Police Pension Board
Regular MeetingMundelein, IL · May 30, 2024
Agenda
MUNDELEIN POLICE PENSION BOARD
Thursday May 30, 2024 6:30 p.m.
Mundelein Police Department
221 North Lake Street, Mundelein, Illinois 60060
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Thursday, May 30, 2024 at 6:30
p.m. in the Mundelein Police Department located at 221 North Lake Street, Mundelein, Illinois 60060, for the purposes set
forth in the following agenda:
AGENDA
1. Call to Order
2. Roll Call – Frasier, Shutter, Cupec, Ahern, Callaghan
3. Public Comment
4. Village of Mundelein Treasurer’s Report
5. Approval of Meeting Minutes
a.) January 29, 2024 Regular Meeting
6. President’s Report
7. Accountant’s Report – Lauterbach & Amen, LLP
a.) Monthly Financial Report
b.) Presentation and Approval of Bills
c.) Additional Bills, if any
d.) Discussion/Possible Action – Cash Management Policy
i. Discussion/Possible Action –Morgan Stanley Money Market Account
ii. Discussion/Possible Action – Repeat Withdrawals from IPOPIF
8. Investment Reports – IPOPIF
a.) Verus Advisory, Inc.
b.) State Street Statements
9. Communications and Reports
a.) Affidavits of Continued Eligibility
b.) Statements of Economic Interest
10. Trustee Training Updates
a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a.) Application for Membership –Mark Kivley and Antonio Korinek
b.) Contribution Refund – Jaime Calderon
c.) Resignation of Officers – Brandon Gaytan
12. Applications for Retirement/Disability Benefits
13. Old Business
a.) Portability Update – Amber Kamischke
14. New Business
a.) Portability Update – Jonathan Calero
b.) Certify Board Election Results – Active Member Positions
15. Attorney’s Report – Ottosen
a.) Legal Updates
16. Closed Session, if needed
a.) Personnel 5ILCS120/2(c)(1)
b.) Imminent or Pending Litigation 5ILCS120/2(c)(11)
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
October 24, 2024 at 6:30 p.m.
Packet
MUNDELEIN POLICE PENSION BOARD
Thursday May 30, 2024 6:30 p.m.
Mundelein Police Department
221 North Lake Street, Mundelein, Illinois 60060
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Thursday, May 30, 2024 at 6:30
p.m. in the Mundelein Police Department located at 221 North Lake Street, Mundelein, Illinois 60060, for the purposes set
forth in the following agenda:
AGENDA
1. Call to Order
2. Roll Call – Frasier, Shutter, Cupec, Ahern, Callaghan
3. Public Comment
4. Village of Mundelein Treasurer’s Report
5. Approval of Meeting Minutes
a.) January 29, 2024 Regular Meeting
6. President’s Report
7. Accountant’s Report – Lauterbach & Amen, LLP
a.) Monthly Financial Report
b.) Presentation and Approval of Bills
c.) Additional Bills, if any
d.) Discussion/Possible Action – Cash Management Policy
i. Discussion/Possible Action –Morgan Stanley Money Market Account
ii. Discussion/Possible Action – Repeat Withdrawals from IPOPIF
8. Investment Reports – IPOPIF
a.) Verus Advisory, Inc.
b.) State Street Statements
9. Communications and Reports
a.) Affidavits of Continued Eligibility
b.) Statements of Economic Interest
10. Trustee Training Updates
a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a.) Application for Membership –Mark Kivley and Antonio Korinek
b.) Contribution Refund – Jaime Calderon
c.) Resignation of Officers – Brandon Gaytan
12. Applications for Retirement/Disability Benefits
13. Old Business
a.) Portability Update – Amber Kamischke
14. New Business
a.) Portability Update – Jonathan Calero
b.) Certify Board Election Results – Active Member Positions
15. Attorney’s Report – Ottosen
a.) Legal Updates
16. Closed Session, if needed
a.) Personnel 5ILCS120/2(c)(1)
b.) Imminent or Pending Litigation 5ILCS120/2(c)(11)
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
October 24, 2024 at 6:30 p.m.
Page 1 of 64
MINUTES OF A REGULAR MEETING OF
THE MUNDELEIN POLICE PENSION FUND BOARD OF TRUSTEES
JANUARY 29, 2024
A regular meeting of the Mundelein Police Pension Fund Board of Trustees was held on Monday, January 29, 2024
at 6:30 p.m. in the Mundelein Police Department located at 221 North Lake Street, Mundelein, Illinois 60060,
pursuant to notice.
CALL TO ORDER: Trustee Frasier called the meeting to order at 6:30 p.m.
ROLL CALL:
PRESENT: Trustees Wallace Frasier, Jim Cupec (via teleconference), Deborah Shutter (arrived at 6:33
p.m), Peter Ahern and Kevin Callaghan
ABSENT: None
ALSO PRESENT: Attorney John Kelly, Ottosen; Elizabeth Adelmann, Lauterbach & Amen, LLP (L&A)
A motion was made by Trustee Ahern and seconded Trustee Callaghan to Motion to authorize Cupec to attend the
meeting remotely. Motion carried unanimously by voice vote.
PUBLIC COMMENT: There was no public comment.
VILLAGE OF MUNDELEIN TREASURER’S REPORT: There was no Treasurer’s Report presented.
APPROVAL OF MEETING MINUTES: October 26, 2023 Regular Meeting: The Board reviewed the October
26, 2023 regular meeting minutes. A motion was made by Trustee Callaghan and seconded by Trustee Ahern to
approve the October 26, 2023 regular meeting minutes as written. Motion carried unanimously by voice vote.
Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for review.
PRESIDENT’S REPORT: There was no President’s Report presented.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board
reviewed the Monthly Financial Report for the eight-month period ending December 31, 2023, prepared by L&A.
As of December 31, 2023, the net position held in trust for pension benefits is $43,281,051.34 with a change in
position of $3,500,247.36. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report,
Member Contribution Report and Payroll Journal. A motion was made by Trustee Callaghan and seconded by
Trustee Ahern to approve the Monthly Financial Report as presented. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Callaghan and Ahern
NAYS: None
ABSENT: Trustee Shutter
Trustee Shutter arrived at 6:33 p.m.
