Board of Trustees of the Fire Pension Fund

AGENDA Board of Trustees of the Fire Pension Fund Fire Station #2, 1150 N. Arlington Heights Road November 18, 2024 9:00 AM I. CALL TO ORDER II. ROLL CALL OF MEMBERS III. APPROVAL OF MINUTES A. Minutes from Regular Pension Board Meeting - August 12, 2024 IV. CLOSED SESSION V. TREASURER'S REPORT A. Projected Cash Flow - Q3, 2024 B. Fire Pension Fund - Proposed 2025 Budget C. Fire Pension Financial - Q3, 2024 VI. PAYMENT OF BILLS A. Check Register - Q3, 2024 VII. REPORTS A. FPIF - Arlington Heights Fund Summary as of September 2024 B. FPIF - Consolidated Fund Report as of September 2024 VIII. OLD BUSINESS A. Death of FF Phillip Palczynski - Spousal Survivor Benefits Update B. Application of Duty Disability Pension FF Steven Landt - Update IX. NEW BUSINESS A. Death of Retired FF/Captain Jerry Leligdon on September 4, 2024 - Spousal Benefits B. Closed Executive Session - Release of Minutes C. Approval of IPPFA invoice of $825.00 for 2025 membership X. OTHER BUSINESS Page 1 of 32  A. Announcements / Correspondence XI. PUBLIC COMMENT Anyone wishing to speak on a subject not on the Agenda may speak at this time. Please limit your comments to three minutes. 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, IL 60005, emercado@vah.com or 847/368- 5793. Page 2 of 32  ARLINGTON HEIGHTS FIREFIGHTERS’ PENSION BOARD Minutes of the Regular Meeting held on August 12, 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 Pete Ahlman Kyle Kaczanowski Others in Attendance: Thomas Radja, Board Attorney (Collins, Radja & Hartwell) Melissa Cayer, Public Observer CALL TO ORDER Adam Sielig called the meeting to order at 9:02 AM. Roll was called with board members Adam Sielig, Lance Harris, Thomas Kuehne, Peter Ahlman and Kyle Kaczanowski present. Also present were Thomas Radja, Board Attorney, and Melissa Cayer, Public Observer. APPROVAL OF MINUTES Minutes from the Regular Board Meeting of May 6, 2024 were reviewed for approval. A motion was made and seconded (T. Kuehne/P. Ahlman) to approve the minutes from the Regular Board meeting on May 6. All in favor, motion passed. CLOSED SESSION None TREASURER’S REPORT Tom Kuehne distributed the Financial Report ending June 30, 2024 and the Projected Cash Flow report. The Financial Report indicates our total net assets to be $149.7 million and overall, the fund is doing well. On the revenue side the market value adjustments are well beyond what was budgeted, always nice to see. On the expense side, we are at the 50% mark. Projected Cash Flow He next discussed the monthly projection that Mary Ellen provides for cash flow purposes. The report initially showed a $1 million transfer from the Illinois Fund; however, we have recently received funds from the property tax and thus no longer need the $1 million. The cash flow report was updated to reflect the receipt of property taxes. As of now, we still anticipate a $500,000 transfer in October as noted on the report. Firefighters’ Pension Board Meeting – August 12, 2024 – Page 1 of 5 Page 3 of 32 Annual Police & Fire Pension Report to the Village Board with 2024 Property Tax Levy On an annual basis, the Police and Firefighter Pension Boards are required to provide a report to the Village Board on the financial condition of their funds. Both funds had a loss of a small amount of money on the tax scenario basis. Also, due to large investment losses in 2022 and a three-year smoothing process, the loss is spread across three years’ time and this is now the second year of the three-year smoothing. We will probably show a loss this year and possibly next year, depending where we are by the end of the year. Our funding percentage went from 78.5% to 75.7%. We prefer to be at 80% or above, and we continue to work toward that goal. Next, Tom discussed the actuarial results prepared by MWM Consulting firm, hired to determine the actuarial amount towards the property tax levy. Historically the Village has done this on the basis of the GASBE (government accounting standard board) method with a 100% funding by 2040, whereas the State Statute indicates funding of 90% by 2040. Using the State’s method would result in $5.1 million in property tax. Following the GASBE method results in approximately $6.7 million property tax. We will seek approval from the Village Board and request this Pension Board to now approve the annual actuarial tax levy requirement of $6,705,279 for 2024. Motion was made and seconded (T. Kuehne/L. Harris) to approve the proposed 2024 Tax Levy Requirement amount of $6,705,279. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. As a side note, Tom indicated the one of the key differences between our actuary evaluation and the State’s actuary numbers is the assumed difference in the rate of return numbers. We assume 6.75% which is a lower number than the Illinois Pension Investment Fund which assumes 7.125%. We are being very conservative and will continue as we’ve done in the past to lessen our unfunded liability. Chief Harris reiterated that the Pension Fund received $3.5 million over the past two years from the Village Surplus Fund as approved by the Village Board. This was a generous amount and greatly helped to benefit our pension funding. Tom Kuehne agreed and added that the Village Board understands the need to increase funding and, in the long run, helps the property taxes. PAYMENT OF BILLS The Check Register was reviewed and Tom Kuehne asked for approval of check #765 through check #770 (journal voucher 4-207 to journal voucher 7-049). Motion was made and seconded (T. Kuehne/A. Sielig) to approve check #765 (JV 4-207) to check #770 (JV 7-049). Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. Firefighters’ Pension Board Meeting – August 12, 2024 – Page 2 of 5 Page 4 of 32 REPORTS • Illinois Firefighters Pension Investment Fund (FPIF) Adam Sielig distributed both the May 2024 statement from FPIF, specifically the Arlington Heights pension fund portion with a YTD Net Asset Value of $145,542,150, a return of 5.02%. The Consolidated Fund report was also provided. OLD BUSINESS • Death of FF Phillip Palczynski – Spousal Survivor Benefits Update Attorney Radja briefly reviewed that we still have a duty-disability application from the spouse of deceased FF Palczynski. As previously noted, we have subpoenaed 12 different medical facilities and also records from the Village. Once all the records are gathered and upon completion of a records review by three IME’s, we can then evaluate the duty disability application. Because the patient is deceased, this is more difficult and time consuming. The three IMEs require all medical records so they can thoroughly and accurately come to the best possible opinion. We hope to set appointment dates of the IMEs by next quarter’s meeting. Chief Harris explained that FF Palczynski made several late-night phone conversations to another person/group requesting their help with his mental health concerns. Attorney Radja indicated if he is given the names of individuals Phil spoke with, he can issue a subpoena to attend as a witness at a future Hearing. After some discussion, it was decided to wait for review of all the medical records and IME’s opinions. Application for Duty Disability Pension FF Steven Landt – Update Tom Radja again spoke with the client’s new attorney who indicated they are still processing the documents and possibly the Landts will be ready for a Hearing in the fourth quarter. In our case, we have all our records available and are now ready for a Hearing. The Landts’ attorney asked that we postpone the Hearing until the applicant’s process is completed. We offered them a Regular pension and acceptance is up to the applicant. Tom Radja further indicated that the Department of Insurance has no provision to move from a regular pension to a disability pension. Once a decision is final, then FF Landt will receive all back pension payments due him. For the time being, we wait until their attorney is ready to move forward with a Hearing. • Annual Medical Evaluation, Retired Disabled FF Under Age 50 – Daniel Bennett Daniel Bennett recently had his medical evaluation for disability. Attorney Radja received the returned medical evaluation form from Daniel Bennett’s attending physician. The physician determined that retired FF Daniel Bennett is permanently disabled. Motion was made and seconded (A. Sielig/T. Kuehne) to accept the medical evaluation and continue disability benefits for retired FF Daniel Bennett. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. Firefighters’ Pension Board Meeting – August 12, 2024 – Page 3 of 5 Page 5 of 32 • Updated AH Pension Fund Rules & Regulations – Review of Draft Changes made in the Rules & Regulations document are related to electronic voting of Board members and the disability proceedings. These have been reviewed by the Pension Board and agreed upon. Motion was made and seconded (A. Sielig/P. Ahlman) to accept the updated Firefighters Pension Fund Rules & Regulations document. All in favor, motion passed. Adam Sielig indicated he will issue the updated document to all fire department active members as an electronic document. There is no need to require a signed “receipt” of document. Attorney Radja is working on updated pension forms and will have this available at the next meeting. Electronic format will be available to all Board members. NEW BSINESS • Death of Retired FF Donald Hirth on May 25, 2024 – Cessation of Benefits Retired FF Donald Hirth passed away on May 25, 2024 and we have received the death certificate. His spouse preceded him in death and there are no dependent beneficiaries. Cessation of pension benefits are for Board’s approval. Motion was made and second (T. Kuehne/K. Kaczanowski) to cease pension benefits for deceased FF Donald Hirth as of May 25. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. • Death of Retired FF Robert Loyal on August 3, 2024 The Board received notification of the recent death of FF Robert Loyal on August 3, 2024. His spouse, Betty, is entitled to a surviving spousal benefit in the amount of $7,238.04. Motion was made and seconded ((T. Kuehne/L. Harris) to approve survivor benefits to his spouse, Betty Loyal, in the amount of $7,238.04 monthly. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. • Fiduciary Insurance Continuation – Alliant Invoice for Approval Board members reviewed a copy of the Fiduciary Insurance coverage (10/1/2024 to 10/1/2025) Firefighters’ Pension Board Meeting – August 12, 2024 – Page 4 of 5 Page 6 of 32  with Alliant Insurance Services and approved the processing of their invoice in the amount of $5,329.00. The invoice amount is the same amount as last year. Motion was made and seconded (A. Sielig/P. Ahlman) to approve the fiduciary insurance invoice in the amount of $5,329.00 from Alliant Insurance. Roll was called. Ayes: L. Harris, T. Kuehne, A. Sielig, P. Ahlman, K. Kaczanowski Nays – 0; Motion carried. OHER BUSINESS Attorney Radja mentioned he emailed the periodic newsletter in June and plans to issue the next issue in September. His plans to distribute the newsletter to each Board member prior to each quarterly meeting. The newsletter will be an update of any pending legislative items, etc. His next newsletter will include a review Tier I vs. Tier II, as there are a number of questions on that topic. PUBLIC COMMENTS None. ADJOURNMENT As there was no other business to present before the Board, a motion was made and seconded (A. Sielig/P. Ahlman) to adjourn the meeting. Meeting adjourned at 9:38 AM. All in favor, motion carried. NEXT REGULAR MEETING – Scheduled for Monday, November 18, at 9:00 AM Respectfully submitted, ______________________ Laura Potts Recording Secretary ______________________ Peter Ahlman Board Secretary Firefighters’ Pension Board Meeting – August 12, 2024 – Page 5 of 5 Page 7 of 32 Page 8 of 32 Page 9 of 32 Fire Pension Fund 2025 Proposed Budget Fund at a Glance The Village has been mandated by state law to provide for a separate Fire Pension Plan. This fund is created for the purpose of providing for the retirement pensions of our firefighters. The fund is administered locally and the fiduciary responsibility is placed upon the Village Treasurer and the Board of Trustees of the Fire Pension Fund. Restrictions: STATE LAW – The Fire Pension Fund is locally administered as prescribed in Chapter 40 of the Illinois State Statutes. This fund must be separately accounted for and not commingled with other Village funds. The Village contracts for independent actuarial services. 