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 Road, 60004 November 13, 2023 9:00 AM I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES A. Approval of Minutes - August 14, 2023 Meeting IV. CLOSED SESSION A. Possible closed session (if needed) V. TREASURER'S REPORT A. Financial Report - Q3, 2023 B. 2024 Fire Pension - Proposed Budget VI. PAYMENT OF BILLS A. Payment of Bills - Q3, 2023 VII.REPORTS A. FPIF - AH Pension Fund Summary as of September 30, 2023 B. FPIF - Consolidated Fund as of July 31, 2023 VIII.OLD BUSINESS A. Death of FF Phillip Palczynski - Spousal Survivor Benefits Update B. Application of Duty Disability Pension FF Steven Landt - Update C. Former U.S. Bank Account - Balance Update IX. NEW BUSINESS A. Closed Executive Sessions - Release of Minutes B. Alliant Fiduciary Liability Insurance - Policy Renewal C. IL Public Pension Fund Associates (IPPFA) - Membership Renewal  D. Application for Pension Fund Membership - New Hires FF Brian Jacks and FF Connor Miklasz on September 18, 2023 E. Acceptance of QILDRO Document F. Death of Retired LT. Larry Miller on October 14, 2023 - Cessation of Benefits X. OTHER BUSINESS XI. PUBLIC COMMENTS 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 11/13/2023 Item: minutes Department: Fire Approval of Minutes - August 14, 2023 Meeting ATTACHMENTS: Description Type Minutes - August 14, 2023 Meeting Minutes  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on August 14, 2023 Arlington Heights Fire Department Administrative Headquarters 1150 No. Arlington Heights Road – Arlington Heights IL 60004 Members in Attendance: Adam Sielig Lance Harris Thomas Kuehne Pete Ahlman Board Member Absent: Mark Aleckson Others in Attendance: Thomas Radja, Board Attorney FF/PM Steven Landt, Applicant for Pension Retirement Elizabeth Landt, wife of Steven Landt CALL TO ORDER Adam Sielig called the meeting to order at 9:01 AM. Roll was called with board members Adam Sielig, Lance Harris, Thomas Kuehne, and Pete Ahlman present. Board Member Mark Aleckson was absent. Also present were Thomas Radja, Board Attorney; pension applicant FF/PM Steven Landt, and his wife, Elizabeth Landt. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of May 8, 2023 were reviewed for approval. A motion was made and seconded (T. Kuehne/P. Ahlman) to approve the minutes from the Regular Board meeting on May 8, 2023. All in favor, motion carried. CLOSED SESSION None. TREASURER’S REPORT Tom Kuehne distributed the Financial Report ending June 30, 2023, as well as the Projected Cash Flow report for 2023. The Financial Report indicates our total net assets to be approximately $132.2 million. Better than expected and overall the markets are currently doing well. We are now half way through the year and expenditures are right on target. Firefighters’ Pension Board Meeting – August 14, 2023 – Page 1 of 5 Projected Cash Flow Tom Kuehne next discussed an additional $2 million transfer made by the Village Board from the general surplus fund into the pension fund. This was very helpful to improve our funded percentage and is the third time the Village has made such a transfer. Tom recommended the Village Board make this transfer to get the funding up as high as we can, whereas a larger unfunded liability would be more volatile. As a result, there’s no need to withdraw any money from the Illinois Consolidated Fund. One caveat is that we were expecting tax levy money sometime between September through November, however, Cook County is behind in collecting property taxes. Thus we are not expecting that money until December. We will be review this again at our November meeting. Chief Harris emphasized the fact that this is the third time the Village Board transferred from surplus funds into the FF Pension Fund. This was very generous and we need to stress to our membership how fortunate we are to have a Village Board who continues to support the pension fund. Tom