000,000 0 0 0 0 0 3,000,000 Total Out 0 0 2,000,000 1,000,000 0 0 0 0 0 0 0 0 3,000,000 Change in Cash 7,383 2,010,000 (1,993,000) (993,000) 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 (912,617) Beg Cash Balance 2,060,927 2,068,310 4,078,310 2,085,310 1,092,310 1,099,310 1,106,310 1,113,310 1,120,310 1,127,310 1,134,310 1,141,310 2,060,927 Ending Cash Balance 2,068,310 4,078,310 2,085,310 1,092,310 1,099,310 1,106,310 1,113,310 1,120,310 1,127,310 1,134,310 1,141,310 1,148,310 1,148,310 C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\B0JKG3N2\Fire Pension Cash Flow 2023 Projection Board  Board of Trustees of the Firefighters Pension Fund 2/27/2023 Item: Payment of Bills - As of December 31, 2022 Department: Fire Payment of Bills - Ending December 31, 2022 ATTACHMENTS: Description Type Payment of Bills - December 31, 2022 Report  FIREFIGHTERS' PENSION FUND CALENDAR YEAR ENDING 12 / 31 / 2022 CHECK REGISTER AND JOURNAL VOUCHER PAYMENTS Check JV or Group MONTHLY Number Number Date Payee Description Expense TOTAL JV 003 01/31/22 Marquette Associates Management Fee 5,000.00 708 JV 003 01/31/22 Collins Radja & Hartwell Legal Services 9,000.00 709 JV 003 01/31/22 Petrucci Orthopedics Medical Exams 2,400.00 710 JV 003 01/31/22 Collins Radja & Hartwell Legal Services 2,812.50 711 JV 003 01/31/22 1099 Pro 1099 Services 112.24 19,324.74 JV 034 02/28/22 US Bank Administrative Services 797.49 712 JV 034 02/28/22 Collins Radja & Hartwell Legal Services 7,750.00 8,547.49 713 JV 068 03/31/22 Petrucci Orthopedics Medical Exams 2,400.00 JV 068 03/31/22 US Bank Administrative Services 41.67 714 JV 068 03/31/22 Collins Radja & Hartwell Legal Services 8,825.00 11,266.67 715 JV 120 04/30/22 1099 Pro 1099 Services 85.00 JV 120 04/30/22 US Bank Administrative Services 41.67 126.67 JV 149 05/31/22 US Bank Administrative Services 41.67 716 JV 149 05/31/22 Petrucci Orthopedics Medical Exams 2,400.00 717 JV 149 05/31/22 Collins Radja & Hartwell Legal Services 7,306.05 718 JV 149 05/31/22 Laura Potts Secretarial Services 577.50 719 JV 149 05/31/22 Collins Radja & Hartwell Legal Services 6,570.25 16,895.47 730 JV 208 06/30/22 Collins Radja & Hartwell Legal Services 7,100.00 7,100.00 731 JV 227 07/26/22 IPPAC Membership Dues 500.00 500.00 732 JV 261 08/31/22 Collins Radja & Hartwell Legal Services 7,154.34 7,154.34 JV 311 09/30/22 Mesirow Insurance Fiduciary Insurance 5,281.00 733 JV 311 09/30/22 IPPFA CPE Sielig 500.00 JV 311 09/30/22 Collins Radja & Hartwell Legal Services 13,356.05 734 JV 311 09/30/22 Summit Print Solutions Office Supplies 98.50 19,235.55 735 JV 330 10/31/22 Examworks Medical Exams 4,550.00 736 JV 330 10/31/22 IPPFA Membership Dues 795.00 JV 330 10/31/22 Collins Radja & Hartwell Legal Services 4,037.50 737 JV 330 10/31/22 IPPAC CPE Aleckson 225.00 738 JV 330 10/31/22 1099 Pro 1099 Services 132.28 9,739.78 JV 376 11/30/22 Collins Radja & Hartwell Legal Services 5,900.00 5,900.00 739 JV 400 12/30/22 INSPE Associate Medical Exams 4,674.00 740 JV 400 12/30/22 Laura Potts Secretarial Services 529.38 JV 400 12/30/22 Collins Radja & Hartwell Legal Services 7,825.00 13,028.38 $ 118,819.09 *Checks 720 - 729 were voided and sent to JPMorgan Chase for positive pay setup testing.  