300 Page 10 of 32 Performance Measures 2021 2022 2023 1. # of Active Participants 106 107 109 # of Retired Participants 106 109 110 Regular Pensioners 62 65 65 Duty Disability Pensioners 22 23 22 Non-Duty Disability Pensioners 2 2 2 Surviving Spouses 20 19 21 2. Actuarial Value of Fund Assets at December 31 $149,361,461 $127,478,716 $143,776,890 3. Total Actuarial Liability $179,441,272 $189,539,868 $198,055,830 4. Funded Ratio 83.24% 67.26% 72.59% 5. Annual Actuarial Investment Return As Percentage of Fund Assets at December 31 11.52% -14.76% 12.65% 6. Employer Annual Actuarial Funding Requirements $5,255,000 $5,880,000 $6,705,000 301 Page 11 of 32 Fund Summary 2022 ACTUALS 2023 ACTUALS 2024 PROJECTION 2024 BUDGET 2025 BUDGET FY2022 FY2023 FY2024 FY2024 FY2025 INC (DEC) INC (DEC) % Revenues Pension Contributions $6,130,906 $6,595,839 $7,111,000 $7,091,000 $7,956,000 $865,000 12.2% Investment Income ($21,301,148) $18,703,315 $4,800,000 $3,400,000 $3,500,000 $100,000 2.9% Other Income ($7,320) $11,690 – – – $0 – Other Financing Sources $2,000,000 – – – – $0 – REVENUES TOTAL ($13,177,562) $25,310,844 $11,911,000 $10,491,000 $11,456,000 $965,000 9.2% Expenses Salaries $8,508,695 $8,814,870 $9,013,100 $9,013,100 $9,556,500 $543,400 6.0% Contractual Services $196,389 $190,973 $192,300 $192,300 $197,300 $5,000 2.6% Commodities $99 $256 $200 $200 $200 $0 0.0% Other Charges – – $25,000 $25,000 $25,000 $0 0.0% EXPENSES TOTAL $8,705,182 $9,006,099 $9,230,600 $9,230,600 $9,779,000 $548,400 5.9% Revenues Over Expenditures ($21,882,744) $16,304,745 $2,680,400 $1,260,400 $1,677,000 – – Fund Balance $127,472,145 $143,776,890 $146,457,290 $145,037,290 $148,134,290 – – 302 Page 12 of 32 Revenues & Expenditures 2022 ACTUALS 2023 ACTUALS 2024 PROJECTION 2024 BUDGET 2025 BUDGET FY2022 FY2023 FY2024 FY2024 FY2025 Inc / (Dec) Inc / (Dec) % Revenues 711 - Fire Pension Fund 0000 - Non Departmental Pension Contributions 485860 - Pens Contrib Participant $1,168,906 $1,223,708 $1,230,000 $1,210,000 $1,250,000 $40,000 3.3% 485870 - Pens Contrib R/E Tax $4,962,000 $5,372,130 $5,881,000 $5,881,000 $6,706,000 $825,000 14.0% PENSION CONTRIBUTIONS TOTAL $6,130,906 $6,595,839 $7,111,000 $7,091,000 $7,956,000 $865,000 12.2% Investment Income 461020 - Int Inc on Investments $48,751 $1,475,557 $2,000,000 $900,000 $1,000,000 $100,000 11.1% 462080 - Int Inc Gain/Loss Invstmt – $16,340,187 – – – $0 – 462100 - Invest Inc Invstmnt Inc IMET ($22,206,916) $0 $2,000,000 $2,000,000 $2,000,000 $0 0.0% 462110 - Invest Inc Dividends $857,018 $887,571 $800,000 $500,000 $500,000 $0 0.0% INVESTMENT INCOME TOTAL ($21,301,148) $18,703,315 $4,800,000 $3,400,000 $3,500,000 $100,000 2.9% Other Income 489900 - Other Income ($7,320) $11,690 – – – $0 – OTHER INCOME TOTAL ($7,320) $11,690 – – – $0 – Other Financing Sources 491050 - Other Fin Src Oper Transfer In $2,000,000 – – – – $0 – OTHER FINANCING SOURCES TOTAL $2,000,000 – – – – $0 – 0000 - NON DEPARTMENTAL TOTAL ($13,177,562) $25,310,844 $11,911,000 $10,491,000 $11,456,000 $965,000 9.2% 711 - FIRE PENSION FUND TOTAL ($13,177,562) $25,310,844 $11,911,000 $10,491,000 $11,456,000 $965,000 9.2% REVENUES TOTAL ($13,177,562) $25,310,844 $11,911,000 $10,491,000 $11,456,000 $965,000 9.2% Expenses 711 - Fire Pension Fund 8001 - Pensions Admin Salaries 515010 - Pensions $5,762,436 $5,973,856 $6,233,300 $6,233,300 $6,580,000 $346,700 5.6% 515020 - Non Duty Disab Pens $151,972 $95,820 $197,300 $197,300 $90,000 ($107,300) (54.4%) 515030 - Duty Disability Pens $1,267,425 $1,267,203 $1,243,400 $1,243,400 $1,224,600 ($18,800) (1.5%) 515040 - Survive Spouse Pens $1,142,854 $1,170,759 $1,123,900 $1,123,900 $1,334,800 $210,900 18.8% 515050 - Occup Disease Pens $184,008 $307,232 $215,200 $215,200 $327,100 $111,900 52.0% SALARIES TOTAL $8,508,695 $8,814,870 $9,013,100 $9,013,100 $9,556,500 $543,400 6.0% Contractual Services 520200 - Legal Services $89,906 $31,594 $50,000 $50,000 $50,000 $0 0.0% 520210 - Invest Mgr Serv $5,000 $139,537 $120,000 $120,000 $120,000 $0 0.0% 520220 - Invest Custodan $69,280 – – – – $0 – 520750 - Examinations $23,474 $10,800 $10,000 $10,000 $15,000 $5,000 50.0% 521650 - Other Services $6,710 $6,774 $9,700 $9,700 $9,700 $0 0.0% 522020 - Dues $1,295 $795 $1,300 $1,300 $1,300 $0 0.0% 522030 - Training $725 $1,475 $1,000 $1,000 $1,000 $0 0.0% 522050 - Postage – ($3) $300 $300 $300 $0 0.0% CONTRACTUAL SERVICES TOTAL $196,389 $190,973 $192,300 $192,300 $197,300 $5,000 2.6% Commodities 530010 - Publications – – $100 $100 $100 $0 0.0% 