Presentation and Approval of Bills: The Board reviewed the Quarterly Disbursement Report for the period October
1, 2023 through December 31, 2023 for total disbursements of $11,588.49. A motion was made by Trustee Cupec
and seconded by Trustee Callaghan to approve the disbursements shown on the Quarterly Disbursement Report in
the amount of $11,588.49. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Callaghan and Ahern
NAYS: None
ABSENT: None
ABSTAIN: Trustee Shutter
Page 2 of 64
Mundelein Police Pension Fund
Meeting Minutes – January 29, 2024
Page 2 of 4
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action – Cash Management Policy: The Board discussed the balance in the Morgan Stanley
Money Market account. A motion was made by Trustee Cupec and seconded by Trustee Ahern to initiate a transfer
of cash in excess of $6,000,000 from the Morgan Stanley Money Market account to the BMO Bank account to
subsequently be transferred to IPOPIF for investment purposes. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
Post-Meeting Note: $1,778,932 of excess cash was transferred to State Street Bank on January 30, 2024 for
investment purposes.
The Board noted that setting up monthly repeat withdrawals will be discussed at the next regular meeting.
INVESTMENT REPORT – IPOPIF: Verus Advisory, Inc: The Board reviewed the Verus Advisory, Inc. for the
period ending December 31, 2023. As of December 31, 2023 the market value is $10,001,345,755 and the year-to-
date net return for the Illinois Police Officers’ Pension Investment Fund (IPOPIF) is 13.7%.
State Street Statements: The Board reviewed the Monthly Summary for the Fund prepared by the Illinois Police
Officers’ Pension Investment Fund (IPOPIF) for the periods ending November 30, 2023 through December 31,
2023. As of December 31, 2023 the Fund’s market value is $34,954,964.48 and the month-to-date net return for
the Fund is 4.62%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A mailed
Affidavits of Continued Eligibility to all pensioners in December and a due date of January 31, 2024. A status
update will be provided at the next regular meeting.
Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the
Village by February 1, 2024. Statements of Economic Interest will be sent to all registered filers who will need to
respond by the deadline of May 1, 2024.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training summary and upcoming training
opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training
registration fees or reimbursable expenses presented for approval.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership –
Brandon Gaytan, Mark Kively, Antonio Korinek and Stephanie Mancilla: The Board reviewed the Applications for
Membership submitted by Brandon Gaytan and Stephanie Mancilla. A motion was made by Trustee Shutter and
seconded by Trustee Callaghan to accept Brandon Gaytan effective November 12, 2023 and Stephanie Mancilla
effective January 15, 2024 into the Mundelein Police Pension Fund as Tier II participants. Motion carried by roll
call vote.
AYES: Trustees Frasier, Cupec, Shutter, Ahern and Callaghan
NAYS: None
ABSENT: None
The Board noted that the Applications for Membership for Mark Kively and Antonio Korinek will be approved at
the next regular meeting.
Page 3 of 64
Mundelein Police Pension Fund
Meeting Minutes – January 29, 2024
Page 3 of 4
Contribution Refund – Jamie Calderon and Lukas Lesny: The Board reviewed the contribution refund request
submitted by Lukas Lesny. A motion was made by Trustee Ahern and seconded by Trustee Shutter to approve
Lukas Lesny’s contribution refund in the amount of $5,577.96 paid directly to himself. Motion carried by roll call
vote.
AYES: Trustees Frasier, Cupec, Shutter, Ahern and Callaghan
NAYS: None
ABSENT: None
The Board noted that a contribution refund request has also been received by Jamie Calderon and is in process.
Further discussion will be held at the next regular meeting.
Resignation of Officers – Jamie Calderon, Zaid Muhammed and Jacob Vekemens: The Board noted that Jamie
Calderon, Zaid Muhammed and Jacob Vekemens separated service from the Mundelein Police Department effective
December 3, 2023, December 20, 2023 and January 12, 2024, respectively. To date a contribution refund request
has been received from Jamie Calderon. Updates will be provided as they become available.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement
or disability benefits.
OLD BUSINESS: Portability Update – Amber Kamischke: The Board noted that L&A mailed correspondence to
Amber Kamischke regarding her request to calculate the amount of money due to the Mundelein Police Pension
Fund to transfer service under portability, but no response has been received to date. Updates will be provided as
they become available.
NEW BUSINESS: Approve Annual Cost of Living Increases for Pensioners: The Board reviewed the 2024 Cost
of Living Adjustments calculated by L&A. A motion was made by Trustee Shutter and seconded by Trustee
Callaghan to approve the 2024 Cost of Living Adjustments as required by statute and calculated by L&A. Motion
carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms currently
held by Trustees Ahern and Callaghan are expiring in May 2024. Trustees Ahern and Callaghan expressed their
interests to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the
two active member Trustee positions.
ATTORNEY’S REPORT – OTTOSEN: Legal Updates: Attorney Kelly provided legislative updates pertaining
to Article 3 Pension Funds; including recent court cases and decisions, as well as general pension matters.
Annual Independent Medical Examination – Tyler Waters: The Board noted that Tyler Waters attended his annual
independent medical examination and it was determined that he remains disabled at this time. A motion was made
by Trustee Ahern and seconded by Trustee Callaghan to continue the disability benefits of Tyler Waters based on a
finding that he remains disabled and subject to further annual examinations until age 50. Motion carried by roll call
vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
CLOSED SESSION, IF NEEDED: There was no need for closed session.
Page 4 of 64
Mundelein Police Pension Fund
Meeting Minutes – January 29, 2024
Page 4 of 4
ADJOURNMENT: A motion was made by Trustee Ahern and seconded by Trustee Shutter to adjourn the meeting
at 6:59 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for May 30, 2024 at 6:30 p.m.
