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 26, 2024 9:00 AM I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES A. Minutes of Regular Pension Board Meeting - November 13, 2023 B. Minutes of Closed Executive Session - November 13, 2023 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financial Report - Q4, 2023 VI. PAYMENT OF BILLS A. Payment of Bills - Q4, 2023 VII.REPORTS A. FPIF - AH Pension Fund Summary, December 2023 B. FPIF - Consolidated Fund as of December 31, 2023 VIII.OLD BUSINESS A. Former U.S. Bank Account - Balance Update B. Death of FF Phil Palczynski - Spousal Survivor Benefits - Update C. Application of Duty Disability Pension FF Steven Landt - Update IX. NEW BUSINESS A. Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett B. Application for Membership - Brian Macaluso hired January 29 C. Death of Retired FF/P Gregg Wikierak on November 29 - Survivor Benefits D. Application for Regular Pension - FF David DeLorenzo as of  January 6 E. Acceptance of QILDRO Document 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 2/26/2024 Item: minutes Department: Fire Minutes of Regular Pension Board Meeting - November 13, 2023 ATTACHMENTS: Description Type Minutes - November 13, 2023 Regular Minutes Meeting  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on November 13, 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 Mark Aleckson Pete Ahlman Others in Attendance: Thomas Radja, Board Attorney (Collins, Radja & Hartwell) FF/P Steve Landt, Applicant for Pension Retirement Elizabeth Landt, Wife of FF/P Landt CALL TO ORDER Adam Sielig called the meeting to order at 9:03 AM. Roll was called with board members Adam Sielig, Lance Harris, Thomas Kuehne, Mark Aleckson, and Pete Ahlman present. Also present were Thomas Radja, Board Attorney; and FF/PM Steven Landt along with his wife, Elizabeth Landt. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of August 14, 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 August 14, 2023. All in favor, motion passed. PUBLIC COMMENTS None CLOSED SESSION Tom Radja indicated the Board will now go into Closed Executive Session to discuss a potential litigation with regards to Survivor Benefits of Susan Palczynski. • At 9:25 AM, the motion was made and seconded (T. Kuehne/M. Aleckson) to go into closed executive session. All in favor, motion carried. Firefighters’ Pension Board Meeting – November 13, 2023 – Page 1 of 4 • At 10:00 AM, motion was made and seconded (M. Aleckson/A. Sielig) to resume open session. All in favor, motion carried. TREASURER’S REPORT Tom Kuehne distributed the Financial Report ending September 30, 2023, as well as the Projected Cash Flow report. The Financial Report indicates our total net assets to be approximately $136 million and overall the fund is doing well. We have not yet received the property taxes, so still waiting on that. On the expense side, we are 3/4 through the year and expenses are going as expected. Projected Cash Flow As indicated, we had transferred $2 million from the Village General Fund and, as shown on the report, we have a projected property tax levy starting in November and much of it in December. Once received, we should be doing fine with our cash flow. 2024 Fire Pension Proposed Budget Reviewing the Fund Summary, Tom briefly discussed the year-to-year Revenue. Year 2022 was