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 August 12, 2024 9:00 AM I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES A. Minutes from Regular Pension Board Meeting - May 6, 2024 IV. CLOSED SESSION V. TREASURER'S REPORT A. Financial Report - Q2, 2024 B. Annual Police & Fire Pension Report to the Village Board - Includes 2024 Property Tax Levy VI. PAYMENT OF BILLS A. Payment of Bills - Q2, 2024 VII.REPORTS A. FPIF - AH Pension Fund Summary, May 2024 B. FPIF - Consolidated Fund Summary as of June 2024 VIII.OLD BUSINESS A. Death of FF Phillip Palczynski - Spousal Survivor Benefits Update B. Application of Duty Disability Pension FF Steven Landt - Update C. Annual Medical Evaluation, Retired Disabled FF Under Age 50 - Daniel Bennett D. Updated AH Pension Fund Rules & Regulations - Review of Draft IX. NEW BUSINESS A. Death of Retired FF Donald Hirth on May 25, 2024 - Cessation of Benefits B. Death of Retired FF/LT Bob Loyal on August 3, 2024 - Spousal  Benefits C. Alliant Fiduciary Liability Policy - Review for Renewal 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 8/12/2024 Item: Minutes Department: Fire Minutes from Regular Pension Board Meeting - May 6, 2024 ATTACHMENTS: Description Type Minutes of Regular Pension Board Minutes Meeting - May 6, 2024  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on May 6, 2024 Arlington Heights Fire Department Administrative Headquarters 1150 No. Arlington Heights Road – Arlington Heights IL 60004 Members in Attendance: Adam Sielig Thomas Kuehne Pete Ahlman Board Members Absent Lance Harris Kyle Kaczanowski Others in Attendance: Thomas Radja, Board Attorney Melissa Cayer, Public Observer CALL TO ORDER Adam Sielig called the meeting to order at 9:00 AM. Roll was called with board members Adam Sielig, Thomas Kuehne, and Peter Ahlman present. Board Members Lance Harris and Kyle Kaczanowski were absent. Also present were Thomas Radja, Board Attorney, and Melissa Cayer, Public Observer. Certify Trustee Election Results The recent election of a Trustee from the active firefighters was held and Village Clerk, Becky Hume, verified that 78 votes were received of which 71 were in favor of FF Kyle Kaczanowski. As a result, FF Kaczanowski has been elected as Trustee to serve on the Firefighters Pension Board. Due to a schedule conflict, he was not able to attend today’s meeting. Motion was made and seconded (A. Sielig/P. Ahlman) to certify the election results and Kyle Kaczanowski as Board Trustee. All in favor, motion passed. Board Nominations For the office of President of the Board, Pete Ahlman nominated Adam Sielig. For the office of Secretary of the Board, Tom Kuehne nominated Peter Ahlman. Motion was made and seconded (A. Sielig/T. Kuehne) to approve nominations of Adam Sielig as President and Peter Ahlman as Secretary. All in favor, motion passed. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of February 26, 2024 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. Firefighters’ Pension Board Meeting – May 6, 2024 – Page 1 of 4 Minutes from the Closed Executive Session of February 26, 2024 were reviewed for approval. A motion was made and seconded (T. Kuehne/P. Ahlman) to approve the minutes from the Closed Executive Session. All in favor, motion passed. PUBLIC COMMENTS None CLOSED SESSION None TREASURER’S REPORT Tom Kuehne distributed the Financial Report ending March 31, 2024, as well as the Projected Cash Flow report. In general, the market has been more up than down with no surprises. The Financial Report indicates our total net assets to be approximately $147.8 million and overall, the fund is doing well. On the expense side, we are exactly on budget. Projected Cash Flow He next discussed the monthly projection that Mary Ellen provides for cash flow purposes. As of now, the projection for 2024 is a $1 million transfer in August and $500,000 transfer in October. We will update this at our next meeting. Motion was made and seconded (T. Kuehne/P. Ahlman) to approve the Financial Report for Q1-2024. Roll was called. Ayes: T. Kuehne, A. Sielig, P. Ahlman Ayes – 3; Nays – 0. Motion carried. PAYMENT OF BILLS The Check Register ending April 30, 2024 was reviewed and Tom Kuehne asked for approval of check #757 through check #764 (journal voucher 1-137 to journal voucher 4-207). Motion was made and seconded (T. Kuehne/P. Ahlman) to approve check #757 (JV 1-137) to check #764 (JV 4-207). Roll was called. Ayes: T. Kuehne, A. Sielig, P. Ahlman Ayes – 3; Nays – 0. Motion carried. REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig distributed both the March 2024 statement from FPIF, specifically the Arlington Heights pension fund portion as well as the Consolidated Fund. As of March 31, 2024, the YTD Net Asset Value of the Arlington Heights fund was $145, 347,918 with a total YTD return of 4.88%. Firefighters’ Pension Board Meeting – May 6, 2024 – Page 2 of 4 OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Attorney Radja advised that since our last meeting the Attorney for Mrs. Palczynski filed a duty- disability application indicating PTSD related to his employment in the fire service. The death certificate indicates toxicity as the cause of death. Based on this new application, we have subpoenaed 12 different medical facilities and are still in the process of getting those records, after which we require three physicians specializing in psychiatry to evaluate the records. The physicians are chosen by a third-party administrator. We will require a release from the surviving spouse. As of now we are gathering records to proceed forward. • Application for Duty Disability Pension FF Steven Landt – Update Attorney Radja reported that we have medical reports from the three IME’s and he had notified their attorney that we are now prepared to have a Hearing. Shortly after that, he received a letter from the attorney indicating he no longer represents Steven Landt, and likewise a letter from the Landts’ confirming the same. On April 29, a letter was sent to the new attorney asking for available dates over the next three months to set up a hearing. We are still awaiting these dates. Question arose related to procedures at a Hearing, specifically, in the decision-making process is that decision based solely on reviewing the reports? Attorney Radja explained the Board acts similar to a Jury in court. Weigh the evidence and credibility of each. If more