______________________________________________
Board President or Secretary
Minutes approved by the Board of Trustees on ______________________
Minutes prepared by Elizabeth Adelmann, Professional Services Administrator, Lauterbach & Amen, LLP
Page 5 of 64
Monthly Financial Report
For the Month Ended
March 31, 2024
Prepared By
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS 60563
PHONE 630.393.1483 • FAX 630.393.2516
www.lauterbachamen.com
Page 6 of 64
Mundelein 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
Cash & Investments - Pie Chart.............................................................................................. 3-1
Cash Analysis Report.............................................................................................................. 4-1
Cash Analysis Summary - Graph............................................................................................ 5-1
Revenue Report....................................................................................................................... 6-1
Expenses - Bar Chart............................................................................................................... 7-1
Expense Report........................................................................................................................ 8-1
Member Contribution Report.................................................................................................. 9-1
Payroll Batch Report............................................................................................................... 10-1
Quarterly Disbursement Report............................................................................................... 11-1
Quarterly Deduction Report.................................................................................................... 12-1
Quarterly Transfer Report........................................................................................................ 13-1
Page 7 of 64
Page 8 of 64
April 30, 2024
Mundelein Police Pension Fund
221 N Lake Street
Mundelein, IL 60060
To Members of the Pension Board:
Management is responsible for the accompanying interim financial statements of the Mundelein Police
Pension Fund which comprise the statement of net position - modified cash basis as of March 31, 2024
and the related statement of changes in net position - modified cash basis for the eleven 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, LLP
Lauterbach & Amen, LLP
Page 9 of 64
1-1
Page 10 of 64
Mundelein Police Pension Fund
Statement of Net Position - Modified Cash Basis
As of March 31, 2024
Assets
Cash and Cash Equivalents $ 23,022.10
Investments at Fair Market Value
Money Market Mutual Funds 5,881,417.12
Pooled Investments 38,221,057.02
Total Cash and Investments 44,125,496.24
Prepaids 3,231.00
Total Assets 44,128,727.24
Liabilities
Expenses Due/Unpaid 4,780.00
Total Liabilities 4,780.00
Net Position Held in Trust for Pension Benefits 44,123,947.24
See Accountants' Compilation Report
Page 11 of 64
2-1
Mundelein Police Pension Fund
Statement of Changes in Net Position - Modified Cash Basis
For the Eleven Months Ended March 31, 2024
Additions
Contributions - Municipal $ 2,650,631.99
Contributions - Members 617,848.50
Total Contributions 3,268,480.49
Investment Income
Interest and Dividends Earned 536,518.78
Net Change in Fair Value 3,883,352.17
Total Investment Income 4,419,870.95
Less Investment Expense (17,760.04)
Net Investment Income 4,402,110.91
Total Additions 7,670,591.40
Deductions
Administration 61,599.00
Pension Benefits and Refunds
Pension Benefits 2,988,885.59
Refunds 276,963.55
Total Deductions 3,327,448.14
Change in Position 4,343,143.26
Net Position Held in Trust for Pension Benefits
Beginning of Year 39,780,803.98
End of Period 44,123,947.24
See Accountants' Compilation Report
Page 12 of 64
2-2
Page 13 of 64
Mundelein Police Pension Fund
Cash and Investments
Cash & Cash Equivalents
Money Market Mutual Funds
0%
13%
Pooled Investments
87%
See Accountants' Compilation Report
Page 14 of 64
3-1
Mundelein Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending March 31, 2024
04/30/23 05/31/23 06/30/23 07/31/23 08/31/23 09/30/23 10/31/23 11/30/23 12/31/23 01/31/24 02/29/24 03/31/24
Financial Institutions
BMO Bank - CK $ 53,109 134,411 879,610 717,826 455,498 1,046,702 978,372 856,858 603,358 2,093,338 30,344 23,022
53,109 134,411 879,610 717,826 455,498 1,046,702 978,372 856,858 603,358 2,093,338 30,344 23,022
MSSB - MM - Brokerage #2543 7,355,812 7,160,371 7,256,597 7,329,091 7,402,294 7,477,284 7,551,366 7,626,879 7,724,032 6,022,058 6,098,331 5,881,416
MSSB - MM - TCW Investment #2547 - 157 157 158 158 159 160 160 161 - 1 1
MSSB - MM - GW&K Investment #2548 - 48 48 48 48 74 74 74 84 - - -
7,355,812 7,160,576 7,256,802 7,329,297 7,402,500 7,477,517 7,551,600 7,627,113 7,724,277 6,022,058 6,098,332 5,881,417
Total 7,408,921 7,294,987 8,136,412 8,047,123 7,857,998 8,524,219 8,529,972 8,483,971 8,327,635 8,115,396 6,128,676 5,904,439
Contributions
Current Tax - 81,157 1,183,185 123,003 20,836 864,917 206,019 152,245 17,110 2,162 - -
Contributions - Current Year 42,271 43,418 67,257 44,492 43,657 44,000 43,747 43,771 65,960 44,396 44,026 44,855
Contributions - Prior Year 174 174 29,158 174 174 174 174 174 260 174 174 174
Interest Received from Members - - 57,288 - - - - - - - - -
42,445 124,749 1,336,888 167,669 64,667 909,091 249,940 196,190 83,330 46,732 44,200 45,029
Expenses
Pension Benefits 260,328 260,328 260,328 271,948 271,948 271,948 271,948 271,948 271,948 278,847 278,847 278,847
Refunds/Transfers of Service 46 - 264,041 - - - - - - - 5,578 7,345
Administration 60,481 7,072 2,477 15,288 14,435 3,968 4,625 4,608 2,356 14,476 1,485 8,570
320,855 267,400 526,846 287,236 286,383 275,916 276,573 276,556 274,304 293,323 285,910 294,762
Total Contributions less Expenses (278,410) (142,651) 810,042 (119,567) (221,716) 633,175 (26,633) (80,366) (190,974) (246,591) (241,710) (249,733)
See Accountants' Compilation Report
Page 15 of 64
4-1
Mundelein Police Pension Fund
Cash Analysis Summary
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Cash & Money Market Balances* Total Contributions Benefit & Administrative Expenses
*Cash & Money Market Balances omitted due to distorting effect on the Cash Analysis graph.