Kuehne added that once he explained the numbers showing that, in the long run, we actually save money, the Village Board agreed it would be a good move Actuarial Valuation Report Each year the Actuaries determine our financial position and the actuarial requirements of the pension fund. We had a rough year in 2022. The Actuarial Valuation report shows Funding Contribution last year was at $5.3 million and this year the recommendation is slightly more than $5.8 million. Turning to the last page of the report, under Employer Contributions, the annual projections for the tax levy is planned to be higher over the next several years. Motion was made and seconded (T. Kuehne/P. Ahlman) to approve the recommended Actuarial Funding Contribution of $5.880 million. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman Ayes – 4; Nays - 0. Motion carried. Annual Police & Fire Compliance Report This is a summary of the Actuarial report and comparison of last year to this year. In the previous year we were 88% funded, but 2022 was down to 78.2%. If this is a good year, it will bring it up again. Motion was made and seconded (T. Kuehne/P. Ahlman) to approve the Annual Compliance Report. All in favor, motion passed. PAYMENT OF BILLS The Check Register ending May 31, 2023 was reviewed and Tom Kuehne asked for approval of check #747 (journal voucher 04-145) through check #749 (journal voucher 05-467). Motion was made and seconded (T. Kuehne/L. Harris) to approve check #747 (JV 14-145) through check #749 (JV 05-467). Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman Ayes – 4; Nays - 0. Motion carried. Firefighters’ Pension Board Meeting – August 14, 2023 – Page 2 of 5 REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig distributed the May 2023 statement from FPIF, specifically the Arlington Heights pension fund portion. The Net Asset Value ended YTD at $125,999,106, a slight downturn from the prior quarter with a YTD return of 4.88%. OLD BUSINESS • Retirement Pension of FF William Essling - Update Attorney Tom Radja stated no additional action was taken and we have passed the 30 day timeframe for any appeal. This matter is now closed. • Annual Medical Evaluation Retired, Disabled FF Under Age 50 – Daniel Bennett Update The treating physician completed his medical evaluation of retired FF Daniel Bennett, concluding he is permanently disabled and unable to return to firefighter duties. We will continue to monitor his medical condition on an annual basis until he reaches 50 years of age. Motion was made and seconded (P. Ahlman/T. Kuehne) to approve continuation of benefits for disabled FF Daniel Bennett. All in favor, motion carried. • Application for Duty Disability Pension FF Steven Landt – Update Attorney Radja indicated that we are still waiting for one set of records, which he hopes to receive very soon. Once received, we will then set up three appointments for medical evaluations. He will communicate the dates with the Landt’s attorney. Upon receiving the medical evaluations, a disability hearing will be set, hopefully around the time of the next quarterly meeting, mid- November. Intervention Petition Additionally, Attorney Radja discussed the Intervention Petition received from the Village. He recommends the Board allow the intervention as this does not lessen any control the Board has. Motion was made and seconded (T. Kuehne/P. Ahlman) to approve the Village Intervention Petition. All in favor, motion carried. Attorney Radja will send notification to the Village and counsel. • Funds in Former U.S. Bank Account Adam Sielig indicated there are a few hundred dollars left in the former account with U.S. Bank. He will discuss this with Mary Ellen Juarez to move the amount and finally close with a zero balance. NEW BSINESS • Application for Membership – FF Jeffrey Jakalski hired July 5, 2023 All required documents have been signed and submitted by FF Jeffrey Jakalski, newly