Board of Trustees of the Firefighters Pension Fund 2/27/2023 Item: FPI F Consolidated Department: Fire FPI F - Consolidated Fund as of December 31, 2022 ATTACHMENTS: Description Type FPIF Consolidated Fund as of 12/31/2022 Report Illinois Firefighters’ Pension Investment Fund Executive Summary December 31, 2021 Total Fund Composite Market Value: $2,866.4 Million and 100.0% of Fund Ending December 31, 2021 Market Value 3 Mo Net Asset Class % of Portfolio Policy % ($) Cash Flows ($) _ Total Fund Composite 2,866,355,308 2,780,874,370 100.0 100.0 Total Fund Composite excl. Member Funds 2,863,138,654 2,831,779,201 99.9 100.0 Total Equity Composite 1,857,721,952 1,837,530,531 64.8 65.0 U.S. Equity Composite 1,039,453,893 1,016,920,081 36.3 36.0 Rhumbline Russell 200 Large-Cap Core 726,195,731 706,006,223 25.3 25.0 Rhumbline Russell Midcap Mid-Cap Core 256,460,861 254,863,171 8.9 9.0 Rhumbline S&P 600 Small-Cap Core 56,797,301 56,050,688 2.0 2.0 Non-U.S. Equity Composite 818,268,059 820,610,450 28.5 29.0 International Developed Equity Composite 538,596,751 536,410,450 18.8 19.0 SSGA World ex US Non-U.S. Large-Cap Core 454,919,053 452,559,913 15.9 16.0 SSGA World ex US Small Non-U.S. Small-Cap Core 83,677,698 83,850,536 2.9 3.0 Emerging Markets Equity Composite 279,671,308 284,200,000 9.8 10.0 SSGA MSCI EM Emerging Markets 224,123,996 229,200,000 7.8 8.0 SSGA EM Small EM Small-Cap 55,547,312 55,000,000 1.9 2.0 Total Fixed Income Composite 842,816,836 841,535,831 29.4 30.0 Rate Sensitive Composite 758,415,419 756,930,574 26.5 27.0 Treasury Inflation Protected Securities Composite 83,546,693 83,199,540 2.9 3.0 SSGA TIPS TIPS 83,546,693 83,199,540 2.9 3.0 Core Fixed Income Composite 674,868,726 673,731,034 23.5 24.0 SSGA Intermediate Credit Int. Fixed Income 255,161,644 255,167,754 8.9 9.0 SSGA Intermediate Treasury Int. Fixed Income 168,392,811 168,234,158 5.9 6.0 SSGA Securitized MBS Fixed Income 166,780,354 166,969,582 5.8 6.0 SSGA Long Treasury Long-Term Fixed Income 84,533,917 83,359,541 2.9 3.0 Credit Fixed Income Composite 84,401,417 84,605,257 2.9 3.0 Emerging Markets Debt Composite 84,401,417 84,605,257 2.9 3.0 SSGA EM Global Diversified EM Fixed Income 84,401,417 84,605,257 2.9 3.0 Real Estate Composite 151,042,045 141,661,132 5.3 5.0 Core Real Estate Composite 151,042,045 141,661,132 5.3 5.0 Public Real Estate Composite 103,035,709 97,171,414 3.6 2.0 SSGA FTSE NAREIT U.S. REIT 103,035,709 97,171,414 3.6 2.0 Private Real Estate Composite 48,006,336 44,489,719 1.7 3.0 Principal USPA Fund Core Real Estate 48,006,336 44,489,719 1.7 3.0 Transition Composite 8,335,006 7,828,891 0.3 0.0 Member Funds Composite 3,216,654 -50,904,830 0.1 0.0 XXXXX Marquette Associates, Inc. 1 Total Fund Composite Asset Allocation Market Value: $2,866.4 Million and 100.0% of Fund Current Policy Difference % _ U.S. Equity Composite $1,039,453,893 $1,031,887,911 $7,565,982 0.3% Non-U.S. Equity Composite $818,268,059 $831,243,039 -$12,974,980 -0.5% Total Fixed Income Composite $842,816,836 $859,906,593 -$17,089,756 -0.6% Core Real Estate Composite $151,042,045 $143,317,765 $7,724,279 0.3% Cash Composite $3,222,815 $0 $3,222,815 0.1% Transition Composite $8,335,006 $0 $8,335,006 0.3% Member Funds Composite $3,216,654 $0 $3,216,654 0.1% Total $2,866,355,308 XXXXX 2 Marquette Associates, Inc. Total Fund Composite Market Value History Market Value: $2,866.4 Million and 100.0% of Fund Summary of Cash Flows Fourth Quarter _ Beginning Market Value $0 Net Cash Flow $2,780,874,370 Net Investment Change $85,480,938 Ending Market Value $2,866,355,308 _ Marquette Associates, Inc. 3 Total Fund Composite Annualized Performance (Net of Fees) Market Value: $2,866.4 Million and 100.0% of Fund Ending December 31, 2021 Inception 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 4.1 -- -- -- -- 4.1 Oct-21 IFPIF Policy Benchmark 4.4 12.9 15.5 11.2 9.7 4.4 Oct-21 InvMetrics Public DB > $1B Net Rank 46 -- -- -- -- 46 Oct-21 Total Fund Composite excl. Member Funds -- -- -- -- -- 0.9 Oct-21 IFPIF Policy Benchmark 4.4 12.9 15.5 11.2 9.7 1.2 Oct-21 InvMetrics Public DB > $1B Net Rank -- -- -- -- -- 68 Oct-21 Total Equity Composite -- -- -- -- -- 1.0 Oct-21 MSCI ACWI IMI Net USD 6.1 18.2 20.2 14.1 11.8 1.2 Oct-21 InvMetrics Public DB Total Eq Net Rank -- -- -- -- -- 81 Oct-21 U.S. Equity Composite -- -- -- -- -- 2.6 Oct-21 Russell 3000 9.3 25.7 25.8 18.0 16.3 2.4 Oct-21 InvMetrics Public DB US Eq Net Rank -- -- -- -- -- 52 Oct-21 Non-U.S. Equity Composite -- -- -- -- -- -0.7 Oct-21 MSCI ACWI ex USA IMI 1.6 8.5 13.6 9.8 7.6 -0.6 Oct-21 InvMetrics Public DB ex-US Eq Net Rank -- -- -- -- -- 42 Oct-21 International Developed Equity Composite -- -- -- -- -- -0.2 Oct-21 MSCI World ex USA IMI NR USD 2.7 12.4 14.4 9.8 8.1 -0.1 Oct-21 InvMetrics Public DB Dev Mkt ex-US Eq Net -- -- -- -- -- 34 Oct-21 Rank Emerging Markets Equity Composite -- -- -- -- -- -1.6 Oct-21 MSCI Emerging Markets IMI -1.0 -0.3 11.6 10.1 5.7 -1.9 Oct-21 InvMetrics Public DB Emg Mkt Eq Net Rank -- -- -- -- -- -- Oct-21 4 Marquette Associates, Inc. Total Fund Composite Annualized Performance (Net of Fees) Market Value: $2,866.4 Million and 100.0% of Fund Ending December 31, 2021 Inception 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fixed Income Composite -- -- -- -- -- 0.1 Oct-21 Bloomberg US Universal TR 0.0 -1.1 5.2 3.8 3.3 0.1 Oct-21 InvMetrics Public DB Total Fix Inc Net Rank -- -- -- -- -- 27 Oct-21 Rate Sensitive Composite -- -- -- -- -- 0.2 Oct-21 Bloomberg US Aggregate TR 0.0 -1.5 4.8 3.6 2.9 0.0 Oct-21 InvMetrics Public DB US Fix Inc Net Rank -- -- -- -- -- 11 Oct-21 Treasury Inflation Protected Securities Composite -- -- -- -- -- 0.6 Oct-21 Bloomberg 1-3 Year US TIPS 1.3 5.5 4.6 3.0 1.6 0.6 Oct-21 Core Fixed Income Composite -- -- -- -- -- 0.1 Oct-21 Bloomberg US Aggregate TR 0.0 -1.5 4.8 3.6 2.9 0.0 Oct-21 InvMetrics Public DB US Fix Inc Net Rank -- -- -- -- -- 21 Oct-21 Credit Fixed Income Composite -- -- -- -- -- -0.5 Oct-21 JP Morgan EMBI Global Diversified -0.4 -1.8 5.9 4.7 5.3 -0.5 Oct-21 Emerging Markets Debt Composite -- -- -- -- -- -0.5 Oct-21 JP Morgan EMBI Global Diversified -0.4 -1.8 5.9 4.7 5.3 -0.5 Oct-21 Real Estate Composite -- -- -- -- -- 7.6 Oct-21 Real Assets Custom Benchmark 10.9 30.5 13.2 9.7 10.7 7.7 Oct-21 InvMetrics Public DB Real Estate Pub+Priv Net Rank -- -- -- -- -- 