See Accountants' Compilation Report
Page 16 of 64
5-1
Mundelein Police Pension Fund
Revenue Report as of March 31, 2024
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-210-00 - Current Tax $ 0.00 1
2,650,631.99
0.00 2,650,631.99
Contributions - Members
41-410-00 - Contributions - Current Year 44,854.89 1
529,579.15
41-420-00 - Contributions - Prior Year 173.58 1
30,980.98
41-440-00 - Interest Received from Members 0.00 1
57,288.37
45,028.47 617,848.50
Total Contributions 45,028.47 1 3,268,480.49
0
Investment Income
Interest and Dividends
43-102-09 - BMO Bank - Checking 23.23 1
8,737.12
43-252-01 - MSSB - Fixed Income - Brokerage #2543 23,548.41 1
324,333.25
43-450-05 - MSSB - Stock Equities - TCW Investment #2547 0.00 1
5.49
43-450-07 - MSSB - Stock Equities - GW&K Investment #2548 0.00 1
3.75
43-800-01 - IPOPIF Consolidated Pool Income 23,379.55 1
203,201.38
46,951.19 9
536,280.99
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 484,660.75 1
3,468,969.02
44-800-02 - IPOPIF Consolidated Pool - Realized 331,515.21 1
414,383.15
816,175.96 4
3,883,352.17
Other Income
49-000-01 - Other Income 0.00 1
237.79
0.00 3
237.79
Total Investment Income 863,127.15 2 4,419,870.95
8
Total Revenue 908,155.62 7,688,351.44
See Accountants' Compilation Report
Page 17 of 64
6-1
Mundelein Police Pension Fund
Pension Benefits and Expenses
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
Service Non-Duty Duty Surviving Refund Transfers Administrative
Disability Disability Spouse
Expenses 2,524,431 173,971 129,534 160,949 155,112 121,851 79,359
See Accountants' Compilation Report
Page 18 of 64
7-1
Mundelein Police Pension Fund
Expense Report as of March 31, 2024
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 235,099.73 2,524,431.23
51-030-00 - Non-Duty Disability Pensions 15,866.49 173,971.31
51-040-00 - Duty Disability Pensions 13,249.22 129,534.46
51-060-00 - Surviving Spouse Pensions 14,631.69 160,948.59
51-100-00 - Refund of Contributions 7,344.66 155,112.22
51-110-00 - Transfers to Other Pensions 0.00 121,851.33
Total Pensions and Benefits 286,191.79 3,265,849.14
Administrative
Insurance
52-150-01 - Fiduciary Insurance 0.00 10,974.00
0.00 10,974.00
Professional Services
52-170-03 - Accounting & Bookkeeping Services 3,355.00 25,720.00
52-170-04 - Medical Services 0.00 5,940.00
52-170-05 - Legal Services 750.00 2,340.00
52-170-06 - PSA/Court Reporter 2,540.00 13,930.00
6,645.00 47,930.00
Investment
52-195-02 - Administrative Expense (IPOPIF) 555.29 6,879.81
52-195-03 - Investment Expense (IPOPIF) 242.90 6,665.75
52-195-04 - Investment Manager Fees (IPOPIF) 1,126.80 4,214.48
1,924.99 17,760.04
Other Expense
52-290-25 - Conference/Seminar Fees 0.00 1,900.00
52-290-26 - Association Dues 0.00 795.00
0.00 2,695.00
Total Administrative 8,569.99 79,359.04
Total Expenses 294,761.78 3,345,208.18
See Accountants' Compilation Report
Page 19 of 64
8-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended March 31, 2024
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Ahern, Peter W. $ 153,718.77 10,548.51 0.00 0.00 164,267.28
Anderson, Erik M. 9,926.77 7,800.64 0.00 0.00 17,727.41
Anderson, Jakob C. 138,464.01 11,956.39 0.00 0.00 150,420.40
Balogh, Stephen E. 53,892.83 10,035.00 0.00 0.00 63,927.83
Bond, Michael J. 81,591.43 10,434.70 0.00 0.00 92,026.13
Briceno Garcia, Isidro 8,330.64 9,527.59 0.00 0.00 17,858.23
Brigano, Christopher E. 121,816.04 11,367.59 0.00 0.00 133,183.63
Burnham, Jessica P. 12,770.90 8,013.05 0.00 0.00 20,783.95
Bush, Michael A. 138,971.59 11,566.01 0.00 0.00 150,537.60
Callaghan, Kevin P. 83,978.49 10,443.37 0.00 0.00 94,421.86
Callas, Chris A. 181,229.17 10,622.23 0.00 0.00 191,851.40
Chrabot, Eric T. 141,805.78 10,551.78 0.00 0.00 152,357.56
Crispe, Rachel R. 133,707.38 9,318.90 0.00 0.00 143,026.28
Devore, James M. 159,394.20 10,541.34 0.00 0.00 169,935.54
Dunn, Roger D. 431.23 7,213.84 0.00 0.00 7,645.07
Freese, Kevin R. 31,354.21 8,646.93 0.00 0.00 40,001.14
Gaytan, Brandon E. 0.00 2,096.08 0.00 0.00 2,096.08
Glogovsky, Tony A. 161,058.68 10,585.17 0.00 0.00 171,643.85
Guenther, William R. 158,748.74 11,745.33 0.00 0.00 170,494.07
Hall, Thomas B. 165,898.91 10,530.39 0.00 0.00 176,429.30
Hernandez, Israel Jr. 59,840.77 10,346.54 0.00 0.00 70,187.31
Hurley, Austin T. 50,607.57 9,701.34 0.00 0.00 60,308.91
Jarol, Steven M. 8,693.76 9,558.34 0.00 0.00 18,252.10
Kamischke, Amber S. 520.67 8,682.85 0.00 0.00 9,203.52
Kaplan, Seamus A. 169,975.40 10,763.83 0.00 0.00 180,739.23
Kisselburg, Brian J. 193,338.13 13,312.51 0.00 0.00 206,650.64
