Board of Trustees of the Fire Pension Fund
Regular MeetingArlington Heights, IL · May 8, 2023
Agenda
Agenda
Village of Arlington Heights
Board of Trustees of the Firefighters Pension Fund
Fire Station #2 Conference Room
1150 N. Arlington Heights Road, 60004
May 8, 2023
9:00 AM
I. CALL TO ORDER
II. ROLL CALL
A. Certify Trustee Election Results
B. Board Nominations
III. APPROVAL OF MINUTES
A. Approval of Minutes - February 27, 2023 Regular Meeting
B. Approval of Minutes - February 27, 2023 Closed Executive
Sesson
IV. PUBLIC COMMENTS
V. CLOSED SESSION
A. Possible Executive Session - FF Tamosaitis Pension
VI. TREASURER'S REPORT
A. Financial Report - Q1, 2023
VII.PAYMENT OF BILLS
A. Payment of Bills - Q1, 2023
VIII.REPORTS
A. FPIF AH Pension Fund Summary as of March 2023
B. FPIF - Consolidated Fund as of February 28, 2023
IX. OLD BUSINESS
A. Retirement Pension of FF William Essling - Update
B. Former Chief Andrew Larson - Decision & Order Document
C. Retirement Pension of FF Victor Tamosaitis - Settlement
Agreement
D. Annual Medical Evaluation Retired, Disable FF Under Age 50 -
Gregory O'Rourke update
E. Annual Medical Evaluation Retired, Disabled FF Under Age 50 -
Daniel Bennett update
F. Annual Confirmation - Retiree James Prickett update
G. Updated Pension Board Forms
X. NEW BUSINESS
A. Application for Membership - Joshua Cardin hired March 31,
2023
B. Closed Executive Session - Release of Minutes
C. Application for Duty Disability Pension - FF Steven Landt
D. Firefighters Secondary Employer Reporting
E. Funds in former U.S. Bank Account
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
5/8/2023
Item: certify
Department: Fire
Certify Trustee Election Results
ATTACHMENTS:
Description Type
Clerk's Certification Exhibits
Board of Trustees of the Firefighters Pension Fund
5/8/2023
Item: minutes
Department: fire
Approval of Minutes - February 27, 2023 Regular Meeting
ATTACHMENTS:
Description Type
Minutes - Regular Meeting February 27, Minutes
2023
ARLINGTON HEIGHTS
FIREFIGHTERS’ PENSION BOARD
Minutes of the Regular Meeting held on February 27, 2023
Arlington Heights Fire Department Administrative Headquarters
1150 No. Arlington Heights Road – Arlington Heights IL 60004
Members in Attendance: Mark Aleckson
Lance Harris
Thomas Kuehne
Adam Sielig
Carl Brandon
Others in Attendance: Thomas Radja, Board Attorney (Collins, Radja & Hartwell)
Mary Ellen Juarez, Assistant Finance Director for Village AH
Melissa Cayer, Public Observer
CALL TO ORDER
Mark Aleckson called the meeting to order at 9:02 AM. Roll was called with board members Mark
Aleckson, Lance Harris, Thomas Kuehne, and Adam Sielig present. Board Member Carl Brandon was
delayed, arriving later during the meeting.
Also present were Thomas Radja, Board Attorney representing Law Offices of Collins, Radja & Hartwell,
Mary Ellen Juarez, Assistant Finance Director for the Village, and Melissa Cayer, Public Observer.
APPROVAL OF MINUTES
Minutes from the Regular Board Meeting of November 7, 2022 were reviewed for approval. Mark
Aleckson indicated there was one item in the Treasurer’s Report/Projected Cash Flow regarding a test
transfer of $1 million dollars from the Illinois Fund. This was not needed and thus needs to be stricken
from the minutes.
A motion was made and seconded (T. Kuehne/L. Harris) to approve the minutes, as amended, from
the Regular Board meeting on November 7, 2022.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
A motion was made and seconded (L. Harris/M. Aleckson) to approve the minutes from the Disability
Hearing of Andrew Larson on January 23, 2023.
Roll was called.
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 1 of 7
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
PUBLIC COMMENTS
None.
CLOSED SESSION
NOTE – The Closed Session was tabled for discussion at the end of the open meeting.
TREASURER’S REPORT
Tom Kuehne distributed the Financial Report ending December 31, 2022, as well as the Projected Cash
Flow report for 2023. The Financial Report indicates our total assets to be approximately $125.7
million. As you look at the numbers, the fund lost almost $15 million compared to budget. It was a
just bad year investment-wise. Things have turned around a bit at the beginning of this year but
recession is still expected so we’ll have to watch how this year unfolds.
On the Expense side, there are two things to note. Service pensions were higher than budgeted, as
well as examinations. Tom would ask Board to approve two 2022 Budget amendments, which are still
permissible at this time. When the Auditors determine we are over-budget, they can make note of this
on the audit documents. By proceeding with this motion, we will take a proactive approach based on
what actually occurred.