530050 - Office Supp & Equip $99 $256 $100 $100 $100 $0 0.0% COMMODITIES TOTAL $99 $256 $200 $200 $200 $0 0.0% Other Charges 540650 - Pension Refunds – – $25,000 $25,000 $25,000 $0 0.0% OTHER CHARGES TOTAL – – $25,000 $25,000 $25,000 $0 0.0% 8001 - PENSIONS ADMIN TOTAL $8,705,182 $9,006,099 $9,230,600 $9,230,600 $9,779,000 $548,400 5.9% 711 - FIRE PENSION FUND TOTAL $8,705,182 $9,006,099 $9,230,600 $9,230,600 $9,779,000 $548,400 5.9% EXPENSES TOTAL $8,705,182 $9,006,099 $9,230,600 $9,230,600 $9,779,000 $548,400 5.9% 303 Page 13 of 32 Expenditures Detail Account String Account Name Description Total Amount 711-8001-515010 $6,580,000 Pensions Service Pensions $6,580,000 711-8001-515020 $90,000 Non Duty Disab Pens Non-Duty Disability Pensions $90,000 711-8001-515030 $1,224,600 Duty Disability Pens Duty Disability Pensions $1,224,600 711-8001-515040 $1,334,800 Survive Spouse Pens Surviving Spouse Pensions $1,334,800 711-8001-515050 $327,100 Occup Disease Pens Occupational Disease Pensions $327,100 711-8001-520200 $50,000 Legal Services Legal Services $50,000 711-8001-520210 $120,000 Invest Mgr Serv IL Fire Pension Investment Fund Fees $120,000 711-8001-520750 $15,000 Examinations Disability Pensioner Medical Examinations $15,000 711-8001-521650 $9,700 Other Services Court Reporter $2,200 Other Services Secretarial Services $1,500 Other Services Other Services $800 Other Services Fiduciary Insurance $5,200 711-8001-522020 $1,300 Dues Dues $1,300 711-8001-522030 $1,000 Training Trustee Training $1,000 711-8001-522050 $300 Postage Dues $300 711-8001-530010 $100 Publications Publications $100 711-8001-530050 $100 Office Supp & Equip General Office Supplies $100 711-8001-540650 $25,000 Pension Refunds Refunds of Contributions Upon Withdrawal $25,000 $9,779,000 304 Page 14 of 32  CY 2024 BALANCE SHEET September 30, 2024 FIREFIGHTERS' PENSION FUND Arlington Heights YTD Firefighters' Pension Fund ASSETS ACTUAL September 2024 Financial Report Cash and Investments Cash and Equivalents 927,414 Pension Investments 157,126,873 Illinois Funds 4,281,034 162,335,321 Receivables Accrued Interest 0 Other 0 Due From Other Funds 0 TOTAL ASSETS 162,335,321 LIABILITIES Accounts Payable 7,353 Deferred Portability Payment 0 Due To Other Funds 0 TOTAL LIABILITIES 7,353 NET ASSETS 162,327,968 BUDGET COMPARISON REPORT CALENDAR YEAR 2024 September 30, 2024 FIREFIGHTERS' PENSION FUND 75% of the Calendar Year 2024 MTD MTD YTD YTD UNREALIZED PERCENT REVENUES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS RECEIVED Interest on Investments 900,000 74,997 197,049 674,973 1,621,316 (721,316) 180% Market Value Adjustments 2,000,000 166,660 2,896,776 1,499,940 16,531,546 (14,531,546) 827% Dividend Income 500,000 41,665 89,172 374,985 669,012 (169,012) 134% Contributions - Participants 1,210,000 100,829 98,179 907,464 922,293 287,707 76% Contributions - R/E Tax 5,881,000 0 87,218 5,881,000 5,720,361 160,639 97% Other Income 0 0 (5,194) 0 978 (978) N/A TOTAL 10,491,000 384,151 3,363,201 9,338,362 25,465,506 (14,974,506) 243% 2024 MTD MTD YTD YTD AVAILABLE PERCENT EXPENDITURES BUDGET BUDGET ACTUAL BUDGET ACTUAL DOLLARS SPENT Service Pensions 6,233,300 519,421 496,131 4,674,788 4,541,119 1,692,181 73% Non-Duty Disability Pensions 197,300 16,441 7,451 147,969 67,056 130,244 34% Duty Disability Pensions 1,243,400 103,613 99,463 932,513 895,170 348,230 72% Surviving Spouse Pensions 1,123,900 93,655 118,473 842,891 1,015,593 108,307 90% Occupational Disease Pensions 215,200 17,933 26,919 161,394 242,268 (27,068) 113% Legal Services 50,000 4,167 1,444 37,499 12,427 37,573 25% Investment Manager Services 120,000 10,000 14,963 89,996 118,533 1,467 99% Examinations 10,000 833 0 7,500 12,450 (2,450) 125% Other Services 9,700 808 0 7,275 5,649 4,051 58% Dues 1,300 108 0 975 0 1,300 0% Training 1,000 83 1,190 750 3,000 (2,000) 300% Postage 300 25 80 225 150 150 50% Publications/Periodicals 100 8 0 75 0 100 0% Office Supplies & Equip 100 8 0 75 0 100 0% Pension Refunds 25,000 2,083 0 18,749 7,584 17,416 30% TOTAL 9,230,600 769,186 766,114 6,922,673 6,921,000 2,309,600 75% REVENUE OVER (UNDER) EXPENDITURES 1,260,400 (385,035) 2,597,087 2,415,689 18,544,507 (17,284,107) 1471% BEG. FUND BALANCE 143,783,462 143,783,462 ENDING FUND BALANCE 145,043,862 162,327,968 