Kivley, Mark R. 0.00 1,542.64 0.00 0.00 1,542.64
Korinek, Antonio R. 0.00 1,347.48 0.00 0.00 1,347.48
Koumantos, Anastasios M. 141,634.91 10,536.53 0.00 0.00 152,171.44
Kroll, Steven G. 136,030.15 11,324.29 0.00 0.00 147,354.44
Logarta, Christian A. 91,136.09 10,520.31 0.00 0.00 101,656.40
Mancilla, Stephanie 0.00 1,347.48 0.00 0.00 1,347.48
McCourt, Brian J. Jr. 63,627.55 10,292.65 0.00 0.00 73,920.20
Oakes, Jacob G. 29,255.60 8,751.00 0.00 0.00 38,006.60
Osoria, Jecoa D. 5,071.22 9,254.55 0.00 0.00 14,325.77
Perdue, Thomas M. 212,386.78 10,563.26 0.00 0.00 222,950.04
Poynor, Thomas R. 137,874.99 13,612.43 0.00 0.00 151,487.42
Pyrek, Michael V. 86,073.27 10,409.22 0.00 0.00 96,482.49
See Accountants' Compilation Report Page 20 of 64
9-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended March 31, 2024
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Reyes, Michael A. 77,296.99 10,376.19 0.00 0.00 87,673.18
Rodriguez, Walter 67,243.35 9,473.73 0.00 0.00 76,717.08
Sanchez, Jonathan O. 9,926.77 7,816.38 0.00 0.00 17,743.15
Schuldt, James T. III 144,123.16 10,380.18 0.00 0.00 154,503.34
Seeley, Jason L. 199,027.57 15,634.69 0.00 0.00 214,662.26
Servin, Juan C. 6,335.45 7,693.16 0.00 0.00 14,028.61
Sexton, Jessica L. 39,748.24 9,018.22 0.00 0.00 48,766.46
Simonelli, Steven P. 75,567.98 10,354.59 0.00 0.00 85,922.57
Stadler, Kurt R. 47,748.76 10,155.28 0.00 0.00 57,904.04
Valdes, Alexis M. 2,458.96 7,378.84 0.00 0.00 9,837.80
Valenziano, Christ A. 74,337.51 10,365.78 0.00 0.00 84,703.29
Viduya, Paul B. 6,362.57 7,628.75 0.00 0.00 13,991.32
Waites, James J. 188,089.32 11,268.77 2,082.96 0.00 201,441.05
Wilfenger, Richard R. 166,232.21 13,509.50 0.00 0.00 179,741.71
Witt, Richard H. IV 136,049.48 10,465.52 0.00 0.00 146,515.00
4,563,704.95 506,931.67 2,082.96 0.00 5,072,719.58
Inactive/Terminated Members
Bell, Robert A. 1 0.00 0.00 86,186.39 (86,186.39) 0.00
Calderon, Jaime 2,458.97 4,885.69 0.00 (7,344.66) 0.00
DeStefano, Anthony M. 15,637.98 0.00 0.00 (15,637.98) 0.00
Lesny, Lukas J. 2,458.96 3,119.00 0.00 (5,577.96) 0.00
Mohammed, Zaid S. 0.00 2,365.57 0.00 0.00 2,365.57
Monahan, John M. 281,504.00 4,007.05 0.00 0.00 285,511.05
Vekemans, Jacob E. 55,543.39 8,270.17 0.00 0.00 63,813.56
Wirth, Sarah K. 40,365.23 0.00 0.00 (40,365.23) 0.00
Yalda, Shaina R. 4,209.17 0.00 0.00 0.00 4,209.17
Totals 4,965,882.65 529,579.15 88,269.35 (155,112.22) 5,428,618.93
See Accountants' Compilation Report Page 21 of 64
9-2
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended March 31, 2024
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Service Purchases
41-420-00 41-440-00 41-450-00
Prior Year Interest from Other Member
Name - Type of Purchase Contributions Members Revenue Total
Bell, Robert A. - Portability Repayment - Principal 28,898.02 0.00 0.00 28,898.02
Bell, Robert A. - Portability Repayment - Interest 0.00 57,288.37 0.00 57,288.37
Waites, James J. - Military - Principal 2,082.96 0.00 0.00 2,082.96
Totals 30,980.98 57,288.37 0.00 88,269.35
1 - Portability Transfer to Round Lake Police plus interest $17,832.47 and employer match $104,018.86
See Accountants' Compilation Report Page 22 of 64
9-3
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/8/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
Contribution Refund
***-**0996
126625 Calderon, Jaime $5,875.73 $7,344.66 $0.00 $0.00 $0.00 $0.00 $1,468.93
0
***-**0996 Subtotal: $5,875.73 $7,344.66 $0.00 $0.00 $0.00 $0.00 $1,468.93
Contribution Refund Subtotal: $5,875.73 $7,344.66 $0.00 $0.00 $0.00 $0.00 $1,468.93
Duty Disability
***-**5098
105720 Roy, Susan $3,813.80 $4,053.19 $0.00 $56.39 $0.00 $0.00 $183.00
0
***-**5098 Subtotal: $3,813.80 $4,053.19 $0.00 $56.39 $0.00 $0.00 $183.00
***-**1402
111941 Sturlini, John P. $4,732.12 $4,732.12 $0.00 $0.00 $0.00 $0.00 $0.00
0
***-**1402 Subtotal: $4,732.12 $4,732.12 $0.00 $0.00 $0.00 $0.00 $0.00
***-**8305
105737 Villarreal Jr, Stanley D. $4,463.91 $4,463.91 $0.00 $0.00 $0.00 $0.00 $0.00
0
***-**8305 Subtotal: $4,463.91 $4,463.91 $0.00 $0.00 $0.00 $0.00 $0.00
Duty Disability Subtotal: $13,009.83 $13,249.22 $0.00 $56.39 $0.00 $0.00 $183.00
See Accountants' Compilation Report
10-1 Page 23 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
Non-Duty Disability
***-**5032
105731 Jones, Stephanie L. $2,466.52 $3,256.32 $0.00 $0.00 $0.00 $0.00 $789.80
0
***-**5032 Subtotal: $2,466.52 $3,256.32 $0.00 $0.00 $0.00 $0.00 $789.80
***-**3892
105726 Maddock, Robert H. $1,922.29 $1,922.29 $0.00 $0.00 $0.00 $0.00 $0.00
0