a bad year, but this year looks good. Hopefully it will remain that way until year end. On the Expense side, we include anticipated retirements and retirees who may pass away. Motion was made and seconded (M. Aleckson/P. Ahlman) to approve the 2024 Proposed Fire Pension Budget. All in favor, motion carried. PAYMENT OF BILLS The Check Register ending YTD 2023 was reviewed and Tom Kuehne asked for approval of check #750 (journal voucher 08-173) through check #755 (journal voucher 11-033). Motion was made and seconded (T. Kuehne/M. Aleckson) to approve check #750 (JV 08-173) through check #755 (JV 11-033). All in favor, motion carried. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig distributed the September 2023 statement from FPIF. The Arlington Heights pension fund portion had a Net Asset Value YTD at $126,431,211, a downturn of 3.65%. OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Discussion as indicated in Closed Session heading. Firefighters’ Pension Board Meeting – November 13, 2023 – Page 2 of 4 • Application for Duty Disability Pension FF Steven Landt – Update Attorney Radja reported that FF Steve Landt has now been evaluated by three IME’s. The last appointment was on November 3. As of yet, he has not received any of the evaluations from the physicians. These usually take 30 to 60 days, so he anticipates having them by the end of the year. Once received, he will forward the evaluations to the Landt attorney. We will then be in a position to set a date for the hearing, probably in January. • Former U.S. Bank Account – Balance Update Adam Sielig spoke with Mary Ellen Juarez and also reached out to the rep at U.S. Bank. They indicated they will close the account shortly. We have not yet received the final amount from the bank. Adam will follow up again by email to finalize the bank account with a zero balance. NEW BSINESS • Closed Executive Sessions - Release of Minutes It was agreed by the Board to keep all Executive Session meeting minutes as confidential. Motion was made and seconded (A. Sielig/P. Ahlman) to keep all Executive Session meeting minutes as confidential. All in favor, motion carried. • Alliant Fiduciary Liability Insurance – Policy Renewal We had previously received the renewal of our fiduciary liability insurance provided to us by Alliant Insurance Services. There was a slight change in the cost and it was processed for payment. The renewal date was October 1, 2023 for one year at a cost of $5,329.00. Motion was made and seconded (T. Kuehne/M. Aleckson) to ratify the purchase of our liability insurance policy with Alliant Insurance Services in the amount of $5,329.00. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson, P. Ahlman Nays – 5; Nays – 0. Motion carried. • Illinois Public Pension Fund Associates (IPPFA) – Membership Renewal We received the renewal invoice from IPPFA for the 2024 membership in the amount of $795.00, same cost as last year. This organization provides pension board members with required training. Motion was made and seconded (T. Kuehne/P. Ahlman) to process the 2024 renewal membership for IPPFA membership in the amount of $795.00. All in favor, motion carried. • Applications for Membership – New Hires Brian Jacks and Connor Miklasz All required documents have been signed and submitted by both Brian Jacks and Connor Miklasz, newly