Police Pension Board
Regular MeetingGlen Ellyn, IL · January 21, 2026
Agenda
Agenda
Village of Glen Ellyn
Police Pension Board Meeting
Wednesday, January 21, 2026
4:30 PM
Glen Ellyn Civic Center, Room 306
Visitors are most welcome to attend all meetings of the Police Pension Board and can find copies of the Agenda at the
meeting or online at www.glenellyn.org prior to the meeting. Any individual with a disability requiring reasonable
accommodation in order to participate in a meeting should contact The Village of Glen Ellyn ADA Coordinator,
630-469-5000, at least five (5) business days in advance of the next scheduled meeting. All matters on the Agenda
may be discussed, amended, and acted upon.
A. Call to Order
B. Roll Call
C. Public Comment
D. Approval of Minutes
1) Regular Meeting Minutes, October 15, 2025
E. Accountant's Report
1) Monthly Financial Report
2) Presentation and Approval of Bills
3) Discussion/Possible Action-Cash Management Policy
F. Investment Report
1) IPOPIF - Verus Advisory Inc and State Street Statements
G. Communication and Reports
1) Affidavits of Continued Eligibility
H. Trustee Training Updates
1) Approval of Trustee Training Registration Fees and Reimbursable Expenses
I. Approval of Membership/Withdrawals from Fund
1) Application for Membership - Jair Aguilar
2) Withdrawals from Fund — Nicholas Bradberry and Derek Wilke
J. Applications for Retirement/Disability Benefits
1) Approve Regular Retirement Benefit - Brent Pacyga
K. Old Business
L. New Business
1) Approve Annual Cost of Living Adjustments for Pensioners
2) Review Trustee Term Expirations and Election Procedures
Civility Pledge - In the interest of civility, I pledge to promote civility by listening, being respectful of others,
acknowledging that we are striving to support and improve our community, and understanding that we each may have
different ideas for achieving that objective.
Police Pension Board Agenda
January 21, 2026
Page 2
M. Attorney Report
1) Review Annual Independent Medical Examinations — Raymond Munch and
Thomas Hartzell. Motion to continue disability pensions.
2) Legal Updates
N. Adjournment
Village of Glen Ellyn
Packet
Agenda
Village of Glen Ellyn
Police Pension Board Meeting
Wednesday, January 21, 2026
4:30 PM
Glen Ellyn Civic Center, Room 306
Visitors are most welcome to attend all meetings of the Police Pension Board and can find copies of the Agenda at the
meeting or online at www.glenellyn.org prior to the meeting. Any individual with a disability requiring reasonable
accommodation in order to participate in a meeting should contact The Village of Glen Ellyn ADA Coordinator,
630-469-5000, at least five (5) business days in advance of the next scheduled meeting. All matters on the Agenda
may be discussed, amended, and acted upon.
A. Call to Order
B. Roll Call
C. Public Comment
D. Approval of Minutes
1) Regular Meeting Minutes, October 15, 2025
E. Accountant's Report
1) Monthly Financial Report
2) Presentation and Approval of Bills
3) Discussion/Possible Action-Cash Management Policy
F. Investment Report
1) IPOPIF - Verus Advisory Inc and State Street Statements
G. Communication and Reports
1) Affidavits of Continued Eligibility
H. Trustee Training Updates
1) Approval of Trustee Training Registration Fees and Reimbursable Expenses
I. Approval of Membership/Withdrawals from Fund
1) Application for Membership - Jair Aguilar
2) Withdrawals from Fund — Nicholas Bradberry and Derek Wilke
J. Applications for Retirement/Disability Benefits
1) Approve Regular Retirement Benefit - Brent Pacyga
K. Old Business
L. New Business
1) Approve Annual Cost of Living Adjustments for Pensioners
2) Review Trustee Term Expirations and Election Procedures
Civility Pledge - In the interest of civility, I pledge to promote civility by listening, being respectful of others,
acknowledging that we are striving to support and improve our community, and understanding that we each may have
different ideas for achieving that objective.
Page 1 of 70
Police Pension Board Agenda
January 21, 2026
Page 2
M. Attorney Report
1) Review Annual Independent Medical Examinations — Raymond Munch and
Thomas Hartzell. Motion to continue disability pensions.
2) Legal Updates
N. Adjournment
Village of Glen Ellyn
Page 2 of 70
Village of Glen Ellyn
Minutes
Village of Glen Ellyn
Police Pension Board Meeting
Regular Meeting
October 15, 2025
4:30 PM
Glen Ellyn Civic Center, Room 306
Board or Police Pension Date: October 15, 2025
Commission:
Meeting: Regular Called to 4:30 p.m.
Order:
Quorum: Yes Adjourned: 4:43 p.m.
MEMBER ATTENDANCE:
Jim Monson President Present
John Adduci Trustee Present
William Housey Jr. Trustee Absent
James King Trustee Present
Anthony Terranova Trustee Absent
Also Present:
Patrick Brankin Finance Director
Elisa Pollina Recording Secretary
Ray Page Lauterbach & Amen
Public:
Jane Adduci Glenbard West High School Student
A. CALL TO ORDER
The October 15, 2025 meeting of the Police Pension Board was called to order by President
Monson at 4:30 pm at the Glen Ellyn Civic Center, Room 306.
B. PUBLIC COMMENT – None
C. APPROVAL OF MINUTES FROM JULY 16, 2025 MEETING
MOTION TO APPROVE MINUTES FROM JULY 16, 2025 POLICE PENSION BOARD MEETING
MOTION BY: John Adduci, Trustee
SECONDED BY: James King, Trustee
RESULT: UNANIMOUS APPROVAL
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Police Pension 2
October 15, 2025
D. Accountant’s Report
1. Lauterbach and Amen present the monthly August financial report: Ray Page from
Lauterbach and Amen presents the financial report for the month ending August 31,
2025, to the Police Pension Board.
Statement of Net Position as of August 31, 2024:
•Total Assets: $46,614,442.60
•Net Position held in trust for Pension Benefits: $46,613,642.60
•Total Contributions: $2,176.864.92
•Total Additions: $7,166,856.86
•Total Deductions: $2,037,483.15
•Change in Position: $5,129,373.71
•Net Position Held in Trust for End of Period - $46,613,642.60
Ray Page reviews the cash analysis, revenue, expense, contribution, payroll, and
quarterly disbursements reports.
Trustee Adduci motioned to accept the monthly financial report as presented; Trustee
King seconded the motion.
APPROVAL [UNANIMOUS]
MOVER: Anthony Adduci, Trustee
SECONDER: James King, Trustee
AYES: Adduci, King, Monson
2. Presentation and approval of bills as listed in the monthly financial report – The
Police Pension Board reviews the quarterly disbursements. Trustee Adduci motioned to
approve the disbursements in the Quarterly Disbursement report; Trustee King
seconded the motion.
MOTION TO APPROVE QUARTERLY DISBURSEMENTS IN THE AMOUNT OF $17,555.07
MOTION BY: John Adduci, Trustee
SECONDED BY: James King, Trustee
RESULT: UNANIMOUS APPROVAL
AYES – Adduci, Monson, King
3. Additional Bills – None
4. Cash Management Policy – Trustee Adduci motioned to continue the current monthly
payments of $63,636; Trustee King seconded the motion.
MOTION TO CONTINUE THE CURRENT MONTHLY PAYMENTS OF $63,636
MOTION BY John Adduci, Trustee
SECONDED BY: James King, Trustee
RESULT: UNANIMOUS APPROVAL
AYES - Adduci, Monson, King 3 of 69
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Police Pension 3
October 15, 2025
E. Investment Report
1. IPOPIF Versus Advisory Inc. – The Police Pension Board reviewed the performance report from
IPOPIF, noting that the market value of the fund has increase by 7.4% since inception.
F. Communication and Reports
1. Affidavits of Continued Eligibility – Ray Page confirmed that all affidavits will be sent
out in December.
G. Trustee Training Updates
1. Approval of Trustee Training Registration Fees and Reimbursable Expenses – None
H. Approval of Membership / Withdrawals from Fund
1. Application for membership – Jedd Tabladillo – President Monson stated that new
officer Jedd Taladillo was hired on August 15, 2025. Trustee Adduci motioned to accept
Jedd Taladillo into the Police Pension fund; Trustee King seconded the motion.
MOTION TO APPROVE JEDD TALADILLO INTO THE POLICE PENSION FUND
MOTION BY: John Adduci, Trustee
SECONDED BY: James King, Trustee
RESULT: UNANIMOUS APPROVAL
AYES - Adduci, Monson, King
A
I. APPLICATIONS FOR RETIREMENT / DISABILITY BENEFITS - None
J. OLD BUSINESS - None
K. NEW BUSINESS
1. Review/Adopt Municipal Compliance Report – The Police Pension Board reviewed the
MCR report. Trustee Adduci motioned to approve the recommended municipal
compliance report; Trustee King seconded the motion.
MOTION TO APPROVE THE RECOMMENDED MUNICIPAL COMPLIANCE REPORT
MOTION BY: John Adduci, Trustee
SECONDED BY: James King, Trustee
RESULT: UNANIMOUS APPROVAL
AYES - Adduci, Monson, King
2.A Establish 2026 Board Meeting Dates – The Police Pension Board reviewed the 2026
meeting schedule, with meetings to be held on the third Wednesday of each quarter at
4:30 p.m. The dates are January 21, April 15, July 15, and October 21. President
Monson motioned to approve the 2026 meeting dates, and Trustee King seconded the
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Page 5 of 70
Police Pension 4
October 15, 2025
motion.
L. ATTORNEY’S REPORT
1. Annual Independent Medical Examinations –Thomas Hartzell and Raymond Munch –
Trustee Adduci motioned to initiate Thomas Hartzell and Raymond Munch annual
evaluations; Trustee King seconded the motion.
MOTION TO INITIATE THOMAS HARTZELL AND RAYMOND MUNCH ANNUAL EVALUATIONS
MOTION BY: John Adduci, Trustee
SECONDED BY: James King, Trustee
RESULT: UNANIMOUS APPROVAL
AYES - Adduci, Monson, King
A
2. Legal Updates - None
M. ADJOURNMENT – Trustee Adduci motioned to adjourn the meeting; Trustee
King seconded the motion. The meeting adjourned at 4:43 pm.
Submitted by Elisa Pollina, Recording Secretary
Reviewed by Finance Director Brankin
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Page 6 of 70
Glen Ellyn Police Pension Fund
Monthly Financial Report
For the Month Ended
December 31, 2025
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483
www.lauterbachamen.com
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Glen Ellyn Police Pension Fund
Table of Contents
Starting
on
Page
Accountants' Compilation Report............................................................................................................. 1-1
Financial Statements
Statement of Net Position - Modified Cash Basis............................................................................. 2-1
Statement of Changes in Net Position - Modified Cash Basis......................................................... 2-2
Other Supplementary Information
Pooled Investment NAV vs Accumulated Net Investments Graph................................................. 3-1
Cash Analysis Report............................................................................................................................. 4-1
Cash Analysis Summary Graph............................................................................................................ 4-2
Cash Transfer to/from Consolidated Fund Graph............................................................................. 5-1
Revenue Report....................................................................................................................................... 6-1
Municipal Revenue Report.................................................................................................................... 7-1
Expense Report....................................................................................................................................... 8-1
Pension Benefits and Expenses Graph................................................................................................ 9-1
Member Contribution Report............................................................................................................... 10-1
Payroll Batch Report.............................................................................................................................. 11-1
Quarterly Deduction Report.................................................................................................................. 12-1
Quarterly Transfer Report..................................................................................................................... 13-1
Quarterly Disbursement Report........................................................................................................... 14-1
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Accountants' Compilation Report
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Page 9 of 70
January 13, 2026
Glen Ellyn Police Pension Fund
535 Duane Street
Glen Ellyn, IL 60137
To Members of the Pension Board:
Management is responsible for the accompanying interim financial statements of the Glen Ellyn Police
Pension Fund which comprise the statement of net position - modified cash basis as of December 31,
2025 and the related statement of changes in net position - modified cash basis for the twelve months
then ended in accordance with the modified cash basis of accounting and for determining that the
modified cash basis of accounting is an acceptable financial reporting framework. We have performed a
compilation engagement in accordance with Statements on Standards for Accounting and Review
Services promulgated by the Accounting and Review Services Committee of the American Institute of
Certified Public Accountants. We did not audit or review the interim financial statements nor were we
required to perform any procedures to verify the accuracy or completeness of the information provided
by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of
assurance on these interim financial statements.
The interim financial statements are prepared in accordance with the modified cash basis of accounting,
which is a basis of accounting other than accounting principles generally accepted in the United States of
America.
Management has elected to omit substantially all of the disclosures ordinarily included in interim
financial statements prepared in accordance with the modified cash basis of accounting. If the omitted
disclosures were included in the interim financial statements and other supplementary information,
they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position,
additions and deductions. Accordingly, the interim financial statements and other supplementary
information are not designed for those who are not informed about such matters.
Other Matter
The other supplementary information is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information is the responsibility of management.
The other supplementary information was subject to our compilation engagement. We have not audited
or reviewed the other supplementary information nor were we required to perform any procedures to
verify the accuracy or completeness of the information provided by management. Accordingly, we do not
express an opinion, a conclusion, nor provide any form of assurance on the other supplementary
information.