***-**3892 Subtotal: $1,922.29 $1,922.29 $0.00 $0.00 $0.00 $0.00 $0.00
***-**3242
105718 Ostdick, Jeffrey A. $3,188.49 $3,874.04 $0.00 $0.00 $0.00 $0.00 $685.55
0
***-**3242 Subtotal: $3,188.49 $3,874.04 $0.00 $0.00 $0.00 $0.00 $685.55
***-**0497
105710 Pierce-Demski, Kerry A. $2,040.15 $2,705.47 $0.00 $0.00 $0.00 $0.00 $665.32
0
***-**0497 Subtotal: $2,040.15 $2,705.47 $0.00 $0.00 $0.00 $0.00 $665.32
***-**9300
116686 Waters, Tyler E. $3,694.70 $4,108.37 $0.00 $0.00 $0.00 $0.00 $413.67
0
***-**9300 Subtotal: $3,694.70 $4,108.37 $0.00 $0.00 $0.00 $0.00 $413.67
Non-Duty Disability Subtotal: $13,312.15 $15,866.49 $0.00 $0.00 $0.00 $0.00 $2,554.34
See Accountants' Compilation Report
10-2 Page 24 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
QILDRO
***-**5771
Q105738 Kipp, Kathryn A. $3,036.31 $3,496.56 $0.00 $0.00 $0.00 $0.00 $460.25
0
***-**5771 Subtotal: $3,036.31 $3,496.56 $0.00 $0.00 $0.00 $0.00 $460.25
QILDRO Subtotal: $3,036.31 $3,496.56 $0.00 $0.00 $0.00 $0.00 $460.25
Service
***-**2701
105734 Beese, Richard M. $6,002.60 $8,335.83 $0.00 $0.00 $0.00 $0.00 $2,333.23
0
***-**2701 Subtotal: $6,002.60 $8,335.83 $0.00 $0.00 $0.00 $0.00 $2,333.23
***-**9823
105736 Bronge, Joseph M. $5,544.63 $6,022.69 $0.00 $0.00 $0.00 $0.00 $478.06
0
***-**9823 Subtotal: $5,544.63 $6,022.69 $0.00 $0.00 $0.00 $0.00 $478.06
***-**1725
105709 Butt, Eric A. $3,572.32 $4,760.12 $853.24 $8.01 $0.00 $0.00 $326.55
0
***-**1725 Subtotal: $3,572.32 $4,760.12 $853.24 $8.01 $0.00 $0.00 $326.55
***-**2726
122795 Clark, Scott D. $4,152.88 $4,546.83 $0.00 $0.00 $0.00 $0.00 $393.95
0
See Accountants' Compilation Report
10-3 Page 25 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
***-**2726 Subtotal: $4,152.88 $4,546.83 $0.00 $0.00 $0.00 $0.00 $393.95
***-**1888
121020 Dempsey, Paul W. $5,835.87 $6,402.50 $0.00 $0.00 $0.00 $0.00 $566.63
0
***-**1888 Subtotal: $5,835.87 $6,402.50 $0.00 $0.00 $0.00 $0.00 $566.63
***-**2286
120014 DuHamel, Gary W. $6,483.92 $7,479.83 $0.00 $0.00 $0.00 $0.00 $995.91
0
***-**2286 Subtotal: $6,483.92 $7,479.83 $0.00 $0.00 $0.00 $0.00 $995.91
***-**1734
109417 Eugenis, Cameron P. $7,204.87 $7,909.32 $0.00 $0.00 $0.00 $0.00 $704.45
0
***-**1734 Subtotal: $7,204.87 $7,909.32 $0.00 $0.00 $0.00 $0.00 $704.45
***-**1149
105728 Fox, Gregory S. $5,564.01 $6,093.57 $0.00 $0.00 $0.00 $0.00 $529.56
0
***-**1149 Subtotal: $5,564.01 $6,093.57 $0.00 $0.00 $0.00 $0.00 $529.56
***-**3148
105721 Frasier Jr, Wallace E. $7,140.95 $8,730.56 $0.00 $0.00 $0.00 $0.00 $1,589.61
0
***-**3148 Subtotal: $7,140.95 $8,730.56 $0.00 $0.00 $0.00 $0.00 $1,589.61
See Accountants' Compilation Report
10-4 Page 26 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
***-**2286
105722 Fuller, Kenneth L. $3,583.96 $3,843.51 $0.00 $0.00 $0.00 $0.00 $259.55
0
***-**2286 Subtotal: $3,583.96 $3,843.51 $0.00 $0.00 $0.00 $0.00 $259.55
***-**5939
120514 Gara, Patrick J. $6,180.43 $7,254.08 $0.00 $0.00 $0.00 $0.00 $1,073.65
0
***-**5939 Subtotal: $6,180.43 $7,254.08 $0.00 $0.00 $0.00 $0.00 $1,073.65
***-**1908
115800 Gorski, Daniel R. $4,900.70 $5,972.76 $0.00 $0.00 $0.00 $0.00 $472.06
0
115800 Payment to Synchrony Bank, $600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Gorski -
0
***-**1908 Subtotal: $5,500.70 $5,972.76 $0.00 $0.00 $0.00 $0.00 $472.06
***-**0306
118362 Guenther, Eric J. $7,436.99 $8,865.05 $0.00 $0.00 $0.00 $0.00 $1,428.06
0
***-**0306 Subtotal: $7,436.99 $8,865.05 $0.00 $0.00 $0.00 $0.00 $1,428.06
***-**0954
114213 Hansen, Donovan C. $7,905.44 $10,270.59 $0.00 $0.00 $0.00 $0.00 $2,365.15
0
***-**0954 Subtotal: $7,905.44 $10,270.59 $0.00 $0.00 $0.00 $0.00 $2,365.15
See Accountants' Compilation Report
10-5 Page 27 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
***-**2654
118063 Hergott, Marc S. $5,583.10 $7,251.63 $0.00 $0.00 $0.00 $0.00 $668.53
0
118063 Payment to First Midwest $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Bank, Hergott -
0
***-**2654 Subtotal: $6,583.10 $7,251.63 $0.00 $0.00 $0.00 $0.00 $668.53
***-**6705
105729 Jagielnik, William J. $1,677.09 $1,977.09 $0.00 $0.00 $0.00 $0.00 $300.00
0
***-**6705 Subtotal: $1,677.09 $1,977.09 $0.00 $0.00 $0.00 $0.00 $300.00
***-**5524
105727 Kalodimos, Keith A. $6,935.96 $8,103.39 $0.00 $0.00 $0.00 $0.00 $1,167.43
0
***-**5524 Subtotal: $6,935.96 $8,103.39 $0.00 $0.00 $0.00 $0.00 $1,167.43
***-**3508
105719 Kipp Jr, Edward D. $2,861.19 $6,993.14 $0.00 $0.00 $0.00 $3,496.56 $635.39
0
***-**3508 Subtotal: $2,861.19 $6,993.14 $0.00 $0.00 $0.00 $3,496.56 $635.39
***-**4854
112170 Kliora, Federico J. $5,201.95 $9,091.23 $0.00 $0.00 $0.00 $0.00 $3,889.28