hired as of September 18, 2023. Motion was made and seconded (A. Sielig/T. Kuehne) to approve FF Brian Jacks and FF Connor Miklasz applications for membership to the Firefighters Pension Fund. All in favor, motion carried. Firefighters’ Pension Board Meeting – November 13, 2023 – Page 3 of 4 • Acceptance of QILDRO Document Adam Sielig indicated we received a request to accept a QILDRO Order related to FF Raymond Roden and his wife. Attorney Radja reviewed the documents and noted receipt of the required $50 administrative fee. All documents are in good order, except the Calculation Order. Attorney Radja will reach out to the Roden attorney requesting this document. The Board approved and accepted the QILDRO document, pending receipt of the Calculation Order. The QILDRO document will be retained in the file. Motion was made and seconded (P. Ahlman/L. Harris) to accept the FF Roden QILDRO Order and $50 administrative fee, pending receipt of the Calculation Order. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson, P. Ahlman Nays – 5; Nays – 0. Motion carried. • Death of Retired Lt. Larry Miller on October 14, 2023 - Cession of Benefits The Board received notification and a copy of the death certificate advising that retired Lt. Larry Miller passed away on October 14, 2023. His wife pre-deceased him, thus there is no survivor benefit. His benefits ended as of the day of his death. OHER BUSINESS None. ADJOURNMENT As there was no other business to present before the Board, a motion was made and seconded (M. Aleckson/P. Ahlman) to adjourn the meeting. Meeting adjourned at 10:00 AM. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, February 26, at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – November 13, 2023 – Page 4 of 4  Board of Trustees of the Firefighters Pension Fund 2/26/2024 Item: Financial Department: Fire Financial Report - Q4, 2023 ATTACHMENTS: Description Type Financial Report - Q4, 2023 Report  CY 2023 BALANCE SHEET December 31, 2023 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL December 2023 Financial Report Cash and Investments Cash and Equivalents 5,138,805 Pension Investments 132,241,904 Illinois Funds 137,380,709 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 137,380,709 LIABILITIES Accounts Payable 15,225 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 15,225 NET ASSETS 137,365,484 BUDGET COMPARISON REPORT CALENDAR YEAR 2023 December 31, 2023 FIREFIGHTERS' PENSION FUND 100% of the Calendar Year 2023 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 900,000 75,033 150,471 900,000 1,045,994 (145,994) 116% Market Value Adjustments 2,000,000 166,740 9,043,365 2,000,000 10,491,199 (8,491,199) 525% Dividend Income 500,000 41,685 102,738 500,000 794,069 (294,069) 159% Contributions - Participants 1,175,000 97,960 139,620 1,175,000 1,217,137 (42,137) 104% Contributions - R/E Tax 5,256,000 0 1,766,115 5,256,000 5,301,226 (45,226) 101% Portability Payments 0 0 0 0 0 0 N/A Other Income 0 0 24 0 11,690 (11,690) N/A TOTAL 9,831,000 381,418 11,202,332 9,831,000 18,861,315 (9,030,315) 192% 2023 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,191,800 516,210 488,351 6,191,800 5,973,856 217,944 96% Non-Duty Disability Pensions 88,900 7,412 7,409 88,900 95,820 (6,920) 108% Duty Disability Pensions 1,356,700 113,108 101,936 1,356,700 1,267,203 89,497 