Cordially,
Lauterbach & Amen
Lauterbach & Amen
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1-1
Page 10 of 70
Financial Statements
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Page 11 of 70
Glen Ellyn Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of December 31, 2025
Assets
Cash and Cash Equivalents $ 33,604.61
Investments at Fair Market Value
Pooled Investments 49,063,040.43
Total Cash and Investments 49,096,645.04
Prepaids 2,795.00
Total Assets 49,099,440.04
Liabilities
Expenses Due/Unpaid 800.00
Total Liabilities 800.00
Net Position Held in Trust for Pension Benefits 49,098,640.04
See Accountants' Compilation Report
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2-1
Page 12 of 70
Glen Ellyn Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Twelve Months Ended December 31, 2025
Additions
Contributions - Municipal $ 2,763,000.00
Contributions - Members 513,357.08
Total Contributions 3,276,357.08
Investment Income
Interest and Dividends Earned 243,136.76
Net Change in Fair Value 7,194,550.99
Total Investment Income 7,437,687.75
Less Investment Expense (40,642.63)
Net Investment Income 7,397,045.12
Total Additions 10,673,402.20
Deductions
Administration 48,418.85
Pension Benefits and Refunds
Pension Benefits 3,010,612.20
Refunds 0.00
Total Deductions 3,059,031.05
Change in Position 7,614,371.15
Net Position Held in Trust for Pension Benefits
Beginning of Year 41,484,268.89
End of Period 49,098,640.04
See Accountants' Compilation Report
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2-2
Page 13 of 70
Other Supplementary Information
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Page 14 of 70
Glen Ellyn Police Pension Fund
Pooled Investment NAV vs Accumulated Net Investments
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
Pooled Investment NAV Accumulated Net Investments
See Accountants' Compilation Report
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Page 15 of 70
Glen Ellyn Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending December 31, 2025
01/31/25 02/28/25 03/31/25 04/30/25 05/31/25 06/30/25 07/31/25 08/31/25 09/30/25 10/31/25 11/30/25 12/31/25
Financial Institutions
BMO Bank - CK $ 17,857 14,869 14,905 14,894 33,970 34,187 34,015 14,919 14,898 34,161 37,034 33,605
17,857 14,869 14,905 14,894 33,970 34,187 34,015 14,919 14,898 34,161 37,034 33,605
Total 17,857 14,869 14,905 14,894 33,970 34,187 34,015 14,919 14,898 34,161 37,034 33,605
Contributions
Other Municipal Revenue 230,250 230,250 230,250 230,250 230,250 230,250 230,250 230,250 230,250 230,250 230,250 230,250
Contributions - Current Year 41,716 39,144 39,513 39,228 58,352 40,588 38,385 37,939 38,543 57,938 42,623 39,387
271,966 269,394 269,763 269,478 288,602 270,838 268,635 268,189 268,793 288,188 272,873 269,637
Expenses
Pension Benefits 250,430 250,430 250,430 250,430 250,430 250,430 250,430 250,430 250,430 250,430 250,430 255,885
Administration 4,578 9,141 5,278 10,784 9,698 9,087 4,314 9,104 5,315 3,852 8,593 9,319
255,008 259,571 255,708 261,214 260,128 259,517 254,744 259,534 255,745 254,282 259,023 265,204
Total Contributions less Expenses 16,958 9,823 14,055 8,264 28,474 11,321 13,891 8,655 13,048 33,906 13,850 4,433
See Accountants' Compilation Report
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4-1
Page 16 of 70
Glen Ellyn Police Pension Fund
Cash Analysis Summary
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses
See Accountants' Compilation Report
4-2 16 of 69
Page 17 of 70
Glen Ellyn Police Pension Fund
Cash Transfers to/from Consolidated Fund
100,000
80,000
60,000
40,000
20,000
-
(20,000)
(40,000)
(60,000)
(80,000)
Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
5-1 17 of 69
Page 18 of 70
Glen Ellyn Police Pension Fund
Revenue Report as of December 31, 2025
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-250-00 - Other Municipal Revenue $ 230,250.00 1 2,763,000.00
230,250.00 2,763,000.00
Contributions - Members
41-410-00 - Contributions - Current Year 39,387.25 1 513,357.08
39,387.25 513,357.08
Total Contributions 269,637.25 8 3,276,357.08
Investment Income
Interest and Dividends
43-800-01 - IPOPIF Consolidated Pool Income 22,061.06 1 233,575.75
22,061.06 5 233,575.75
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 361,152.91 1 6,259,802.42
44-800-02 - IPOPIF Consolidated Pool - Realized 32,956.97 1 934,748.57
394,109.88 4 7,194,550.99
Other Income
49-000-03 - IPOPIF Transition Cost Reallocation 0.00 1 9,561.01
0.00 3 9,561.01
Total Investment Income 416,170.94 2 7,437,687.75
2
Total Revenue 685,808.19 10,714,044.83
See Accountants' Compilation Report
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Glen Ellyn Police Pension Fund
Municipal Revenue as of December 31, 2025
FYE 12/31/25 FYE 12/31/24 FYE 12/31/23 FYE 12/31/22
Property Taxes Received
Property Tax - January $ 0.00 0.00 0.00 0.00
Property Tax - February 0.00 0.00 0.00 0.00
Property Tax - March 0.00 0.00 0.00 0.00
Property Tax - April 0.00 0.00 0.00 0.00
Property Tax - May 0.00 0.00 0.00 0.00
Property Tax - June 0.00 0.00 0.00 0.00
Property Tax - July 0.00 0.00 0.00 0.00
Property Tax - August 0.00 0.00 0.00 0.00
Property Tax - September 0.00 0.00 0.00 0.00
Property Tax - October 0.00 0.00 0.00 0.00
Property Tax - November 0.00 0.00 0.00 0.00
Property Tax - December* 0.00 0.00 0.00 0.00
Total Taxes Received 0.00 0.00 0.00 0.00
All Other Employer Contributions
All Other Employer Contributions - January 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - February 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - March 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - April 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - May 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - June 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - July 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - August 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - September 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - October 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - November 230,250.00 179,350.00 173,525.00 0.00
All Other Employer Contributions - December* 230,250.00 179,350.00 173,525.00 0.00
Total Other Employer Contributions 2,763,000.00 2,152,200.00 2,082,300.00 0.00
Total Employer Contributions 2,763,000.00 2,152,200.00 2,082,300.00 0.00
Private Actuary Recommended Contribution** N/A N/A N/A N/A
Percent Received 0.00% 0.00% 0.00% 0.00%
IFPIF/IPOPIF Minimum Contribution N/A N/A N/A N/A
Percent Received 0.00% 0.00% 0.00% 0.00%
*Final month of the fiscal year may include adjustments and accruals.
**Based on the most recent Actuarial Valuation prior to the levy ordinance being issued for the applicable fiscal-year.
See Accountants' Compilation Report
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Page 20 of 70
Glen Ellyn Police Pension Fund
Expense Report as of December 31, 2025
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 211,075.73 2,472,896.28
51-030-00 - Non-Duty Disability Pensions 4,392.32 52,707.84
51-040-00 - Duty Disability Pensions 7,454.13 89,449.56
51-060-00 - Surviving Spouse Pensions 32,963.21 395,558.52
Total Pensions and Benefits 255,885.39 3,010,612.20
Administrative
Insurance
52-150-01 - Fiduciary Insurance 0.00 5,915.00
0.00 5,915.00
Professional Services
52-170-01 - Actuarial Services 0.00 4,215.00
52-170-03 - Accounting & Bookkeeping Services 1,430.00 19,400.00
52-170-04 - Medical Services 3,300.00 3,300.00
52-170-05 - Legal Services 713.38 1,544.91
52-170-06 - PSA/Court Reporter 825.00 9,875.00
6,268.38 38,334.91
Investment
52-190-04 - Bank Fees 148.50 1,911.85
52-195-02 - Administrative Expense (IPOPIF) 394.01 7,824.61
52-195-03 - Investment Expense (IPOPIF) 1,336.14 8,623.86
52-195-04 - Investment Manager Fees (IPOPIF) 1,172.43 22,282.31
3,051.08 40,642.63
Other Expense
52-290-25 - Conference/Seminar Fees 0.00 1,530.00
52-290-26 - Association Dues 0.00 825.00
52-290-27 - Travel Expense 0.00 1,813.94
0.00 4,168.94
Total Administrative 9,319.46 89,061.48
Total Expenses 265,204.85 3,099,673.68
See Accountants' Compilation Report
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Page 21 of 70
Glen Ellyn Police Pension Fund
Pension Benefits and Expenses
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
Service Non-Duty Duty Disability Surviving Spouse Administrative
Disability
Expenses 2,472,896 52,708 89,450 395,559 89,061
See Accountants' Compilation Report
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Page 22 of 70
Glen Ellyn Police Pension Fund
Member Contribution Report
As of Month Ended December 31, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Aguilar, Jair J. $ 0.00 158.95 0.00 0.00 158.95
Bendoraitis, Troy J. 74,411.91 12,114.55 0.00 0.00 86,526.46
Booton, Bradley E. 160,012.59 12,249.13 0.00 0.00 172,261.72
Bradberry, Nicholas A. 9,285.02 11,462.09 0.00 0.00 20,747.11
Casarez, Omar Jr. 66,987.35 11,510.76 0.00 0.00 78,498.11
Catalano, Nicholas J. 193,061.51 14,145.99 0.00 0.00 207,207.50
Downey, Andrew O. 190,928.44 16,237.78 0.00 0.00 207,166.22
Duffie, Kyle C. 149,131.54 14,141.87 0.00 0.00 163,273.41
Duval, Keith A. 153,301.43 12,263.16 0.00 0.00 165,564.59
Duval, Norah D. 48,281.42 10,588.26 0.00 0.00 58,869.68
Elmore, Luke C. 166,053.42 12,247.10 0.00 0.00 178,300.52
Flores, Joseph D. 138,364.62 11,899.98 0.00 0.00 150,264.60
Gibson, Robert C. 14,030.77 11,695.50 0.00 0.00 25,726.27
Gill, David M. 140,524.67 14,139.12 0.00 0.00 154,663.79
Gorzkowicz, Tomasz 38,763.95 11,896.47 0.00 0.00 50,660.42
Goy, Matthew J. 6,011.63 8,768.20 0.00 0.00 14,779.83
Gutter, Alexander C. 11,287.66 8,726.80 0.00 0.00 20,014.46
Haire, Christopher A. 36,230.94 9,962.38 0.00 0.00 46,193.32
Holstead, Craig M. 180,821.59 14,408.62 0.00 0.00 195,230.21
Horan, Philip j. 46,292.08 10,609.59 0.00 0.00 56,901.67
Jagodzinski, Michael 118,450.85 14,013.51 0.00 0.00 132,464.36
Leon, Gabriel L. 0.00 5,489.71 0.00 0.00 5,489.71
Lombard, Kevin 139,002.13 12,595.40 0.00 0.00 151,597.53
Mojarro Martinez, Wilber 9,649.60 8,731.13 0.00 0.00 18,380.73
Monson, James W. 215,342.29 16,237.78 0.00 0.00 231,580.07
Montecinos, Bartolo G. II 22,317.28 8,754.46 0.00 0.00 31,071.74
Nemchock, Carrie S. 153,017.93 12,247.78 0.00 0.00 165,265.71
Norton, Philip J. 369,127.75 18,911.88 0.00 0.00 388,039.63
Ramirez, Alisson V. 36,220.38 9,914.84 0.00 0.00 46,135.22
Riggle, Kevin J. 118,047.38 12,238.79 0.00 0.00 130,286.17
Roberts, James A. 37,238.34 9,971.87 0.00 0.00 47,210.21
Rodriguez, Erika A. 43,604.80 10,423.27 0.00 0.00 54,028.07
Saitta, Matthew J. 63,132.68 11,487.37 0.00 0.00 74,620.05
Sanchez, Robert J. 11,287.66 8,722.48 0.00 0.00 20,010.14
Schmidt, Jeremiah R. 160,616.83 12,277.71 0.00 0.00 172,894.54
Sollis, Cody R. 37,206.12 10,362.58 0.00 0.00 47,568.70
Srejma, Nicholas J. 14,462.50 8,685.22 0.00 0.00 23,147.72
Tabladillo, Jedd 0.00 2,915.49 0.00 0.00 2,915.49
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Page 23 of 70
Glen Ellyn Police Pension Fund
Member Contribution Report
As of Month Ended December 31, 2025
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Tabor, Caitlin C. 36,641.82 11,971.34 0.00 0.00 48,613.16
Terranova, Anthony R. 209,756.68 16,237.78 0.00 0.00 225,994.46
Vavra, Kurt M. 226,284.00 17,106.70 0.00 0.00 243,390.70
Wilke, Derek 32,080.65 9,427.06 0.00 0.00 41,507.71
Wollenberg, Jacob A. 77,253.49 12,129.18 0.00 0.00 89,382.67