60 Oct-21 Core Real Estate Composite -- -- -- -- -- 7.6 Oct-21 Real Assets Custom Benchmark 10.9 30.5 13.2 9.7 10.7 7.7 Oct-21 InvMetrics Public DB Real Estate Pub+Priv Net -- -- -- -- -- 60 Oct-21 Rank Public Real Estate Composite -- -- -- -- -- 8.1 Oct-21 FTSE NAREIT Equity REIT 16.3 43.2 18.4 10.8 11.4 8.1 Oct-21 InvMetrics Public DB Real Estate Pub Net Rank -- -- -- -- -- -- Oct-21 Private Real Estate Composite -- -- -- -- -- 8.6 Oct-21 NFI-ODCE Equal Weighted 7.4 21.9 8.9 8.2 9.7 7.4 Oct-21 InvMetrics Public DB Real Estate Priv Net Rank -- -- -- -- -- 16 Oct-21 Marquette Associates, Inc. 5 Total Fund Composite Annualized Performance (Net of Fees) Market Value: $2,866.4 Million and 100.0% of Fund 6 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $2,866.4 Million and 100.0% of Fund Ending December 31, 2021 Inception 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 4.1 -- -- -- -- 4.1 Oct-21 IFPIF Policy Benchmark 4.4 12.9 15.5 11.2 9.7 4.4 Oct-21 InvMetrics Public DB > $1B Net Rank 46 -- -- -- -- 46 Oct-21 Total Fund Composite excl. Member Funds -- -- -- -- -- 0.9 Oct-21 IFPIF Policy Benchmark 4.4 12.9 15.5 11.2 9.7 1.2 Oct-21 InvMetrics Public DB > $1B Net Rank -- -- -- -- -- 68 Oct-21 Total Equity Composite -- -- -- -- -- 1.0 Oct-21 MSCI ACWI IMI Net USD 6.1 18.2 20.2 14.1 11.8 1.2 Oct-21 InvMetrics Public DB Total Eq Net Rank -- -- -- -- -- 81 Oct-21 U.S. Equity Composite -- -- -- -- -- 2.6 Oct-21 Russell 3000 9.3 25.7 25.8 18.0 16.3 2.4 Oct-21 InvMetrics Public DB US Eq Net Rank -- -- -- -- -- 52 Oct-21 Rhumbline Russell 200 -- -- -- -- -- 3.4 Oct-21 Russell Top 200 11.0 27.9 27.3 19.7 17.2 3.4 Oct-21 eV US Large Cap Equity Net Rank -- -- -- -- -- -- Oct-21 Rhumbline Russell Midcap -- -- -- -- -- 0.4 Oct-21 Russell MidCap 6.4 22.6 23.3 15.1 14.9 0.5 Oct-21 eV US Mid Cap Core Equity Net Rank -- -- -- -- -- 87 Oct-21 Rhumbline S&P 600 -- -- -- -- -- 2.1 Oct-21 S&P 600 SmallCap 5.6 26.8 20.1 12.4 14.5 2.1 Oct-21 eV US Small Cap Core Equity Net Rank -- -- -- -- -- 37 Oct-21 Non-U.S. Equity Composite -- -- -- -- -- -0.7 Oct-21 MSCI ACWI ex USA IMI 1.6 8.5 13.6 9.8 7.6 -0.6 Oct-21 InvMetrics Public DB ex-US Eq Net Rank -- -- -- -- -- 42 Oct-21 International Developed Equity Composite -- -- -- -- -- -0.2 Oct-21 MSCI World ex USA IMI NR USD 2.7 12.4 14.4 9.8 8.1 -0.1 Oct-21 InvMetrics Public DB Dev Mkt ex-US Eq Net Rank -- -- -- -- -- 34 Oct-21 SSGA World ex US -- -- -- -- -- 0.1 Oct-21 MSCI World ex USA 3.1 12.6 14.1 9.6 7.8 0.2 Oct-21 eV EAFE Large Cap Core Net Rank -- -- -- -- -- 62 Oct-21 SSGA World ex US Small -- -- -- -- -- -1.6 Oct-21 MSCI World ex USA Small Cap 0.4 11.1 16.3 11.0 10.0 -1.6 Oct-21 eV EAFE Small Cap Core Net Rank -- -- -- -- -- 70 Oct-21 Emerging Markets Equity Composite -- -- -- -- -- -1.6 Oct-21 MSCI Emerging Markets IMI -1.0 -0.3 11.6 10.1 5.7 -1.9 Oct-21 InvMetrics Public DB Emg Mkt Eq Net Rank -- -- -- -- -- -- Oct-21 SSGA MSCI EM -- -- -- -- -- -2.2 Oct-21 MSCI Emerging Markets -1.3 -2.5 10.9 9.9 5.5 -2.3 Oct-21 eV Emg Mkts Large Cap Core Equity Net Rank -- -- -- -- -- 75 Oct-21 SSGA EM Small -- -- -- -- -- 1.1 Oct-21 MSCI Emerging Markets Small Cap 1.3 18.8 16.5 11.5 7.4 1.1 Oct-21 eV Emg Mkts