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 May 6, 2024 9:00 AM I. CALL TO ORDER A. Certify Trustee Election Results B. Board Nominations II. ROLL CALL III. APPROVAL OF MINUTES A. Minutes of Closed Session Meeting - February 26, 2024 B. Regular Board Meeting Minutes - February 26, 2024 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financial Report - Q1, 2024 VI. PAYMENT OF BILLS A. Payment of Bills - Q1, 2024 VII.REPORTS A. FPIF - AH Pension Fund Summary, March 2024 B. FPIF - Consolidated Fund as of March 2024 VIII.OLD BUSINESS A. Death of FF Phillip Palczynski - Spousal Survivor Benefits Update B. Application for Duty Disability Pension FF Steven Landt - Update C. Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett IX. NEW BUSINESS A. Closed Executive Session - Release of Minutes B. Application for Membership - FF Ryan Jacobs hired May 6, 2024  C. Updated AH Pension Fund Rules & Regulations - Review of Draft 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 5/6/2024 Item: Minutes Department: Fire Regular Board Meeting Minutes - February 26, 2024 ATTACHMENTS: Description Type Board Meeting Minutes - February 26, Minutes 2024  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on February 26, 2024 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 FF/P Steve Landt, Pension Applicant Elizabeth Landt, Wife of FF/P Landt CALL TO ORDER Adam Sielig called the meeting to order at 9:00 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 pension applicant FF/PM Steven Landt along with his wife, Elizabeth Landt. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of November 13, 2023 were reviewed for approval. A motion was made and seconded (T. Kuehne/P. Ahlman) to approve the minutes from the Regular Board meeting. All in favor, motion passed. Minutes from the Closed Executive Session of November 13, 2023 were reviewed for approval. A motion was made and seconded (P. Ahlman/L. Harris) to approve the minutes from the Closed Executive Session. All in favor, motion passed. PUBLIC COMMENTS Mrs. Landt voiced her concern over the long pending process for benefits, stating “This all seems surreal. Steven went to call after call for 28 years, and now they simply want to be treated fairly. They are ready to move forward to a Hearing as quickly as possible.” CLOSED SESSION Tom Radja indicated the Board will now go into Closed Executive Session to deliberate a potential litigation with regards to the duty disability pension application of FF Steven Landt. Firefighters’ Pension Board Meeting – February 26, 2024 – Page 1 of 5 • At 9:17 AM, the motion was made and seconded (T. Kuehne/M. Aleckson) to go into Closed Executive Session. All in favor, motion carried. • At 9:39 AM, motion was made and seconded (M. Aleckson/P. Ahlman) to resume Open Session. All in favor, motion carried. TREASURER’S REPORT Tom Kuehne distributed the Financial Report ending December 31, 2023, as well as the Projected Cash Flow report. The Financial Report indicates our total net assets to be approximately $137.4 million and overall the fund is doing well. Revenues by year-end were $18.9 million, almost double of budgeted. This is much better in terms of interest, especially the market value of investments of $8.5 million. We have now received the property taxes