Page 15 of 32  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 1,945.97 771 09-063 09/30/24 IPPFA Training Conference Registration 595.00 772 09-063 09/30/24 Radja Collins Law LLC Legal Services 1,443.75 773 09-063 09/30/24 Peter Ahlman Training Conference Registration 595.00 2,633.75 774 11-128 11/30/24 IPPFA Dues 825.00 36,606.30 Page 16 of 32  Arlington Heights Firefighters Pension Fund Statement of Results Illinois Firefighters Pension Investment Fund Currency: USD ($) September 2024 2024 YTD Beginning NAVs: Beginning NAV 153,982,961.34 138,584,922.21 Contributions - - Withdrawals - - Net Time Weighted Activity - Allocation Balance 153,982,961.34 Allocation Percent 1.63% Income & Expenses: Unrealized Gain/Loss 2,774,905.48 15,433,697.06 Realized Gain/Loss 121,870.72 1,097,848.67 Dividend Income 89,171.77 669,012.19 Interest Income 178,120.17 1,464,544.46 Derivative Income 2,123.35 3,239.80 Private Equity / Real Estate Income -7,316.86 -7,817.75 Income Adjustments for the period Other Income 0.00 -40.58 Total Income 3,158,874.63 18,660,483.85 Administrator Expenses (FPIF) - 41,371.90 Other Fee & Expenses (FPIF) 3,069.19 26,506.78 Other Expenses 236.36 6,421.12 Swap Fees 93.64 254.24 Management Fee 11,564.11 43,979.35 Performance Fee - - Total Fee & Expenses 14,963.30 118,533.39 Net Income 3,143,911.33 18,541,950.46 Ending NAVs: Ending NAV 157,126,872.67 157,126,872.67 Rate of Returns: Return on Invested Capital 2.04% 13.38% Return on Total Assets 2.04% 13.38% Ownership 1.62% 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 Page 17 of 32 Illinois Firefighters' Pension Investment Fund Monthly Summary September 30, 2024 Preliminary, subject to change Page 18 of 32 Illinois Firefighters' Pension Investment Fund Executive Summary As of September 30, 2024 32.0 24.4 23.6 24.0 18.3 Return 18.3 16.0 13.5 13.0 8.5 8.0 6.5 6.5 6.5 6.5 4.9 4.9 4.9 4.9 2.1 2.1 0.0 1 1 Year Fiscal Year 1 2 3 5 Inception Month Quarter To To Year Years Years Years 10/1/21 Date Date Total Fund Composite IFPIF Policy Benchmark Total Fund Composite vs. Target Allocation Mo Current Balance Portfolio Policy (%) Total Equity Composite -0.1 % Total Fund Composite 9,689,623,457 100.0 100.0 6.5 Total Fund Composite excl. Member Funds 9,689,592,485 100.0 100.0 6.5 Total Fixed Income Composite -1.4 % Total Equity Composite 6,292,593,050 64.9 65.0 7.1 Total Fixed Income Composite 2,766,411,086 28.6 30.0 5.5 Total Alternatives Composite -0.2 % Total Alternatives Composite 462,119,703 4.8 5.0 6.9 Cash Composite 168,449,427 1.7 0.0 1.3 Cash Composite 1.7% -3.0 % 0.0% 3.0% Difference Policy targets are based on Interim Asset Allocation. 2 Page 19 of 32 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending September 30, 2024 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Fund Composite 9,689,623,457 100.0 100.0 2.1 Total Fund Composite excl. Member Funds 9,689,592,485 100.0 100.0 2.1 Total Equity Composite 6,292,593,050 64.9 65.0 2.5 U.S. Equity Composite 3,516,105,895 36.3 36.0 2.1 Rhumbline Russell 200 Large-Cap Core 2,494,770,422 25.7 25.0 2.1 Rhumbline Russell Midcap Mid-Cap Core 838,800,136 8.7 9.0 2.2 Rhumbline S&P 600 Small-Cap Core 182,535,337 1.9 2.0 0.8 Non-U.S. Equity Composite 2,776,487,154 28.7 29.0 3.0 International Developed Equity Composite 1,787,594,241 18.4 19.0 1.4 SSGA World ex US Non-U.S. Large-Cap Core 1,503,716,998 15.5 16.0 1.1 SSGA World ex US Small Non-U.S. Small-Cap Core 283,877,243 2.9 3.0 2.7 Emerging Markets Equity Composite 988,892,913 10.2 10.0 6.0 SSGA MSCI EM Emerging Markets 793,548,289 8.2 8.0 6.6 SSGA EM Small EM Small-Cap 195,344,625 2.0 2.0 3.7 Total Fixed Income Composite 2,766,411,086 28.6 30.0 1.4 Rate Sensitive Composite 2,502,629,921 25.8 27.0 1.3 Short-Term Treasury Composite 272,721,617 2.8 3.0 0.8 SSGA Short Treasury Short-Term Govt. Fixed Income 272,721,617 2.8 3.0 0.8 Core Fixed Income Composite 2,229,908,303 23.0 24.0 1.4 Garcia Hamilton & Associates Core Fixed Income 1,114,998,379 11.5 12.0 1.5 Brown Brothers Harriman & Co Core Plus Fixed Income 1,114,909,925 11.5 12.0 1.3 Credit Fixed Income Composite 263,781,165 2.7 3.0 1.9 Emerging Markets Debt Composite 263,781,165 2.7 3.0 1.9 Macquarie Investment Management EM Fixed Income 130,067,953 1.3 1.5 1.5 William Blair Investment Management EM Fixed Income 133,713,208 1.4 1.5 2.3 3 Page 20 of 32 Illinois Firefighters' Pension Investment Fund Portfolio Allocation Month Ending September 30, 2024 1 Mo Asset Class Market Value ($) Portfolio (%) Policy (%) (%) Total Alternatives Composite 462,119,703 4.8 5.0 0.8 Real Estate Composite 450,306,353 4.6 5.0 1.1 Private Equity Composite 1,151,400 0.0 0.0 -26.2 Private Credit Composite 10,661,950 0.1 0.0 -4.7 Cash Composite 168,449,427 1.7 0.0 0.4 Transition Composite 19,220 0.0 - 0.5 Member Funds Composite 30,972 0.0 - 0.3 Policy targets are based on Interim Asset Allocation. 