information is needed, we have subpoena power to request that. Each Board member makes a decision based on evidence at hand and their conscience. Deliberation by the Board is done in Executive Session and the decision is rendered in Open Session. Afterwards, Attorney Radja generates the Decision & Order document outlining the evidence reviewed and the Board’s final decision. • Annual Medical Evaluation, Retired Disabled FF Under Age 50 – Daniel Bennett Attorney Radja did send Daniel Bennett’s attending physician our form for medical information. The physician acknowledged he received this and will be responding when a medical evaluation is completed. Last year the medical evaluation was done in August and we should have the response by the next Board meeting. NEW BSINESS • Closed Executive Session – Release of Minutes It was agreed to keep all Executive Session minutes as confidential. Motion was made and seconded (P. Ahlman/T. Kuehne) to keep Executive Session meeting minutes as confidential. All in favor, motion carried. • Applications for Membership – FF Ryan Jacobs hired May 6, 2024 All required documents have been completed and submitted by Ryan Jacobs, newly hired as of May 6, 2024. Motion was made and seconded (A. Sielig/P. Ahlman) to approve FF Ryan Jacobs’ application for membership to the Firefighters Pension Fund. All in favor, motion carried. Firefighters’ Pension Board Meeting – May 6, 2024 – Page 3 of 4 • Updated FF Pension Fund Rules and Regulations – Review of Draft Attorney Radja submitted a draft of the updated Rules & Regulations. This was necessary since the Consolidation of pension funds was now approved by the Supreme Court as being Constitutional and we needed to eliminate any rules that no longer apply. Also, Chapter 18 was updated dealing with the disability procedures, as well as the election procedures to allow emailing of votes. Adam Sielig will distribute the previous Rules & Regulations document to Board members so it can be compared to the new document. There was a brief discussion of Pension forms and where to place these online for easy access. Attorney Radja will put together the newly revised forms as one PDF so the Board members can review all the forms when needed. OHER BUSINESS Attorney Radja informed the Board on several additional items: • February 8th “Siren” distributed by the Department of Insurance The article indicates the DOI allows a fire department to retain an acceptable and reasonable amount of money to handle necessary expenses. There is no indication of what’s considered as reasonably necessary. Tom Kuehne indicated that our Projected Cash Flow report is a good means of identifying upcoming expenses and the funds we require. • Periodic Newsletter He is in the process of creating and distributing a periodic newsletter to inform the Board on upcoming political issues which may impact pension funds or the Board. Once completed, he will email to Board members. 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 9:37 AM. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, August 12, at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – May 6, 2024 – Page 4 of 4  Board of Trustees of the Firefighters Pension Fund 8/12/2024 Item: Financials Department: Fire Financial Report - Q2, 2024 ATTACHMENTS: Description Type Financial Report - Q2, 2024 Report  CY 2024 BALANCE SHEET June 30, 2024 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL June 2024 Financial Report Cash and Investments Cash and Equivalents 1,969,735 Pension Investments 145,542,151 Illinois Funds 2,235,484 149,747,369 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 149,747,369 LIABILITIES Accounts Payable 7,353 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 7,353 NET ASSETS 149,740,017 BUDGET COMPARISON REPORT CALENDAR YEAR 2024 June 30, 2024 FIREFIGHTERS' PENSION FUND 50% of the Calendar Year 2024 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments* 900,000 74,997 185,011 449,982 854,259 45,741 95% Market Value Adjustments* 2,000,000 166,660 4,254,592 999,960 5,903,789 (3,903,789) 295% Dividend Income* 500,000 41,665 83,078 249,990 358,107 141,893 72% Contributions - Participants 1,210,000 100,829 97,769 604,976 628,457 581,543 52% Contributions - R/E Tax 5,881,000 0 20,495 3,293,400 2,814,954 3,066,046 48% Other Income 0 0 0 0 5,548 (5,548) N/A TOTAL 10,491,000 384,151 4,640,945 5,598,308 10,565,114 (74,114) 101% 2024 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,233,300 519,421 502,311 3,116,525 3,045,489 3,187,811 49% Non-Duty Disability Pensions 197,300 16,441 7,451 98,646 44,704 152,596 23% Duty Disability Pensions 1,243,400 103,613 99,463 621,675 596,780 646,620 48% Surviving Spouse Pensions 1,123,900 93,655 111,235 561,928 667,412 456,489 59% Occupational Disease Pensions 215,200 17,933 26,919 107,596 161,512 53,688 75% Legal Services 50,000 4,167 0 24,999 9,038 40,963 18% Investment Manager Services* 120,000 10,000 27,621 59,998 61,390 58,610 51% Examinations 10,000 833 0 5,000 12,450 (2,450) 125% Other Services 9,700 808 0 4,850 320 9,380 3% Dues 1,300 108 0 650 0 1,300 0% Training 1,000 83 0 500 1,810 (810) 181% Postage 300 25 0 150 70 230 23% Publications/Periodicals 100 8 0 50 0 100 0% Office Supplies & Equip 100 8 0 50 0 100 0% Pension Refunds 25,000 2,083 0 12,500 7,584 17,416 30% TOTAL 9,230,600 769,186 775,000 4,615,115 4,608,558 4,622,042 50% REVENUE OVER (UNDER) EXPENDITURES 1,260,400 (385,035) 3,865,945 983,192 5,956,556 (4,696,156) 473% BEG. FUND BALANCE 143,783,462 143,783,462 ENDING FUND BALANCE 145,043,862 149,740,017 *IFPIF's statements are issued one month in arrears due to timing.  FIRE PENSION - CHECKING ACCOUNT AT JP MORGAN CHASE Projected Cash Flow by Month 2024 Projected Projected Projected Projected Projected Projected January February 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 In Contribution Participant 97,066 96,483 95,960 96,126 145,531 97,769 97,769 97,769 97,769 97,769 146,662 97,769 1,264,441 Contribution Tax Levy 2022 70,982 0 0 0 70,982 Contribution Tax Levy 2023 606,416 2,116,998 70,967 20,495 200,000 850,125 2,015,999 5,881,000 From the Village General Fund 0 Interest 15,500 8,973 7,562 6,064 4,500 4,100 4,300 2,100 2,100 5,000 60,199 Transfer from Illinois Funds 1,000,000 500,000 1,500,000 Other 2,059 18 1058.27 1,984 1,057 6,176 Total In 99,125 773,882 2,228,476 106,157 226,044 125,386 102,269 1,101,869 102,069 799,869 