that were previously delayed. Expenditures of $9.1 million came in right on budget. Projected Cash Flow This is a monthly projection that Mary Ellen provides for cash flow purposes. For 2024, she’s projecting a $1 million transfer in August and $500,000 transfer in October. We will update this at our next meeting, but this is a good projection of what we will need at that time. Motion was made and seconded (M. Aleckson/L. Harris) to approve the Financial Report for Q4-2023. All in favor, motion carried. PAYMENT OF BILLS The Check Register ending YTD 2023 was reviewed and Tom Kuehne asked for approval of check #756 (journal voucher 12-051). Motion was made and seconded (T. Kuehne/P. Ahlman) to approve check #756 (JV 12-051). Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson and P. Ahlman. Ayes – 5; Nays - 0. Motion carried. Tom also informed the Board that the December report has been sent to the Actuary and in about a month we will receive the Actuary’s amount of what the property tax requirement should be for 2024. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig distributed both the December 2023 and the January 2024 statements from FPIF, specifically the Arlington Heights pension fund portion. The Net Asset Value at year-end of 2023 was $138,584,922, with a total return of 15.36%. Firefighters’ Pension Board Meeting – February 26, 2024 – Page 2 of 5 Question arose regarding the lawsuit over the Fund Consolidation, was it brought to the Supreme Court? Attorney Radja responded, Yes and the Supreme Court decided the Consolidated Fund is constitutional. Additionally, a printed notice known as “The Siren” was issued from the IL Department of Insurance, addressing how much money can be kept locally by members as opposed to going into the Consolidated downstate fund. The exact amount has not been determined, but it was agreed that a reasonable amount of money can be kept local in order to pay benefits and expenses, as needed. Whether the Consolidated Fund will at some point require a percentage amount based on benefits and expenses remains to be seen. OLD BUSINESS • Former U.S. Bank Account – Balance Update Adam Sielig advised that we finally have a zero balance at our former account with U.S. Bank. • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Tom Radja advised that since our last meeting Susan Palczynski and her Attorney filed an application for liability benefits on behalf of the deceased. He will gather the medical records and we will proceed with three doctors to review the medical records and provide their opinion as to whether the death was related to disability. At the next quarterly meeting we should have the evaluations returned and can proceed forward based on their response. • Application for Duty Disability Pension FF Steven Landt – Update Attorney Radja reported that we have received the reports from the three IME’s and he has notified their attorney that we are now prepared to have a Hearing. Their attorney stated there are supplemental medical records that the IME’s had not received and indicated they were willing to pay whatever expenses are incurred to issue the supplemental reports to these physicians, if the Board is willing. If the Board wishes to discuss this today, we can either go into Executive Session