3,954,523.70 490,079.63 0.00 0.00 4,444,603.33
Inactive/Terminated Members
Bacza, Alexandra M. 11,293.12 2,831.36 0.00 0.00 14,124.48
Murray, John H. 25,424.35 4,561.17 0.00 0.00 29,985.52
Pacyga, Brent R. 160,141.01 11,489.40 0.00 0.00 171,630.41
Salgado, Nancy 27,745.22 4,097.17 0.00 0.00 31,842.39
Sciabica, Caitlin D. 5,243.45 298.35 0.00 0.00 5,541.80
Totals 4,184,370.85 513,357.08 0.00 0.00 4,697,727.93
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Page 24 of 70
Payroll Journal
12/31/2025 to 12/31/2025
Glen Ellyn Police Pension Fund
Duty Disability
Kozol, Phillip Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Kozol, Phillip 12/31/2025 $2,892.26 $0.00 $0.00 $0.00 $0.00 $0.00 $2,892.26 Pension
Total $2,892.26 $0.00 $0.00 $0.00 $0.00 $0.00 $2,892.26
Munch, Raymond Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Munch, Raymond 12/31/2025 $4,561.87 $0.00 $0.00 $0.00 $0.00 $0.00 $4,561.87 Pension
Total $4,561.87 $0.00 $0.00 $0.00 $0.00 $0.00 $4,561.87
Duty Disability Total $7,454.13 $0.00 $0.00 $0.00 $0.00 $0.00 $7,454.13
Non-Duty Disability
Hartzell, Thomas Z. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Hartzell, Thomas Z. 12/31/2025 $4,392.32 $316.00 $0.00 $0.00 $0.00 $0.00 $4,076.32 Pension
Total $4,392.32 $316.00 $0.00 $0.00 $0.00 $0.00 $4,076.32
Non-Duty Disability Total $4,392.32 $316.00 $0.00 $0.00 $0.00 $0.00 $4,076.32
QILDRO
Allen, Dawn Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Allen, Dawn 12/31/2025 $929.15 $40.00 $0.00 $0.00 $0.00 $0.00 $889.15 Pension
Total $929.15 $40.00 $0.00 $0.00 $0.00 $0.00 $889.15
Roman, Mary K. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Roman, Mary K. 12/31/2025 $2,782.74 $248.00 $0.00 $0.00 $0.00 $0.00 $2,534.74 Pension
Total $2,782.74 $248.00 $0.00 $0.00 $0.00 $0.00 $2,534.74
QILDRO Total $3,711.89 $288.00 $0.00 $0.00 $0.00 $0.00 $3,423.89
Service
Acton, Robert E. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Acton, Robert E. 12/31/2025 $9,812.65 $1,038.00 $0.00 $0.00 $0.00 $0.00 $8,774.65 Pension
Total $9,812.65 $1,038.00 $0.00 $0.00 $0.00 $0.00 $8,774.65
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Baird, Paul C. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Baird, Paul C. 12/31/2025 $5,462.85 $495.00 $0.00 $0.00 $0.00 $0.00 $4,967.85 Pension
Total $5,462.85 $495.00 $0.00 $0.00 $0.00 $0.00 $4,967.85
Baki, Joseph K. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Baki, Joseph K. 12/31/2025 $9,025.82 $1,445.00 $0.00 $0.00 $0.00 $0.00 $7,580.82 Pension
Total $9,025.82 $1,445.00 $0.00 $0.00 $0.00 $0.00 $7,580.82
Beck, Brian D. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Beck, Brian D. 12/31/2025 $7,624.70 $775.00 $1,845.13 $0.00 $0.00 $0.00 $5,004.57 Pension
Total $7,624.70 $775.00 $1,845.13 $0.00 $0.00 $0.00 $5,004.57
Borzym, Leon K. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Borzym, Leon K. 12/31/2025 $6,395.11 $783.00 $0.00 $0.00 $0.00 $0.00 $5,612.11 Pension
Total $6,395.11 $783.00 $0.00 $0.00 $0.00 $0.00 $5,612.11
Brodhead, Stephen Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Brodhead, Stephen 12/31/2025 $7,325.12 $1,060.00 $0.00 $0.00 $0.00 $0.00 $6,265.12 Pension
Total $7,325.12 $1,060.00 $0.00 $0.00 $0.00 $0.00 $6,265.12
Bruno, William D. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Bruno, William D. 12/31/2025 $7,520.31 $837.00 $0.00 $0.00 $0.00 $0.00 $6,683.31 Pension
Total $7,520.31 $837.00 $0.00 $0.00 $0.00 $0.00 $6,683.31
Campbell, Mark Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Campbell, Mark 12/31/2025 $6,391.22 $786.00 $602.37 $0.00 $0.00 $0.00 $5,002.85 Pension
Total $6,391.22 $786.00 $602.37 $0.00 $0.00 $0.00 $5,002.85
Combs, Richard N. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Combs, Richard N. 12/31/2025 $5,904.15 $753.00 $0.00 $0.00 $0.00 $0.00 $5,151.15 Pension
Total $5,904.15 $753.00 $0.00 $0.00 $0.00 $0.00 $5,151.15
Crowley, John D. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Crowley, John D. 12/31/2025 $6,084.82 $967.00 $0.00 $0.00 $0.00 $0.00 $5,117.82 Pension
Total $6,084.82 $967.00 $0.00 $0.00 $0.00 $0.00 $5,117.82
French, Steven R. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
French, Steven R. 12/31/2025 $8,090.99 $805.00 $0.00 $0.00 $0.00 $0.00 $5,785.99 Pension
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,500.00 Alt Payment
Total $8,090.99 $805.00 $0.00 $0.00 $0.00 $0.00 $7,285.99
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Grant, Robert D. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Grant, Robert D. 12/31/2025 $5,530.42 $448.00 $0.00 $0.00 $0.00 $0.00 $5,082.42 Pension
Total $5,530.42 $448.00 $0.00 $0.00 $0.00 $0.00 $5,082.42
Hamann, James D. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Hamann, James D. 12/31/2025 $8,225.58 $971.00 $0.00 $0.00 $0.00 $0.00 $7,254.58 Pension
Total $8,225.58 $971.00 $0.00 $0.00 $0.00 $0.00 $7,254.58
Harvey, Jean M. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Harvey, Jean M. 12/31/2025 $8,129.94 $722.00 $0.00 $0.00 $0.00 $0.00 $7,407.94 Pension
Total $8,129.94 $722.00 $0.00 $0.00 $0.00 $0.00 $7,407.94
Holmer, William Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Holmer, William 12/31/2025 $9,014.79 $1,522.00 $0.00 $0.00 $0.00 $0.00 $5,892.79 Pension
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,600.00 Alt Payment
Total $9,014.79 $1,522.00 $0.00 $0.00 $0.00 $0.00 $7,492.79
King, James J. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
King, James J. 12/31/2025 $8,219.17 $1,776.00 $1,845.13 $0.00 $0.00 $0.00 $4,598.04 Pension
Total $8,219.17 $1,776.00 $1,845.13 $0.00 $0.00 $0.00 $4,598.04
Kleinofen, John E. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Kleinofen, John E. 12/31/2025 $5,300.57 $525.00 $1,006.44 $0.00 $0.00 $0.00 $3,769.13 Pension
Total $5,300.57 $525.00 $1,006.44 $0.00 $0.00 $0.00 $3,769.13
Miller, Gerald E. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Miller, Gerald E. 12/31/2025 $5,834.74 $484.00 $0.00 $0.00 $0.00 $0.00 $5,350.74 Pension
Total $5,834.74 $484.00 $0.00 $0.00 $0.00 $0.00 $5,350.74
Mullany, James, Jr. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Mullany, James, Jr. 12/31/2025 $9,313.60 $1,450.00 $503.23 $0.00 $0.00 $0.00 $7,360.37 Pension
Total $9,313.60 $1,450.00 $503.23 $0.00 $0.00 $0.00 $7,360.37
Pacyga, Brent R. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Pacyga, Brent R. 12/31/2025 $5,279.69 $632.00 $0.00 $0.00 $0.00 $0.00 $4,647.69 Pension
Pacyga, Brent R. 12/31/2025 $175.99 $0.00 $0.00 $0.00 $0.00 $0.00 $175.99 Pension
Total $5,455.68 $632.00 $0.00 $0.00 $0.00 $0.00 $4,823.68
Pocuis, Ronald E. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Pocuis, Ronald E. 12/31/2025 $7,988.68 $1,001.00 $0.00 $0.00 $0.00 $929.15 $6,058.53 Pension
Total $7,988.68 $1,001.00 $0.00 $0.00 $0.00 $929.15 $6,058.53
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11-3
Roman, Thomas W. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Roman, Thomas W. 12/31/2025 $5,978.83 $297.00 $0.00 $0.00 $0.00 $2,782.74 $2,899.09 Pension
Total $5,978.83 $297.00 $0.00 $0.00 $0.00 $2,782.74 $2,899.09
Scuito, David Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Scuito, David 12/31/2025 $7,272.44 $901.00 $0.00 $0.00 $0.00 $0.00 $6,371.44 Pension
Total $7,272.44 $901.00 $0.00 $0.00 $0.00 $0.00 $6,371.44
Smith, Larry Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Smith, Larry 12/31/2025 $6,168.05 $529.00 $0.00 $0.00 $0.00 $0.00 $5,639.05 Pension
Total $6,168.05 $529.00 $0.00 $0.00 $0.00 $0.00 $5,639.05
Smith, Stephen M. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Smith, Stephen M. 12/31/2025 $8,187.12 $1,560.00 $0.00 $0.00 $0.00 $0.00 $3,327.12 Pension
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,100.00 Alt Payment
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,200.00 Alt Payment
Total $8,187.12 $1,560.00 $0.00 $0.00 $0.00 $0.00 $6,627.12
Staples, Thomas Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Staples, Thomas 12/31/2025 $5,233.48 $558.00 $0.00 $0.00 $0.00 $0.00 $4,675.48 Pension
Total $5,233.48 $558.00 $0.00 $0.00 $0.00 $0.00 $4,675.48
Steele, James R. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Steele, James R. 12/31/2025 $5,123.59 $929.00 $0.00 $0.00 $0.00 $0.00 $4,194.59 Pension
Total $5,123.59 $929.00 $0.00 $0.00 $0.00 $0.00 $4,194.59
Tobias, Mark A. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Tobias, Mark A. 12/31/2025 $6,370.16 $854.00 $0.00 $0.00 $0.00 $0.00 $4,516.16 Pension
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $500.00 Alt Payment
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $500.00 Alt Payment
Total $6,370.16 $854.00 $0.00 $0.00 $0.00 $0.00 $5,516.16
Velon, Robert C. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Velon, Robert C. 12/31/2025 $4,350.07 $311.00 $0.00 $0.00 $0.00 $0.00 $4,039.07 Pension
Total $4,350.07 $311.00 $0.00 $0.00 $0.00 $0.00 $4,039.07
Webber, Norman E. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Webber, Norman E. 12/31/2025 $9,741.08 $1,813.25 $1,845.13 $0.00 $0.00 $0.00 $6,082.70 Pension
Total $9,741.08 $1,813.25 $1,845.13 $0.00 $0.00 $0.00 $6,082.70
Service Total $211,075.73 $27,027.25 $7,647.43 $0.00 $0.00 $3,711.89 $172,689.16
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11-4
Surviving Spouse
Bellini, Martha Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Bellini, Martha 12/31/2025 $4,912.06 $529.00 $0.00 $0.00 $0.00 $0.00 $4,383.06 Pension
Total $4,912.06 $529.00 $0.00 $0.00 $0.00 $0.00 $4,383.06
Lilly, Elizabeth Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Lilly, Elizabeth 12/31/2025 $4,223.62 $0.00 $0.00 $0.00 $0.00 $0.00 $4,223.62 Pension
Total $4,223.62 $0.00 $0.00 $0.00 $0.00 $0.00 $4,223.62
Madden, Alison Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Madden, Alison 12/31/2025 $4,780.53 $410.00 $0.00 $0.00 $0.00 $0.00 $4,370.53 Pension
Total $4,780.53 $410.00 $0.00 $0.00 $0.00 $0.00 $4,370.53
Nagel, Jeanne M. Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Nagel, Jeanne M. 12/31/2025 $5,464.20 $1,000.00 $0.00 $0.00 $0.00 $0.00 $4,464.20 Pension
Total $5,464.20 $1,000.00 $0.00 $0.00 $0.00 $0.00 $4,464.20
Ryan, Carol Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Ryan, Carol 12/31/2025 $3,573.53 $250.00 $0.00 $0.00 $0.00 $0.00 $3,323.53 Pension
Total $3,573.53 $250.00 $0.00 $0.00 $0.00 $0.00 $3,323.53
Thiele, Linda Check Date Gross Pay Fed W/H Health Insurance QILDRO Deduct / Misc Net Pay
Thiele, Linda 12/31/2025 $10,009.27 $1,489.00 $0.00 $0.00 $0.00 $0.00 $6,620.27 Pension
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,700.00 Alt Payment
12/31/2025 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $200.00 Alt Payment
Total $10,009.27 $1,489.00 $0.00 $0.00 $0.00 $0.00 $8,520.27
Surviving Spouse Total $32,963.21 $3,678.00 $0.00 $0.00 $0.00 $0.00 $29,285.21
Glen Ellyn Police Total $259,597.28 $31,309.25 $7,647.43 $0.00 $0.00 $3,711.89 $216,928.71
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11-5
Glen Ellyn Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
October 1, 2025 - December 31, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
10/31/25 30173 Village of Glen Ellyn - Insurance
20-220-00 Health Insurance - 10/25 7,647.43
ACH Amount (Direct Deposit) 7,647.43
10/31/25 30174 Internal Revenue Service
20-230-00 Internal Revenue Service 30,677.25
ACH Amount (Direct Deposit) 30,677.25
11/28/25 30177 Village of Glen Ellyn - Insurance
20-220-00 Health Insurance - 11/25 7,647.43