hired as of July 5, 2023. Firefighters’ Pension Board Meeting – August 14, 2023 – Page 3 of 5  Motion was made and seconded (P. Ahlman/T. Kuehne) to approve FF Jeffrey Jakalski’s application for membership to the Firefighters Pension Fund. All in favor, motion carried. • Death of FF Phillip Palczynski on June 4, 2023 – Surviving Spouse Benefits Chief Harris explained that active FF Phillip Palczynski was on light duty for several months due to an injury sustained while on duty. Phil passed away at home on Sunday morning, June 4. Shortly afterwards, Kevin Baumgartner (Finance) sent a letter to his wife, Susan Palczynski, outlining the benefits available to her, along with a calculation sheet showing that she will receive a survivor benefit of $5,697.09 monthly. Kevin also asked that she complete certain documents and return them. He has not had any response from Susan Palczynski. Attorney Radja has not heard from Susan Palczynski, but is aware that she has retained Attorney Thomas Mazur as legal counsel. He will contact Mr. Mazur to request medical records and begin the process. Once he receives the application returned from Mrs. Palczynski, he will notify the Board members. Motion was made and seconded (P. Ahlman/T. Kuehne) to approve the Survivor Pension Calculation benefit of $5,697.09 monthly for Susan Palczynski. Roll was called. Ayes: L. Harris, T. Kuehne, A, Sielig, and P. Ahlman Ayes – 4; Nays – 0. Motion carried. • Refund of Pension Contributions – Former FF Bryan Gronset Former FF Bryan Gronset left the fire department on July 27, 2023. In order to process the return of his pension contributions, Bryan completed the “Application for Refund of Contributions” and submitted the signed form to Adam Sielig. Finance has determined his refund amount to be $7,584.17. Motion was made and seconded (T. Kuehne/P. Ahlman) to approve the Application for Refund of Contributions for former FF Bryan Gronset in the amount of $7,584.17. Roll was called. Ayes: L. Harris, T. Kuehne, A, Sielig, and P. Ahlman Ayes – 4; Nays – 0. Motion carried. • Retiree John Leligdon – Pension Conversion Request Due to serious health concerns and after consulting with family members, retired FF John Leligdon requested to convert his duty disability pension to a service pension. Mary Ellen Juarez (Finance) sent him a letter clearly identifying the basis for a revised calculation. His current duty disability pension is $67,868.76 and upon conversion the amount will change to $84,915.79, subject to Federal and Arizona State taxes. Upon death, his surviving spouse will receive the monthly pension at the time of his passing. Firefighters’ Pension Board Meeting – August 14, 2023 – Page 4 of 5  After receipt of the calculation letter, John Leligdon decided to move forward with the conversion. He completed the form, “Request to Convert Disability Pension Benefits to a Retirement Pension” and submitted to the Board for their approval. Discussion followed with concerns over using an “average salary plus longevity pay”. It was agreed that using an average makes sense since we don’t have any other basis and Attorney Radja added that it’s up to the Board since there is no precedent as a reference. Question arose as to a similar request in the past and if Mark Aleckson has knowledge of such. Upon retirement, John Leligdon’s rank was Captain (equivalent to Battalion Chief), so a conversion of this nature would be a rare instance. Tom Radja will contact Mark Aleckson to see if we had a similar conversion request in the past and also inquire of other fire departments for any precedent. Motion was made and seconded (P. Ahlman/L. Harris) to approve the request made by retired FF John Leligdon to convert his Duty Disability Pension to a Regular Retirement Pension. Roll was called. Ayes: L. Harris, T. Kuehne, A, Sielig, and P. Ahlman Ayes – 4; Nays – 0. Motion carried. OHER BUSINESS None PUBLIC COMMENTS Steven and Elizabeth Landt expressed appreciation for the time and effort the Pension Board puts forth in handling various difficult matters, including Steven Land’s pension application. They also wish the Board to be aware that they have been without pay since April 30 and must cover a $2,200 monthly medical insurance payment. ADJOURNMENT As there was no other business to present before the Board, a motion was made and seconded (A. Sielig/T. Kuehne) to adjourn the meeting. Meeting adjourned at 9:43 AM. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, November 13, 2023 at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – August 14, 2023 – Page 5 of 5  Board of Trustees of the Firefighters Pension Fund 11/13/2023 Item: Financials Department: Fire Financial Report - Q3, 2023 ATTACHMENTS: Description Type Financials - Q3, 2023 Report  Board of Trustees of the Firefighters Pension Fund 11/13/2023 Item: 2024 Budget Department: Fire 2024 Fire Pension - Proposed Budget ATTACHMENTS: Description Type Fire Pension - 2024 Proposed Budget Report FIRE PENSION FUND 711 Fund at a Glance The Village has been mandated by state law to provide for a separate Fire Pension Plan. This fund is created for the purpose of providing for the retirement pensions of our firefighters. The fund is administered locally and the fiduciary responsibility is placed upon the Village Treasurer and the Board of Trustees of the Fire Pension Fund. Restrictions: STATE LAW – The Fire Pension Fund is locally administered as prescribed in Chapter 40 of the Illinois State Statutes. This fund must be separately accounted for and not commingled with other Village funds. The Village contracts for independent actuarial services. Performance Measures 2020 2021 2022 1. # of Active Participants 103 106 107 # of Retired Participants 104 106 109 Regular Pensioners 62 62 65 Duty Disability Pensioners 25 22 23 Non-Duty Disability Pensioners 1 2 2 Surviving Spouses 16 20 19 2. Actuarial Value of Fund Assets at December 31 $136,198,812 $149,361,461 $127,478,716 3. Total Actuarial Liability $163,873,563 $179,441,272 $189,539,868 4. Funded Ratio 83.11% 83.24% 78.53% 5. Annual Actuarial Investment Return As Percentage 11.2% 11.52% -14.76% of Fund Assets at December 31 6. Employer Annual Actuarial Funding Requirements $4,829,000 $5,255,000 $5,880,000 FIRE PENSION FUND (Continued) Fund Summary 2023 Projected 2023 Revised 2021 Actuals 2022 Actuals Actuals Budget 2024 Budget Inc (Dec) Inc (Dec) % Revenues Investment Income $ 15,244,160 $ (21,301,148) $ 11,930,000 $ 3,400,000 $ 3,400,000 $ - 0.0% Other 6,152,784 6,123,586 6,441,200 6,431,000 7,091,000 660,000 10.3% Total Revenues $ 21,396,945 $ (15,177,562) $ 18,371,200 $ 9,831,000 $ 10,491,000 $ 660,000 6.7% Interfund Transfers In - 2,000,000 - - - - 0.0% Total Revenues and Interfund Transfers In $ 21,396,945 $ (13,177,562) $ 18,371,200 $ 9,831,000 $ 10,491,000 $ 660,000 6.7% Expenditures Personal Services $ 7,913,187 $ 8,508,695 $ 8,791,800 $ 8,948,500 $ 9,013,100 $ 64,600 0.7% Contractual Services 320,614 196,389 174,900 82,100 192,300 110,200 134.2% Commodities 84 99 200 200 200 - 0.0% Other Charges 409 - - 25,000 25,000 - 0.0% Total Expenditures $ 8,234,295 $ 8,705,182 $ 8,966,900 $ 9,055,800 $ 9,230,600 $ 174,800 1.9% Revenues over (under) Expenditures $ 13,162,650 $ (21,882,744) $ 9,404,300 $ 775,200 $ 1,260,400 $ 485,200 62.6% BEGINNING FUND BALANCE $ 136,198,810 $ 149,361,460 $ 127,478,716 $ 127,478,716 $ 136,883,016 $ 9,404,300 7.4% ENDING FUND BALANCE $ 149,361,460 $ 127,478,716 $ 136,883,016 $ 128,253,916 $ 138,143,416 $ 9,889,500 7.7% FIRE PENSION FUND Revenues 2023 Projected 2023 Revised Account Account Description 2021 Actuals 2022 Actuals Actuals Budget 2024 Budget Inc (Dec) $ Inc (Dec) % 711-0000-461020- Int Inc on Investments 1,025,880 48,751 880,000 900,000 900,000 - 0.0% 711-0000-462100- Invest Inc Invstmnt Inc IMET 12,551,814 (22,206,916) 10,350,000 2,000,000 2,000,000 - 0.0% 