Motion was made and seconded (T. Kuehne/M. Aleckson) for two budget amendments. One for
$160,000 for service pensions and another for $13,000 for examinations. This would more than cover
the over-budget amount.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
Projected Cash Flow
Next, Mary Ellen Juarez discussed the Projected Cash Flow Projection. At the end of 2022, we had $2.2
million cash available. In the projection for 2023, she highlighted some areas.
First, because we had a delay in receiving property taxes, the Village transferred a little over $1 million
from the levy to Fire pension. Once we receive the actual property taxes, we need to reimburse the
Village fund (received in January and returning in March). To make the March pension payments, we
needed to transfer $2 million from the Illinois Fund to our account. In addition, the 2022 property
taxes will be delayed with the first installment due in April. Thus, we are projecting a transfer of $2
million in March and possibly $1 million in April, depending on property tax receipts.
Pensions went up by 3% for this year. Currently property taxes are covering the monthly the pension
payouts, with little leftover. We will continue to monitor this throughout the year. We want to keep
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 2 of 7
our pension funds well-funded, but had a $15 million investment loss due to the market.
Motion was made and seconded (M. Aleckson/L. Harris) to ratify moving $2 million in February from
the Illinois Fund into the pension checking account.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
Motion was made and seconded (M. Aleckson/L. Harris) to transfer $2 million from the Illinois Fund in
March 2023 and an additional $1 million in April 2023 back into our Checking Account.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
PAYMENT OF BILLS
The Check Register ending December 31, 2022 was reviewed and Tom Kuehne asked for approval of
check #735 (journal voucher 330) through check #740 (journal voucher 400).
Motion was made and seconded (T. Kuehne/M. Aleckson) to approve payments of check #735 (JV 330)
through check 740 (JV 400).
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
Another subject for Payment of Bills was the invoice from the Court Reporter for the Disability Hearing
of Andrew Larson.
Motion was made and seconded (M. Aleckson/T. Kuehne) to process payment to the Court Reporter in
the amount of $632.90, and request the transcript.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
REPORTS
• Illinois Firefighters Pension Investment Fund (FPIF)
Mark Aleckson distributed the December 31, 2022 statement from FPIF, specifically the Arlington
Heights pension fund portion. The Net Asset Value ended the year at a loss of 15%, down to
$120,136,303.
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 3 of 7
OLD BUSINESS
• Retirement Pension of FF William Essling - Update
Attorney Tom Radja stated this case is in the Circuit Court and we argued before the Judge last
week. The Judge asked many specific questions and it seems she was favoring the Board/Village.
She will take this under advisement and will issue a ruling in open court on April 20, with a court
reporter present. If any Board member wishes to view the session, it will be available via Zoom.
After the court date, there will be a transcript available identifying both the argument and the
ruling. We will see how this court date proceeds.
• Former Chief Andrew Larson – Pension Update Effective March 25, 2022
Attorney Radja will soon receive the transcript from the Disability Hearing and has not had an
opportunity to proceed with the written decision, which will include the effective date of his
occupational disease disability and final pension amount, as granted. This will be available for the
Board to approve the written decision at the next open meeting. The overage of his contributions
to the pension fund has been returned to him.
The Workers Compensation carrier requested a copy of the written decision, and Tom Radja will
make certain they receive this document once completed.
• Disability Pension 3% Increase of Retired FF Victor Tamosaitis – Update
See Closed Session heading.
NEW BSINESS
• Review of Pension Board Forms
Tom Radja’s office has updated the various forms for their clients. He will forward copies of the
appropriate forms to Mark Aleckson for review. If we have other additional forms, he will take a
look at these too. Many of the past forms are out-dated and it’s best to update the forms as
needed.
For now, any requests we receive for pension or disability retirement, Tom Radja will send the
appropriate forms. Once we determine those forms are suitable for our needs, we can furnish
these same forms going forward to any pension requests. When Mary Ellen Juarez receives a
request for pension forms, she will advise Mark Aleckson to initiate the required forms. Mary Ellen
will then continue to generate the pension calculations, as done in the past.
At the next meeting, Tom Radja will have the updated forms available.
• Retired FF Kevin McDonagh - Overpayment
Mark Aleckson updated the Board on this situation. FF McDonagh is a retiree who was receiving
additional pension money due to having a dependent. Sadly, his son who was killed in an accident,
and thus he no longer has a dependent. This is a small amount of approximately $20 monthly and
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 4 of 7
he received an overpayment of approximately $100 in total. FF McDonagh brought it to our
attention and this monthly pension will be adjusted.
Motion was made and seconded (T. Kuehne/M. Aleckson) to ratify the adjustment of the monthly
pension for FF Kevin McDonagh and not seek any overpayment.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
• Annual Medical Evaluation of Retired, Disabled FF Under Age 50 – Gregory O’Rourke
Tom Radja’s office has arranged a medical evaluation appointment for Greg O’Rourke in March.