ACH Amount (Direct Deposit) 7,647.43
11/28/25 30178 Internal Revenue Service
20-230-00 Internal Revenue Service 30,677.25
ACH Amount (Direct Deposit) 30,677.25
12/31/25 30184 Village of Glen Ellyn - Insurance
20-220-00 Health Insurance - 12/25 7,647.43
ACH Amount (Direct Deposit) 7,647.43
12/31/25 30185 Internal Revenue Service
20-230-00 Internal Revenue Service 31,309.25
ACH Amount (Direct Deposit) 31,309.25
Total Payments 115,606.04
See Accountants' Compilation Report
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Page 30 of 70
Glen Ellyn Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
October 1, 2025 - December 31, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
10/31/25 30176 State Street Bank And Trust Company
13-800-01 Glen Ellyn Police Pension Fund 79,200.00
ACH Amount (Direct Deposit) 79,200.00
11/28/25 30180 State Street Bank And Trust Company
13-800-01 Glen Ellyn Police Pension Fund 80,800.00
ACH Amount (Direct Deposit) 80,800.00
12/31/25 30187 State Street Bank And Trust Company
13-800-01 Glen Ellyn Police Pension Fund 74,400.00
ACH Amount (Direct Deposit) 74,400.00
Total Payments 234,400.00
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Page 31 of 70
Glen Ellyn Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
October 1, 2025 - December 31, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
10/14/25 30172 Lauterbach & Amen, LLP
52-170-03 #109808 9/25 Accounting & Benefits 1,430.00
52-170-06 #109808 9/25 PSA 825.00
ACH Amount (Direct Deposit) 2,255.00
10/22/25 50058 BMO Bank
52-190-04 Bank Fee 160.91
Check Amount 160.91
10/27/25 30175 Lauterbach & Amen, LLP
52-170-01 #110416 FYE24 MCR 515.00
ACH Amount (Direct Deposit) 515.00
10/31/25 202510 IPOPIF
52-195-02 Administrative Expense 464.37
52-195-03 Investment Expense 457.19
Check Amount 921.56
11/24/25 30179 Lauterbach & Amen, LLP
52-170-03 #111678 10/25 Accounting & Benefits 1,430.00
52-170-06 #111678 10/25 PSA 825.00
ACH Amount (Direct Deposit) 2,255.00
11/24/25 50059 BMO Bank
52-190-04 Bank Fee 152.17
Check Amount 152.17
11/30/25 202511 IPOPIF
52-195-02 Administrative Expense 556.34
52-195-03 Investment Expense 662.26
52-195-04 Investment Manager Fees 4,966.91
Check Amount 6,185.51
12/08/25 30181 Reimer Dobrovolny & Labardi, PC
52-170-05 C2112 F32446 Legal Service 713.38
ACH Amount (Direct Deposit) 713.38
12/15/25 30182 Lauterbach & Amen, LLP
52-170-03 #112781 11/25 Accounting & Benefits 1,430.00
52-170-06 #112781 11/25 PSA 825.00
ACH Amount (Direct Deposit) 2,255.00
12/18/25 30183 INSPE Associates, LLC
52-170-04 IME #93284 Hartzell,T 2,400.00
ACH Amount (Direct Deposit) 2,400.00
See Accountants' Compilation Report
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Page 32 of 70
Glen Ellyn Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
October 1, 2025 - December 31, 2025
Check Invoice Check
Date Number Vendor Name Amount Amount
12/22/25 50060 BMO Bank
52-190-04 Bank Fee 148.50
Check Amount 148.50
12/26/25 30186 INSPE Associates, LLC
52-170-04 IME #93514 Munch,R 900.00
ACH Amount (Direct Deposit) 900.00
12/31/25 202512 IPOPIF
52-195-02 Administrative Expense 394.01
52-195-03 Investment Expense 1,336.14
52-195-04 Investment Manager Fees 1,172.43
Check Amount 2,902.58
Total Payments 21,764.61
See Accountants' Compilation Report
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Page 33 of 70
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Total Fund with Member and Transition Accounts 14,733,040,609 100.0 100.0 0.5 2.0 7.3 16.7 14.1 12.6 8.0 03/01/22
Policy Index 0.5 1.9 7.3 16.1 13.5 12.6 7.8
Policy Index- Broad Based 0.2 1.5 7.2 17.0 14.0 13.9 7.9
IPOPIF Investment Portfolio 14,733,040,609 100.0 100.0 0.5 2.0 7.3 16.6 14.1 12.6 7.9 04/01/22
Policy Index 0.5 1.9 7.3 16.1 13.5 12.6 7.8
Policy Index- Broad Based 0.2 1.5 7.2 17.0 14.0 13.9 7.9
Growth 8,824,467,667 59.9 58.0 0.3 2.6 9.8 23.4 19.7 17.2 10.6 04/01/22
Growth Benchmark 0.4 2.6 10.1 22.9 19.2 17.1 10.4
RhumbLine Russell 1000 Index 3,377,666,343 22.9 23.0 0.2 2.4 10.6 17.3 14.1 20.3 13.1 04/01/22
Russell 1000 Index 0.2 2.4 10.6 17.4 14.1 20.3 13.2
Domestic Small Cap Equity 725,685,846 4.9 5.0 0.2 2.0 14.5 12.5 3.2 11.1 6.5 04/01/22
Russell 2000 Index 1.0 2.8 15.5 13.5 4.1 11.4 6.8
RhumbLine Russell 2000 Index 283,097,871 1.9 2.0 1.0 2.8 15.4 13.4 4.1 11.4 6.7 04/01/22
Russell 2000 Index 1.0 2.8 15.5 13.5 4.1 11.4 6.8
Hood River Small Cap Growth 220,630,243 1.5 1.5 - - - - - - 3.2 11/07/25
Russell 2000 Growth Index - - - - - - 2.7
Reinhart Small Cap Value 221,956,685 1.5 1.5 - - - - - - 1.4 11/07/25
Russell 2000 Value Index - - - - - - 3.5
US Transition Manager Account 1,047 0.0 0.0
SSgA Non-US Developed Index 2,866,133,511 19.5 19.0 1.1 2.2 7.7 28.5 25.0 16.7 10.5 04/01/22
MSCI World ex U.S. (Net) 1.0 2.1 7.6 28.0 24.6 16.3 10.1
International Developed Small Cap Equity 817,438,551 5.5 5.0 0.6 -0.3 5.3 28.7 27.4 15.8 8.0 04/01/22
MSCI World ex U.S. Small Cap Index (Net) 1.7 1.1 8.4 30.9 27.5 15.1 7.3
Acadian ACWI ex US Small-Cap Fund 404,543,777 2.7 2.5 1.0 0.7 7.4 27.1 26.1 - 21.5 02/01/24
MSCI AC World ex USA Small Cap (Net) 0.8 1.0 7.7 26.8 24.1 - 17.0
WCM International Small Cap Growth Fund 191,993,070 1.3 1.3 -3.1 -5.2 -3.3 19.9 18.2 - 12.7 03/01/24
MSCI AC World ex USA Small Cap (Net) 0.8 1.0 7.7 26.8 24.1 - 17.2
LSV International Small Cap Value Equity Fund 220,901,705 1.5 1.3 3.4 2.3 10.0 41.2 39.5 - 24.7 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) 1.5 0.9 7.9 30.7 27.2 - 17.8
Emerging Market Equities 1,037,543,416 7.0 6.0 -1.6 7.1 14.0 34.1 32.1 13.9 7.7 04/01/22
Emerging Markets Equity Benchmark -2.3 5.3 12.3 28.6 27.0 13.2 6.6
William Blair Emerging Markets ex China Growth Fund 503,118,388 3.4 3.0 -3.0 6.1 13.2 22.0 - - 22.0 01/01/25
MSCI Emerging Markets ex China IMI (Net) -2.2 4.8 11.4 27.0 - - 27.0
ARGA Emerging Markets Ex China Equity 534,425,028 3.6 3.0 -0.3 8.0 14.7 45.4 40.1 - 40.1 12/01/24
MSCI Emerging Markets ex China (Net) -2.3 5.3 12.3 28.6 27.0 - 27.0
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
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Page 34 of 70
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Income 2,277,412,414 15.5 16.0 0.5 1.2 4.4 9.5 8.8 9.8 5.3 04/01/22
Income Benchmark 0.3 1.2 4.5 9.3 8.6 9.8 5.9
SSgA High Yield Corporate Credit 609,235,200 4.1 4.3 0.6 0.7 3.3 7.9 7.5 9.7 5.8 04/01/22
Spliced SSgA U.S. High Yield Index 0.5 0.7 3.1 7.8 7.3 9.5 5.7
Emerging Market Debt 848,503,926 5.8 6.0 0.6 2.4 6.9 14.1 12.4 10.7 5.3 04/01/22
Emerging Markets Debt Benchmark 0.4 2.5 7.4 13.5 11.9 10.8 6.2
SSgA EMD Hard Index Fund 628,780,006 4.3 4.5 0.5 2.6 7.5 13.6 12.2 10.7 5.3 04/01/22
Spliced SSgA EMD Hard Index 0.4 2.5 7.4 13.5 11.9 10.5 5.5
Capital Group Emerging Markets Debt 219,723,920 1.5 1.5 1.0 1.8 5.4 15.5 13.1 - 12.3 11/01/24
Spliced Capital Group EMD Index 0.8 1.7 5.2 14.1 12.3 - 11.6
Bank Loans 418,399,532 2.8 3.0 0.4 0.9 2.9 5.8 6.4 - 7.5 03/01/24
S&P UBS Leveraged Loan Index 0.2 0.5 2.2 5.2 5.8 - 7.2
Ares Institutional Loan Fund 138,918,307 0.9 1.0 0.3 0.6 2.6 5.4 6.0 - 7.6 03/01/24
S&P UBS Leveraged Loan Index 0.2 0.5 2.2 5.2 5.8 - 7.2
Aristotle Institutional Loan Fund 279,481,226 1.9 2.0 0.5 1.0 3.0 6.0 6.5 - 7.4 03/01/24
S&P UBS Leveraged Loan Index 0.2 0.5 2.2 5.2 5.8 - 7.2
Oaktree Blue Credit 1 401,273,755 2.7 2.7 0.0 0.0 2.0 - - - 4.0 05/01/25
Real Assets 809,916,341 5.5 6.0 2.4 1.5 5.4 5.6 0.4 4.1 1.5 04/01/22
Real Assets Benchmark 2.2 1.4 5.0 5.3 0.6 3.2 -0.8
SSgA REITs Index 587,782,373 4.0 4.0 3.1 1.7 6.9 6.3 -1.3 7.4 0.2 04/01/22
Dow Jones U.S. Select REIT Total Return Index 3.1 1.7 6.9 6.3 -1.3 7.5 0.2
Principal USPA 222,133,967 1.5 2.0 0.5 0.8 2.0 3.9 4.7 -4.0 -3.7 05/01/22
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
34 of 69 2
Page 35 of 70
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: November 30, 2025
Market % of Target Since Inception
1 Mo QTD Fiscal YTD YTD 1 Yr 3 Yrs
Value Portfolio (%) Inception Date
Risk Mitigation 2,821,244,188 19.1 20.0 0.5 0.9 2.3 5.7 5.3 4.8 3.2 04/01/22
Risk Mitigation Benchmark 0.5 0.9 2.3 5.7 5.3 4.8 3.2
SSgA US Treasury Index 387,465,519 2.6 3.0 0.6 1.2 2.8 6.7 5.0 - 6.8 05/01/24
Blmbg. U.S. Treasury Index 0.6 1.2 2.8 6.7 5.0 - 6.8
SSgA Core Fixed Income Index 391,500,486 2.7 3.0 0.6 1.3 3.3 7.5 5.6 4.6 1.7 04/01/22
Blmbg. U.S. Aggregate Index 0.6 1.3 3.3 7.5 5.7 4.6 1.6
SSgA Short-Term Gov't/Credit Index 1,473,804,908 10.0 10.0 0.5 0.8 2.0 5.0 5.2 4.7 3.5 04/01/22
Bloomberg U.S. Gov/Credit 1-3 Year Index 0.5 0.8 2.0 5.0 5.2 4.7 3.4
SSgA US TIPS Index 440,859,891 3.0 3.0 0.3 0.3 1.9 6.1 5.9 5.2 3.3 04/01/22
Blmbg. U.S. TIPS 0-5 Year 0.3 0.3 1.9 6.0 5.9 5.0 3.4
Cash 126,630,203 0.9 1.0 0.3 0.7 1.7 3.7 4.0 4.6 4.0 04/01/22
90 Day U.S. Treasury Bill 0.3 0.6 1.7 3.8 4.2 4.8 4.2
IPOPIF Pool Fixed Income Transition 983,180 0.0 -
Member Accounts - 0.0 -
Transition Account - 0.0 -
The Principal USPA Real Estate Fund is benchmarked against the NCREIF ODCE index on a quarterly basis and against itself for the purpose of monthly flash reports due to quarterly index data
availability.
35 of 69 3
Page 36 of 70
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: November 30, 2025
Performance Return Calculations
Performance is calculated using Time Weighted Rates of Return (TWRR) methodologies. Monthly returns are geometrically linked and annualized for periods longer than one year.
Data Source
Verus is an independent third party consulting firm and calculates returns from best source book of record data. Returns calculated by Verus may deviate from those shown by the manager in part, but not limited to,
differences in prices and market values reported by the custodian and manager, as well as significant cash flows into or out of an account. It is the responsibility of the manager and custodian to provide insight into the
pricing methodologies and any difference in valuation.
Manager Line Up
Manager Inception Date Data Source Manager Inception Date Data Source
RhumbLine Russell 1000 Index Fund 3/15/2022 State Street SSgA High Yield Corporate Credit 3/18/2022 State Street
RhumbLine Russell 2000 Index Fund 3/15/2022 State Street SSgA EMD Hard Index Fund 3/14/2022 State Street
Hood River Small Cap Growth 11/7/2025 State Street Capital Group Emerging Markets Debt Fund 10/21/2024 State Street
Reinhart Small Cap Value 11/7/2025 State Street Ares Institutional Loan Fund 3/1/2024 Ares
SSgA Non-US Developed Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 Aristotle
SSgA Non-US Developed SC Index Fund 3/10/2022 State Street Principal USPA 4/6/2022 State Street
Acadian ACWI ex US Small-Cap Fund 1/30/2024 State Street Oaktree Blue Credit 1 5/1/2025 Oaktree
WCM International Small Cap Growth Fund 3/1/2024 WCM SSgA REITs Index Fund 3/10/2022 State Street
LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA US Treasury Index Fund 5/1/2024 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street
SSgA Emerging Markets ex China Equity Index Fun 5/1/2024 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
William Blair EM ex China Growth Fund 12/9/2024 William Blair SSgA US TIPS Index Fund 3/17/2022 State Street
ARGA Emerging Markets Ex China Equity 12/1/2024 ARGA Cash 3/22/2022 State Street
Custom Benchmark Composition
Benchmark Time period Composition
Policy Index -Broad Benchmark 4/1/2022 - Present 70% MSCI ACWI IMI (Net) and 30% Bloomberg Global Multiverse.