711-0000-462110- Invest Inc Dividends 1,666,466 857,018 700,000 500,000 500,000 - 0.0% Investment Income 15,244,160 (21,301,148) 11,930,000 3,400,000 3,400,000 - 0.0% 711-0000-485860- Pens Contrib Participant 1,145,403 1,168,906 1,175,000 1,175,000 1,210,000 35,000 3.0% 711-0000-485870- Pens Contrib R/E Tax 4,913,000 4,962,000 5,256,000 5,256,000 5,881,000 625,000 11.9% 711-0000-485880- Pens Contrib Portability Pymts 91,705 - - - - - 0.0% Pension Contributions 6,150,108 6,130,906 6,431,000 6,431,000 7,091,000 660,000 10.3% 711-0000-489900- Other Income 2,676 (7,320) 10,200 - - - 0.0% Other 2,676 (7,320) 10,200 - - - 0.0% 711-0000-491050- Other Fin Src Oper Transfer In - 2,000,000 - - - 0.0% Other Financing Sources - 2,000,000 - - - - 0.0% TOTAL FIRE PENSION FUND 21,396,945 (13,177,562) 18,371,200 9,831,000 10,491,000 660,000 6.7% Expenditures PENSIONS 8001 2023 Projected 2023 Revised Account Account Description 2021 Actuals 2022 Actuals Actuals Budget 2024 Budget Inc (Dec) $ Inc (Dec) % 711-8001-515010- Pers Svcs Pensions 5,304,941 5,762,436 6,042,500 6,191,800 6,233,300 41,500 0.7% 711-8001-515020- Pers Svcs Non Duty Disab Pens 73,913 151,972 215,800 88,900 197,300 108,400 121.9% 711-8001-515030- Pers Svcs Duty Disability Pens 1,258,500 1,267,425 1,222,400 1,356,700 1,243,400 (113,300) (8.4%) 711-8001-515040- Pers Svcs Survive Spouse Pens 1,075,640 1,142,854 1,123,900 1,123,900 1,123,900 - 0.0% 711-8001-515050- Pers Svcs Occup Disease Pens 200,192 184,008 187,200 187,200 215,200 28,000 15.0% Salaries 7,913,187 8,508,695 8,791,800 8,948,500 9,013,100 64,600 0.7% 711-8001-520200- Prof Tech Svcs Legal Services 43,620 89,906 40,000 50,000 50,000 - 0.0% 711-8001-520210- Prof Tech Svcs Invest Mgr Serv 234,613 5,000 117,600 - 120,000 120,000 0.0% 711-8001-520220- Prof Tech Svcs Invest Custodan 13,276 69,280 - 10,000 - (10,000) (100.0%) 711-8001-520750- Prof Tech Svcs Examinations 7,681 23,474 5,000 10,000 10,000 - 0.0% 711-8001-521650- Prop Svcs Other Services 19,525 6,710 9,700 9,700 9,700 - 0.0% 711-8001-522020- Other Cont Svcs Dues 1,295 1,295 1,300 1,300 1,300 - 0.0% 711-8001-522030- Other Cont Svcs Training 550 725 1,000 1,000 1,000 - 0.0% 711-8001-522050- Other Cont Svcs Postage 54 - 300 100 300 200 200.0% Contractual Services 320,614 196,389 174,900 82,100 192,300 110,200 134.2% 711-8001-530010- Genl Supp Publications - - 100 100 100 - 0.0% 711-8001-530050- Genl Supp Office Supp & Equip 84 99 100 100 100 - 0.0% Commodities 84 99 200 200 200 - 0.0% 711-8001-540650- Other Charges Pension Refunds - - - 25,000 25,000 - 0.0% 711-8001-540930- Other Charges Foreign Taxes Pd 409 - - - - - 0.0% Other Charges 409 - - 25,000 25,000 - 0.0% TOTAL FIRE PENSION 8,234,295 8,705,182 8,966,900 9,055,800 9,230,600 174,800 1.9% FIRE PENSION FUND EXPENDITURE DETAIL PENSIONS 8001 Account Budget Budget Number Account Title Description 2023 2024 SALARIES: 711-8001-515010- Service Pensions Service Pensions 6,191,800 6,233,300 711-8001-515020- Non-Duty Disability Pens Non-Duty Disability Pension 88,900 197,300 711-8001-515030- Duty Disability Pension Duty Disability Pension 1,356,700 1,243,400 711-8001-515040- Surviving Spouse Pension Surviving Spouse Pension 1,123,900 1,123,900 711-8001-515050- Occupational Disease Pen Occupational Disease Pension 187,200 215,200 TOTAL SALARIES 8,948,500 9,013,100 CONTRACTUAL SERVICES: 711-8001-520200- Legal Services Legal services 50,000 50,000 711-8001-520210- Invest Manager Services IFPIF Expenses 0 120,000 711-8001-520220- Investment Custodian Investment custodian 10,000 0 711-8001-520750- Examinations Examinations 10,000 10,000 711-8001-521650- Other Services Secretarial 1,500 1,500 Fiduciary Insurance 5,200 5,200 Court Reporter 2,200 2,200 Miscellaneous 800 9,700 800 9,700 711-8001-522020- Dues Dues 1,300 1,300 711-8001-522030- Training Training 1,000 1,000 711-8001-522050- Postage Postage 100 300 TOTAL CONTRACTUAL SERVICES 82,100 192,300 COMMODITIES: 