• Annual Medical Evaluation of Retired, Disabled FF Under Age 50 – Daniel Bennett
Question arose as to whether the Board should require an out-of-town retiree to return to Illinois
for their annual medical evaluation. Tom Radja indicated that you could have the retiree see a
local physician who can then completed a questionnaire about the disability.
A concern arose whether about consistency, permitting one retiree to come back to Illinois or
another retiree to see a local physician. Is this inconsistent? Attorney Radja stated that the Court
clearly allows for a case by case basis, i.e. a cancer patient whose condition will not improve versus
someone with a knee injury with potential to resolve itself and get better.
In the case of retiree, Daniel Bennett, his medical condition resulted in a disability which likely will
not get better. Plus, we have a great deal of evidence from prior doctors regarding his illness. We
can simply request him to go to a local physician, who then completes a questionnaire form
regarding his current medical condition and any restrictions.
After a discussion, it was agreed the first attempt is to have the medical evaluation done in the
local area of the retiree. The physician can complete a questionnaire form for the Board’s review.
If this proves unsatisfactory or difficult, the Board can then oblige the retiree to return to Illinois for
a medical evaluation.
Motion was made and seconded (M. Aleckson/L. Harris) to send Daniel Bennett an annual
examination form to be completed by a local physician.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, Adam Sielig
Ayes – 4; Nays - 0.
Motion carried.
Tom Radja will create a questionnaire form for the physician to complete.
• Annual Confirmation – Retiree James Prickett
Each year, retirees receive a Confirmation form letter to complete and return to our office. After
several written requests to retiree James Prickett, as well as voice messages, he has not returned
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 5 of 7
the form nor contacted our office. Attorney Radja can certainly send him a certified letter, advising
that we could stop pension benefits until he responds.
As another option, Carl Brandon has personal contact with many retirees. Carl offered to reach out
to Jim Prickett and explain the consequences of not having that form returned. If unsuccessful, he
will let Mark Aleckson know and we can then proceed with the Attorney sending a certified letter.
OTHER BUSINESS
To make the Board members aware, Mark Aleckson advised that the annual Cook County Ethics form is
soon to be sent out.
We received notification that Prospect Heights has two of our firefighters working for them. We
appreciate having that information in the event of an injury. Undoubtedly we have other firefighters
who also work at other Fire Departments, but we have not been advised. Tom Radja suggests we put
this onto the Agenda for the next regular Pension Board meeting.
Election will soon be held for a Trustee from the retired ranks.
CLOSED SESSION
Motion was made and seconded (M. Aleckson/T. Kuehne) to depart from the open meeting and go into
Executive Session. As this is an Closed meeting, Melissa Cayer left the conference room.
10:05 AM – The Board’s Attorney, Thomas Radja, opened the Executive Session asking each person
present to identify themselves and their role on the Board: Mark Aleckson, Board President; Lance
Harris, Board Trustee; Tom Kuehne, Board Treasurer; Adam Sielig, Board Secretary; and Carl Brandon,
Board Trustee. Others present were: Tom Radja, Pension Board Attorney; Mary Ellen Juarez, Assistant
Finance Director; and Laura Potts as Recording Secretary.
Tom Radja next indicated the purpose of this closed Executive Session is to continue a discussion of
the Victor Tamosaitis matter which is currently in litigation.
10:30 AM - After some discussion of the matter, a motion was made and seconded (M. Aleckson/C.
Brandon) to come out from Executive Session and return to the regular open board meeting.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, A. Sielig, C. Brandon
Ayes – 5; Nays - 0.
Motion carried.
Upon return to open meeting, motion was made and seconded (M. Aleckson/A. Sielig) to resume the
regular Pension Board meeting.
Roll was called.
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 6 of 7
Ayes: M. Aleckson, L. Harris, T. Kuehne, A. Sielig, C. Brandon
Ayes – 5; Nays - 0.
Motion carried.
Tom Radja indicated the board deliberated in Executive Session on the Tamosaitis matter. No decision
was made. The Board is in agreement to propose a settlement, contingent on confirming the financial
numbers and details of the agreement, in an effort to resolve this matter if acceptable by both parties.
Motion was made and seconded (T. Kuehne/C. Brandon) to proceed with recommending and
presenting a proposed settlement agreement to resolve the Victor Tamosaitis matter.
Roll was called.
Ayes: M. Aleckson, L. Harris, T. Kuehne, A. Sielig, C. Brandon
Ayes – 5; Nays - 0.
Motion carried.
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, T. Kuehne, A. Sielig, C. Brandon
Ayes – 5; Nays - 0.
Motion carried.
Meeting adjourned at 10:35 AM.