or discuss it openly. After a brief discussion, it was preferred that the Board go into Executive Session to discuss the matter. o At 9:17 AM - Motion was made and seconded (T. Kuehne/M. Aleckson) will adjourn in Executive Closed Session to further discuss the possible litigation of this matter. All in favor, motion carried. o At 9:40 AM - Once in Open Session, Attorney Radja indicated that no decision was made while in Executive Session. The Board deliberated the matter of the attorney’s request on behalf of Steven Landt. Upon return to Open Session, the Board is in a position to determine whether to grant or deny the request for review of supplemental physician records. Motion was made and seconded (M. Aleckson/T. Kuehne) to Deny the request to review supplemental medical records. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson and P. Ahlman. Ayes – 5; Nays - 0. Motion carried. Firefighters’ Pension Board Meeting – February 26, 2024 – Page 3 of 5  Attorney Radja will advise the applicant’s attorney of the Board’s decision and pursue a potential Disability Hearing date. NEW BSINESS • Annual Medical Evaluation, Retired Disabled FF Under Age 50 – Daniel Bennett Attorney Radja will send a form to Dan Bennett’s physician to determine and certify if Daniel Bennett continues to be disabled. • Applications for Membership – New Hire Brian Macaluso All required documents have been signed and submitted by Brian Macaluso, newly hired as of January 19, 2024. Motion was made and seconded (P. Ahlman/L. Harris) to approve FF Brian Macaluso application for membership to the Firefighters Pension Fund. All in favor, motion carried. • Death of Retired FF/P Gregg Wikierak on November 29, 2023 – Survivor Benefits Retired FF Gregg Wikierak passed away on November 29. We received notice of the death, along with a copy of the death certificate. Kevin Baumgartner sent Cynthia Wikierak a letter advising her of a survivor benefit of $7,777.19 monthly. Cynthia Wikierak completed and returned the Request for Survivor Benefits form. Motion was made and seconded (M. Aleckson/P. Ahlman) to approve the Survivor Benefits to Cynthia Wikierak in the amount of $7,777.19 monthly. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson and P. Ahlman. Ayes – 5; Nays - 0. Motion carried. • Application for Regular Pension – FF David DeLorenzo as of January 6, 2024 The Board received the application for Regular Pension benefits for FF David DeLorenzo, who retired as of January 6. The calculation sheet shows his benefit to be $6,097.31 monthly, with his first payment prorated as of the January 25 payout. Motion was made and seconded (T. Kuehne/L. Harris) to approve the Regular Pension benefit to retired FF David DeLorenzo with a monthly benefit of $6,097.31. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson and P. Ahlman. Ayes – 5; Nays - 0. Motion carried. • Acceptance of QILDRO Document Adam Sielig indicated we received a request to accept a QILDRO Order dated November 6 from retired FF George Lindemulder and his wife, Susan Lindemulder. Attorney Radja reviewed the documents and they are in good order. The documents indicate Susan Lindemulder has been Firefighters’ Pension Board Meeting – February 26, 2024 – Page 4 of 5  granted 50% of his pension, thus her amount of $2,415.20 monthly. The Board can approve and accept the QILDRO document. The QILDRO document will be retained in the file. Motion was made and seconded (M. Aleckson/P. Ahlman) to accept the Lindemulder QILDRO Order granting Susan Lindemulder the amount of $2,415.20 monthly. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, M. Aleckson and P. Ahlman. Ayes – 5; Nays - 0. Motion carried. OHER BUSINESS Tom Kuehne asked if there is any pending legislation we need to be aware of? Attorney Radja responded there is pending legislation but likely most of those won’t pass. He will keep the Board up to date as things develop. There is also a pending bill trying to get Tier II benefits closer to Tier I benefits, but so far hasn’t heard of any of these moving. Another bill pending is to get the retirement age back down to 50 years without losing benefits which are at age 55 right now. There is concern of pension benefits falling behind social security. Tom Kuehne also briefed the Board on the recent Audit. It was very well done, thanks to Mary Ellen Juarez and Alexis Smulson. They made sure all information submitted was accurate and clear. The auditors were very detailed in their review and expressed no concerns. ADJOURNMENT As there was no other business to present before the Board, a motion was made and seconded (P. Ahlman/T. Kuehne) to adjourn the meeting. Meeting adjourned at 9:52 AM. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, May 6, at 9:00 AM Respectfully submitted, Laura Potts Recording Secretary Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – February 26, 2024 – Page 5 of 5  Board of Trustees of the Firefighters Pension Fund 5/6/2024 Item: Financials Department: Fire Financial Report - Q1, 2024 ATTACHMENTS: Description Type Financial Report - Q1, 2024 Report  CY 2024 BALANCE SHEET March 31, 2024 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL March 2024 Financial Report Cash and Investments Cash and Equivalents 3,782,199 Pension Investments 141,821,429 Illinois Funds 2,205,520 147,809,147 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 147,809,147 LIABILITIES Accounts Payable 7,353 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 7,353 NET ASSETS 147,801,794 BUDGET COMPARISON REPORT CALENDAR YEAR 2024 March 31, 2024 FIREFIGHTERS' PENSION FUND 25% of the Calendar Year 2024 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 900,000 74,997 173,197 224,991 337,234 562,766 37% Market Value Adjustments 2,000,000 166,660 3,157,179 499,980 2,814,914 (814,914) 141% Dividend Income 500,000 41,665 90,902 124,995 139,422 360,578 28% Contributions - Participants 1,210,000 100,829 95,960 302,488 289,031 920,969 24% Contributions - R/E Tax 5,881,000 2,176,000 2,116,998 3,293,400 2,723,492 3,157,508 46% Other Income 0 0 18 0 2,554 (2,554) N/A TOTAL 10,491,000 2,560,151 5,634,254 4,445,854 6,306,647 4,184,353 60% 2024 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,233,300 519,421 508,832 1,558,263 1,525,513 4,707,787 24% Non-Duty Disability Pensions 197,300 16,441 7,451 49,323 22,352 174,948 11% Duty Disability Pensions 1,243,400 103,613 99,463 310,838 298,390 945,010 24% Surviving Spouse Pensions 1,123,900 93,655 111,235 280,964 333,706 790,194 30% Occupational Disease Pensions 215,200 17,933 26,919 53,798 80,756 134,444 