4 Page 21 of 32 Pension Fund-Total Fund Composite As of September 30, 2024 Market Value History 12,500.0 10,000.0 9,689.6M 7,500.0 Millions ($) 5,000.0 2,500.0 1,597.4M 0.0 -2,500.0 10/21 1/22 4/22 7/22 10/22 1/23 4/23 7/23 10/23 1/24 4/24 7/24 9/24 Market Value Beginning Ending Income % of Contributions Distributions Gain/Loss Income Periods Ending Market Value Market Value %Return Unit Value Beginning $ $ $ $ $ $ Market Value Summary of Cash Flows Oct-2021 - - - - 1,597,393,294.85 - 100.0 - 0.0 Year Fiscal Nov-2021 1 3 1,597,393,294.85 2,134,158,572.86 -1,466,244,426.34 -37,943,015.97 1 2 Since To Year To2,227,364,425.40 -1.7 98.3 - 0.0 Month ($) Months ($) Year ($) Years ($) Inception ($) Dec-2021 Date ($) 77,095,061.46 2,227,364,425.40 1,713,221,155.65 -1,151,325,334.16 Date ($)2,866,355,308.35 2.8 101.0 - 0.0 Total Fund Composite Jan-2022 Beginning Market 2,866,355,308.35 Value 10,079,805,923.72 9,434,978,735 -6,127,760,095.15 8,990,185,270 -271,408,285.68 8,410,260,043 6,546,992,851.24 8,990,185,270 -4.0 7,663,206,756 97.0 6,714,109,915 34.37 0.0 - Feb-2022 Net Cash Flow 6,546,992,851.24 2,705,002,387.70 60,408,619 -2,319,714,302.79 111,598,038 -129,853,960.57 142,745,789 6,802,426,975.58 111,598,038 -1.9 149,726,903 95.2 253,489,559 287.46 0.0 8,507,912,645 Mar-2022 6,802,426,975.58 Net Investment Change 131,797,704.97 194,236,103 -90,636,632.97 587,840,148 48,053,036.13 1,136,617,625 6,891,641,083.71 587,840,148 0.7 1,876,689,798 95.8 2,722,023,983 - 0.0 1,181,710,812 Apr-2022 6,891,641,083.71 Ending Market Value 1,030,419,931.58 9,689,623,457 -683,563,870.72 9,689,623,457 -429,276,488.13 9,689,623,457 6,809,220,656.44 9,689,623,457 -5.9 9,689,623,457 90.1 9,689,623,457 - 0.0 9,689,623,457 5 Page 22 of 32 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2024 1 Mo 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) (%) Date Total Fund Composite 2.1 6.5 13.5 6.5 24.4 18.3 4.9 - 4.9 Oct 21 IFPIF Policy Benchmark 2.1 6.5 13.0 6.5 23.6 18.3 4.9 8.5 4.9 IFPIF Actuarial Rate (7.125%) 0.6 1.7 5.3 1.7 7.1 7.1 7.1 - 7.1 Total Fund Composite excl. Member Funds 2.1 6.5 13.5 6.5 24.4 18.3 4.5 - 4.4 Nov 21 IFPIF Policy Benchmark 2.1 6.5 13.0 6.5 23.6 18.3 4.9 8.5 3.9 Total Equity Composite 2.5 7.1 17.5 7.1 30.5 25.3 5.8 - 6.0 Nov 21 MSCI AC World IMI Index (Net) 2.3 6.8 17.8 6.8 31.0 25.4 7.4 11.9 5.9 U.S. Equity Composite 2.1 6.4 20.4 6.4 35.0 27.5 8.6 - 8.2 Nov 21 Russell 3000 Index 2.1 6.2 20.6 6.2 35.2 27.6 10.3 15.3 8.1 Rhumbline Russell 200 2.1 5.2 23.3 5.2 37.6 30.6 - - 10.2 Nov 21 Russell Top 200 Index 2.1 5.2 23.3 5.2 37.7 30.6 12.6 17.2 10.2 Rhumbline Russell Midcap 2.2 9.2 14.6 9.2 29.2 21.1 - - 3.8 Nov 21 Russell Midcap Index 2.2 9.2 14.6 9.2 29.3 21.1 5.8 11.3 3.8 Rhumbline S&P 600 0.8 10.1 9.3 10.1 25.8 17.7 - - 2.9 Nov 21 S&P SmallCap 600 Index 0.9 10.1 9.3 10.1 25.9 17.7 4.0 10.2 2.9 Non-U.S. Equity Composite 3.0 7.9 13.9 7.9 24.9 22.5 2.7 - 3.2 Nov 21 MSCI AC World ex USA IMI (Net) 2.7 8.2 13.9 8.2 25.1 22.6 3.7 7.7 3.1 International Developed Equity Composite 1.4 8.2 13.1 8.2 25.1 24.2 4.0 - 4.3 Nov 21 MSCI World ex U.S. IMI Index (Net) 1.3 8.1 12.9 8.1 24.8 23.9 4.8 8.1 4.0 SSGA World ex US 1.1 7.8 13.4 7.8 25.3 24.9 - - 5.1 Nov 21 MSCI World ex U.S. (Net) 1.1 7.8 13.1 7.8 25.0 24.5 5.6 8.4 4.8 SSGA World ex US Small 2.7 10.4 11.6 10.4 23.4 20.6 - - -0.3 Nov 21 MSCI World ex U.S. Small Cap Index (Net) 2.7 10.4 11.5 10.4 23.4 20.3 0.0 6.9 -0.6 6 Page 23 of 32 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2024 1 Mo 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) (%) Date Emerging Markets Equity Composite 6.0 7.4 15.0 7.4 24.2 19.2 0.2 - 0.8 Nov 21 MSCI Emerging Markets IMI (Net) 6.2 8.2 