NEXT REGULAR MEETING – Scheduled for Monday, May 8, 2023 at 9:00 AM
Respectfully submitted,
______________________
Laura Potts
Recording Secretary
______________________
Adam Sielig
Board Secretary
Firefighters’ Pension Board Meeting – February 27, 2023 – Page 7 of 7
Board of Trustees of the Firefighters Pension Fund
5/8/2023
Item: Financials
Department: Fire
Financial Report - Q1, 2023
ATTACHMENTS:
Description Type
Financial Report - Q1, 2023 Exhibits
CY z:O23 EALANCE SIIEET
March 31' 2023
FIREFIGHTERS' PENSION FUND
Arlington Heights
YTD Firefighters' Pension Fund
ASSETS ACTUAL
March 2023 Financial RePoft
Cash and Investments
Cash and Equivalents 3,697,s85
Pension Investments t23,709,t86
Illinois Funds 2,090,678
729,497,449
Receivables
Accrued Interest 0
Other 0
Due From Other Funds 94r,784
TOTAL ASSETS 730,439,233
LIABITITIES
Accounts Payable 74,824
Deferred Portability PaYment 0
Due To Other Funds 0
TOTAL TIABILIIIES 14,874
NET ASSETS _t30/4,409_
BUDGET COMPARISON REPORT CALENDAR YEAR 2023
FIREFIGHTERS' PENSION FUND 25olo of the Calendar Year
March 31, 2023
MTD MTD YTD YTD UNREALIZED PERCENT
2023
BUDGET ACTUAL BUDGET ACTUAT DOLLARS RECEIVED
REVENUES BUDGET
900,000 74,997 33,947 224,99L 53.381 846,619 60/o
Interest on Investments
2,000,000 166,660 (t0,237,700) 499,980 3,442,575 (7,442,575) 772o/o
Market Value Adiustments
500,000 4t,665 34,r40 L24,995 125,088 374,9t2 250/o
Dividend Income
1,175,000 97,913 93,321 293,738 273,033 90r,967 23o/o
Contributions - Parti€iPants 250/o
t,944,700 L,266,L38 2,943,300 1,292,062 3,963,938
Contributions - R/E Tax 5,256,000
0 0 0 0 N/A
Portability Payments 0 U
0 0
Other Income
TOTAL
2023 MTD MTD YTD YTD AVAIIABLE PERCENT
BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT
EXPET{DITURES BUDGET
6,191,800 515,963 497,252 1,547,888 L49r,7s6 4,700,044 24o/o
Service Pensions
7,409 22,224 29,747 59,759 33o/o
Non-Duty Disability Pensions 88,900 7,408
1,356,700 113,054 107,381 339,161 322,144 1,034,556 24o/o
Duty Disability Pensions
1.123,900 93,655 93,655 780,964 280,965 842,935 25o/o
Surviving Spouse Pensions
787,200 15,599 24,590 46,798 85,925 r0t,275 460/o
Occupational Disease Pensions
s0,000 4,767 5,638 12,500 72,039 37,96t 24o/o
Legal Sen ices
0 0 9,408 0 18,410 (18.410) N/A
Investment Manager S€rvices
10,000 833 0 2,500 0 10,000 0o/o
Investment Custodian
0 0 0 0 0 0 N/A
Bank Services
10,000 833 0 2,500 7,0s0 2,950 770/o
Examinations
9,700 808 633 2,425 818 8,882 8o/o
Other Senrices
1,300 108 0 325 0 1,300 0o/o
Dues
1,000 83 500 250 s00 500 500/o
Training
100 8 166 25 227 (127) 227o/o
Postage
100 o 0 25 0 100 0o/o
Publications/ Periodicals
100 8 0 25 0 100 0o/o
Office Supplies & EquiP
25,000 2,083 0 6,250 0 25.000 0o/o
Pension Refunds
0 0 0
Foreign Taxes Paid
TOTAL
REVEI{UE OVER (UNDER)
EXPENDITURES 775,ZOO r,57rpr5 (9,559,714) L,823,r4s 2,945,693 (7't70'493) 3800/o
127 t27
8EG. FUND BATANCE
ENDING FUI{D BATANCE
FIRE PENSION
Proiected Cash Flow bv Month 2023
Cash ln
January
2023
February
2021
March
2023
April
2023
Proiected
May
202t
Projected
June
202t
Projected
July
2023
Projected
August
202t
Projected
September
2023
Proiected
october
2023
Proiected
November
202!