Spliced SSgA EMD Hard Benchmark 7/1/2023 - Present 100% JPM EMBI Global Diversified Index
Spliced SSgA EMD Hard Benchmark 3/14/2022 - 6/30/2022 100% JPM EMBI Global Core Index
Spliced SSgA U.S. High Yield Index 12/1/2022 - Present 100% ICE BofA US High yield Master II Constrained
Spliced SSgA U.S. High Yield Index 4/1/2022 - 11/30/2022 100% Bloomberg U.S. High Yield Very Liquid Index
Spliced Capital Group EMD Benchmark 1/1/2025 - Present 50% JPM GBI EM GD/30% JPM EMBI GD/20% JPM CEMBI BD
Spliced Capital Group EMD Benchmark 10/21/2024 - 12/31/2024 50% JPM EMBI GD/50% JPM GBI EM GD
36 of 69 3
Page 37 of 70
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: November 30, 2025
Policy Index Composition
Policy Risk
As of 9/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 8/1/2025 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 4.0% 25.0% Bloomberg US Corporate High Yield Index 4.5% 28.1%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 3.0% 18.8% Private Credit Actual Performance 2.5% 15.6%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 7/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 6/1/2025 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 5.1% 31.7% Bloomberg US Corporate High Yield Index 5.7% 35.3%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 1.9% 12.0% Private Credit Actual Performance 1.4% 8.4%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
Dow Jones US Select REIT Index 4.0% 66.7% Dow Jones US Select REIT Index 4.0% 66.7%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1.0% 5.0%
Policy Risk
As of 5/1/2025 Policy Index Growth Income Real Assets Risk Mitigation As of 12/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23.0% 39.7% Russell 1000 23.0% 39.7%
Russell 2000 5.0% 8.6% Russell 2000 5.0% 8.6%
MSCI World ex U.S. 19.0% 32.8% MSCI World ex U.S. 19.0% 32.8%
MSCI World ex U.S. Small Cap 5.0% 8.6% MSCI World ex U.S. Small Cap 5.0% 8.6%
MSCI Emerging Markets ex China 6.0% 10.3% MSCI Emerging Markets ex China 6.0% 10.3%
Bloomberg US Corporate High Yield Index 6.2% 38.9% Bloomberg US Corporate High Yield Index 7.0% 43.8%
JPM EMBI Global Diversified Index 6.0% 37.5% JPM EMBI Global Diversified Index 6.0% 37.5%
S&P UBS Leveraged Loan Index 3.0% 18.8% S&P UBS Leveraged Loan Index 3.0% 18.8%
Private Credit Actual Performance 0.8% 4.8% NFI-ODCE Equal-Weighted Index 2.0% 33.3%
NFI-ODCE Equal-Weighted Index 2.0% 33.3% Dow Jones US Select REIT Index 4.0% 66.7%
Dow Jones US Select REIT Index 4.0% 66.7% Bloomberg US Aggregate Index 3.0% 15.0%
Bloomberg US Aggregate Index 3.0% 15.0% Bloomberg US Treasury Index 3.0% 15.0%
Bloomberg US Treasury Index 3.0% 15.0% Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0%
Bloomberg 1-3 Year Gov/Credit Index 10.0% 50.0% Bloomberg US TIPS 0-5 Year 3.0% 15.0%
Bloomberg US TIPS 0-5 Year 3.0% 15.0% 90 Day US Treasury Bill Index 1.0% 5.0%
90 Day US Treasury Bill Index 1.0% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
37 of 69 3
Page 38 of 70
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: November 30, 2025
Policy Index Composition
Policy Risk
As of 11/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 10/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 0.7% 1.2% MSCI Emerging Markets 0.8% 1.4%
MSCI Emerging Markets ex China 5.3% 9.2% MSCI Emerging Markets ex China 5.2% 9.0%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 9/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 8/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 1.5% 2.6% MSCI Emerging Markets 2% 3.4%
MSCI Emerging Markets ex China 4.5% 7.8% MSCI Emerging Markets ex China 4% 6.9%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 43.8%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 18.8%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 10% 50.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 7/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 6/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 36.5%
Russell 2000 5% 8.6% Russell 2000 5% 7.9%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 30.1%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 7.9%
MSCI Emerging Markets 3% 5.2% MSCI Emerging Markets 4% 6.3%
MSCI Emerging Markets ex China 3% 5.2% MSCI Emerging Markets ex China 2% 3.2%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 7% 64.1%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 54.9%
S&P UBS Leveraged Loan Index 3% 18.8% S&P UBS Leveraged Loan Index 3% 27.5%
NFI-ODCE Equal-Weighted Index 2% 33.3% NFI-ODCE Equal-Weighted Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7% Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Treasury Index 3% 15.0% Bloomberg US Treasury Index 2% 10.0%
Bloomberg 1-3 Year Gov/Credit Index 10% 50.0% Bloomberg 1-3 Year Gov/Credit Index 11% 55.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 1% 5.0%
38 of 69 3
Page 39 of 70
Total Fund Illinois Police Officers' Pension Investment
Data Sources and Methodology Page Fund Period Ending: November 30, 2025
Policy Index Composition
Policy Risk
As of 5/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 4/1/2024 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 19% 32.8% MSCI World ex U.S. 19% 32.8%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 5% 8.6% MSCI Emerging Markets 6% 10.3%
MSCI Emerging Markets ex China 1% 1.7% Bloomberg US Corporate High Yield Index 7% 43.8%
Bloomberg US Corporate High Yield Index 7% 43.8% JPM EMBI Global Diversified Index 6% 37.5%
JPM EMBI Global Diversified Index 6% 37.5% S&P UBS Leveraged Loan Index 3% 18.8%
S&P UBS Leveraged Loan Index 3% 18.8% NFI-ODCE Equal-Weighted Index 2% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg US Treasury Index 1% 5.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
Bloomberg 1-3 Year Gov/Credit Index 12% 60.0% 90 Day US Treasury Bill Index 1% 5.0%
Bloomberg US TIPS 0-5 Year 3% 15.0%
90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 3/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2023 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 23% 39.7%
Russell 2000 5% 8.6% Russell 2000 5% 8.6%
MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 18% 31.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 8.6%
MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 12.1%
Bloomberg US Corporate High Yield Index 8.5% 53.1% Bloomberg US Corporate High Yield Index 10% 62.5%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
S&P UBS Leveraged Loan Index 1.5% 9.4% NFI-ODCE Equal-Weighted Index 2% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Dow Jones US Select REIT Index 4% 66.7%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg US Aggregate Index 3% 15.0%
Bloomberg US Aggregate Index 3% 15.0% Bloomberg 1-3 Year Gov/Credit Index 13% 65.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg US TIPS 0-5 Year 3% 15.0%
Bloomberg US TIPS 0-5 Year 3% 15.0% 90 Day US Treasury Bill Index 1% 5.0%
90 Day US Treasury Bill Index 1% 5.0%
Policy Risk
As of 1/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 3/31/2022 Index Growth Income Real Assets Mitigation
Russell 1000 18% 36.0% Russell 3000 23% 46.0%
Russell 2000 5% 10.0% MSCI ACWI ex USA IMI 20% 40.0%
MSCI World ex U.S. 15% 30.0% MSCI Emerging Markets IMI 7% 14.0%
MSCI World ex U.S. Small Cap 5% 10.0% Bloomberg US Corporate High Yield Index 10% 62.5%
MSCI Emerging Markets 7% 14.0% 50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
Bloomberg US Corporate High Yield Index 10% 62.5% NCREIF Property Index 2% 66.7%
JPM EMBI Global Diversified Index 6% 37.5% Dow Jones US Select REIT Index 4% 33.3%
NFI-ODCE Equal-Weighted Index 2% 33.3% Bloomberg US Aggregate Index 7% 25.0%
Dow Jones US Select REIT Index 4% 66.7% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US Aggregate Index 7% 25.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6% 90 Day US Treasury Bill Index 3% 10.7%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
39 of 69 3
Page 40 of 70
Glossary
Allocation Effect: An attribution effect that describes the amount attributable to the managers' asset allocation decisions, relative to the benchmark.
Alpha: The excess return of a portfolio after adjusting for market risk. This excess return is attributable to the selection skill of the portfolio manager. Alpha is calculated as: Portfolio Return [Risk free Rate + Portfolio Beta x (Market Return Risk
free Rate)].
‐ ‐ ‐ ‐
Benchmark R squared: Measures how well the Benchmark return series fits the manager's return series. The higher the Benchmark R squared, the more appropriate the benchmark is for the manager.
Beta: A measure
‐ of systematic, or market risk; the part of risk in a portfolio or security that is attributable to general market movements. ‐Beta is calculated by dividing the covariance of a security by the variance of the market.
Book to Market: The ratio of book value per share to market price per share. Growth managers typically have low book to market ratios while value managers typically have high book to market ratios.
Capture
‐ ‐Ratio: A statistical measure of an investment manager's overall performance in up or down markets. The capture ‐ ‐ratio is used to evaluate how well an investment manager performed
‐ ‐ relative to an index during periods when that index has
risen (up market) or fallen (down market). The capture ratio is calculated by dividing the manager's returns by the returns of the index during the up/down market, and multiplying that factor by 100.
Correlation: A measure of the relative movement of returns of one security or asset class relative to another over time. A correlation of 1 means the returns of two securities move in lock step, a correlation of 1 means the returns of two securities
move in the exact opposite direction over time. Correlation is used as a measure to help maximize the benefits of diversification when constructing an investment portfolio.
‐
Excess Return: A measure of the difference in appreciation or depreciation in the price of an investment compared to its benchmark, over a given time period. This is usually expressed as a percentage and may be annualized over a number of
years or represent a single period.
Information Ratio: A measure of a manager's ability to earn excess return without incurring additional risk. Information ratio is calculated as: excess return divided by tracking error.
Interaction Effect: An attribution effect that describes the portion of active management that is contributable to the cross interaction between the allocation and selection effect. This can also be explained as an effect that cannot be easily traced to
a source.
Portfolio Turnover: The percentage of a portfolio that is sold and replaced (turned over) during a given time period. Low portfolio turnover is indicative of a buy and hold strategy while high portfolio turnover implies a more active form of
management.
Price to Earnings Ratio (P/E): Also called the earnings multiplier, it is calculated by dividing the price of a company's stock into earnings per share. Growth managers typically hold stocks with high price to earnings ratios whereas value
managers hold stocks with low price to earnings ratios.
‐ ‐ ‐ ‐
R Squared: Also called the coefficient‐ ‐of determination, it measures the amount of variation in one variable explained by variations in another, i.e., the goodness of fit to a benchmark. In the case of investments, the term is used to explain the
amount of variation in a security or portfolio explained by movements in the market or the portfolio's benchmark.
‐
Selection Effect: An attribution effect that describes the amount attributable to the managers' stock selection decisions, relative to the benchmark.
Sharpe Ratio: A measure of portfolio efficiency. The Sharpe Ratio indicates excess portfolio return for each unit of risk associated with achieving the excess return. The higher the Sharpe Ratio, the more efficient the portfolio. Sharpe ratio is
calculated as: Portfolio Excess Return / Portfolio Standard Deviation.
Sortino Ratio: Measures the risk adjusted return of an investment, portfolio, or strategy. It is a modification of the Sharpe Ratio, but penalizes only those returns falling below a specified benchmark. The Sortino Ratio uses downside deviation in
the denominator rather than standard deviation, like the Sharpe Ratio.
‐
Standard Deviation: A measure of volatility, or risk, inherent in a security or portfolio. The standard deviation of a series is a measure of the extent to which observations in the series differ from the arithmetic mean of the series. For example, if a
security has an average annual rate of return of 10% and a standard deviation of 5%, then two thirds of the time, one would expect to receive an annual rate of return between 5% and 15%.
Style Analysis: A return based analysis designed to identify combinations of passive investments
‐ to closely replicate the performance of funds
Style Map: A specialized form or scatter plot chart typically used to show where a Manager lies in relation to a set of style indices on a two dimensional plane. This is simply a way of viewing the asset loadings in a different context. The
coordinates are calculated by rescaling the asset loadings to range from 1 to 1 on each axis and are dependent on the Style Indices comprising the Map.
‐
‐
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Disclosure
This report contains confidential and proprietary information and is subject to the terms and conditions of the Consulting Agreement. It is being provided for use solely by the
customer. The report may not be sold or otherwise provided, in whole or in part, to any other person or entity without written permission from Verus Advisory, Inc., (hereinafter
Verus) or as required by law or any regulatory authority. The information presented does not constitute a recommendation by Verus and cannot be used for advertising or sales
promotion purposes. This does not constitute an offer or a solicitation of an offer to buy or sell securities, commodities or any other financial instruments or products.
The information presented has been prepared using data from third party sources that Verus believes to be reliable. While Verus exercised reasonable professional care in
preparing the report, it cannot guarantee the accuracy of the information provided by third party sources. Therefore, Verus makes no representations or warranties as to the
accuracy of the information presented. Verus takes no responsibility or liability (including damages) for any error, omission, or inaccuracy in the data supplied by any third party.
Nothing contained herein is, or should be relied on as a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio
diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the investor should be prepared to bear.
The information presented may be deemed to contain forward‐looking information. Examples of forward looking information include, but are not limited to, (a) projections of or
statements regarding return on investment, future earnings, interest income, other income, growth prospects, capital structure and other financial terms, (b) statements of
plans or objectives of management,(c) statements of future economic performance, and (d) statements of assumptions, such as economic conditions underlying other
statements. Such forward‐looking information can be identified by the use of forward looking terminology such as believes, expects, may, will, should, anticipates, or the
negative of any of the foregoing or other variations thereon comparable terminology, or by discussion of strategy. No assurance can be given that the future results described by
the forward‐looking information will be achieved. Such statements are subject to risks, uncertainties, and other factors which could cause the actual results to differ materially
from future results expressed or implied by such forward looking information. The findings, rankings, and opinions expressed herein are the intellectual property of Verus and
are subject to change without notice. The information presented does not claim to be all‐inclusive, nor does it contain all information that clients may desire for their purposes.
The information presented should be read in conjunction with any other material provided by Verus, investment managers, and custodians.
Verus will make every reasonable effort to obtain and include accurate market values. However, if managers or custodians are unable to provide the reporting period's market
values prior to the report issuance, Verus may use the last reported market value or make estimates based on the manager's stated or estimated returns and other information
available at the time. These estimates may differ materially from the actual value. Hedge fund market values presented in this report are provided by the fund manager or
custodian. Market values presented for private equity investments reflect the last reported NAV by the custodian or manager net of capital calls and distributions as of the end
of the reporting period. These values are estimates and may differ materially from the investments actual value. Private equity managers report performance using an internal
rate of return (IRR), which differs from the time‐weighted rate of return (TWRR) calculation done by Verus. It is inappropriate to compare IRR and TWRR to each other. IRR
figures reported in the illiquid alternative pages are provided by the respective managers, and Verus has not made any attempts to verify these returns. Until a partnership is
liquidated (typically over 10‐12 years), the IRR is only an interim estimated return. The actual IRR performance of any LP is not known until the final liquidation.
Net‐of‐Fees Returns mean gross‐of‐fees returns reduced by fees and expenses charged by third‐party investment managers on the products of such managers held by client.
Net‐of‐Fees Returns does not include a reduction of returns for Verus’ investment management and consulting fees, or other expenses incurred by the asset owner, fund or
plan.
Verus receives universe data from InvMetrics, eVestment Alliance, and Morningstar. We believe this data to be robust and appropriate for peer comparison. Nevertheless, these
universes may not be comprehensive of all peer investors/managers but rather of the investors/managers that comprise that database. The resulting universe composition is not
static and will change over time. Returns are annualized when they cover more than one year. Investment managers may revise their data after report distribution. Verus will
make the appropriate correction to the client account but may or may not disclose the change to the client based on the materiality of the change.