16.3 8.2 25.6 19.2 1.0 6.5 0.7 SSGA MSCI EM 6.6 8.1 15.9 8.1 24.9 18.4 - - -0.3 Nov 21 MSCI Emerging Markets (Net) 6.7 8.7 16.9 8.7 26.1 18.7 0.4 5.7 0.1 SSGA EM Small 3.7 4.8 12.2 4.8 21.8 22.3 - - 4.8 Nov 21 MSCI Emerging Markets Small Cap (Net) 3.7 5.5 12.9 5.5 23.0 23.0 5.1 12.2 5.2 Total Fixed Income Composite 1.4 5.5 5.9 5.5 13.7 7.3 -0.2 - -0.1 Nov 21 Blmbg. U.S. Universal Index 1.4 5.2 4.9 5.2 12.1 6.7 -1.1 0.7 -1.1 Rate Sensitive Composite 1.3 5.4 5.7 5.4 13.3 6.6 -0.1 - -0.1 Nov 21 Blmbg. U.S. Aggregate Index 1.3 5.2 4.4 5.2 11.6 6.0 -1.4 0.3 -1.4 Short-Term Treasury Composite 0.8 2.9 4.1 2.9 6.8 - - - 4.6 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.8 2.9 4.1 2.9 6.8 4.6 1.3 1.5 4.5 SSGA Short Treasury 0.8 2.9 4.1 2.9 6.8 - - - 4.6 Apr 23 Blmbg. U.S. Treasury: 1-3 Year 0.8 2.9 4.1 2.9 6.8 4.6 1.3 1.5 4.5 Core Fixed Income Composite 1.4 5.8 5.8 5.8 14.1 6.8 -0.5 - -0.5 Nov 21 Blmbg. U.S. Aggregate Index 1.3 5.2 4.4 5.2 11.6 6.0 -1.4 0.3 -1.4 Garcia Hamilton & Associates 1.5 6.3 5.0 6.3 13.2 - - - 4.2 Apr 23 Blmbg. U.S. Aggregate Index 1.3 5.2 4.4 5.2 11.6 6.0 -1.4 0.3 4.6 Brown Brothers Harriman & Co 1.3 5.2 6.7 5.2 15.0 - - - 8.1 Apr 23 Blmbg. U.S. Aggregate Index 1.3 5.2 4.4 5.2 11.6 6.0 -1.4 0.3 4.6 7 Page 24 of 32 Illinois Firefighters' Pension Investment Fund Annualized Performance (Net of Fees) As of September 30, 2024 1 Mo 3 Mo YTD FYTD 1 Yr 2 Yrs 3 Yrs 5 Yrs SI Inception (%) (%) (%) (%) (%) (%) (%) (%) (%) Date Credit Fixed Income Composite 1.9 5.8 7.9 5.8 17.8 13.7 -1.0 - -0.5 Nov 21 JPM EMBI Global Diversified 1.8 6.2 8.6 6.2 18.6 14.2 -0.4 0.9 -0.4 Emerging Markets Debt Composite 1.9 5.8 7.9 5.8 17.8 13.7 -1.0 - -0.5 Nov 21 JPM EMBI Global Diversified 1.8 6.2 8.6 6.2 18.6 14.2 -0.4 0.9 -0.4 Macquarie Investment Management 1.5 5.2 - 5.2 - - - - 5.8 Jun 24 JPM EMBI Global Diversified 1.8 6.2 8.6 6.2 18.6 14.2 -0.4 0.9 6.8 William Blair Investment Management 2.3 6.5 - 6.5 - - - - 7.6 Jun 24 JPM EMBI Global Diversified 1.8 6.2 8.6 6.2 18.6 14.2 -0.4 0.9 6.8 Total Alternatives Composite 0.8 6.9 5.2 6.9 10.7 0.2 1.5 - 1.5 Oct 21 Real Estate Composite 1.1 7.2 5.5 7.2 11.1 0.3 1.6 - 1.6 Oct 21 Real Estate Custom Benchmark 1.0 6.2 4.3 6.2 7.6 0.2 2.0 4.2 2.0 Private Equity Composite - - - - - - - - - Jun 24 Private Credit Composite - - - - - - - - - Jul 24 8 Page 25 of 32 Illinois Firefighters' Pension Investment Fund Public Markets Fee Schedule As of September 30, 2024 9 Page 26 of 32 Illinois Firefighters' Pension Investment Fund Benchmark Composition As of September 30, 2024 Benchmark Weight (%) Benchmark Weight (%) IFPIF Policy Benchmark : Apr-2023 Real Estate Custom Benchmark : Jan-1978 FTSE NAREIT Equity REIT Index 2.00 FTSE NAREIT Equity REIT Index 40.00 Russell Midcap Index 9.00 NFI-ODCE Equal Weighted 60.00 S&P SmallCap 600 Index 2.00 Blmbg. U.S. Aggregate Index 24.00 MSCI World ex U.S. (Net) 16.00 MSCI World ex U.S. Small Cap Index (Net) 3.00 MSCI Emerging Markets Small Cap (Net) 2.00 Russell Top 200 Index 25.00 MSCI Emerging Markets (Net) 8.00 JPM EMBI Global Diversified 3.00 Blmbg. U.S. Treasury: 1-3 Year 3.00 NFI-ODCE Equal Weighted 3.00 10 Page 27 of 32 Illinois Firefighters' Pension Investment Fund Performance Disclosures As of September 30, 2024 Inception Performance Total Fund Composite inception performance is 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 index. Value of the quarterly return is recognized in the last month of each quarter Alternatives Composite The Private Equity and Private Credit composites are valued quarterly. The performance shown is lagged and based on the most recent quarter-end valuation. 11 Page 28 of 32 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. 12 Page 29 of 32  Board of Trustees of the Fire Pension Fund 11/18/2024 Item: Death of Retired FF/Captain Jerry Leligdon on September 4, 2024 - Spousal Benefits Department: Fire Item Description: ATTACHMENTS: None Page 30 of 32  Board of Trustees of the Fire Pension Fund 11/18/2024 Item: Closed Executive Session - Release of Minutes Department: Fire Item Description: ATTACHMENTS: None Page 31 of 32  Board of Trustees of the Fire Pension Fund 11/18/2024 Item: Approval of IPPFA invoice of $825.00 for 2025 membership Department: Fire Item Description: ATTACHMENTS: None Page 32 of 32