998,887 2,118,768 8,782,799 Cash Out * Pensions 753,066 753,900 753,900 753,900 755,417 748,437 748,437 748,437 748,437 748,437 748,437 748,437 9,009,240 Legal Services 1,988 3,613 4,375 3,938 3,747 17,659 Investment Manager 0 Investment Custodian 0 Examinations 12,450 12,450 Other Services 126 45 171 Dues 500 1190 200 1070 2,960 Refunds 6067 6,067 Training 620 620 Foreign Taxes Paid 0 Transfer to Village for Property Tax Loan 0 Transfer to Illinois Funds 0 Total Out 755,679 766,350 757,513 753,945 767,669 748,437 748,437 748,437 752,374 748,637 752,183 749,507 9,049,167 Change in Cash (656,555) 7,531 1,470,963 (647,788) (541,625) (623,051) (646,168) 353,432 (650,305) 51,232 246,703 1,369,261 (266,367) Beg Cash Balance 2,968,429 2,311,874 2,319,406 3,790,369 3,142,581 2,600,955 1,977,905 1,331,737 1,685,169 1,034,864 1,086,097 1,332,800 2,968,429 Ending Cash Balance 2,311,874 2,319,406 3,790,369 3,142,581 2,600,955 1,977,905 1,331,737 1,685,169 1,034,864 1,086,097 1,332,800 2,702,062 2,702,062 $ 1,500,000 Transfer from Illinois Funds. JP Morgan will pay interest on the account starting in March at approximately 2.75% C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\B0JKG3N2\Fire Pension Cash Flow 2024 2ndt QTR  FIRE PENSION - INTEREST BEARING ACCOUNT AT ILLINOIS FUNDS Projected Cash Flow by Month 2024 Projected Projected Projected Projected Projected Projected January February 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 In 0 From the Checking Account 0 Withdrawal from IL Firefighters Investment Fund 1,000,000 1,000,000 Interest 9,968 9,968 10,074 9,828 10,201 9,936 9,968 5,000 5,000 3,500 5,000 5,000 93,444 Total In 9,968 9,968 10,074 9,828 10,201 9,936 9,968 5,000 5,000 3,500 1,005,000 5,000 1,093,444 Cash Out * Transfer to Checking Account 1,000,000 500,000 1,500,000 Total Out 1,000,000 500,000 1,500,000 Change in Cash 9,968 9,968 10,074 9,828 10,201 9,936 9,968 (995,000) 5,000 (496,500) 1,005,000 5,000 (406,556) Beg Cash Balance 2,176,096 2,186,064 2,196,033 2,206,107 2,215,935 2,226,136 2,236,072 2,246,040 1,251,040 1,256,040 759,540 1,764,540 2,176,096 Ending Cash Balance 2,186,064 2,196,033 2,206,107 2,215,935 2,226,136 2,236,072 2,246,040 1,251,040 1,256,040 759,540 1,764,540 1,769,540 1,769,540 1,000,000 Projecting that in the 4th Quarter of 2024, the Pension Fund will need to make a withdrawal from the IL Firefighters Investment Fund to cover future pension payments. $ 1,500,000 Transfer to Illinois Funds. C:\Users\lpotts\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\B0JKG3N2\Fire Pension Cash Flow 2024 2ndt QTR  Board of Trustees of the Firefighters Pension Fund 8/12/2024 Item: Annual P&F Department: Fire Annual Police & Fire Pension Report to the Village Board - Includes 2024 Property Tax Levy ATTACHMENTS: Description Type Annual Police & Fire Pension Report Board or Commission Report  Board of Trustees of the Firefighters Pension Fund 8/12/2024 Item: Payment of Bills - Q2, 2024 Department: Fire Payment of Bills - As of July 2024 ATTACHMENTS: Description Type Payment of Bills - As of July 2024 Exhibits  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 1,050.00 760 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 