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GLEN ELLYN POLICE PENSION FUND
Month Ended: December 31, 2025
Market Value Summary:
Current Period Year to Date
Beginning Balance $48,639,008.07 $41,447,815.46
Contributions $74,400.00 $979,900.00
Withdrawals ($63,636.00) ($763,632.00)
Transfers In/Out $0.00 $0.00
Income $22,061.06 $233,575.75
Administrative Expense ($394.01) ($7,824.61)
Investment Expense ($1,336.14) ($8,623.86)
Investment Manager Fees ($1,172.43) ($22,282.31)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $9,563.74
Realized Gain/Loss $32,956.97 $934,748.57
Unrealized Gain/Loss $361,152.91 $6,259,799.69
Ending Balance $49,063,040.43 $49,063,040.43
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 0.85% 3.07% 17.79% 17.79% 13.63% N/A N/A 8.08% 04/01/2022
Returns for periods greater than one year are annualized
Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org
Page 1 of 3
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GLEN ELLYN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: December 31, 2025
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $48,639,008.07 $41,447,815.46 Beginning Units 3,529,017.581 3,512,453.656
Contributions $74,400.00 $979,900.00 Unit Purchases from Additions 5,352.603 76,604.126
Withdrawals ($63,636.00) ($763,632.00) Unit Sales from Withdrawals (4,599.047) (59,286.645)
Transfers In/Out $0.00 $0.00
Ending Units 3,529,771.136 3,529,771.136
Income $22,061.06 $233,575.75
Administrative Expense ($394.01) ($7,824.61)
Period Beginning Net Asset Value per Unit $13.782592 $11.800246
Investment Expense ($1,336.14) ($8,623.86)
Period Ending Net Asset Value per Unit $13.899779 $13.899779
Investment Manager Fees ($1,172.43) ($22,282.31)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $9,563.74
Realized Gain/Loss $32,956.97 $934,748.57
Unrealized Gain/Loss $361,152.91 $6,259,799.69
Ending Balance $49,063,040.43 $49,063,040.43
Performance Summary:
GLEN ELLYN POLICE PENSION FUND
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 0.85% 3.07% 17.79% 17.79% 13.63% N/A N/A 8.29% 04/06/2022
Returns for periods greater than one year are annualized
Contact Information: Illinois Police Officers’ Pension Investment Fund, 456 Fulton Street, Suite 402 Peoria, Illinois 61602 Phone: (309) 280-6464 Email: Info@ipopif.org
Page 2 of 3
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Statement of Transaction Detail for the Month Ending 12/31/2025
GLEN ELLYN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
IPOPIF Pool
12/19/2025 12/22/2025 Redemptions (63,636.00) 13.836779 (4,599.0472)
12/31/2025 01/02/2026 Contribution 74,400.00 13.899779 5,352.6031
Page 3 of 3
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December 2025 Statement Supplement
Cash Flows
Period Contributions Withdrawals
December 2025 $43 million $67 million
CY 2025 $705 million $763 million
Expenses Paid
Administrative Investment Direct Investment
Period
Expenses Expenses Manager Fees
12/1/2025 $119,382.80 $404,841.68 $355,238.34
CY 2025 $2,379,897.06 $2,621,283.81 $6,776,357.07
• Expenses are paid from the IPOPIF Pool and allocated proportionately by member value.
• Investment expenses exclude investment manager fees.
• Direct Investment Manager Fee includes those fees invoiced and paid by IPOPIF. Other
investment manager fees are tracked separately and reported to the Board and disclosed in
the Fund’s Annual Comprehensive Financial Report.
Investment Pool Details
Date Units Value Unit Price
11/30/2025 1,069,269,338.1205 14,737,302,597.15 13.782592
12/31/2025 1,067,559,052.0752 14,838,835,409.28 13.899779
A spreadsheet with complete unit and expense detail history is linked on the Article 3 Fund Reports
page as IPOPIF Unit and Expense Information.xlsx.
Resources
• Monthly statement overview: Link to Statement Overview
• Monthly financial reports: https://www.ipopif.org/reports/monthly-financial-reports/
• Monthly and quarterly investment reports: https://www.ipopif.org/reports/investment-
reports/
• IPOPIF Board Meeting Calendar: https://www.ipopif.org/meetings/calendar/
Illinois Police Officers’ Pension Investment Fund 309-280-6464
456 Fulton Street, Suite 402 info@ipopif.org
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Peoria, Illinois 61602
Page 46 of 70
2026 IPPFA Trustee Training Opportunities
IPPFA ONLINE SEMINAR COURSE
WHEN: Ongoing
• Online 8 hr. seminar (Recorded 2025)
WHERE: IPPFA Website:
www.ippfa.org/education/online-classes/
COST: IPPFA MEMBER: $295.00/seminar IPPFA
NON-MEMBER: $590.00/seminar
This online seminar agenda includes:
• School's in Session - How to Ace your Fund Administration
• Retirement Healthcare Funding
• Private vs. Public Pensions
• Pension Funding Policy
• Legal Updates and Recent Court Cases
• Ask Your Attorney
• Fiduciary Liability Insurance vs. Directors and Officers Insurance
• Benefit Enhancements to Attract and Retain Public Safety Officers
• Consolidation Update
• The Wonderfully Weird World of Administrative Review
- this online seminar satisfies 8 hours of the required continuing pension trustee
training
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16-hour Certified Trustee Programs* offered through IPPFA
IPPFA ONLINE Certified Trustee Program
COST: IPPFA MEMBER: $ 550.00
IPPFA NON-MEMBER: $1,100.00
Registration is online at the IPPFA website www.ippfa.org/education/trustee-program/
IPPFA In-Person Certified Trustee Program
WHEN: TBA
WHERE: TBA
COST: TBA
*On December 18, 2019, Governor J.B. Pritzker signed SB 1300, making it Public Act 101-0610. This act
will consolidate all Article 3 and 4 pension fund's investment assets. Under Public Act 101-0610, training
requirements have now been reduced from 32-hours to 16-hours of new trustee training, however all
pension trustees will still need 4-hours of mandatory consolidation transition training.
All Article 3 & 4 Pension Trustees elected or appointed are required to complete the 16-hour trustee
certification course within 18 months of election or appointment to the board.
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UPCOMING CONFERENCES:
2026 Illinois Pension Conference
April 29 - May 1, 2026
Eagle Ridge Resort in Galena, IL
2026 MidAmerican Pension Conference
September 23 - 24, 2026
Oak Brook Hills Resort in Oak Brook, IL
For more information, please visit our website at www.ippfa.org
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NIAFPD
33RD ANNUAL
CONFERENCE
REGISTRATION COMING SOON
WWW.NIAFPD.ORG
FEB 6-7, 2026
WESTIN - LOMBARD
+123-456-7890
FULFILLS ANNUAL TRUSTEE AND
PENSION REQUIREMENTS
TRUSTEE GRANTS AVAILABLE!49 of 69
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FACT SHEET M ar c h 1 0 , 2 0 2 5
ARTICLE 3 AND ARTICLE 4
PENSION TRUSTEE
CERTIFICATION
All elected and appointed Article 3 (police officers) and Article 4 (firefighters) local pension board trustees
are required to participate in state-mandated trustee certification training.
WHAT IS THE FIRST YEAR CERTIFICATION REQUIREMENT?
The trustee certification training requirement for a first year trustee is at least 16 hours.
WHAT IS THE ANNUAL CERTIFICATION REQUIREMENT?
Annually, all trustees must complete a minimum of eight hours of continuing trustee education. Trustees are
permitted to re-take previously selected courses to satisfy the training requirement.
WHERE CAN TRUSTEES RECEIVE THEIR TRAINING?
The Illinois Municipal League provides this certification training at no charge to all trustees.
More information is available at iml.org/pensiontrustees.
Trustee certification training is provided online, in partnership with Eastern Illinois University, and in
accordance with all statutory requirements. If you have questions regarding pension trustee certification,
please contact us by email at pensiontrustees@iml.org.
HOW MUCH DOES THE TRAINING COST?
$0. The Illinois Municipal League provides this certification training at no charge. Really — it’s free = no charge.
WHAT ARE SOME TRUSTEE EDUCATION TOPICS?
There are currently 21 videos available, including:
• Administrative Review (New)
• Felony Divestiture (New)
• Illinois Court System and Standard of Review (New)
• Mock Disability Pension Hearing (New)
• Pensionable Salary under Article 3 and 4 (New)
• QILDRO Training (New)
• Various Benefits Training (New)
• Articles 3 and 4 Pension Disability Pension Overview
• Duties and Ethical Obligations of a Pension Fund Fiduciary
• Board Oversight of Cyber Risk: Before a Breach
• Pension Plan Funding 101
• Illinois Public Employee Disability Act and Public Safety Employee
Benefits Act
• Managing Generational Differences and Unconscious Bias in the
Workplace
Scan for
PDF Version
ILLINOIS MUNICIPAL LEAGUE
500 East Capitol Avenue | P.O. Box 5180 | Springfield, IL 62705-5180 | Ph: 217.525.1220 | Fx: 217.525.7438 | iml.org
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ARTICLE 3 AND ARTICLE 4
Pension Trustee Certification
Instructions
Ma r c h 1 0 , 2 0 2 5
How to Register (All Users Must Create an Account):
1) Click here to visit the registration page.
2) At the top of the page, click “Register” to create an account and click “Submit.”
3) Click “Login” to enter your username and password.
4) At the top of the page, click on “Dashboard” in the main menu.
5) Click “My Courses.”
6) Under basic information, click on the course platform.
7) Once the new window opens, enter your username and password and click “Submit.”
How to Take a Training Course:
1) After you sign into the course platform, select a training course.
2) Click “Content” on the navigation bar.
3) Scroll down and click the video link to open the training.
4) The training presentation is available by clicking “Download: PowerPoint Slides.”
5) After viewing the video, click “Quizzes” on the navigation bar to take the quiz
assessment. A quiz will not be available until the training video has been viewed.
6) After passing the quiz, your certificate will take a few minutes to generate and will
appear under “Certificates” on the navigation bar.
7) Click “Home” in the top left corner to return to the full course menu.
If you have questions regarding Article 3 or Article 4 pension trustee certification,
please contact us by email at pensiontrustees@iml.org.
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Pension Trustee Training Course
Course Titles Credit Hours
Administrative Review 0.75 hours New
Articles 3 and 4 Pension Disability Pension Overview 2.50 hours
Board Oversight of Cyber Risk: Before a Breach 2.00 hours
Cyber Security: Best Practices 1.00 hour
Developments and Potential Changes in Federal and State of Illinois Labor and Employment Laws 1.50 hours
Duties and Ethical Obligations of a Pension Fund Fiduciary 1.50 hours
Felony Divestiture 0.75 hours New
How to Identify, Address and Prevent Sexual Harassment & Discrimination 1.00 hours
Illinois Court System and Standard of Review 1.00 hours New
Illinois Freedom of Information Act and Open Meetings Act 1.50 hours
Illinois Public Employee Disability Act and Public Safety Employee Benefits Act 1.50 hours
Let Me Ask You A Question 2.00 hours
Managing Generational Differences and Unconscious Bias in the Workplace 1.50 hours
Mock Disability Pension Hearing 1.75 hours New
Pension Plan Assumption 101: Common Approaches to Setting Actuarial Assumptions 0.75 hours
Pension Plan Funding 101: The Basics of Public Pension Funding Mechanics 0.75 hours
Pensionable Salary Under Articles 3 and 4 1.00 hour New
Public Pension Fund Accounting Principles 0.50 hours
QILDRO Training 1.00 hour New
Qualified Illinois Domestic Order “QILDRO” 1.50 hours
Various Benefits Training 2.00 hours New
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2026 IPFA SPRING PENSION SEMINAR
Friday May 1, 2026 Gold Shift
Empress Banquets 200 East Lake Street Addison, IL 60101 630-279-5900
IN-PERSON SEMINAR REGISTRATION FORM
Municipality, (please print or type)
District, or
Firm: _____________________________________________ Address: _________________________________________________
City: ____________________________________________ , IL Zip: ____________ Phone: _____________________________
SEMINAR FEES: IPFA Members: $ 240.00 Non - Members: $ 330.00 Walk-In Registration: $ 350.00
Avoid the walk-in surcharge – register on or before Monday, April 27, 2026 Registration opens at 07:00, event begins at 08:00, & ends at 16:00
First Name: Last Name: e-mail Address: Member Non-Member
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
____________________ _________________________ ____________________________________ $_______.___ $_______.____
TOTAL CHECK ENCLOSED $_______.____
Payment must accompany this Registration Form and be received in our office on or before April 27, 2026 to qualify for lower rates. Reservations received after the
above date will be charged walk-in registration fee. Requests for refunds must be received on or before Monday, April 27, 2026 for full fee credit. No credits of seminar
fees after this date. Please mail the completed form to IPFA, 188 Industrial Drive, Suite 134, Elmhurst, IL 60126-1608, fax it to 630-833-2412, or scan & e-mail to
ipfa@aol.com. Any questions, call 630-833-2405. For Tax Reporting Purposes our Federal I.D. Number is: 36-2650496.
The Illinois Pension Statute requires continuing education for all pension board trustees. This seminar provides up to 8 hours of credits.
For IPFA Office Use: Date: ___________ Check #: ___________ Amount: _____________ Payer: ________________________________________
___________________________________________________________________________ 53 of 69
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Certified Trustee Training
Organization: Glen Ellyn Police Pension Fund Year: 2026
Jim Monson
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
5
6
J
Jim King
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
5
6
Anthony Terranova
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
5
6
John Adducci
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
5
6
William Housey
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1 8
2
3
4
5
6
Hours Date
Hours Required Type of Training Completed Completed Cert on File
1
2
3
4
5
6
Page 1 of 1
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GLEN ELLYN Pacyga, Brent R.
POLICE PENSION FUND
Pension Calculation Worksheet Retirement 20-50
REVIEWED AND APPROVED BY PENSION FUND:
Trustee: Date:______________ Name: ____________________ Signature: _________________________
Treasurer: Date:______________ Name: ____________________ Signature: _________________________
Personal Data
Member Name Pacyga, Brent R.
Member Entry Date 09/08/05
Member Retirement Date 11/29/25
Member Effective Date of Pension 11/30/25
Member Age at Effective Date of Pension 50
Years (Y) of Creditable Service Earned Y 20
Applicable Salary $126,712.46
Applicable Pension Percentage (APP) 50.00%
Amount of the Original Monthly Pension Granted to Member $5,279.69
Pension Calculation History
Amount Amount
Amount of of Monthly of Annual
Date Description Change Pension Pension
11/30/25 Original Benefit (prorated) 175.99 175.99
12/01/25 Original Benefit (full month) 5,103.70 5,279.69 63,356.28
03/01/30 Initial Increase 673.16 5,952.85 71,434.20
01/01/31 Annual 3% COLA 178.59 6,131.44 73,577.28
01/01/32 Annual 3% COLA 183.94 6,315.38 75,784.56
01/01/33 Annual 3% COLA 189.46 6,504.84 78,058.08
01/01/34 Annual 3% COLA 195.15 6,699.99 80,399.88
01/01/35 Annual 3% COLA 201.00 6,900.99 82,811.88
01/01/36 Annual 3% COLA 207.03 7,108.02 85,296.24
01/01/37 Annual 3% COLA 213.24 7,321.26 87,855.12
01/01/38 Annual 3% COLA 219.64 7,540.90 90,490.80
01/01/39 Annual 3% COLA 226.23 7,767.13 93,205.56
01/01/40 Annual 3% COLA 233.01 8,000.14 96,001.68
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printed: 12/2/2025
Page 58 of 70
GLEN ELLYN Pacyga, Brent R.