Projected
December
2023 I Proiected
2023
Total
Contribution Participant 93,004 93,242 93.321 93.677 93,242 139.862 93,242 93,242 93,242 93,242 104,551 rEg,gez I L,223,76s
Contribution Tax 0 25,925 1.247.645 1.335.011 20,000 0 0 0 585,755 1,151,654 890,000 o I s,zso,ooo
From the Village General Fund 1.058.216 2.000.000 oI 3,0s8,216
Transfer from lllinois Funds I 3.ooo.ooo
Other 1.O43.O14 8,53L 18.493 10,739 1,.o8o.7i7
'J.,O93,242 L,244,496 994.551
-
139.s62 I 1.3.618.759
Total ln 2.r94.234 127.73a 5.359.458 1.439.427 Lt3,242 139,862 93,242 679,008
Cash Out
Pensions 728,2L3 758,007 730,247 730,287 730,247 730,247 730,287 730,247 730.2A7 730.247 730,247 73o.zg7 8.789.091
Legal Services 9,575 6,402 0 L6,57r I,575 9,575 9,575 9.575 9.575 9.575 9,575 g.szs - f 10s.148
lnvestment Manager 0 o 0 o 0 0 o 0 0 I o
lnvestment Custodian 0 o 0 0 0 0 0 0 0 0 0 oI 0
Examinations o 7,050 533 2.700 2.400 0 0 0 4,550 q.etq I zz.oo7
Other Services 529 185 o 256 57A 0 0 0 5.281 99 L32 I 7.060
Dues 500 500 0 500 1020 oI 2.s2o
Training I
Foreign Taxes Paid I 0
Transfer to Village for Property Tax Loan L,O5A,2!6 I r,osa,zro
Transfer to lllinois Funds 2,000,000 0 0 2.s00.000 I +,soo,ooo
Total out 73A3L7 2,77r,644 r,749,L36 750.314 3.242.440 739,a62 740,362 739,462 745,L43 745,OLL 74L,Or4 A45za f L4,49a,o42
Change in Cash 1,,455,977 (2,643,906) 3.570.322 689.113 (3.129.598) (500,001) 1647.r2rl 353,379 (66,136) 499,885 253.536 (604-57s)I (869.283)
2,254,352 3.7LO.269 1.065.363 4.636.685 5.325.797 2,L96,L99 1,596,199 949,O74 'J,,302,458 L,236,322 L.736.207 L.9a9J43 2.2s43s2
Beg Cash Balance
-
Ending Cash Balance 3.7LO.269 1.065.353 4.536,685 s,t25,797 2,L96,L99 1,596,199 949.078 1.302.458 1,.236322 L.736.207 L9A9,743 1,38s,069 I r,gas,oog
S 1,053,216 TheVillagetransferredtheamountthatwasdelayedtothePensionFundforthetaxesthatshouldhavebeenreceivedin2022onJanuary3,2023
3 L,O2,26 Taxes received from the county that should have been received in 2022-
S1,058,216 ofthis amount needs to be returned to the Village Bank Account since the Village transferred S1,058,215 on January 3rd.
I ;:r*;T,T"'lii,'iliJlii;.,,," ",,
The Village contributed an additonal 52M in March due to the General Fund's Surplus.
Recommend transferdng 92.5M ln Mayto the llllnols Funds to rec€lve lnterest, then ln July ot August we can make a ttansfer back *'hen needed.
C:\Users\lpotts\AppData\Local\Microsoft\Windows\lNetcache\Content.Outlook\BoJKG3N2\Fire Pension Cash Flow 2023 Prcjection Board (003)
FIRE PENSION IIIINOIS FUNDS
Proiected Cash Flow bv Month 2023
Projected Projected Proiected Proie€ted Projected
.lanuary February March April May June July August September october November December 2023
2023 2023 202t 2023 2023 2021 202t 202t 202t 2023 202t 202t Total
Cash ln
o
From the Checking Account
lnterest 9,000 7 7
Total ln 8,368 7 7 7
Cash Out
Transfer to Checking Account 0 0 0 0
Total out 0 0 0 0 0 0 0 0 0 0
Change in Cash 7 7 7
Beg cash Balance 4,624,046
Ending cash Balance
C:\Users\lpotts\AppData\Local\Microsoft\Windows\lNetcache\Content.Outlook\BolKG3N2\Fire Pension Cash Flow 2023 Projection Board (003)
Board of Trustees of the Firefighters Pension Fund
5/8/2023
Item: Payment of Bills - Q1, 2023
Department: Fire
Payment of Bills - Q1, 2023
ATTACHMENTS:
Description Type
Payment of Bills - Q1, 2023 Exhibits
FIREFIGHTERS' PENSION FUND
CALENDAR YEAR ENDING 12 I 31 I 2023
CHECK REGISTER AND JOURNAL VOUCHER PAYMENTS
Check JV or Group MONTHLY
Number Number Date Pavee Description Expense TOTAL
WT 01-004 01to5t23 Collins Radja & Hartwell Legal Services 9,575.00
741 01-004 01t18t23 ExamWorks Medical Exams 7,050.00
742 01-004 01t31123 1099 Pro LLC 1099 Services 185.44 16,810.44
W/T 02-204 02t22t23 Collins Radja & Hartwell Legal Services 6,401.75
743 02-204 02t27t23 Void 0.00 6,401.75
744 03-011 03t31123 Kathleen Bono, CSR Court Reporting 632.90
745 03-01 1 03131123 IPPFA Harris Training 500.00
746 03-01 1 03t31123 Collins Radja & Hartwell Legal Services 5,637.50 6,770.40
29,982.59
Board of Trustees of the Firefighters Pension Fund
5/8/2023
Item: FPI F
Department: Fire
FPI F AH Pension Fund Summary as of March 2023
ATTACHMENTS:
Description Type
FPIF - AH Fund Summary as of March Report
2023
Arlington Heights Firefighters Pension Fund
Statement of Results
Illinois Firefighters Pension Investment Fund
Currency: USD ($) March 2023 2023 YTD
Beginning NAVs:
Beginning NAV 123,709,186.24 120,136,303.78
Contributions - -
Withdrawals - -
Net Time Weighted Activity -
Allocation Balance 123,709,186.24
Allocation Percent 1.66%
Income & Expenses:
Unrealized Gain/Loss 5,498,715.65 8,954,096.72
Realized Gain/Loss -3,138,920.96 -3,173,080.82
Dividend Income 88,822.20 213,910.30
Interest Income 103,273.97 148,257.27
Other Income 8.42 8.42
Total Income 2,551,899.28 6,143,191.89
Administrator Expenses (FPIF) 10,408.59 10,408.59
Other Fee & Expenses (FPIF) 2,831.15 18,597.28
Other Expenses 115.71 298.48
Management Fee - 2,461.25
Performance Fee - -
Total Fee & Expenses 13,355.45 31,765.60
Net Income 2,538,543.83 6,111,426.29
Ending NAVs:
Ending NAV 126,247,730.07 126,247,730.07
Rate of Returns:
Return on Invested Capital 2.05% 5.09%
Return on Total Assets 2.05% 5.09%
Ownership 1.66%
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
Board of Trustees of the Firefighters Pension Fund
5/8/2023
Item: FPI F Consolidated
Department: Fire
FPI F - Consolidated Fund as of February 28, 2023
ATTACHMENTS:
Description Type
FPIF Consolidated as of February 28, Report
2023
Illinois Firefighters’ Pension Investment Fund
Monthly Summary
February 28, 2023
* Preliminary, subject to change
Illinois Firefighters' Pension
Annualized Performance (Net of Fees)