0
***-**4854 Subtotal: $5,201.95 $9,091.23 $0.00 $0.00 $0.00 $0.00 $3,889.28
See Accountants' Compilation Report
10-6 Page 28 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
***-**9899
105724 Martinek, Philip P. $5,339.36 $6,531.23 $0.00 $0.00 $0.00 $0.00 $491.87
0
105724 Payment to Associated Bank, $700.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Martinek -
0
***-**9899 Subtotal: $6,039.36 $6,531.23 $0.00 $0.00 $0.00 $0.00 $491.87
***-**1062
105735 McCommons, Roy J. $5,620.96 $6,994.41 $0.00 $0.00 $0.00 $0.00 $1,373.45
0
***-**1062 Subtotal: $5,620.96 $6,994.41 $0.00 $0.00 $0.00 $0.00 $1,373.45
***-**0878
125090 Monahan, John M. $9,544.46 $11,619.82 $0.00 $0.00 $0.00 $0.00 $2,075.36
0
***-**0878 Subtotal: $9,544.46 $11,619.82 $0.00 $0.00 $0.00 $0.00 $2,075.36
***-**3794
105713 O'Brien, Michael S. $7,766.27 $9,692.17 $0.00 $0.00 $0.00 $0.00 $1,925.90
0
***-**3794 Subtotal: $7,766.27 $9,692.17 $0.00 $0.00 $0.00 $0.00 $1,925.90
***-**4246
105725 Parrish, Mark L. $6,309.25 $7,547.44 $0.00 $0.00 $0.00 $0.00 $1,238.19
0
***-**4246 Subtotal: $6,309.25 $7,547.44 $0.00 $0.00 $0.00 $0.00 $1,238.19
See Accountants' Compilation Report
10-7 Page 29 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
***-**3213
105711 Pender, Patrick T. $7,731.60 $8,552.63 $0.00 $0.00 $0.00 $0.00 $821.03
0
***-**3213 Subtotal: $7,731.60 $8,552.63 $0.00 $0.00 $0.00 $0.00 $821.03
***-**1508
124241 Rathke, Phillip E. $4,331.87 $4,546.82 $0.00 $0.00 $0.00 $0.00 $214.95
0
***-**1508 Subtotal: $4,331.87 $4,546.82 $0.00 $0.00 $0.00 $0.00 $214.95
***-**4568
122797 Richards, Michael E. $6,744.35 $8,105.26 $0.00 $0.00 $0.00 $0.00 $1,360.91
0
***-**4568 Subtotal: $6,744.35 $8,105.26 $0.00 $0.00 $0.00 $0.00 $1,360.91
***-**6428
105715 Robertson, David M. $4,296.92 $4,296.92 $0.00 $0.00 $0.00 $0.00 $0.00
0
***-**6428 Subtotal: $4,296.92 $4,296.92 $0.00 $0.00 $0.00 $0.00 $0.00
***-**0983
105714 Roy, Steven E. $2,525.84 $2,838.42 $0.00 $0.00 $0.00 $0.00 $312.58
0
***-**0983 Subtotal: $2,525.84 $2,838.42 $0.00 $0.00 $0.00 $0.00 $312.58
***-**6805
105717 Schaefer, Steven R. $3,406.23 $4,154.05 $0.00 $0.00 $0.00 $0.00 $747.82
0
See Accountants' Compilation Report
10-8 Page 30 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
0
***-**6805 Subtotal: $3,406.23 $4,154.05 $0.00 $0.00 $0.00 $0.00 $747.82
***-**4516
123732 Schmidt, Daniel J. $5,403.24 $5,910.88 $0.00 $0.00 $0.00 $0.00 $507.64
0
***-**4516 Subtotal: $5,403.24 $5,910.88 $0.00 $0.00 $0.00 $0.00 $507.64
***-**1595
122567 Smith, Kathleen L. $3,678.84 $5,456.20 $0.00 $0.00 $0.00 $0.00 $1,777.36
0
***-**1595 Subtotal: $3,678.84 $5,456.20 $0.00 $0.00 $0.00 $0.00 $1,777.36
***-**0667
105716 Torbeck, Dennis C. $5,711.82 $6,546.30 $0.00 $0.00 $0.00 $0.00 $834.48
0
***-**0667 Subtotal: $5,711.82 $6,546.30 $0.00 $0.00 $0.00 $0.00 $834.48
***-**2682
105730 Werfelmann, Paul W. $6,168.20 $7,490.47 $0.00 $0.00 $0.00 $0.00 $1,322.27
0
***-**2682 Subtotal: $6,168.20 $7,490.47 $0.00 $0.00 $0.00 $0.00 $1,322.27
***-**1019
113685 Yarc, Brian M. $4,433.22 $4,912.99 $0.00 $0.00 $0.00 $0.00 $479.77
0
***-**1019 Subtotal: $4,433.22 $4,912.99 $0.00 $0.00 $0.00 $0.00 $479.77
See Accountants' Compilation Report
10-9 Page 31 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
Service Subtotal: $195,081.29 $235,099.73 $853.24 $8.01 $0.00 $3,496.56 $35,660.63
Surviving Spouse
***-**3336
108021 Awe, Judy E. $4,657.62 $5,301.76 $0.00 $0.00 $0.00 $0.00 $644.14
0
***-**3336 Subtotal: $4,657.62 $5,301.76 $0.00 $0.00 $0.00 $0.00 $644.14
***-**9865
108019 Kloss, Deborah E. $865.27 $1,025.27 $0.00 $0.00 $0.00 $0.00 $160.00
0
***-**9865 Subtotal: $865.27 $1,025.27 $0.00 $0.00 $0.00 $0.00 $160.00
***-**7032
108018 Kobeck, Karen M. $3,689.89 $4,299.36 $0.00 $0.00 $0.00 $0.00 $609.47
0
***-**7032 Subtotal: $3,689.89 $4,299.36 $0.00 $0.00 $0.00 $0.00 $609.47
***-**0395
108020 Modes, Shirley $3,264.67 $4,005.30 $0.00 $0.00 $0.00 $0.00 $740.63
0
***-**0395 Subtotal: $3,264.67 $4,005.30 $0.00 $0.00 $0.00 $0.00 $740.63
Surviving Spouse Subtotal: $12,477.45 $14,631.69 $0.00 $0.00 $0.00 $0.00 $2,154.24
See Accountants' Compilation Report
10-10 Page 32 of 64
Batches 67811,68121 Mundelein Police Pension Fund
Multiple Batch Report Check Date 3/29/2024 12:00:00 AM
SSN Family ID Employee Name ACH Retro Net Amount Member Health Dental Benistar QILDRO Federal Tax
Gross Insurance -Vision Insurance Deduct
Alt Payee Name Check # Insurance
Totals
ACH Flag Payments Net Payment Total Gross Health Dental -Vision Benistar QILDRO Deduct Federal Tax