Small Cap Equity Net Rank -- -- -- -- -- 59 Oct-21 Marquette Associates, Inc. 7 Investment Manager Annualized Performance (Net of Fees) Market Value: $2,866.4 Million and 100.0% of Fund Ending December 31, 2021 Inception 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fixed Income Composite -- -- -- -- -- 0.1 Oct-21 Bloomberg US Universal TR 0.0 -1.1 5.2 3.8 3.3 0.1 Oct-21 InvMetrics Public DB Total Fix Inc Net Rank -- -- -- -- -- 27 Oct-21 Rate Sensitive Composite -- -- -- -- -- 0.2 Oct-21 Bloomberg US Aggregate TR 0.0 -1.5 4.8 3.6 2.9 0.0 Oct-21 InvMetrics Public DB US Fix Inc Net Rank -- -- -- -- -- 11 Oct-21 Treasury Inflation Protected Securities Composite -- -- -- -- -- 0.6 Oct-21 Bloomberg 1-3 Year US TIPS 1.3 5.5 4.6 3.0 1.6 0.6 Oct-21 SSGA TIPS -- -- -- -- -- 0.6 Oct-21 Bloomberg 1-3 Year US TIPS 1.3 5.5 4.6 3.0 1.6 0.6 Oct-21 eV US TIPS / Inflation Fixed Inc Net Rank -- -- -- -- -- 95 Oct-21 Core Fixed Income Composite -- -- -- -- -- 0.1 Oct-21 Bloomberg US Aggregate TR 0.0 -1.5 4.8 3.6 2.9 0.0 Oct-21 InvMetrics Public DB US Fix Inc Net Rank -- -- -- -- -- 21 Oct-21 SSGA Intermediate Credit -- -- -- -- -- 0.0 Oct-21 Bloomberg US Credit Int TR -0.6 -1.0 5.1 3.8 3.5 0.0 Oct-21 eV US Corporate Fixed Inc Net Rank -- -- -- -- -- 48 Oct-21 SSGA Intermediate Treasury -- -- -- -- -- 0.0 Oct-21 Bloomberg US Treasury Int TR -0.6 -1.7 3.0 2.3 1.7 0.0 Oct-21 eV US Government Fixed Inc Net Rank -- -- -- -- -- 25 Oct-21 SSGA Securitized -- -- -- -- -- -0.2 Oct-21 Bloomberg US Securitized MBS ABS CMBS TR -0.4 -1.0 3.1 2.6 2.4 -0.2 Oct-21 eV US Securitized Fixed Inc Net Rank -- -- -- -- -- 48 Oct-21 SSGA Long Treasury -- -- -- -- -- 1.2 Oct-21 Bloomberg US Treasury Long TR 3.1 -4.6 8.8 6.5 4.5 1.2 Oct-21 eV US Long Duration Fixed Inc Net Rank -- -- -- -- -- 1 Oct-21 Credit Fixed Income Composite -- -- -- -- -- -0.5 Oct-21 JP Morgan EMBI Global Diversified -0.4 -1.8 5.9 4.7 5.3 -0.5 Oct-21 Emerging Markets Debt Composite -- -- -- -- -- -0.5 Oct-21 JP Morgan EMBI Global Diversified -0.4 -1.8 5.9 4.7 5.3 -0.5 Oct-21 SSGA EM Global Diversified -- -- -- -- -- -0.5 Oct-21 JP Morgan EMBI Global Diversified -0.4 -1.8 5.9 4.7 5.3 -0.5 Oct-21 eV Emg Mkts Fixed Inc - Hard Currency Net Rank -- -- -- -- -- 26 Oct-21 8 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $2,866.4 Million and 100.0% of Fund Ending December 31, 2021 Inception 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Real Estate Composite -- -- -- -- -- 7.6 Oct-21 Real Assets Custom Benchmark 10.9 30.5 13.2 9.7 10.7 7.7 Oct-21 InvMetrics Public DB Real Estate Pub+Priv Net Rank -- -- -- -- -- 60 Oct-21 Core Real Estate Composite -- -- -- -- -- 7.6 Oct-21 Real Assets Custom Benchmark 10.9 30.5 13.2 9.7 10.7 7.7 Oct-21 InvMetrics Public DB Real Estate Pub+Priv Net Rank -- -- -- -- -- 60 Oct-21 Public Real Estate Composite -- -- -- -- -- 8.1 Oct-21 FTSE NAREIT Equity REIT 16.3 43.2 18.4 10.8 11.4 8.1 Oct-21 InvMetrics Public DB Real Estate Pub Net Rank -- -- -- -- -- -- Oct-21 SSGA FTSE NAREIT -- -- -- -- -- 8.1 Oct-21 FTSE NAREIT Equity REIT 16.3 43.2 18.4 10.8 11.4 8.1 Oct-21 eV US REIT Net Rank -- -- -- -- -- 36 Oct-21 Private Real Estate Composite -- -- -- -- -- 8.6 Oct-21 