38% Legal Services 50,000 4,167 3,613 12,500 4,663 45,338 9% Investment Manager Services 120,000 10,000 5,635 29,998 10,140 109,860 8% Examinations 10,000 833 8,100 2,500 12,450 (2,450) 125% Other Services 9,700 808 0 2,425 275 9,425 3% Dues 1,300 108 0 325 0 1,300 0% Training 1,000 83 0 250 0 1,000 0% Postage 300 25 0 75 70 230 23% Publications/Periodicals 100 8 0 25 0 100 0% Office Supplies & Equip 100 8 0 25 0 100 0% Pension Refunds 25,000 2,083 0 6,250 0 25,000 0% TOTAL 9,230,600 769,186 771,248 2,307,557 2,288,314 6,942,286 25% REVENUE OVER (UNDER) EXPENDITURES 1,260,400 1,790,965 4,863,005 2,138,297 4,018,333 (2,757,933) 319% BEG. FUND BALANCE 143,783,462 143,783,462 ENDING FUND BALANCE 145,043,862 147,801,794  FIRE PENSION . CHECKING ACCOUNTATJP MORGAN CHASE Proiected Cash Flow bv Month 2024 Prcjected Prciected Projected Prejected Projected Prcjected Prciected Projected Prcjected January Februaly March April May June July August September october November December 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 Total Cash ln Contribution Participant 97.066 95,483 95,960 95,960 !43,94! 95.960 95,960 95,950 95,960 95,960 743.94t 95.960 I r,249,rr3 Contribution Tax Levy 2022 70.942 0 0 o I 70.saz Contribution Tax Levy 2023 606,416 2,!16,994 200,000 850,125 2,707,46L- 5,881,000 From the Village General Fund I 0 lnterest 15.500 8,000 6,500 5,500 4.500 4,100 4,300 2,roo 2,100 s.ooo I 57.600 Transfer from lllinois Funds 1-Od)_dx) 5m.000 I 1,500,000 Other 2.059 17.59 I 2,O76 99.125 773.882 2.224.476 103,960 750,44r 101.450 100.460 1.100.060 100,260 798,050 996,155 2.205.427 A]60,772 Total ln - Cash Out Pensions 753,066 753,900 753.900 753,066 753,065 753,055 753.066 753.066 753,066 753,066 753,056 7s3.066 I 9.038.453 Legal Seruices 1,988 3,673 !6,571 3,938 3,747 I 29,8ss lnvestment Manager I 0 lnvestment Custodian I 0 Examinations L2,450 2,700 I 15,150 Other Seruices 126 256 626 I L,OO7 Dues s00 500 20c 1O7OI 2,270 Training I 0 Foreign Taxes Paid I 0 Transfer to Village for Property Tax Loan I 0 Transfer to lllinois Funds I 0 Total Out 755,679 766,350 757,5r3 773.O93 753,692 753,066 753,056 753.066 7s7.OO4 753,266 755,813 754,86l| s,oa6/4s 7.537 r.470.963 (669,133) {503,251) 1651.606) f652.6061 3r'6,994 |.656,7431 44,7 239.352 r.4s4.285 '32s,9731 Change in Cash 1656.5551 1.188.171 -I 2.96a,429 2gtt,a74 2.319.406 3.790.359 3,!2!,236 2,517,9a5 7.466.379 7.273.773 L.560.767 904,024 948,818 Beg Cash Balance 2.311-874 2.319.406 3.790.369 3,121,236 2-s17-98S 1.866.379 L2r3.773 !.sfi,767 904-024 94a-818 1.188.171 2,e2,4s6 2,il2,456 Ending Cash Ealance - $ t 50,000 Transferfrom lllinois Funds. JP MorgEn will pay lnter.st on the account starting in March at approximately 2.75% C:\Users\lpotts\AppData\Local\Microsoft\Windows\l Netcache\Content.Outlook\Bol KG3N2\Fire Pension Cash Flow 2024  FIRE PENSION - INTEREST BEARING ACCOUNT AT ILLINOIS FUNDS Proiected Cash Flow bY Month 2024 Prcjected Prcjected Prcjected Projected Prcjected Proiected Prciected Proiected Projected January February March April May June July August September October November December 2024 2024 2024 zoz4 2024 2024 zo24 2024 2024 2024 m24 2024 2024 Total Cash In I 0 From the Checking Account I 0 withdrawal from lL Firefighters lnvestment Fund I 1,000,000 lnterest 9,958 9,968 70,074 