93% Surviving Spouse Pensions 1,123,900 93,700 140,552 1,123,900 1,170,759 (46,859) 104% Occupational Disease Pensions 187,200 15,607 24,590 187,200 307,232 (120,032) 164% Legal Services 50,000 4,169 938 50,000 31,594 18,406 63% Investment Manager Services 0 0 3,673 0 110,502 (110,502) N/A Investment Custodian 10,000 834 0 10,000 0 10,000 0% Bank Services 0 0 0 0 0 0 N/A Examinations 10,000 834 5,050 10,000 7,750 2,250 78% Other Services 9,700 809 (1) 9,700 6,923 2,777 71% Dues 1,300 108 0 1,300 795 505 61% Training 1,000 83 500 1,000 1,475 (475) 148% Postage 100 8 0 100 381 (281) 381% Publications/Periodicals 100 8 0 100 0 100 0% Office Supplies & Equip 100 8 0 100 256 (156) 256% Pension Refunds 25,000 2,084 0 25,000 0 25,000 0% Foreign Taxes Paid 0 0 0 0 0 0 N/A TOTAL 9,055,800 754,982 772,997 9,055,800 8,974,547 81,253 99% REVENUE OVER (UNDER) EXPENDITURES 775,200 (373,564) 10,429,335 775,200 9,886,768 (9,111,568) 1275% BEG. FUND BALANCE 127,478,716 127,478,716 ENDING FUND BALANCE 128,253,916 137,365,484  FIRE PENSION . CHECKING ACCOUNT AT JP MORGAN CHASE Proiected Cash Flow bv Month 2023 January 2023 February 202! March 20.21 April 20,21 May 202t June 202t July 2o2t August 2021 September 202t October 2023 November 2023 December 20.23 I 2023 Total Cash ln Contribution Participant 93,004 93,242 93,321 93,677 93,655 739,241 92.978 92,739 9?-,725 93,905 105,564 139,620 I L,223,7Lr Contribution Tax Levy 2021 25,925 18.493 10.739 0 0 0 0 0 0 I Loge,nt L,247,645 1.335.01L 30,844 31,533 0 0 850,125 1.663,993 I S,1SS,1SO Contribution Tax Levy 2O2Z !02,722 3,160,338 From the Village General Fund 2.000.o00 - Transfer from lllinois Funds 8,531 0 I 2,008,s31 552 828 7,624 61 84 I 3,1s0 Other !27,734 5.359.458 t.439,427 93,555 L70,636 93,807 L24,272 94,349 93,906 955,750 1,90s,819 I TZ,OSS,OSO Total ln 2.L94,234 cash Out 722 732,619 7!7 a,a26,776 Pensions Legal Services 9.575 5,402 0 16,57L 0 0 0 3,938 3,747 I 40,232 lnvestment Manager 0 0 o 0 0 0 0 0 I 0 lnvestment Custodian o 0 0 0 0 0 0 0 0 OI 0 Examinations o 7.050 533 2,700 o 0 0 0 0 I 10,383 Other Services 529 185 o 256 626 o 0 0 I 1,596 500 o 200 1O7OI L,77o Dues Training I 0 Foreign Taxes Paid I 0 Transfer to Village for Property Tax Loan 1,058,216 I r,osa,zrs Transfer to lllinois Funds 0 0 o I 2,ooo,ooo 7.749.136 750,314 736,347 730.497 73r,Oza 73L,646 735,855 732,819 727,464 763.907 Total out 7 2,77L,644 -7r.ggap74 7L4,O77 Change in Cash 7 Beg Cash Balance 3.710.269 1,065,363 4,636,645 5.325.797 4,683,105 4,723,244 3.446.O23 2,878,650 2,237,144 1.598.231 'J.,a26,sL7 f Z,ZSC,zSz 2,a7a,650 2.237.LM L,59A,zta L,826,5L7 2.96a.429 2,96a,429 Ending Cash Balance 3.7LO.269 1,066,363 4.536.585 5,t25,797 4,683,105 4.a23.244 3.486.023 - S 1,05g,216 TheVillagetransferredtheamountthatwasdelayedtothePensionFundforthetaxesthatshouldhavebeenreceivedin2022onJanuary3,2023 $ 1,GS,171 Taxes received from the county that should have been received in 2022' SL,o58,21G ofthis amount needs to be returned to the Village Bank Account since the Village transferred S1,058,216 on January 3rd. Itransfer from lllinois Funds. The village contributed an additonal 52M in March due to the General Fund's Surplus. C:\Users\lpotts\AppData\Local\Microsoft\Windows\lNetcache\Content.Outlook\BOJKG3N2\Fire Pension Cash Flow 2023 4th QTR  FIRE PENSION - INTEREST BEARING ACCOUNT AT ILTINOIS FUNDS Proiected Cash Flow bv Month 2023 February March April May June July August September October November Decmber 20,21 January 202t 202t 2023 202t 202t 202? 