5,675.16 758 03-017 03/31/24 ExamWorks Medical Exams 5,050.00 759 03-017 03/31/24 ExamWorks Medical Exams 3,050.00 762 03-017 03/31/24 Radja Collins Law LLC Legal Services 3,612.50 11,712.50 763 VOID VOID 0.00 764 04-207 04/30/24 1099 Pro LLC 1099 Services 45.00 765 04-207 04/30/24 IPPFA Training 1,190.00 1,235.00 766 VOID VOID 0.00 767 05-046 05/01/24 Bryan Gronset Pension Refund 6,067.34 W/T 05-046 05/01/24 IRS 20% Mandatory WH for Pension Ref 1,516.83 768 05-332 05/31/24 Radja Collins Law LLC Legal Services 4,375.00 769 05-332 05/31/24 Adam Sielig Travel Reimbursement 619.75 12,578.92 770 07-049 07/31/24 Radja Collins Law LLC Legal Services 1,945.97 1,945.97 33,147.55  Board of Trustees of the Firefighters Pension Fund 8/12/2024 Item: FPI F - AH Department: Fire FPI F - AH Pension Fund Summary, May 2024 ATTACHMENTS: Description Type AH Fund Summary - May 2024 Report  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) May 2024 2024 YTD Beginning NAVs: Beginning NAV 141,063,090.75 138,584,922.21 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 141,063,090.75 Allocation Percent 1.65% Income & Expenses: Unrealized Gain/Loss 4,444,567.16 5,504,732.67 Realized Gain/Loss -189,975.14 399,055.85 Dividend Income 83,078.22 358,106.81 Interest Income 169,010.73 756,772.46 Other Income - -49.42 Total Income 4,506,680.97 7,018,618.37 Administrator Expenses (FPIF) - 31,076.02 Other Fee & Expenses (FPIF) 6,464.17 5,906.87 Other Expenses 432.09 3,682.23 Management Fee 20,724.91 20,724.91 Performance Fee - - Total Fee & Expenses 27,621.17 61,390.03 Net Income 4,479,059.80 6,957,228.34 Ending NAVs: Ending NAV 145,542,150.55 145,542,150.55 Rate of Returns: Return on Invested Capital 3.18% 5.02% Return on Total Assets 3.18% 5.02% 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 8/12/2024 Item: FPI F Consolidated Department: Fire FPI F - Consolidated Fund Summary as of June 2024 ATTACHMENTS: Description Type FPIF - Consolidated Fund Summary, June Report 2024 Illinois Firefighters’ Pension Investment Fund Monthly Summary June 30, 2024 * Preliminary, subject to change  Illinois Firefighters' Pension Annualized Performance (Net of Fees) Investment Fund Return Summary - 1 Month Total Return _ Total Fund Composite 1.4% IFPIF Policy Benchmark 1.3% Total Fund Composite excl. Member Funds 1.4% IFPIF Policy Benchmark 1.3% U.S. Equity Composite 2.9% Russell 3000 3.1% Non-U.S. Equity Composite -0.1% MSCI ACWI ex USA IMI -0.2% Total Fixed Income Composite 1.1% Bloomberg US Universal TR 0.9% Total Real Estate Composite 0.8% Real Estate Custom Benchmark 0.7% *Policy targets are based on Interim Asset Allocation. Marquette Associates, Inc. 1  Total Fund Composite Asset Allocation Market Value: $8,990.6 Million and 100.0% of Fund Ending June 30, 2024 Asset Class Market Value % of Portfolio Policy % _ Total Fund Composite $8,990,593,870 100.0% 100.0% Total Fund Composite excl. Member Funds $8,990,575,905 100.0% 100.0% Total Equity Composite $5,877,925,490 65.4% 65.0% U.S. Equity Composite $3,305,122,599 36.8% 36.0% Rhumbline Russell 200 Large-Cap Core $2,371,174,186 26.4% 25.0% Rhumbline Russell Midcap Mid-Cap Core $768,143,741 8.5% 9.0% Rhumbline S&P 600 Small-Cap Core $165,804,672 