711-8001-530010- Publications/Periodicals Publications and periodicals 100 100 711-8001-530050- Office Supplies & Equip. General office supplies 100 100 TOTAL COMMODITIES 200 200 OTHER CHARGES: 711-8001-540650- Pension Refunds Refunds of contributions upon withdrawal 25,000 25,000 TOTAL OTHER CHARGES 25,000 25,000 TOTAL PENSIONS 9,055,800 9,230,600 TOTAL FIRE PENSION FUND 9,055,800 9,230,600  Board of Trustees of the Firefighters Pension Fund 11/13/2023 Item: Payment of Bills - Q3, 2023 Department: Fire Payment of Bills - Q3, 2023 ATTACHMENTS: Description Type Payment of Bills - Q3, 2023 Exhibits  FIREFIGHTERS' PENSION FUND CALENDAR YEAR ENDING 12 / 31 / 2023 CHECK REGISTER AND JOURNAL VOUCHER PAYMENTS Check JV or Group MONTHLY Number Number Date Payee Description Expense TOTAL W/T 01-004 01/05/23 Collins Radja & Hartwell Legal Services 9,575.00 741 01-004 01/18/23 ExamWorks Medical Exams 7,050.00 742 01-004 01/31/23 1099 Pro LLC 1099 Services 185.44 16,810.44 W/T 02-204 02/22/23 Collins Radja & Hartwell Legal Services 6,401.75 743 02-204 02/27/23 Void 0.00 6,401.75 744 03-011 03/31/23 Kathleen Bono, CSR Court Reporting 632.90 745 03-011 03/31/23 IPPFA Harris Training 500.00 746 03-011 03/31/23 Collins Radja & Hartwell Legal Services 5,637.50 6,770.40 747 04-145 04/30/23 Summit Print Solutions Office Supplies 256.00 748 04-145 04/30/23 Petrucci Orthopedics Medical Exams 2,700.00 W/T 04-145 04/30/23 Collins Radja & Hartwell Legal Services 10,933.28 13,889.28 749 05-467 05/31/23 Laura Potts Secretarial Services 625.63 625.63 750 08-173 08/31/23 Village of Arlington Heights Positive Pay Test 1.00 751 08-173 08/31/23 Radja Collins Law LLC Legal Services 2,375.00 2,376.00 752 09-084 09/30/23 Radja Collins Law LLC Legal Services 1,562.50 1,562.50 753 10-244 10/31/23 Associated Fire Fighters of IL Training Seminar 200.00 W/T 10-244 10/31/23 Alliant Insurance Fiduciary Insurance 5,329.00 754 10-244 10/31/23 IPPFA Dues & Training 1,070.00 6,599.00 755 11-033 11/30/23 Radja Collins Law LLC Legal Services 3,746.92 3,746.92 58,781.92  Board of Trustees of the Firefighters Pension Fund 11/13/2023 Item: FPI F - AH Department: Fire FPI F - AH Pension Fund Summary as of September 30, 2023 ATTACHMENTS: Description Type AH Investment Summary Report  Arlington Heights Firefighters Pension Fund Statement of Results lllinois Firefighters Pension lnvestment Fund Currency: USD (S) September 2023 2023 YTD Beginning NAVs: Beginning NAV 131,2L5,097.05 120,136,303.78 Contributions Withdrawals Net Time Weighted Activity Allocation Balance t3L,2r5,097.O5 Allocation Percent t.65% lncome & Expenses: Unrealized Gain/Loss -4,842,738.27 8,2L4,8r4.92 Realized Gain/Loss -142,694.76 -3,4O7,355.47 Dividend lncome 75,884.74 642,743.r3 lnterest lncome r39,786.72 942,890.98 Other lncome o.20 -7.72 Totallncome -4,769,761.37 6,393,086.24 Administrator Expenses (FPl F) 2A,053.76 Other Fee & Expenses (FPIF) 12,959.08 59,300.11" Other Expenses L,165.94 3,949.99 Management Fee L4,875.50 Performance Fee Total Fee & Expenses' L4,t25.02 98,179.36 Net lncome -4,783,885.39 6,294,906.88 Ending NAVs: Ending NAV 126,431,,2tO,66 t26,43L,2rO.66 Rate of Returns: Return on lnvested Capital -3.6s% s.24% Return on Total Assets -3.65% 5.24% Ownership r.65% Disclaimer / lmportant lnformation : The PIon Totol reflects the totot oJ underlying plon balances, and moy not be equol to the sum of displayed columns' Atthough this report hos been prepared using information believed to be reliable. it moy contain information provided by third porties or derived from third pdrty information, and/or information thot may have been obtoined from, categorized or otherwise reported based upon ctient direction, The Northern Trust Compony does not guarantee the accurocy, timeliness or completeness of ony such informotion. The informotion included in this report is intended to assist clients with their finonciol reporting needs, but you must consult