9,968 9.968 9,958 9,968 5,000 5,000 3,500 5,000 s.ooo I 93.385 Total ln 9_958 LO,O74 9,958 9,968 9,968 9.968 5.000 5,000 3,500 1,005,000 s,ooo I 1,093,38s Cash out Transfer to Checking Account 1.0m.0(n 500,(m I 1.500.000 Total Out 1.000.000 500,000 I 1,500,000 Change in Cash 9,968 9,381 lo,o74 9,968 9,968 9.968 9,968 {995.000) 5,000 (496,s00) 1,005,000 s.ooo I (40G.615) Beg Cash Balance 2,L76,096 2.t46.o4 2.795.M5 2.205.520 2,2r5,444 2,225,456 2,235,425 2.245.393 1.250.393 1.255.393 758,893 r,zgs,es: I 2,176,096 Ending Cash Balance 2.185.064 2.195.445 2.205.520 2,Zr5,W 2.225.L56 2.235.4:E 2.245393 1.250.393 1.2ss,393 758,893 1-763-893 r-zee.es: I 1.769./t81 I tOecting that in the 4th Quarter of 2024, the Pension Fund will need to make a withdnml from the lL Firefighters lnvesiment Fund to coverfuture Pension Payments. $ f"SO,OO Transfer to lllinois Funds. C:\Users\lpotts\AppData\Local\Microsoft\Windows\l Netcache\Content.Outlook\BoJ KG3N2\Fire Pension Cash Flow 2024  Board of Trustees of the Firefighters Pension Fund 5/6/2024 Item: Payment of Bills - Q1, 2024 Department: Fire Payment of Bills - Q1, 2024 ATTACHMENTS: Description Type Payment of Bills - Q1, 2024 Report  FIREFIGHTERS' PENSION FUND CALENDAR YEAR ENDING 12 / 31 / 2024 CHECK REGISTER AND JOURNAL VOUCHER PAYMENTS Check JV or Group MONTHLY Number Number Date Payee Description Expense TOTAL 757 01-137 01/31/24 Radja Collins Law LLC Legal Services 1,050.00 758 03-017 03/31/24 ExamWorks Medical Exams 5,050.00 759 03-017 03/31/24 ExamWorks Medical Exams 3,050.00 760 01-137 01/31/24 1099 Pro LLC 1099 Services 125.66 761 01-137 01/31/24 ExamWorks Medical Exams 4,350.00 W/T 01-137 01/31/24 Village of Arlington Heights Reimbursement for 1099 Pro 149.50 762 03-017 03/31/24 Radja Collins Law LLC Legal Services 3,612.50 763 04-207 04/30/24 VOID VOID 0.00 764 04-207 04/30/24 1099 Pro LLC 1099 Services 45.00 17,432.66  Board of Trustees of the Firefighters Pension Fund 5/6/2024 Item: FPI F - AH Department: Fire FPI F - AH Pension Fund Summary, March 2024 ATTACHMENTS: Description Type FPIF - AH Fund Summary March, 2024 Report  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) March 2024 2024 YTD Beginning NAVs: Beginning NAV 141,821,428.88 138,584,922.21 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 141,821,428.88 Allocation Percent 1.66% Income & Expenses: Unrealized Gain/Loss 3,238,967.20 6,192,851.01 Realized Gain/Loss 70,600.93 -68,368.45 Dividend Income 89,226.06 228,647.80 Interest Income 142,715.06 435,025.07 Other Income -50.18 -50.18 Total Income 3,541,459.07 6,788,105.25 Administrator Expenses (FPIF) 10,373.60 10,373.60 Other Fee & Expenses (FPIF) 4,320.30 11,647.72 Other Expenses 275.23 3,087.32 Management Fee - - Performance Fee - - Total Fee & Expenses 14,969.13 25,108.64 Net Income 3,526,489.94 6,762,996.61 Ending NAVs: Ending NAV 145,347,918.82 145,347,918.82 Rate of Returns: Return on Invested Capital 2.49% 4.88% Return on Total Assets 2.49% 4.88% 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 5/6/2024 Item: FPI F Consolidated Department: Fire FPI F - Consolidated Fund as of March 2024 ATTACHMENTS: Description Type FPIF - Consolidated Fund Q1, 2024 Report Illinois Firefighters’ Pension Investment Fund Monthly Summary March 31, 2024 * Preliminary, subject to change