1.8% 2.0% Non-U.S. Equity Composite $2,572,802,891 28.6% 29.0% International Developed Equity Composite $1,652,333,860 18.4% 19.0% SSGA World ex US Non-U.S. Large-Cap Core $1,395,221,162 15.5% 16.0% SSGA World ex US Small Non-U.S. Small-Cap Core $257,112,698 2.9% 3.0% Emerging Markets Equity Composite $920,469,031 10.2% 10.0% SSGA MSCI EM Emerging Markets $734,035,373 8.2% 8.0% SSGA EM Small EM Small-Cap $186,433,658 2.1% 2.0% Total Fixed Income Composite $2,622,652,846 29.2% 30.0% Rate Sensitive Composite $2,373,472,483 26.4% 27.0% Short-Term Treasury Composite $265,010,415 2.9% 3.0% SSGA Short Treasury Short-Term Govt. Fixed Income $265,010,415 2.9% 3.0% Core Fixed Income Composite $2,108,462,069 23.5% 24.0% Garcia Hamilton & Associates Core Fixed Income $1,048,461,245 11.7% 12.0% Brown Brothers Harriman & Co Core Plus Fixed Income $1,060,000,823 11.8% 12.0% Credit Fixed Income Composite $249,180,363 2.8% 3.0% Emerging Markets Debt Composite $249,180,363 2.8% 3.0% Macquarie Investment Management EM Fixed Income $123,630,639 1.4% 1.5% William Blair Investment Management EM Fixed Income $125,539,050 1.4% 1.5% Total Alternatives Composite $388,220,905 4.3% 5.0% Total Real Estate Composite $386,660,905 4.3% 5.0% Core Real Estate Composite $386,660,905 4.3% 5.0% Public Real Estate Composite $177,027,687 2.0% 2.0% SSGA FTSE NAREIT U.S. REIT $177,027,687 2.0% 2.0% Private Real Estate Composite $209,633,219 2.3% 3.0% Principal USPA Fund Core Real Estate $209,633,219 2.3% 3.0% Private Equity Composite $1,560,000 0.0% 0.0% Cash Composite $101,758,194 1.1% 0.0% Transition Composite $18,470 0.0% 0.0% Member Funds Composite $17,965 0.0% 0.0% XXXXX *Policy targets are based on Interim Asset Allocation. 2 Marquette Associates, Inc. Investment Manager Annualized Performance (Net of Fees) Market Value: $8,990.6 Million and 100.0% of Fund Ending June 30, 2024 Inception 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Total Fund Composite 1.4 1.6 6.5 13.0 -- -- -- 2.9 Oct-21 IFPIF Policy Benchmark 1.3 1.5 6.0 12.4 2.5 7.3 6.6 2.9 Oct-21 Total Fund Composite excl. Member Funds 1.4 1.6 6.5 13.0 -- -- -- 2.4 Oct-21 IFPIF Policy Benchmark 1.3 1.5 6.0 12.4 2.5 7.3 6.6 1.8 Oct-21 Total Equity Composite 1.6 2.2 9.8 17.9 -- -- -- 3.9 Oct-21 MSCI ACWI IMI Net USD 1.9 2.4 10.3 18.4 4.7 10.4 8.2 3.9 Oct-21 U.S. Equity Composite 2.9 3.0 13.2 22.8 -- -- -- 6.5 Oct-21 Russell 3000 3.1 3.2 13.6 23.1 8.1 14.1 12.1 6.5 Oct-21 Rhumbline Russell 200 4.5 5.7 17.2 27.4 -- -- -- 9.1 Oct-21 Russell Top 200 4.5 5.7 17.2 27.4 10.9 16.4 13.8 9.2 Oct-21 Rhumbline Russell Midcap -0.7 -3.3 5.0 12.8 -- -- -- 0.8 Oct-21 Russell MidCap -0.7 -3.3 5.0 12.9 2.4 9.5 9.0 0.8 Oct-21 Rhumbline S&P 600 -2.3 -3.1 -0.7 8.6 -- -- -- -0.5 Oct-21 S&P 600 SmallCap -2.3 -3.1 -0.7 8.7 -0.3 8.1 8.2 -0.5 Oct-21 Non-U.S. Equity Composite -0.1 1.2 5.5 11.9 -- -- -- 0.6 Oct-21 MSCI ACWI ex USA IMI -0.2 0.9 5.3 11.6 0.2 5.6 3.9 0.3 Oct-21 International Developed Equity Composite -1.9 -0.6 4.6 11.0 -- -- -- 1.7 Oct-21 MSCI World ex USA IMI NR USD -1.8 -0.7 4.4 10.8 2.0 6.3 4.2 1.3 Oct-21 SSGA World ex US -1.7 -0.5 5.2 11.5 -- -- -- 2.7 Oct-21 MSCI World ex USA -1.7 -0.6 5.0 11.2 2.8 6.6 4.3 2.3 Oct-21 SSGA World ex US