POLICE PENSION FUND
Pension Calculation Worksheet Retirement 20-50
Pension Calculation History - Continued
Amount Amount
Amount of of Monthly of Annual
Date Description Change Pension Pension
01/01/41 Annual 3% COLA 240.00 8,240.14 98,881.68
01/01/42 Annual 3% COLA 247.20 8,487.34 101,848.08
01/01/43 Annual 3% COLA 254.62 8,741.96 104,903.52
01/01/44 Annual 3% COLA 262.26 9,004.22 108,050.64
01/01/45 Annual 3% COLA 270.13 9,274.35 111,292.20
01/01/46 Annual 3% COLA 278.23 9,552.58 114,630.96
01/01/47 Annual 3% COLA 286.58 9,839.16 118,069.92
01/01/48 Annual 3% COLA 295.17 10,134.33 121,611.96
01/01/49 Annual 3% COLA 304.03 10,438.36 125,260.32
01/01/50 Annual 3% COLA 313.15 10,751.51 129,018.12
01/01/51 Annual 3% COLA 322.55 11,074.06 132,888.72
01/01/52 Annual 3% COLA 332.22 11,406.28 136,875.36
01/01/53 Annual 3% COLA 342.19 11,748.47 140,981.64
01/01/54 Annual 3% COLA 352.45 12,100.92 145,211.04
01/01/55 Annual 3% COLA 363.03 12,463.95 149,567.40
01/01/56 Annual 3% COLA 373.92 12,837.87 154,054.44
01/01/57 Annual 3% COLA 385.14 13,223.01 158,676.12
01/01/58 Annual 3% COLA 396.69 13,619.70 163,436.40
01/01/59 Annual 3% COLA 408.59 14,028.29 168,339.48
01/01/60 Annual 3% COLA 420.85 14,449.14 173,389.68
01/01/61 Annual 3% COLA 433.47 14,882.61 178,591.32
01/01/62 Annual 3% COLA 446.48 15,329.09 183,949.08
01/01/63 Annual 3% COLA 459.87 15,788.96 189,467.52
01/01/64 Annual 3% COLA 473.67 16,262.63 195,151.56
01/01/65 Annual 3% COLA 487.88 16,750.51 201,006.12
01/01/66 Annual 3% COLA 502.52 17,253.03 207,036.36
01/01/67 Annual 3% COLA 517.59 17,770.62 213,247.44
01/01/68 Annual 3% COLA 533.12 18,303.74 219,644.88
01/01/69 Annual 3% COLA 549.11 18,852.85 226,234.20
01/01/70 Annual 3% COLA 565.59 19,418.44 233,021.28
01/01/71 Annual 3% COLA 582.55 20,000.99 240,011.88
01/01/72 Annual 3% COLA 600.03 20,601.02 247,212.24
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GLEN ELLYN Pacyga, Brent R.
POLICE PENSION FUND
Basic Information Worksheet Retirement 20-50
Creditable Service
Entry Date 09/08/05
Termination/Retirement Date 11/29/25
Years
Creditable Service Earned 20
Additions to Creditable Service Additions (Days)
Reductions to Creditable Service Reductions (Days)
Total Creditable Service 20
Spousal Information - If Applicable
Marital Status Married
Spouse's Name
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GLEN ELLYN Pacyga, Brent R.
POLICE PENSION FUND
Benefit Calculation Worksheet Retirement 20-50
Required Information
Applicable Salary $126,712.46
Rank @ Last Day of Service Patrol Officer
Years
Total Creditable Service 20
Applicable Pension Percentage
Creditable Service Years 1 to 20 x 2.5% 50.00%
Creditable Service (# of Years 21 to 30) x 2.5% 0.00%
Total (Maximum = 75%) 50.00%
Amount of Originally Granted Pension
Original Annual Pension $63,356.28
Monthly $5,279.69
Increases in Pension
Age @ Retirement Date 50
The initial increase is granted on the latter of:
The month after the member turns 55 OR
The month after the member has been retired for one full year.
The amount of the initial increase is equal to 1/12 of 3% of the original monthly benefit, times the number of
full months that have elapsed since the pension began.
Date of Initial Increase 03/01/30
Amount of Initial Increase (monthly) $673.16
Subsequent COLA increases are granted every January in the amount of 3% of the current benefit.
Benefits granted to Survivors do NOT receive COLA Increases.
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Glen Ellyn Police Pension Fund
Annual Benefit Increases (COLA)
Effective as of January 1, 2026
Type of Prior COLA Current Annualized
Pensioner Pension Notes Benefit Increase Benefit Benefit
Acton, Robert E. Service 9,812.65 294.38 10,107.03 121,284.36
Baird, Paul C. Service 5,462.85 163.89 5,626.74 67,520.88
Baki, Joseph K. Service 9,025.82 270.77 9,296.59 111,559.08
Beck, Brian D. Service 7,624.70 228.74 7,853.44 94,241.28
Bellini, Martha Spouse 4,912.06 0.00 4,912.06 58,944.72
Borzym, Leon K. Service 6,395.11 191.85 6,586.96 79,043.52
Brodhead, Stephen Service 7,325.12 219.75 7,544.87 90,538.44
Bruno, William D. Service 7,520.31 225.61 7,745.92 92,951.04
Campbell, Mark Service 6,391.22 191.74 6,582.96 78,995.52
Combs, Richard N. Service 5,904.15 177.12 6,081.27 72,975.24
Crowley, John D. Service 6,084.82 182.54 6,267.36 75,208.32
French, Stephen R. Service 8,090.99 242.73 8,333.72 100,004.64
Grant, Robert D. Service 5,530.42 165.91 5,696.33 68,355.96
Hamann, James D. Service 8,225.58 246.77 8,472.35 101,668.20
Hartzell, Thomas Z. Non-Duty Disability 1 4,392.32 0.00 4,392.32 52,707.84
Harvey, Jean M. Service 8,129.94 243.90 8,373.84 100,486.08
Holmer, William R. Service 9,014.79 270.44 9,285.23 111,422.76
King, James J. Service 8,219.17 246.58 8,465.75 101,589.00
Kleinofen, John E. Service 5,300.57 159.02 5,459.59 65,515.08
Kozol, Phillip Duty Disability 2,892.26 37.89 2,930.15 35,161.80
Lilly, Elizabeth Spouse - NT 4,223.62 0.00 4,223.62 50,683.44
Madden, Allison Spouse 4,780.53 0.00 4,780.53 57,366.36
Miko, Stephen F. Deferred Annuitant 0.00 0.00 0.00 0.00
Miller, Gerald E. Service 5,834.74 175.04 6,009.78 72,117.36
Mullany, James Jr. Service 9,313.60 279.41 9,593.01 115,116.12
Munch, Raymond Duty Disability 4,561.87 0.00 4,561.87 54,742.44
Nagel, Jeanne M. Spouse 5,464.20 0.00 5,464.20 65,570.40
Nemchock, Joseph A. Deferred Annuitant 0.00 0.00 0.00 0.00
Pacyga, Brent R. Service 5,279.69 0.00 5,279.69 63,356.28
Pocuis, Ronald E. Service 7,059.53 239.66 7,299.19 87,590.28
Pocuis, Ronald E. - QILDRO QILDRO 929.15 0.00 929.15 11,149.80
Roman, Thomas W. Service 3,067.41 92.02 3,159.43 37,913.16
Roman, Thomas W. - Repayment Service 2 0.00 0.00 0.00 0.00
Roman, Thomas W. - QILDRO QILDRO 2,911.42 87.34 2,998.76 35,985.12
Roman, Thomas W. - QILDRO - Arrearage
QILDRO 2 0.00 0.00 0.00 0.00
Ryan, Carol Spouse 3,573.53 0.00 3,573.53 42,882.36
Scuito, David Service 7,272.44 218.17 7,490.61 89,887.32
Smith, Larry Service 6,168.05 185.04 6,353.09 76,237.08
Smith, Stephen M. Service 8,187.12 245.61 8,432.73 101,192.76
Staples, Thomas L. Service 5,233.48 157.00 5,390.48 64,685.76
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Glen Ellyn Police Pension Fund
Annual Benefit Increases (COLA)
Effective as of January 1, 2026
Type of Prior COLA Current Annualized
Pensioner Pension Notes Benefit Increase Benefit Benefit
Steele, James R Service 5,123.59 153.71 5,277.30 63,327.60
Terranova, Janet L. Deferred Annuitant 0.00 0.00 0.00 0.00
Thiele, Linda Spouse 10,009.27 0.00 10,009.27 120,111.24
Tobias, Mark A. Service 6,370.16 191.10 6,561.26 78,735.12
Velon, Robert C. Service 4,350.07 130.50 4,480.57 53,766.84
Webber, Norman E. Service 9,741.08 292.23 10,033.31 120,399.72
Totals 255,709.40 6,206.46 261,915.86 3,142,990.32
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Glen Ellyn Police Pension Fund
Summary of Benefit Changes and Notes
Effective as of January 1, 2026
Amount of New Monthly
Pensioner Reason Date Change Benefit
Roman, Thomas W. - Repayment Repayment Increase 1/31/2026 3.87 132.55
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2026 (3.87) (132.55)
Roman, Thomas W. - Repayment Repayment Increase 1/31/2027 3.97 136.52
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2027 (3.97) (136.52)
Terranova, Janet L. - New Initial Benefit Pro Rata 10/11/2027 4,124.64 4,124.64
Terranova, Janet L. - New Initial Benefit 1st Full Month 11/1/2027 1,964.12 6,088.76
Roman, Thomas W. - Repayment Repayment Increase 1/31/2028 4.10 140.62
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2028 (4.10) (140.62)
Roman, Thomas W. - Repayment Repayment Increase 1/31/2029 4.22 144.84
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2029 (4.22) (144.84)
Miko, Stephen F. - New Initial Benefit Pro Rata 7/22/2029 1,426.96 1,426.96
Miko, Stephen F. - New Initial Benefit 1st Full Month 8/1/2029 2,996.61 4,423.57
Nemchock, Joseph A. - New Initial Benefit Pro Rata 12/9/2029 3,353.38 3,353.38
Nemchock, Joseph A. - New Initial Benefit 1st Full Month 1/1/2030 1,166.39 4,519.77
Roman, Thomas W. - Repayment Repayment Increase 1/31/2030 4.34 149.18
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2030 (4.34) (149.18)
Pacyga, Brent R. Initial Increase 3/1/2030 673.16 5,952.85
Roman, Thomas W. - Repayment Repayment Increase 1/31/2031 4.48 153.66
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2031 (4.48) (153.66)
Roman, Thomas W. - Repayment Repayment Increase 1/31/2032 4.61 158.27
Roman, Thomas W. - QILDRO - Arrearage Arrearage Increase 1/31/2032 (4.61) (158.27)
Roman, Thomas W. - Repayment Repayment Cease Pro Rata 2/28/2032 (121.14) 37.13
Roman, Thomas W. - QILDRO - Arrearage
Arrearage Cease Pro Rata 2/28/2032 121.14 (37.13)
Roman, Thomas W. - Repayment Repayment Cease Full Month 3/1/2032 (37.13) 0.00
Roman, Thomas W. - QILDRO - Arrearage
Arrearage Cease Full Month 3/1/2032 37.13 0.00
Terranova, Janet L. Initial Increase 11/1/2032 913.31 7,002.07
Miko, Stephen F. Initial Increase 8/1/2034 663.54 5,087.11
Nemchock, Joseph A. Initial Increase 1/1/2035 677.97 5,197.74
Munch, Raymond Initial Increase 1/1/2041 3,695.11 8,256.98
Hartzell, Thomas Z. Initial Increase 1/1/2048 0.00 0.00
Notes
1. Hartzell, Thomas Z. - Tier 2 - COLA determined Yearly in November for the next year
2. Roman, Thomas W. & QILDRO - Repayment to Pensioner until date indicated
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Volume 27, Issue 1, January 2026
Legal and Legislative Update
Police Officers Collecting Benefits May In This Issue…
Not Join Second Article 3 Fund 1 Police Officers Collecting Benefits May Not
Join Second Article 3 Fund
Kooistra v. Bd. of Trustees of the Sycamore Police 2 Supreme Court Affirms Employers May
Pension Fd., 2025 IL App (2d) 240787 Withhold Taxes on PEDA Benefits
In a case of first impression, the Second District 3 Workers’ Compensation Commission
Appellate Court has ruled a police officer Bound by Pension Board’s Causation
collecting a retirement benefit from an Article 3 Determination
Fund may not join a subsequent Article 3 Fund as 4 Preexisting Injuries Result in Officer
a participant. The case stems from legislation Receiving a Lesser Benefit
passed in 2017 providing:
Police Officer Failed to Prove his Back
“If a police officer who first becomes a member on Injury was caused by Act of Duty
or after January 1, 2019 is receiving pension
payments and re-enters active service with any 5 DOI Publishes Tier 2 Salary Cap and COLA
municipality that has established a pension fund Increase for 2026
under this Article, that police officer may continue
to receive pension payments while he or she is in Suggested Agenda Items for January
active service, but shall only participate in a
defined contribution plan established by the 6 RDL News
municipality pursuant to Section 3-109.4 and may
not establish creditable service in the pension fund collecting his retirement benefit, he was hired as a
established by that municipality or have his or her patrol officer for the Sycamore Police Department.
pension recomputed.” 40 ILCS 5/3-124.1(b). The Pension Board denied his application for
membership in the pension fund finding he could
In this case, Plaintiff was hired in his first fund in not join inasmuch as he was collecting benefits
1997 and retired in 2024. He began collecting a from another Article 3 fund. Plaintiff could
regular retirement benefit. The day after he began
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however, elect to participate in Sycamore’s defined to ensure it has all the information necessary to
contribution plan. make a determination on whether a new hire should
be admitted into the fund. As always, please do not
The trial court agreed with the pension board and hesitate to contact your RDL attorney should you
affirmed it’s decision to bar plaintiff from have any questions on this complicated issue.❖
participation in the fund. On appeal, the court
focused on the meaning of the statutory language Supreme Court Affirms Employers May
“first becomes a member on or after January 1, Withhold Taxes on PEDA Benefits
2019”. Does this apply to the date a police officer
first became a member of any Article 3 fund or does
Bitner v. City of Pekin, 2025 IL 131039
it refer to the date the officer joined the second
municipality’s police department? In this case,
What does “getting paid on the same basis” mean
plaintiff first joined a fund in 1997 and joined the
under the Public Employee’s Disability Act
second police department in 2024.