Investment Fund
Return Summary - 1 Month
Total Return
_
Total Fund Composite -2.6%
IFPIF Policy Benchmark -2.6%
Total Fund Composite excl. Member Funds -2.6%
IFPIF Policy Benchmark -2.6%
U.S. Equity Composite -2.3%
Russell 3000 -2.3%
Non-U.S. Equity Composite -3.7%
MSCI ACWI ex USA IMI -3.4%
Total Fixed Income Composite -2.1%
Bloomberg US Universal TR -2.5%
Total Real Estate Composite -1.7%
Real Estate Custom Benchmark -1.9%
XXXXX
Marquette Associates, Inc. 1
Total Fund Composite Asset Allocation
Market Value: $7,474.0 Million and 100.0% of Fund
Ending February 28, 2023
Asset Class Market Value % of Portfolio Policy %
_
Total Fund Composite $7,474,009,308 100.0% 100.0%
Total Fund Composite excl. Member Funds $7,474,009,308 100.0% 100.0%
Total Equity Composite $4,827,953,538 64.6% 65.0%
U.S. Equity Composite $2,622,602,505 35.1% 36.0%
Rhumbline Russell 200 Large-Cap Core $1,790,189,634 24.0% 25.0%
Rhumbline Russell Midcap Mid-Cap Core $676,755,012 9.1% 9.0%
Rhumbline S&P 600 Small-Cap Core $155,657,859 2.1% 2.0%
Non-U.S. Equity Composite $2,205,351,033 29.5% 29.0%
International Developed Equity Composite $1,470,261,696 19.7% 19.0%
SSGA World ex US Non-U.S. Large-Cap Core $1,247,739,676 16.7% 16.0%
SSGA World ex US Small Non-U.S. Small-Cap Core $222,522,020 3.0% 3.0%
Emerging Markets Equity Composite $735,089,337 9.8% 10.0%
SSGA MSCI EM Emerging Markets $589,522,589 7.9% 8.0%
SSGA EM Small EM Small-Cap $145,566,748 1.9% 2.0%
Total Fixed Income Composite $2,163,228,393 28.9% 30.0%
Rate Sensitive Composite $1,939,950,941 26.0% 27.0%
Treasury Inflation Protected Securities Composite $218,479,469 2.9% 3.0%
SSGA TIPS TIPS $218,479,469 2.9% 3.0%
Core Fixed Income Composite $1,721,471,472 23.0% 24.0%
SSGA Intermediate Credit Int. Fixed Income $660,031,246 8.8% 9.0%
SSGA Intermediate Treasury Int. Fixed Income $434,701,120 5.8% 6.0%
SSGA Securitized MBS Fixed Income $426,052,191 5.7% 6.0%
SSGA Long Treasury Long-Term Fixed Income $200,686,915 2.7% 3.0%
Credit Fixed Income Composite $223,277,452 3.0% 3.0%
Emerging Markets Debt Composite $223,277,452 3.0% 3.0%
SSGA EM Global Diversified EM Fixed Income $223,277,452 3.0% 3.0%
Total Real Estate Composite $367,736,627 4.9% 5.0%
Core Real Estate Composite $367,736,627 4.9% 5.0%
Public Real Estate Composite $128,314,563 1.7% 2.0%
SSGA FTSE NAREIT U.S. REIT $128,314,563 1.7% 2.0%
Private Real Estate Composite $239,422,064 3.2% 3.0%
Principal USPA Fund Core Real Estate $239,422,064 3.2% 3.0%
Cash Composite $115,035,486 1.5% 0.0%
Transition Composite $55,264 0.0% 0.0%
Member Funds Composite -- -- 0.0%
XXXXX
2 Marquette Associates, Inc.
Investment Manager Annualized Performance (Net of Fees)