2023 2021 202t 2023 Total 2023 2023 Cash ln 0 From the Checking Account 9,O76 9,852 742 169 lnterest 742 Total ln Cash Out 0 0 o 0 0 Transfer to Checking Account 0 0 0 0 0 0 0 0 0 Total out 0 0 8,982 9,679 7A2 L0,049 Change in Cash 184 Beg Cash Balance Ending Cash Balance c:\Users\lpotts\AppData\Lo@l\Microsoft\windows\lNetcache\content.outlook\BoJKG3N2\Fire Pension cash Flow 2023 4th QTR  FIRE PENSION - CHECKING ACCOUNT AT JP MORGAN CHASE Proiected Cash Flow bv Month 2024 Prcjected Projected Projected Projected Projected Prciected Prcjected P.ojected Projected Projected Projected January February March April May June July Autust September Odober November December 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 Total Cash ln Contribution Participant 97,066 97,747 97,747 97,r41 145.720 97.147 97,r47 97,747 97,r41 97,r47 157,293 s7.146 r.27439A - Contribution Tax Levy 2023 r.247.645 1.335.011 200,000 850,125 2,24S,Zrs I s,881,OOo From the Village General Fund I 0 lnterest 3,760 3.760 3.300 2,000 1,900 2,000 1,500 1.500 1.900 e.zoo I 25,380 Transfer from lllinois Funds 1.000.000 500,000 I 1.500.000 Other 2,059 I 2,059 99.125 97,147 r34A,552 1,435,918 1 AO i)n 99.147 99,047 !.o99.747 94,47 79a,647 1.009.318 2.949.125 A.6a2.a37 Total ln - Cash Out Pensions 753,066 753.066 753.066 753,065 753,066 753,066 753,066 753.066 753,055 753,066 753,065 7s3,065 I 9p36;ss Legal Seruices 1,988 6,402 0 16.577 0 0 0 3,747 I 32,644 lnvestment Manager 0 0 0 0 0 0 0 0 0 I 0 lnvestment Custodian 0 0 0 0 0 0 o 0 0 0 0 oI 0 Examinations 0 7,050 633 2,100 0 0 0 o 0 I 10,383 Other Seruices 726 0 256 626 0 0 0 0 I Dues 500 50c 0 200 1o7OI 2,270 Training I o Foreign Taxes Paid I 0 Transfer to Village for Property Tax Loan I 0 Transfer to lllinois Funds I 0 755.679 766.703 753,699 773,093 753,692 753.066 753,065 753,065 757,OO4 753,266 756.813 754.86 9,033,285 Total Out - ,1}o,448l Change in Cash (656.555) {669.557) 594,853 662,A25 l,604.6721 {653.920) (654.020) 346,080 (558,357) 45.380 252,505 1,s94,e89 I 1.647.403 987,383 1.333.464 675,707 720,447 g72.gg2 2.96a.429 Beg Cash Balance 2,95a,429 2377.474 7.&2.3!7 2.237.770 2,899,995 2,295,322 - 2.3L!.874 t.642.317 2,237,170 2,899,995 2.2*.322 1.641./r03 987,383 1,333,464 675.1O7 720.447 972,992 2,s67,gat 2,567,9A1 Ending Cash Balance - I 1,5m,0(xl Transfer from lllinois Funds. JP Morgan will pay interest on the account starting in March at approximately 2.75% c:\Users\lpotts\AppData\Local\Microsoft\Windows\lNetcache\Content.outlook\BoJKG3N2\Fire Pension Cash Flow 2024  FIRE PENSION - INTEREST BEARING ACCOUNT AT ILLINOIS FUNDS Proiected Cash Flow bv Month 2024 Projected Projected Proiected Prciected Projected Prciected Prcjected Prciected Prciected Prciected Prcjected January February March April May June July August September October November De@mber 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 Total Cash ln I 0 From the Checking Account I 0 Withdrawal from lL Firefighters lnvestment Fund I 1,ooo,ooo 9,968 9,968 9.968 9,968 9,968 9,968 9.958 5,000 5,000 3,500 5.000 s.ooo I 93,279 lnterest 9.958 9,968 9,968 9,968 9.968 9,958 9,968 5,000 5.000 3,500 1,005,000 s,ooo I 7,oss,27s Total ln Cash Out Transfer to