with your occountants, ouditors ond/or legal counsel to ensure your accounting and financiol reporting complies with applicable laws, reguldtions and accounting guidonce. The Northern Trust Compony and its offiliates shall hove no responsibility for the consequences oJ investment decisions mode in reliance on informdtion contdined in this report. NTAC:3NS-20 I  Board of Trustees of the Firefighters Pension Fund 11/13/2023 Item: FPI F - Consolidated Department: Fire FPI F - Consolidated Fund as of July 31, 2023 ATTACHMENTS: Description Type FPIF Consolidated Fund as of July 31, Report 2023 Illinois Firefighters’ Pension Investment Fund Monthly Summary July 31, 2023 * Preliminary, subject to change Illinois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary - 1 Month Total Return _ Total Fund Composite 2.7% IFPIF Policy Benchmark 2.7% Total Fund Composite excl. Member Funds 2.7% IFPIF Policy Benchmark 2.7% U.S. Equity Composite 3.5% Russell 3000 3.6% Non-U.S. Equity Composite 4.3% MSCI ACWI ex USA IMI 4.2% Total Fixed Income Composite 0.3% Bloomberg US Universal TR 0.1% Total Real Estate Composite 1.1% Real Estate Custom Benchmark 1.1% XXXXX Marquette Associates, Inc. 1 Total Fund Composite Asset Allocation Market Value: $8,150.9 Million and 100.0% of Fund Ending July 31, 2023 Asset Class Market Value % of Portfolio Policy % _ Total Fund Composite $8,150,912,989 100.0% 100.0% Total Fund Composite excl. Member Funds $8,150,912,989 100.0% 100.0% Total Equity Composite $5,429,479,139 66.6% 65.0% U.S. Equity Composite $3,016,752,246 37.0% 36.0% Rhumbline Russell 200 Large-Cap Core $2,129,968,737 26.1% 25.0% Rhumbline Russell Midcap Mid-Cap Core $725,763,141 8.9% 9.0% Rhumbline S&P 600 Small-Cap Core $161,020,367 2.0% 2.0% Non-U.S. Equity Composite $2,412,726,892 29.6% 29.0% International Developed Equity Composite $1,594,834,977 19.6% 19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,360,510,144 16.7% 16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $234,324,833 2.9% 3.0% Emerging Markets Equity Composite $817,891,915 10.0% 10.0% SSGA MSCI EM Emerging Markets $651,552,762 8.0% 8.0% SSGA EM Small EM Small-Cap $166,339,153 2.0% 2.0% Total Fixed Income Composite $2,248,132,014 27.6% 30.0% Rate Sensitive Composite $2,013,722,818 24.7% 27.0% Short-Term Treasury Composite $220,326,523 2.7% 3.0% SSGA Short Treasury Short-Term Govt. Fixed Income $220,326,523 2.7% 3.0% Core Fixed Income Composite $1,793,396,295 22.0% 24.0% Garcia Hamilton & Associates Core Fixed Income $892,169,552 10.9% 12.0% Brown Brothers Harriman & Co Core Plus Fixed Income $901,226,743 11.1% 12.0% Credit Fixed Income Composite $234,409,196 2.9% 3.0% Emerging Markets Debt Composite $234,409,196 2.9% 3.0% SSGA EM Global Diversified EM Fixed Income $234,409,196 2.9% 3.0% Total Real Estate Composite $398,201,713 4.9% 5.0% Core Real Estate Composite $398,201,713 4.9% 5.0% Public Real Estate Composite $168,958,553 2.1% 2.0% SSGA FTSE NAREIT U.S. REIT $168,958,553 2.1% 2.0% Private Real Estate Composite $229,243,160 2.8% 3.0% Principal USPA Fund Core Real Estate $229,243,160 2.8% 3.0% Cash Composite $75,050,340 0.9% 0.0% Transition Composite $49,784 0.0% 0.0% Member Funds Composite -- -- 0.0% XXXXX 2 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $8,150.9 Million and 100.0% of Fund Ending July 31, 2023 Inception 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 2.7 5.3 11.8 7.1 -- -- -- -0.9 Oct-21 IFPIF Policy Benchmark 2.7 5.2 11.8 7.3 6.4 6.3 7.0 -0.6 Oct-21 Total Fund Composite excl. Member Funds 2.7 5.3 11.8 7.1 -- -- -- -1.8 Oct-21 IFPIF Policy Benchmark 2.7 5.2 11.8 7.3 6.4 6.3 7.0 -2.4 Oct-21 Total Equity Composite 3.9 8.4 17.2 12.7 -- -- -- -1.3 Oct-21 MSCI ACWI IMI Net USD 3.8 8.6 17.6 12.5 10.5 7.9 8.5 -1.7 Oct-21 U.S. Equity Composite 3.5 11.0 20.1 12.4 -- -- -- -0.1 Oct-21 Russell 3000 3.6 11.1 20.3 12.6 13.1 11.4 12.1 -0.3 Oct-21 Rhumbline Russell 200 3.3 11.4 23.3 14.4 -- -- -- 