NFI-ODCE Equal Weighted 7.4 21.9 8.9 8.2 9.7 7.4 Oct-21 InvMetrics Public DB Real Estate Priv Net Rank -- -- -- -- -- 16 Oct-21 Principal USPA Fund -- -- -- -- -- 8.6 Oct-21 NFI-ODCE Equal Weighted 7.4 21.9 8.9 8.2 9.7 7.4 Oct-21 Marquette Associates, Inc. 9 Illinois Firefighters' Pension Investment Fund Disclosures Benchmark History As of December 31, 2021 _ Total Fund Composite 25% Russell Top 200 / 9% Russell MidCap / 2% S&P 600 SmallCap / 16% MSCI World ex USA / 3% MSCI World ex USA Small Cap / 8% MSCI Emerging Markets / 2% MSCI Emerging Markets Small Cap / 3% Bloomberg 1-3 Year US TIPS / 9% 10/1/2021 Present Bloomberg US Credit Int TR / 6% Bloomberg US Treasury Int TR / 3% Bloomberg US Treasury Long TR / 6% Bloomberg US Securitized MBS ABS CMBS TR / 3% JP Morgan EMBI Global Diversified / 2% FTSE NAREIT Equity REIT / 3% NFI- ODCE Equal Weighted _ Real Assets Composite 10/1/2021 Present 60% NFI-ODCE Equal Weighted / 40% FTSE NAREIT Equity REIT XXXXX Performance Disclosures _ Inception Performance Total Fund Composite inception performance is based on an October 1, 2021 start. All other account and composite inception performance is based on an October 31, 2021 start. _ NFI-ODCE Equal Weighted Quarterly valued index. Value of the quarterly return is recognized in the last month of each quarter. 10 Marquette Associates, Inc. DISCLOSURE Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources. The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell. Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo‐ political, competitive, and financial risks that are outside of Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐ looking statement will prove accurate, and actual results may differ materially. The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.  Board of Trustees of the Firefighters Pension Fund 2/27/2023 Item: FPI F Department: Fire FPI F - AH Pension Fund Summary as of December 31, 2022 ATTACHMENTS: Description Type FPIF - AH Fund Summary as of Report December 31, 2022  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) December 2022 2022 YTD Beginning NAVs: Beginning NAV 123,425,801.62 - Contributions - 141,841,720.25 Withdrawals - - Net Time Weighted Activity - Allocation Balance 123,425,801.62 Allocation Percent 1.67% Income & Expenses: Unrealized Gain/Loss -3,352,975.35 -15,285,328.16 Realized Gain/Loss -18,942.53 -7,411,735.02 Dividend Income 79,743.96 853,013.28 Interest Income 20,896.08 213,681.05 Other Income - -7,659.71 Total Income -3,271,277.84 -21,638,028.56 Administrator Expenses (FPIF) 10,462.91 21,755.29 Other Fee & Expenses (FPIF) 4,797.73 33,719.13 Other Expenses 505.44 4,874.82 Management Fee 2,453.92 7,038.67 Performance Fee - - Total Fee & Expenses 18,220.00 67,387.91 Net Income -3,289,497.84 -21,705,416.47 Ending NAVs: Ending NAV 120,136,303.78 120,136,303.78 Rate of Returns: Return on Invested Capital -2.67% -15.79% Return on Total Assets -2.67% -15.66% Ownership 1.67% Disclaimer / Important Information: The Plan Total reflects the total of underlying plan balances, and may not be equal to the sum of displayed columns. Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report. NTAC:3NS-20