Checking Account 0 1,0@,000 500,000 0 o I 1,soo,ooo Total Out 0 0 0 0 0 0 0 1.000,000 0 500.000 0 o I 1,5oo,ooo 5,000 Change in Cash 2.215.970 t ,r< qaR 2,235,907 2.245.875 1.250.875 r,255,475 759,375 r.764375 2.176,096 Beg Cash Balance 2.746.04 2,196,O33 2,206,OOL - 2,ta6,o@ 2,L95,O33 2.206-001 2.2t5,970 2,225,934 2.2?S-i,,J7 2.245.475 1.250.875 t,255,575 Endint Cash Balance I t-iecting that in the 4th Quarter of 2024, the Pension Fund will need to make a withdrawal from the lL Firefighte6 lnvestment Fund to coverfuture Pension Payments. S l5lx',ml Transfer to lllinois Funds. C:\Users\lpotts\AppData\Local\Microsoft\Windows\lNetcache\Content.Outlook\BoJKG3N2\Fire Pension Cash Flow 2024  Board of Trustees of the Firefighters Pension Fund 2/26/2024 Item: Payment of Bills - Q4, 2023 Department: Fire Payment of Bills - Q4, 2023 ATTACHMENTS: Description Type Payment of Bills - December 31, 2023 Report  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 3,746.92 756 12-051 12/31/23 IPPFA Training Seminar 500.00 500.00 59,281.92  Board of Trustees of the Firefighters Pension Fund 2/26/2024 Item: FPI F - AH Department: Fire FPI F - AH Pension Fund Summary, December 2023 ATTACHMENTS: Description Type FPIF - AH Summary December 2023 Report FPIF - AH Summary January 2024 Report  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) December 2023 2023 YTD Beginning NAVs: Beginning NAV 132,241,904.01 120,136,303.78 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 132,241,904.01 Allocation Percent 1.65% Income & Expenses: Unrealized Gain/Loss 5,895,500.74 19,466,282.45 Realized Gain/Loss 241,786.77 -3,126,096.04 Dividend Income 93,501.90 887,571.40 Interest Income 141,263.67 1,360,381.66 Other Income - 16.21 Total Income 6,372,053.08 18,588,155.68 Administrator Expenses (FPIF) - 20,053.76 Other Fee & Expenses (FPIF) 18,706.65 90,178.03 Other Expenses 221.22 4,322.95 Management Fee 10,107.01 24,982.51 Performance Fee - - Total Fee & Expenses 29,034.88 139,537.25 Net Income 6,343,018.20 18,448,618.43 Ending NAVs: Ending NAV 138,584,922.21 138,584,922.21 Rate of Returns: Return on Invested Capital 4.80% 15.36% Return on Total Assets 4.80% 15.36% Ownership 1.65% 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  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) January 2024 2024 YTD Beginning NAVs: Beginning NAV 138,584,922.21 138,584,922.21 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 138,584,922.21 Allocation Percent 1.65% Income & Expenses: Unrealized Gain/Loss -295,326.36 -295,326.36 Realized Gain/Loss -46,938.10 -46,938.10 Dividend Income 48,519.60 48,519.60 Interest Income 144,687.45 144,687.45 Other Income - - Total Income -149,057.41 -149,057.41 Administrator Expenses (FPIF) - - Other Fee & Expenses (FPIF) 4,006.31 4,006.31 Other Expenses 497.85 497.85 Management Fee - - Performance Fee - - Total Fee & Expenses 4,504.16 4,504.16 Net Income -153,561.57 -153,561.57 Ending NAVs: Ending NAV 138,431,360.64 138,431,360.64 Rate of Returns: Return on Invested Capital -0.11% -0.11% Return on Total Assets -0.11% -0.11% Ownership 1.65% 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 2/26/2024 Item: FPI F Consolidated Department: Fire FPI F - Consolidated Fund as of December 31, 2023 ATTACHMENTS: Description Type FPIF - Consolidated Fund as of December Report 31, 2023 Illinois Firefighters’ Pension Investment Fund Monthly Summary December 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 4.8% IFPIF Policy Benchmark 4.6% Total Fund Composite excl. Member Funds 4.8% IFPIF Policy Benchmark 4.6% U.S. Equity Composite 5.3% Russell 3000 5.3% Non-U.S. Equity Composite 5.1% MSCI ACWI ex USA IMI 5.2% Total Fixed Income Composite 4.2% Bloomberg US Universal TR 3.8% Total Real Estate Composite 3.1% Real Estate Custom Benchmark 0.7% XXXXX Marquette Associates, Inc. 1 Total Fund Composite Asset Allocation Market Value: $8,410.3 Million and 100.0% of Fund Ending December 31, 2023 Asset Class Market Value % of Portfolio Policy % _ Total Fund Composite $8,410,260,043 100.0% 100.0% Total Fund Composite excl. Member Funds $8,410,228,894 100.0% 100.0% Total Equity Composite $5,612,792,954 66.7% 65.0% U.S. Equity Composite $3,159,972,717 37.6% 36.0% Rhumbline Russell 200 Large-Cap Core $2,242,451,867 26.7% 25.0% Rhumbline Russell Midcap Mid-Cap Core $750,529,548 8.9% 9.0% Rhumbline S&P 600 Small-Cap Core $166,991,303 2.0% 2.0% Non-U.S. Equity Composite $2,452,820,237 29.2% 29.0% International Developed Equity Composite $1,637,286,295 19.5% 19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,397,656,910 16.6% 16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $239,629,384 2.8% 3.0% Emerging Markets Equity Composite $815,533,943 9.7% 10.0% SSGA MSCI EM Emerging Markets $641,368,065 7.6% 8.0% SSGA EM Small EM Small-Cap $174,165,878 2.1% 2.0% Total Fixed Income Composite $2,335,582,738 27.8% 30.0% Rate Sensitive Composite $2,090,266,246 24.9% 27.0% Short-Term Treasury Composite $226,776,905 2.7% 3.0% SSGA Short Treasury Short-Term Govt. Fixed Income $226,776,905 2.7% 3.0% Core Fixed Income Composite $1,863,489,341 22.2% 24.0% Garcia Hamilton & Associates Core Fixed Income $918,601,739 10.9% 12.0% Brown Brothers Harriman & Co Core Plus Fixed Income $944,887,602 11.2% 12.0% Credit Fixed Income Composite $245,316,492 2.9% 3.0% Emerging Markets Debt Composite $245,316,492 2.9% 3.0% SSGA EM Global Diversified EM Fixed Income $245,316,492 2.9% 3.0% Total Real Estate Composite $392,980,599 4.7% 5.0% Core Real Estate Composite $392,980,599 4.7% 5.0% Public Real Estate Composite $177,285,837 2.1% 2.0% SSGA FTSE NAREIT U.S. REIT $177,285,837 2.1% 2.0% Private Real Estate Composite $215,694,762 2.6% 3.0% Principal USPA Fund Core Real Estate $215,694,762 2.6% 3.0% Cash Composite $68,828,545 0.8% 0.0% Transition Composite $44,057 0.0% 0.0% Member Funds Composite $31,149 0.0% 0.0% XXXXX 2 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $8,410.3 Million and 100.0% of Fund Ending December 31, 2023 Inception 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 4.8 9.7 15.5 -- -- -- 0.7 Oct-21 IFPIF Policy Benchmark 4.6 9.4 15.3 3.3 8.6 6.6 0.9 Oct-21 Total Fund Composite excl. Member Funds 4.8 9.7 15.5 -- -- -- 0.0 Oct-21 IFPIF Policy Benchmark 4.6 9.4 15.3 3.3 8.6 6.6 -0.5 Oct-21 Total Equity Composite 5.2 11.0 21.2 -- -- -- 0.4 Oct-21 MSCI ACWI IMI Net USD 5.2 11.1 21.6 5.5 11.5 7.8 0.2 Oct-21 U.S. Equity Composite 5.3 12.1 25.8 -- -- -- 2.1 Oct-21 Russell 3000 5.3 12.1 26.0 8.5 15.2 11.5 1.9 Oct-21 Rhumbline Russell 200 4.1 11.7 29.8 -- -- -- 3.4 Oct-21 Russell Top 200 4.1 11.7 29.9 10.0 16.5 12.7 3.5 Oct-21 Rhumbline Russell Midcap 7.7 12.8 17.2 -- -- -- -1.3 Oct-21 Russell MidCap 7.7 12.8 17.2 