Market Value: $7,474.0 Million and 100.0% of Fund
Ending February 28, 2023
Inception
1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception
Date
_
Total Fund Composite -2.6 0.3 3.0 -7.5 -- -- -- -6.7 Oct-21
IFPIF Policy Benchmark -2.6 0.3 3.0 -7.3 5.7 4.9 6.5 -6.3 Oct-21
Total Fund Composite excl. Member Funds -2.6 0.3 3.0 -7.4 -- -- -- -8.2 Oct-21
IFPIF Policy Benchmark -2.6 0.3 3.0 -7.3 5.7 4.9 6.5 -8.8 Oct-21
Total Equity Composite -2.9 0.5 4.3 -7.5 -- -- -- -10.0 Oct-21
MSCI ACWI IMI Net USD -2.8 0.4 4.4 -8.1 8.9 5.7 7.9 -10.6 Oct-21
U.S. Equity Composite -2.3 -1.7 4.4 -7.9 -- -- -- -10.1 Oct-21
Russell 3000 -2.3 -1.7 4.4 -8.1 11.8 9.4 11.9 -10.4 Oct-21
Rhumbline Russell 200 -2.4 -2.5 3.6 -9.4 -- -- -- -10.8 Oct-21
Russell Top 200 -2.4 -2.6 3.6 -9.3 12.1 10.2 12.6 -10.7 Oct-21
Rhumbline Russell Midcap -2.4 0.0 5.7 -5.1 -- -- -- -9.4 Oct-21
Russell MidCap -2.4 0.0 5.7 -5.0 11.5 8.4 10.7 -9.3 Oct-21
Rhumbline S&P 600 -1.2 0.9 8.1 -3.5 -- -- -- -5.6 Oct-21
S&P 600 SmallCap -1.2 0.9 8.1 -3.5 13.8 7.9 10.9 -5.5 Oct-21
Non-U.S. Equity Composite -3.7 3.1 4.1 -7.4 -- -- -- -10.2 Oct-21
MSCI ACWI ex USA IMI -3.4 3.7 4.3 -7.5 5.5 1.6 4.1 -10.3 Oct-21
International Developed Equity Composite -2.3 5.2 5.6 -4.1 -- -- -- -7.8 Oct-21
MSCI World ex USA IMI NR USD -2.4 5.2 5.6 -4.6 6.9 2.7 4.9 -8.1 Oct-21
SSGA World ex US -2.3 5.2 5.7 -3.4 -- -- -- -6.8 Oct-21
MSCI World ex USA -2.3 5.2 5.7 -3.8 7.1 3.0 4.8 -7.0 Oct-21
SSGA World ex US Small -2.4 5.7 5.0 -9.2 -- -- -- -13.5 Oct-21
MSCI World ex USA Small Cap -2.5 5.6 5.0 -9.7 6.1 1.3 5.8 -13.8 Oct-21
Emerging Markets Equity Composite -6.2 -0.8 1.3 -13.8 -- -- -- -15.2 Oct-21
MSCI Emerging Markets IMI -6.0 -0.2 1.2 -14.6 2.0 -1.5 1.7 -15.7 Oct-21
SSGA MSCI EM -7.0 -1.6 0.8 -15.2 -- -- -- -16.5 Oct-21
MSCI Emerging Markets -6.5 -0.5 0.9 -15.3 1.0 -1.9 1.5 -16.4 Oct-21
SSGA EM Small -2.8 2.1 3.1 -9.4 -- -- -- -11.1 Oct-21
MSCI Emerging Markets Small Cap -2.9 1.8 2.9 -9.5 10.2 1.3 3.1 -11.2 Oct-21
Total Fixed Income Composite -2.1 0.2 0.6 -8.4 -- -- -- -8.4 Oct-21
Bloomberg US Universal TR -2.5 0.2 0.6 -9.3 -3.4 0.7 1.4 -9.5 Oct-21
Rate Sensitive Composite -2.1 0.1 0.6 -8.4 -- -- -- -7.9 Oct-21
Bloomberg US Aggregate TR -2.6 0.0 0.4 -9.7 -3.8 0.5 1.1 -9.6 Oct-21
Treasury Inflation Protected Securities
0.0 0.4 0.4 -2.3 -- -- -- -0.7 Oct-21
Composite
Bloomberg 1-3 Year US TIPS 0.0 0.3 0.3 -2.3 2.4 2.6 1.3 -0.7 Oct-21
SSGA TIPS 0.0 0.4 0.4 -2.3 -- -- -- -0.7 Oct-21
Bloomberg 1-3 Year US TIPS 0.0 0.3 0.3 -2.3 2.4 2.6 1.3 -0.7 Oct-21
Marquette Associates, Inc. 3
Investment Manager Annualized Performance (Net of Fees)
Market Value: $7,474.0 Million and 100.0% of Fund