Illinois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary - 1 Month Total Return _ Total Fund Composite 2.5% IFPIF Policy Benchmark 2.3% Total Fund Composite excl. Member Funds 2.5% IFPIF Policy Benchmark 2.3% U.S. Equity Composite 3.2% Russell 3000 3.2% Non-U.S. Equity Composite 3.1% MSCI ACWI ex USA IMI 3.1% Total Fixed Income Composite 1.2% Bloomberg US Universal TR 1.0% Total Real Estate Composite 0.3% Real Estate Custom Benchmark -0.6% XXXXX Marquette Associates, Inc. 1 Total Fund Composite Asset Allocation Market Value: $8,788.2 Million and 100.0% of Fund Ending March 31, 2024 Asset Class Market Value % of Portfolio Policy % _ Total Fund Composite $8,788,158,368 100.0% 100.0% Total Fund Composite excl. Member Funds $8,788,131,577 100.0% 100.0% Total Equity Composite $6,028,611,476 68.6% 65.0% U.S. Equity Composite $3,471,303,510 39.5% 36.0% Rhumbline Russell 200 Large-Cap Core $2,485,205,339 28.3% 25.0% Rhumbline Russell Midcap Mid-Cap Core $814,998,268 9.3% 9.0% Rhumbline S&P 600 Small-Cap Core $171,099,904 1.9% 2.0% Non-U.S. Equity Composite $2,557,307,966 29.1% 29.0% International Developed Equity Composite $1,723,264,614 19.6% 19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,477,392,697 16.8% 16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $245,871,917 2.8% 3.0% Emerging Markets Equity Composite $834,043,352 9.5% 10.0% SSGA MSCI EM Emerging Markets $657,280,170 7.5% 8.0% SSGA EM Small EM Small-Cap $176,763,182 2.0% 2.0% Total Fixed Income Composite $2,333,608,560 26.6% 30.0% Rate Sensitive Composite $2,084,097,228 23.7% 27.0% Short-Term Treasury Composite $227,419,178 2.6% 3.0% SSGA Short Treasury Short-Term Govt. Fixed Income $227,419,178 2.6% 3.0% Core Fixed Income Composite $1,856,678,051 21.1% 24.0% Garcia Hamilton & Associates Core Fixed Income $906,540,166 10.3% 12.0% Brown Brothers Harriman & Co Core Plus Fixed Income $950,137,885 10.8% 12.0% Credit Fixed Income Composite $249,511,332 2.8% 3.0% Emerging Markets Debt Composite $249,511,332 2.8% 3.0% SSGA EM Global Diversified EM Fixed Income $249,511,332 2.8% 3.0% Total Real Estate Composite $388,417,233 4.4% 5.0% Core Real Estate Composite $388,417,233 4.4% 5.0% Public Real Estate Composite $176,930,451 2.0% 2.0% SSGA FTSE NAREIT U.S. REIT $176,930,451 2.0% 2.0% Private Real Estate Composite $211,486,782 2.4% 3.0% Principal USPA Fund Core Real Estate $211,486,782 2.4% 3.0% Cash Composite $37,475,487 0.4% 0.0% Transition Composite $18,820 0.0% 0.0% Member Funds Composite $26,791 0.0% 0.0% XXXXX 2 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $8,788.2 Million and 100.0% of Fund Ending March 31, 2024 Inception 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 2.5 4.9 15.2 -- -- -- 2.6 Oct-21 IFPIF Policy Benchmark 2.3 4.5 14.5 3.9 7.6 6.9 2.6 Oct-21 Total Fund Composite excl. Member Funds 2.5 4.9 15.2 -- -- -- 2.0 Oct-21 IFPIF Policy Benchmark 2.3 4.5 14.5 3.9 7.6 6.9 1.4 Oct-21 Total Equity Composite 3.2 7.4 21.9 -- -- -- 3.4 Oct-21 MSCI ACWI IMI Net USD 3.2 7.7 22.5 6.3 10.6 8.4 3.3 Oct-21 U.S. Equity Composite 3.2 9.9 29.0 -- -- -- 5.9 Oct-21 Russell 3000 3.2 10.0 29.3 9.8 14.3 12.3 5.8 Oct-21 Rhumbline Russell 200 2.9 10.8 32.4 -- -- -- 7.6 Oct-21 Russell Top 200 2.9 10.8 32.4 12.0 16.1 13.7 7.6 Oct-21 Rhumbline Russell Midcap 4.3 8.6 22.3 -- -- -- 