5.9 12.7 9.4 -1.2 Oct-21 Rhumbline S&P 600 12.8 15.1 16.0 -- -- -- -0.3 Oct-21 S&P 600 SmallCap 12.8 15.1 16.1 7.3 11.0 8.7 -0.3 Oct-21 Non-U.S. Equity Composite 5.1 9.7 15.8 -- -- -- -1.7 Oct-21 MSCI ACWI ex USA IMI 5.2 9.8 15.6 1.5 7.2 4.0 -1.9 Oct-21 International Developed Equity Composite 5.7 10.5 17.6 -- -- -- 0.0 Oct-21 MSCI World ex USA IMI NR USD 5.7 10.5 17.2 3.7 8.2 4.3 -0.4 Oct-21 SSGA World ex US 5.5 10.5 18.4 -- -- -- 0.9 Oct-21 MSCI World ex USA 5.5 10.5 17.9 4.4 8.5 4.3 0.6 Oct-21 SSGA World ex US Small 7.1 10.6 13.1 -- -- -- -5.3 Oct-21 MSCI World ex USA Small Cap 7.2 10.6 12.6 -0.2 7.1 4.6 -5.7 Oct-21 Emerging Markets Equity Composite 3.9 8.0 12.3 -- -- -- -5.3 Oct-21 MSCI Emerging Markets IMI 4.0 8.0 11.7 -3.7 4.5 3.0 -5.8 Oct-21 SSGA MSCI EM 3.8 7.8 9.7 -- -- -- -6.9 Oct-21 MSCI Emerging Markets 3.9 7.9 9.8 -5.1 3.7 2.7 -6.8 Oct-21 SSGA EM Small 4.2 8.6 23.3 -- -- -- 1.0 Oct-21 MSCI Emerging Markets Small Cap 4.4 8.9 23.9 6.5 9.9 5.3 1.3 Oct-21 Total Fixed Income Composite 4.2 7.4 6.5 -- -- -- -2.7 Oct-21 Bloomberg US Universal TR 3.8 6.8 6.2 -3.0 1.4 2.1 -3.6 Oct-21 Rate Sensitive Composite 4.2 7.2 6.0 -- -- -- -2.6 Oct-21 Bloomberg US Aggregate TR 3.8 6.8 5.5 -3.3 1.1 1.8 -3.9 Oct-21 Short-Term Treasury Composite 1.2 2.5 -- -- -- -- 2.7 Mar-23 Bloomberg US Treasury 1-3 Yr TR 1.2 2.6 4.3 -0.1 1.3 1.0 2.7 Mar-23 SSGA Short Treasury 1.2 2.5 -- -- -- -- 2.7 Mar-23 Bloomberg US Treasury 1-3 Yr TR 1.2 2.6 4.3 -0.1 1.3 1.0 2.7 Mar-23 Marquette Associates, Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value: $8,410.3 Million and 100.0% of Fund Ending December 31, 2023 Inception 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Core Fixed Income Composite 4.5 7.8 6.1 -- -- -- -3.2 Oct-21 Bloomberg US Aggregate TR 3.8 6.8 5.5 -3.3 1.1 1.8 -3.9 Oct-21 Garcia Hamilton & Associates 4.8 7.8 -- -- -- -- 1.3 Mar-23 Bloomberg US Aggregate TR 3.8 6.8 5.5 -3.3 1.1 1.8 2.5 Mar-23 Brown Brothers Harriman & Co 4.3 7.8 -- -- -- -- 5.3 Mar-23 Bloomberg US Aggregate TR 3.8 6.8 5.5 -3.3 1.1 1.8 2.5 Mar-23 Credit Fixed Income Composite 4.8 9.2 10.7 -- -- -- -4.1 Oct-21 JP Morgan EMBI Global Diversified 4.7 9.2 11.1 -3.6 1.7 3.2 -4.3 Oct-21 Emerging Markets Debt Composite 4.8 9.2 10.7 -- -- -- -4.1 Oct-21 JP Morgan EMBI Global Diversified 4.7 9.2 11.1 -3.6 1.7 3.2 -4.3 Oct-21 SSGA EM Global Diversified 4.8 9.2 10.7 -- -- -- -4.1 Oct-21 JP Morgan EMBI Global Diversified 4.7 9.2 11.1 -3.6 1.7 3.2 -4.3 Oct-21 Total Real Estate Composite 3.1 5.3 -1.7 -- -- -- -0.2 Oct-21 Real Estate Custom Benchmark 0.7 3.2 -2.7 6.1 5.9 7.5 -0.6 Oct-21 Core Real Estate Composite 3.1 5.3 -1.7 -- -- -- -0.2 Oct-21 Real Estate Custom Benchmark 0.7 3.2 -2.7 6.1 5.9 7.5 -0.6 Oct-21 Public Real Estate Composite 9.9 16.2 13.8 -- -- -- -3.3 Oct-21 FTSE NAREIT Equity REIT 9.9 16.2 13.7 7.2 7.4 7.6 -3.3 Oct-21 SSGA FTSE NAREIT 9.9 16.2 13.8 -- -- -- -3.3 Oct-21 FTSE NAREIT Equity REIT 9.9 16.2 13.7 7.2 7.4 7.6 -3.3 Oct-21 Private Real Estate Composite -1.9 -2.3 -10.7 -- -- -- 1.1 Oct-21 NFI-ODCE Equal Weighted -5.4 -5.4 -13.4 4.3 3.8 6.7 0.0 Oct-21 Principal USPA Fund -1.9 -2.3 -10.7 -- -- -- 1.1 Oct-21 NFI-ODCE Equal Weighted -5.4 -5.4 -13.4 4.3 3.8 6.7 0.0 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. 4Q 2023 NFI-ODCE Equal Weighted net return is preliminary. 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.