1.3 Oct-21 Russell Top 200 3.3 11.4 23.3 14.4 13.7 13.1 13.3 1.3 Oct-21 Rhumbline Russell Midcap 4.0 9.5 13.3 8.7 -- -- -- -3.5 Oct-21 Russell MidCap 4.0 9.5 13.3 8.7 11.8 8.8 10.1 -3.4 Oct-21 Rhumbline S&P 600 5.5 12.2 11.9 5.2 -- -- -- -2.4 Oct-21 S&P 600 SmallCap 5.5 12.2 11.9 5.3 15.7 5.7 9.7 -2.4 Oct-21 Non-U.S. Equity Composite 4.3 5.2 13.9 13.1 -- -- -- -3.0 Oct-21 MSCI ACWI ex USA IMI 4.2 4.9 13.7 13.0 7.2 3.8 4.9 -3.3 Oct-21 International Developed Equity Composite 3.4 3.5 14.5 14.7 -- -- -- -1.5 Oct-21 MSCI World ex USA IMI NR USD 3.4 3.4 14.2 14.3 9.1 4.4 5.3 -1.9 Oct-21 SSGA World ex US 3.2 3.5 15.2 15.9 -- -- -- -0.4 Oct-21 MSCI World ex USA 3.2 3.4 14.9 15.5 9.5 4.7 5.2 -0.8 Oct-21 SSGA World ex US Small 4.5 3.4 10.6 8.1 -- -- -- -7.8 Oct-21 MSCI World ex USA Small Cap 4.5 3.2 10.3 7.7 6.7 2.6 5.8 -8.2 Oct-21 Emerging Markets Equity Composite 6.1 8.8 12.7 10.0 -- -- -- -6.3 Oct-21 MSCI Emerging Markets IMI 6.3 9.0 12.2 9.5 2.7 2.2 3.7 -6.9 Oct-21 SSGA MSCI EM 6.0 7.9 11.4 8.2 -- -- -- -7.7 Oct-21 MSCI Emerging Markets 6.2 8.4 11.4 8.3 1.5 1.7 3.5 -7.6 Oct-21 SSGA EM Small 6.4 12.2 17.8 17.4 -- -- -- -1.3 Oct-21 MSCI Emerging Markets Small Cap 6.5 12.6 17.7 17.4 12.8 6.0 5.2 -1.4 Oct-21 Total Fixed Income Composite 0.3 -0.7 2.5 -1.9 -- -- -- -5.5 Oct-21 Bloomberg US Universal TR 0.1 -1.1 2.4 -2.4 -4.0 1.0 1.8 -6.3 Oct-21 Rate Sensitive Composite 0.1 -1.2 2.2 -2.8 -- -- -- -5.3 Oct-21 Bloomberg US Aggregate TR -0.1 -1.5 2.0 -3.4 -4.5 0.7 1.5 -6.6 Oct-21 Short-Term Treasury Composite 0.4 -0.5 -- -- -- -- -- -0.2 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.3 -0.5 1.3 0.1 -1.0 1.0 0.8 -0.3 Mar-23 SSGA Short Treasury 0.4 -0.5 -- -- -- -- -- -0.2 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.3 -0.5 1.3 0.1 -1.0 1.0 0.8 -0.3 Mar-23 Marquette Associates, Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value: $8,150.9 Million and 100.0% of Fund Ending July 31, 2023 Inception 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Core Fixed Income Composite 0.1 -1.3 2.1 -3.2 -- -- -- -6.0 Oct-21 Bloomberg US Aggregate TR -0.1 -1.5 2.0 -3.4 -4.5 0.7 1.5 -6.6 Oct-21 Garcia Hamilton & Associates -0.4 -2.2 -- -- -- -- -- -1.6 Mar-23 Bloomberg US Aggregate TR -0.1 -1.5 2.0 -3.4 -4.5 0.7 1.5 -0.9 Mar-23 Brown Brothers Harriman & Co 0.5 -0.3 -- -- -- -- -- 0.5 Mar-23 Bloomberg US Aggregate TR -0.1 -1.5 2.0 -3.4 -4.5 0.7 1.5 -0.9 Mar-23 Credit Fixed Income Composite 1.9 3.5 5.7 6.2 -- -- -- -7.4 Oct-21 JP Morgan EMBI Global Diversified 1.9 3.6 6.1 6.4 -3.7 0.4 2.9 -7.8 Oct-21 Emerging Markets Debt Composite 1.9 3.5 5.7 6.2 -- -- -- -7.4 Oct-21 JP Morgan EMBI Global Diversified 1.9 3.6 6.1 6.4 -3.7 0.4 2.9 -7.8 Oct-21 SSGA EM Global Diversified 1.9 3.5 5.7 6.2 -- -- -- -7.4 Oct-21 JP Morgan EMBI Global Diversified 1.9 3.6 6.1 6.4 -3.7 0.4 2.9 -7.8 Oct-21 Total Real Estate Composite 1.1 0.3 -0.4 -8.5 -- -- -- 0.5 Oct-21 Real Estate Custom Benchmark 1.1 0.1 -0.5 -8.1 8.5 6.2 7.9 0.5 Oct-21 Core Real Estate Composite 1.1 0.3 -0.4 -8.5 -- -- -- 0.5 Oct-21 Real Estate Custom Benchmark 1.1 0.1 -0.5 -8.1 8.5 6.2 7.9 0.5 Oct-21 Public Real Estate Composite 2.9 4.7 8.4 -5.7 -- -- -- -6.6 Oct-21 FTSE NAREIT Equity REIT 2.9 4.7 8.4 -5.8 8.5 5.0 6.6 -6.7 Oct-21 SSGA FTSE NAREIT 2.9 4.7 8.4 -5.7 -- -- -- -6.6 Oct-21 FTSE NAREIT Equity REIT 2.9 4.7 8.4 -5.8 8.5 5.0 6.6 -6.7 Oct-21 Private Real Estate Composite -0.1 -2.3 -5.1 -10.5 -- -- -- 4.8 Oct-21 NFI-ODCE Equal Weighted 0.0 -3.1 -6.4 -10.5 7.6 6.1 8.1 4.3 Oct-21 Principal USPA Fund -0.1 -2.3 -5.1 -10.5 -- -- -- 4.8 Oct-21 NFI-ODCE Equal Weighted 0.0 -3.1 -6.4 -10.5 7.6 6.1 8.1 4.3 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 US Treasury 1-3 Yr TR 4/1/2023 Present / 24% Bloomberg US Aggregate TR / 3% JP Morgan EMBI Global Diversified / 2% FTSE NAREIT Equity REIT / 3% NFI- ODCE Equal Weighted 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 3/31/2023 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.