Ending February 28, 2023
Inception
1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception
Date
_
Core Fixed Income Composite -2.4 0.0 0.6 -9.2 -- -- -- -8.9 Oct-21
Bloomberg US Aggregate TR -2.6 0.0 0.4 -9.7 -3.8 0.5 1.1 -9.6 Oct-21
SSGA Intermediate Credit -1.9 0.4 0.6 -6.0 -- -- -- -6.6 Oct-21
Bloomberg US Credit Int TR -1.9 0.3 0.4 -6.1 -1.9 1.5 1.8 -6.6 Oct-21
SSGA Intermediate Treasury -1.7 -0.4 0.0 -6.3 -- -- -- -6.0 Oct-21
Bloomberg US Treasury Int TR -1.8 -0.4 -0.2 -6.3 -2.5 0.7 0.7 -6.0 Oct-21
SSGA Securitized -2.6 0.1 0.7 -9.0 -- -- -- -8.8 Oct-21
Bloomberg US Securitized MBS ABS
-2.6 0.2 0.6 -8.9 -3.5 0.0 0.9 -8.6 Oct-21
CMBS TR
SSGA Long Treasury -4.8 -0.3 1.8 -24.1 -- -- -- -21.4 Oct-21
Bloomberg US Treasury Long TR -4.7 -0.4 1.4 -24.1 -11.0 -0.7 1.0 -21.4 Oct-21
Credit Fixed Income Composite -2.2 1.1 0.7 -8.5 -- -- -- -12.9 Oct-21
JP Morgan EMBI Global Diversified -2.2 1.2 0.9 -8.6 -5.2 -0.7 1.8 -13.4 Oct-21
Emerging Markets Debt Composite -2.2 1.1 0.7 -8.5 -- -- -- -12.9 Oct-21
JP Morgan EMBI Global Diversified -2.2 1.2 0.9 -8.6 -5.2 -0.7 1.8 -13.4 Oct-21
SSGA EM Global Diversified -2.2 1.1 0.7 -8.5 -- -- -- -12.9 Oct-21
JP Morgan EMBI Global Diversified -2.2 1.2 0.9 -8.6 -5.2 -0.7 1.8 -13.4 Oct-21
Total Real Estate Composite -1.7 -2.3 1.2 -4.1 -- -- -- 1.9 Oct-21
Real Estate Custom Benchmark -1.9 -3.0 2.3 0.2 8.3 8.5 8.7 2.7 Oct-21
Core Real Estate Composite -1.7 -2.3 1.2 -4.1 -- -- -- 1.9 Oct-21
Real Estate Custom Benchmark -1.9 -3.0 2.3 0.2 8.3 8.5 8.7 2.7 Oct-21
Public Real Estate Composite -4.8 0.0 5.4 -11.6 -- -- -- -10.6 Oct-21
FTSE NAREIT Equity REIT -4.8 -0.1 5.4 -11.7 4.1 7.4 6.6 -10.6 Oct-21
SSGA FTSE NAREIT -4.8 0.0 5.4 -11.6 -- -- -- -10.6 Oct-21
FTSE NAREIT Equity REIT -4.8 -0.1 5.4 -11.7 4.1 7.4 6.6 -10.6 Oct-21
Private Real Estate Composite 0.1 -3.7 -0.9 -0.7 -- -- -- 9.5 Oct-21
NFI-ODCE Equal Weighted 0.0 -5.1 0.0 7.6 9.7 8.3 9.5 10.7 Oct-21
Principal USPA Fund 0.1 -3.7 -0.9 -0.7 -- -- -- 9.5 Oct-21
NFI-ODCE Equal Weighted 0.0 -5.1 0.0 7.6 9.7 8.3 9.5 10.7 Oct-21
4 Marquette Associates, Inc.
Illinois Firefighters' Pension Investment Fund Fee Schedule
Marquette Associates, Inc. 5
Illinois Firefighters' Pension Investment Fund Disclosures
Benchmark History
_
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
_
Total Real Estate Composite
10/31/2021 Present 60% NFI-ODCE Equal Weighted / 40% FTSE NAREIT Equity REIT
XXXXX
Performance Disclosures
_
Inception Performance
Total Fund Composite, Private Real Estate Composite, and the Principal USPA Fund inception performance are 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.
6 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.