Small -2.8 -1.4 1.1 8.1 -- -- -- -4.0 Oct-21 MSCI World ex USA Small Cap -2.9 -1.6 1.0 7.8 -3.0 4.7 4.0 -4.3 Oct-21 Emerging Markets Equity Composite 3.3 4.7 7.1 13.2 -- -- -- -1.8 Oct-21 MSCI Emerging Markets IMI 3.8 5.1 7.4 13.6 -4.1 3.9 3.1 -2.1 Oct-21 SSGA MSCI EM 3.4 4.6 7.2 11.8 -- -- -- -3.2 Oct-21 MSCI Emerging Markets 3.9 5.0 7.5 12.5 -5.1 3.1 2.8 -3.0 Oct-21 SSGA EM Small 3.0 5.5 7.0 19.2 -- -- -- 3.4 Oct-21 MSCI Emerging Markets Small Cap 3.2 5.9 7.0 20.0 2.5 10.0 5.2 3.6 Oct-21 Total Fixed Income Composite 1.1 0.5 0.4 4.6 -- -- -- -2.1 Oct-21 Bloomberg US Universal TR 0.9 0.2 -0.3 3.5 -2.7 0.1 1.6 -3.0 Oct-21 Rate Sensitive Composite 1.2 0.5 0.2 4.1 -- -- -- -2.1 Oct-21 Bloomberg US Aggregate TR 0.9 0.1 -0.7 2.6 -3.0 -0.2 1.3 -3.4 Oct-21 Short-Term Treasury Composite 0.6 0.9 1.2 4.5 -- -- -- 3.1 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.6 0.9 1.2 4.5 0.3 1.0 1.1 3.1 Mar-23 SSGA Short Treasury 0.6 0.9 1.2 4.5 -- -- -- 3.1 Mar-23 Bloomberg US Treasury 1-3 Yr TR 0.6 0.9 1.2 4.5 0.3 1.0 1.1 3.1 Mar-23 Marquette Associates, Inc. 3 Investment Manager Annualized Performance (Net of Fees) Market Value: $8,990.6 Million and 100.0% of Fund Ending June 30, 2024 Inception 1 Mo 3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Date _ Core Fixed Income Composite 1.3 0.5 0.1 4.1 -- -- -- -2.6 Oct-21 Bloomberg US Aggregate TR 0.9 0.1 -0.7 2.6 -3.0 -0.2 1.3 -3.4 Oct-21 Garcia Hamilton & Associates 1.3 0.1 -1.3 1.2 -- -- -- 0.0 Mar-23 Bloomberg US Aggregate TR 0.9 0.1 -0.7 2.6 -3.0 -0.2 1.3 1.4 Mar-23 Brown Brothers Harriman & Co 1.2 0.9 1.4 6.9 -- -- -- 5.4 Mar-23 Bloomberg US Aggregate TR 0.9 0.1 -0.7 2.6 -3.0 -0.2 1.3 1.4 Mar-23 Credit Fixed Income Composite 0.7 0.3 2.0 8.8 -- -- -- -2.6 Oct-21 JP Morgan EMBI Global Diversified 0.6 0.3 2.3 9.2 -2.6 0.0 2.6 -2.7 Oct-21 Emerging Markets Debt Composite 0.7 0.3 2.0 8.8 -- -- -- -2.6 Oct-21 JP Morgan EMBI Global Diversified 0.6 0.3 2.3 9.2 -2.6 0.0 2.6 -2.7 Oct-21 Macquarie Investment Management 0.6 -- -- -- -- -- -- 0.6 May-24 JP Morgan EMBI Global Diversified 0.6 0.3 2.3 9.2 -2.6 0.0 2.6 0.6 May-24 William Blair Investment Management 1.1 -- -- -- -- -- -- 1.1 May-24 JP Morgan EMBI Global Diversified 0.6 0.3 2.3 9.2 -2.6 0.0 2.6 0.6 May-24 Total Alternatives Composite 0.8 -0.5 -1.6 -1.8 -- -- -- -0.8 Oct-21 Total Real Estate Composite 0.8 -0.5 -1.6 -1.8 -- -- -- -0.8 Oct-21 Real Estate Custom Benchmark 0.7 -0.4 -1.8 -2.9 1.4 3.8 6.3 -1.2 Oct-21 Core Real Estate Composite 0.8 -0.5 -1.6 -1.8 -- -- -- -0.8 Oct-21 Real Estate Custom Benchmark 0.7 -0.4 -1.8 -2.9 1.4 3.8 6.3 -1.2 Oct-21 Public Real Estate Composite 2.9 0.1 -0.1 7.8 -- -- -- -2.7 Oct-21 FTSE NAREIT Equity REIT 2.9 0.1 -0.1 7.8 0.3 3.9 5.9 -2.7 Oct-21 SSGA FTSE NAREIT 2.9 0.1 -0.1 7.8 -- -- -- -2.7 Oct-21 FTSE NAREIT Equity REIT 2.9 0.1 -0.1 7.8 0.3 3.9 5.9 -2.7 Oct-21 Private Real Estate Composite -0.8 -0.9 -2.8 -8.7 -- -- -- -0.1 Oct-21 NFI-ODCE Equal Weighted -0.8 -0.8 -3.2 -10.3 1.1 2.6 5.8 -1.1 Oct-21 Principal USPA Fund -0.8 -0.9 -2.8 -8.7 -- -- -- -0.1 Oct-21 NFI-ODCE Equal Weighted -0.8 -0.8 -3.2 -10.3 1.1 2.6 5.8 -1.1 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. 2Q 2024 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.