2.3 Oct-21 Russell MidCap 4.3 8.6 22.3 6.1 11.1 9.9 2.3 Oct-21 Rhumbline S&P 600 3.2 2.5 15.9 -- -- -- 0.7 Oct-21 S&P 600 SmallCap 3.2 2.5 15.9 2.3 9.1 8.8 0.8 Oct-21 Non-U.S. Equity Composite 3.1 4.3 13.4 -- -- -- 0.2 Oct-21 MSCI ACWI ex USA IMI 3.1 4.3 13.2 1.7 6.0 4.3 0.0 Oct-21 International Developed Equity Composite 3.6 5.2 14.9 -- -- -- 2.1 Oct-21 MSCI World ex USA IMI NR USD 3.5 5.2 14.6 4.1 7.2 4.8 1.8 Oct-21 SSGA World ex US 3.5 5.7 15.7 -- -- -- 3.1 Oct-21 MSCI World ex USA 3.4 5.6 15.3 4.9 7.5 4.8 2.8 Oct-21 SSGA World ex US Small 4.1 2.6 10.4 -- -- -- -3.8 Oct-21 MSCI World ex USA Small Cap 4.1 2.6 10.0 -0.9 5.4 4.5 -4.1 Oct-21 Emerging Markets Equity Composite 2.2 2.3 10.3 -- -- -- -3.8 Oct-21 MSCI Emerging Markets IMI 2.1 2.2 9.8 -3.9 3.0 3.2 -4.4 Oct-21 SSGA MSCI EM 2.7 2.5 7.9 -- -- -- -5.3 Oct-21 MSCI Emerging Markets 2.5 2.4 8.2 -5.1 2.2 2.9 -5.2 Oct-21 SSGA EM Small 0.7 1.5 20.1 -- -- -- 1.5 Oct-21 MSCI Emerging Markets Small Cap 0.1 1.1 20.6 4.2 8.5 5.1 1.6 Oct-21 Total Fixed Income Composite 1.2 -0.1 3.7 -- -- -- -2.5 Oct-21 Bloomberg US Universal TR 1.0 -0.5 2.7 -2.1 0.7 1.8 -3.4 Oct-21 Rate Sensitive Composite 1.1 -0.3 2.9 -- -- -- -2.5 Oct-21 Bloomberg US Aggregate TR 0.9 -0.8 1.7 -2.5 0.4 1.5 -3.8 Oct-21 Short-Term Treasury Composite 0.3 0.3 3.0 -- -- -- 3.0 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.4 0.3 2.9 0.0 1.1 1.1 2.9 Mar-23 SSGA Short Treasury 0.3 0.3 3.0 -- -- -- 3.0 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.4 0.3 2.9 0.0 1.1 1.1 2.9 Mar-23 Marquette Associates, Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value: $8,788.2 Million and 100.0% of Fund Ending March 31, 2024 Inception 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Core Fixed Income Composite 1.1 -0.4 2.9 -- -- -- -3.0 Oct-21 Bloomberg US Aggregate TR 0.9 -0.8 1.7 -2.5 0.4 1.5 -3.8 Oct-21 Garcia Hamilton & Associates 1.0 -1.3 -0.1 -- -- -- -0.1 Mar-23 Bloomberg US Aggregate TR 0.9 -0.8 1.7 -2.5 0.4 1.5 1.7 Mar-23 Brown Brothers Harriman & Co 1.3 0.5 5.9 -- -- -- 5.9 Mar-23 Bloomberg US Aggregate TR 0.9 -0.8 1.7 -2.5 0.4 1.5 1.7 Mar-23 Credit Fixed Income Composite 2.1 1.7 10.7 -- -- -- -3.0 Oct-21 JP Morgan EMBI Global Diversified 2.1 2.0 11.3 -1.4 0.7 3.0 -3.1 Oct-21 Emerging Markets Debt Composite 2.1 1.7 10.7 -- -- -- -3.0 Oct-21 JP Morgan EMBI Global Diversified 2.1 2.0 11.3 -1.4 0.7 3.0 -3.1 Oct-21 SSGA EM Global Diversified 2.1 1.7 10.7 -- -- -- -3.0 Oct-21 JP Morgan EMBI Global Diversified 2.1 2.0 11.3 -1.4 0.7 3.0 -3.1 Oct-21 Total Real Estate Composite 0.3 -1.2 -1.7 -- -- -- -0.7 Oct-21 Real Estate Custom Benchmark -0.6 -1.5 -3.2 4.0 4.1 6.8 -1.2 Oct-21 Core Real Estate Composite 0.3 -1.2 -1.7 -- -- -- -0.7 Oct-21 Real Estate Custom Benchmark -0.6 -1.5 -3.2 4.0 4.1 6.8 -1.2 Oct-21 Public Real Estate Composite 2.0 -0.2 10.6 -- -- -- -3.0 Oct-21 FTSE NAREIT Equity REIT 2.1 -0.2 10.5 4.1 4.1 6.6 -3.0 Oct-21 SSGA FTSE NAREIT 2.0 -0.2 10.6 -- -- -- -3.0 Oct-21 FTSE NAREIT Equity REIT 2.1 -0.2 10.5 4.1 4.1 6.6 -3.0 Oct-21 Private Real Estate Composite -1.2 -2.0 -9.6 -- -- -- 0.2 Oct-21 NFI-ODCE Equal Weighted -2.4 -2.4 -12.3 2.8 3.0 6.2 -0.9 Oct-21 Principal USPA Fund -1.2 -2.0 -9.6 -- -- -- 0.2 Oct-21 NFI-ODCE Equal Weighted -2.4 -2.4 -12.3 2.8 3.0 6.2 -0.9 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.