(“PEDA”) as far as employer deductions for
employment taxes? The Illinois Supreme Court
Because the court found this phrasing ambiguous,
has answered that question in a follow-up to a case
it turned to the legislative intent to aid in
featured in our October 2024 newsletter.
interpretation. The Appellate Court concluded the
The Supreme Court held that PEDA’s section
statute should be interpreted to apply to a police
providing injured employees shall continue to be
officer who retires from one municipality, begins
paid on same basis as before injury does not
collecting a pension and then re-enters active
prohibit an employer from withholding
service with another municipality after January 1,
employment taxes from payments made under that
2019. The date does not refer to the initial
section. Using applicable rules of statutory
membership in the first fund. In this case, because
construction, the Supreme Court examined the
plaintiff reentered service with Sycamore after
plain language of the statute to ascertain and give
January 1, 2019, and was collecting a benefit from
effect to the legislature’s intent.
another fund, he could only participate in the
The plaintiffs were injured in the line of duty in
municipality’s defined contribution plan and was
separate incidents while working as police officers
not eligible to join Sycamore’s Article 3 fund.
for the defendant, the City of Pekin. Following their
injuries, both Plaintiffs received payments pursuant
In holding plaintiff was ineligible for membership
to Section 1(b) of the Disability Act (5 ILCS
in the pension fund, the Court found the intent of
345/1(b)), which in relevant part states the public
the statutory amendment was to prevent police
employee “shall continue to be paid by the
officers from “double dipping” by collecting one
employing public entity on the same basis as he
pension while building credit towards a second
was paid before the injury, with no deduction from
pension. The Court also rejected plaintiff’s
his sick leave credits, compensatory time for
argument such an interpretation would violate the
overtime accumulations or vacation, or service
Pension Protection Clause of the Illinois
credits […].”
Constitution.
The City continued to pay the plaintiffs’ salaries in
the same manner it did before the injuries occurred,
Inasmuch as this is the first case to interpret Section
i.e. continued to withhold the plaintiffs’
3-124.1(b), it is binding precedent for the entire
employment taxes, including federal and state
State. It also leaves a number of unanswered
income taxes, Social Security taxes, and Medicare
questions. While the Court’s instructions are clear
taxes.
on how to apply the statute to a police officer who
The Plaintiffs, after several mis-starts, filed a
is colleting pension benefits, how do you handle a
second amended complaint for declaratory relief,
officer who is deferred from their prior fund?
claiming the City violated Section 1(b) of the
Disability Act when it withheld employment taxes
As a preliminary step, we are recommending our
from the plaintiffs’ disability payments and
clients review their membership application forms
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deducted from the plaintiffs’ accrued sick, does not prohibit a public employer from
vacation, or compensatory time. The City in effect withholding employment taxes “in the same
conceded the latter issue, which was remanded to manner.” ❖
the trial court. The first issue was addressed by the
Court. Workers’ Compensation Commission
The Plaintiffs were originally successful in the Bound by Pension Board’s Causation
circuit court, where their motion for summary
Determination
judgment was granted. The Appellate Court
reversed, however, rejecting the Plaintiffs’ legal
City of Zion Police Dept. v. Illinois Workers' Comp.
theories relying on the unsupported claim PEDA
Comm'n, 2025 IL App (2d) 240758WC-U
payments are “in the nature of” worker’s
compensation or personal injury compensation,
James Labonne – a City of Zion police officer –
which are statutorily excluded from employment
injured his wrist performing a “burpee” during a
taxation.
firearms training event on May 8, 2015. He was
The Illinois Supreme Court granted plaintiffs’
denied a line-of-duty disability pension but
petition for leave to appeal. In the Supreme Court,
awarded a not on duty disability pension in 2018.
the parties disputed only the question of whether
He did not seek administrative review of that
the appellate court erred in its interpretation of
decision. The Zion Police Pension Board found the
Section 1(b), leading to a straightforward analysis
May 8, 2015, incident did not cause Labonne’s
of the language of the statute. The Court explained
disability. Subsequently, Labonne sought benefits
the requirement of Section 1(b) that an injured
under the Workers’ Compensation Act, but that
employee continue to be paid “on the same basis”
application was dismissed on grounds of collateral
“clearly means that an injured employee is to be
estoppel.
paid from the regular payroll in the same manner as
if the employee was on duty and in active service,”
The Second District Appellate Court ultimately
and that if an employer withheld employment taxes
heard the case and considered the issue of collateral
prior to the injury “it may continue to do so after
estoppel – a doctrine appropriately asserted when
the injury.” The Court also noted the express
(1) the issue decided in the prior adjudication is
prohibition against deductions for sick leave,
identical to the issue in the current action; (2) the
overtime, vacation, and service credits created an
issue was ‘necessarily determined’ in the prior
implied exclusion of all other deductions under the
adjudication; (3) the party against whom estoppel
maxim of expressio unius est exclusion alterius
is asserted was a party or in privity with a party in
(“the expression of one thing is the exclusion of any
the prior action; (4) the party had a full and fair
other”).
opportunity to contest the issue in the prior
The Court rejected plaintiffs’ argument the City’s
adjudication; and (5) the prior adjudication must
position would “yield absurd or unjust
have resulted in a final judgment on the merits.
consequences.” Plaintiffs argued Section 1(b)
payments are not subject to federal income tax and
The Appellate Court held the issue of causation
that the Illinois legislature would not “allow a
under the Workers' Compensation Act and Pension
public employer to withhold a portion of the
Code is identical. Thus, because Labonne failed to
benefits from an injured employee without reason.”
establish the May 8, 2015, incident caused his
The Supreme Court found plaintiffs did not cite to
disability before the Zion Police Pension Board, the
any specific IRS ruling or federal law or regulation
Appellate Court held he is barred from relitigating
that prohibits withholding of payroll taxes. The
that issue before the Workers’ Compensation
Court also noted that even if the plaintiffs are
Commission. In this regard, the Appellate Court
correct their payments are exempt from federal
held the above elements of collateral estoppel were
taxes, the proper remedy is to seek a refund from
all met in this case.
the IRS or to adjust their tax withholding by
submitting a new W-4 to the employer. Thus, the
Court concluded Section 1(b) “unambiguously”
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In short, final decisions rendered by a pension the Board’s decision, arguing she is entitled to a
board may impact police officers’ (or firefighters’) 75% duty disability benefit because her disability
ability to seek benefits under the Workers’ was no caused by preexisting injuries.
Compensation Act. While the Second District
Appellate Court did not discuss the reverse The Appellate Court affirmed the Pension Board,
situation, that issue was previously litigated in Vill. finding there was sufficient evidence in the record
of Alsip v. Portincaso, 2017 IL App (1st) 153167, of preexisting injuries. Specifically, the Appellate
where the First District Appellate Court held a Court noted Baqai was involved in multiple prior
decision in a workers’ compensation proceeding car crashes and falls that resulted in varying
bars re-litigation of causation before a pension degrees of head trauma. Likewise, multiple doctors
board. noted she sustained head trauma, including trauma
prior to January 20, 2019. Additionally, the Pension
The key takeaway is that a decision by either a Fund’s independent medical examiner found
pension board or a workers’ compensation Baqai’s disability did not stem from the January 20,
commission regarding causation – that is, whether 2019, incident alone.
the alleged incident caused the disability – may bar
the other from reconsidering that issue. However, The Appellate Court held Baqai sought to
assuming the claimed incident caused the challenge the weight the Pension Board afforded
disability, a pension board will still have to the evidence. It affirmed the Pension Board,
determine whether that incident constitutes an “act holding its findings are entitled to “considerable
of duty” as defined in the Pension Code.❖ deference” and should not be reversed unless
against the manifest weight of the evidence.❖
Preexisting Injuries Result in Officer
Receiving a Lesser Benefit Police Officer Failed to Prove his Back
Injury was caused by Act of Duty
Baqai v. The Retirement Board of the Policemen’s
Annuity and Benefit Fund of the City of Chicago, 1- Trevino v. Retirement Board of the Policemen’s
25-0691 (Ill. App. Ct. 1st Dist. 2025) Annuity and Benefit Fund of the City of
Chicago, 2025 IL App (1st) 241306-U
The Chicago Police Pension Fund is subject to
Article 5 of the Illinois Pension Code, as opposed Officer Trevino sought duty disability benefits for
to downstate funds that are subject to Article 3. a period of 18 months, claiming injuries to discs in
Section 5-154 of the Pension Code governs the his neck resulted from an act of duty, specifically
award of duty disability benefits. Per that Section, an incident when his right shoulder, arm, and hand
the Chicago Police Pension Fund can reduce a duty were injured while subduing a suspect who resisted
disability pension from 75% to 50% if it finds the arrest (“2015 incident”). After the 2015 incident,
disability resulted from preexisting injuries. There Ofc. Trevino underwent rotator cuff surgery and
is no equivalent provision under Article 3. Instead, physical therapy, allowing him to return to work in
under Article 3, irrespective of whether an officer 2017.
has preexisting injuries or not, he or she is entitled
to a duty disability pension if they prove they are Ofc. Trevino continued to experience pain and was
disabled because of an “act of duty.” prescribed opioid medication. Later in 2017,
doctors diagnosed disc injuries in Ofc. Trevino’s
On January 20, 2019, Baqai slipped and fell and hit neck, for which he was prescribed physical therapy,
the back of her head. She developed traumatic brain injections, and more opioid medication. In 2019,
injury and applied for duty disability benefits. the discs were surgically repaired.
Baqai was awarded a 50% duty disability pension,
as her disability was caused in part from a “physical On March 1, 2022, Ofc. Trevino returned to work.
defect or mental disorder … which existed at the Ofc. Trevino continued to experience pain, and he
time the injury was sustained.” Baqai challenged
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eventually retired on March 13, 2023. Prior to DOI Publishes Tier 2 Salary Cap and
returning to work, Ofc. Trevino was awarded COLA Increase for 2026
ordinary disability benefits for the time period of
September 28, 2020, to March 1, 2022 (18 months)
Via a SIREN issued October 31, 2025, the
without prejudice – a period of time he was unable
Department of Insurance has released the salary
to work limited duty. Ofc. Trevino sought to
cap limitation for pension purposes and annual
recover duty disability benefits (75% of salary) for
increases for tier two pensioners. Recall that for
this 18-month time period, claiming his disc
tier two members of Article 3 and 4 pension funds,
injuries resulted from the 2015 incident.
the DOI is required to publish the maximum salary
for pension purposes which increases annually at
The Pension Board refused to award him duty
the lesser of 3% or the annual unadjusted consumer
disability benefits, finding insufficient evidence
price index (CPI) for the prior 12 months ending in
linking an act of duty to Ofc. Trevino’s disc
September. Likewise, the COLA increase for tier
injuries. The Circuit Court of Cook County and the
two pensioners is calculated as the lesser of 3% or
Illinois Appellate Court affirmed the Pension
½ the annual unadjusted percentage change in CPI
Board’s decision. Relying on the doctor’s report,
for the prior 12 months ending in September. The
the Court found there was sufficient evidence to
resulting calculation published by the DOI on
support the Pension Board’s decision.
October 31 is a maximum pensionable salary for
tier two members for 2026 of $145,649.97. This
Importantly, the Court reiterated the standard of
figure should be used as a cap for both retirement
review regarding factual determinations as to cause
determinations and salary withholdings. The
of an officer’s disability. Under the manifest
COLA for tier two members for 2026 will be
weight standard, the Pension Board’s decision will
1.5%.❖
only be reversed when “the opposite conclusion is
clearly evident.” The Court noted it does not re-
weigh the evidence, and “so long as the record
contains evidence supporting the agency’s
decision, the decision should be affirmed.” Suggested Agenda Items for
April (or 2nd Quarter of 2026)
In this case, other than Ofc. Trevino’s testimony,
there was no medical evidence linking his disc • Election of active/retired/disabled Trustees.
injuries to the 2015 incident. To the contrary, the
Independent Medical Examiner (Dr. Levin) found • Review and/or modification of Board’s Cash
the medical evidence did not support an injury to Management Policy.
Ofc. Trevino’s cervical spine from an act of duty.
Although the Court found it would be reasonable to • Authorize preparation of annual Department
infer Ofc. Trevino’s spinal injuries resulted from of Insurance Report.
the 2015 incident, it is the Pension Board’s function
to resolve the factual conflicts. Dr. Levin’s report, • Status of independent audit report. (Due
along with the lack of evidence linking the disc within 6 months of close of fiscal year).
injuries to the 2015 incident, provided the Pension
Board with sufficient evidence to only award • Status of Letters of Credit/Collateralization
ordinary disability benefits. ❖ Agreements
• Review and/or modification of Board’s
Administrative Rules and Regulations.
• Annual filing of statement of economic
interest statements for each Trustee.
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REIMER DOBROVOLNY & LABARDI PC NEWS
• October 1-2, 2025, RDL attorneys attended and presented at the IPPFA Mid-American Pension
Conference in Oak Brook.
• November 7, 2025, RDL partner Brian LaBardi attended and presented at the IPFA Fall Pension
Conference in Addison.
• December 16, 2025, RDL partner Rick Reimer presented at the IPPFA Certified Trustee training
class at the NIU Naperville campus.
Legal and Legislative Update
Volume 27, Issue 1, January 2026
This publication constitutes advertising material. Information contained herein should not be considered legal advice.
Legal and Legislative Update is published periodically. Questions may be directed to:
REIMER DOBROVOLNY & LABARDI PC
15 Spinning Wheel Road, Suite 310, Hinsdale, IL 60521
(630) 654-9547 Fax (630) 654-9676
www.rdlaborlawpc.com
Unauthorized reproduction prohibited. All rights reserved.
© 2026 REIMER DOBROVOLNY & LABARDI PC
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