Insurance Insurance Insurance
Yes 52 $242,792.76 $289,688.35 $853.24 $64.40 $0.00 $3,496.56 $42,481.39
No 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Grand Total 52 $242,792.76 $289,688.35 $853.24 $64.40 $0.00 $3,496.56 $42,481.39
See Accountants' Compilation Report
10-11 Page 33 of 64
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
January 1, 2024 - March 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
01/04/24 20702 Lauterbach & Amen, LLP
52-170-03 #84223 10/23 Accounting & Benefits 1,395.00
52-170-06 #84223 10/23 PSA 1,270.00
52-170-03 #83530 FYE23 MCR 620.00
52-170-03 #83750 FYE23 IDOI 2,040.00
Check Amount 5,325.00
01/30/24 20705 INSPE Associates, LLC
52-170-04 IME #82594 Waters,T 2,640.00
Check Amount 2,640.00
01/30/24 20706 Lauterbach & Amen, LLP
52-170-03 #85132 11/23 Accounting & Benefits 1,395.00
52-170-06 #85132 11/23 PSA 1,270.00
52-170-03 #86026 12/23 Accounting & Benefits 1,395.00
52-170-06 #86026 12/23 PSA 1,270.00
Check Amount 5,330.00
01/30/24 20707 Ottosen DiNolfo, LTD
52-170-05 #2755 General 90.00
Check Amount 90.00
01/31/24 50713 IPOPIF
52-195-02 Administrative Expense 531.90
52-195-03 Investment Expense 522.56
52-195-04 Investment Manager Fees 37.00
Check Amount 1,091.46
02/29/24 50714 IPOPIF
52-195-02 Administrative Expense 596.64
52-195-03 Investment Expense 848.57
52-195-04 Investment Manager Fees 39.36
Check Amount 1,484.57
03/28/24 20715 Lauterbach & Amen, LLP
52-170-03 #86810 01/24 Accounting & Benefits 1,395.00
52-170-06 #86810 01/24 PSA 1,270.00
52-170-03 #88202 02/24 Accounting & Benefits 1,395.00
52-170-06 #88202 02/24 PSA 1,270.00
52-170-03 #87522 FYE23 1099's 565.00
Check Amount 5,895.00
03/28/24 20716 Ottosen DiNolfo, LTD
52-170-05 #3144 Reatiner 750.00
Check Amount 750.00
See Accountants' Compilation Report
Page 34 of 64
11-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
January 1, 2024 - March 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
03/31/24 50715 IPOPIF
52-195-02 Administrative Expense 555.29
52-195-03 Investment Expense 242.90
52-195-04 Investment Manager Fees 1,126.80
Check Amount 1,924.99
Total Payments 24,531.02
See Accountants' Compilation Report
Page 35 of 64
11-2
Mundelein Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
January 1, 2024 - March 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
01/31/24 20708 Village of Mundelein
20-220-00 Medical Insurance - 01/24 853.24
20-220-00 Dental Insurance 64.40
ACH Amount (Direct Deposit) 917.64
01/31/24 20709 Internal Revenue Service
20-230-00 Internal Revenue Service 41,612.46
ACH Amount (Direct Deposit) 41,612.46
02/05/24 20711 Internal Revenue Service
20-230-00 Internal Revenue Service 1,115.59
ACH Amount (Direct Deposit) 1,115.59
02/29/24 20712 Village of Mundelein
20-220-00 Medical Insurance 02/24 853.24
20-220-00 Dental-Vision Insurance 02/24 64.40
ACH Amount (Direct Deposit) 917.64
02/29/24 20713 Internal Revenue Service
20-230-00 Internal Revenue Service 41,612.46
ACH Amount (Direct Deposit) 41,612.46
03/08/24 20714 Internal Revenue Service
20-230-00 Internal Revenue Service 1,468.93
ACH Amount (Direct Deposit) 1,468.93
03/29/24 20717 Village of Mundelein
20-220-00 Medical Insurance 3/24 853.24
20-220-00 Dental Vision Insurance 64.40
ACH Amount (Direct Deposit) 917.64
03/29/24 20718 Internal Revenue Service
20-230-00 Internal Revenue Service 41,012.46
ACH Amount (Direct Deposit) 41,012.46
Total Payments 129,574.82
See Accountants' Compilation Report
Page 36 of 64
12-1
Mundelein Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
January 1, 2024 - March 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
02/01/24 20710 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 1,778,932.00
ACH Amount (Direct Deposit) 1,778,932.00
Total Payments 1,778,932.00
See Accountants' Compilation Report
Page 37 of 64
13-1
Page 38 of 64
Page 39 of 64
Page 40 of 64
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: April 30, 2024
Market % of Target Since Inception
1 Mo Fiscal YTD YTD 1 Yr 2023
Value Portfolio (%) Inception Date
Total Fund with Member and Transition Accounts 10,132,340,060 100.0 100.0 -2.6 7.7 1.4 9.7 13.7 2.6 03/01/22
Policy Index -2.5 7.9 1.5 10.2 14.2 2.6
Policy Index- Broad Based -3.1 8.1 1.5 10.9 16.8 1.9
IPOPIF Investment Portfolio 10,132,340,060 100.0 100.0 -2.6 7.7 1.4 9.7 13.7 2.4 04/01/22
Policy Index -2.5 7.9 1.5 10.2 14.2 2.5
Policy Index- Broad Based -3.1 8.1 1.5 10.9 16.8 1.7
Growth 5,840,962,550 57.6 58.0 -3.4 10.3 3.1 14.2 19.4 3.4 04/01/22
Growth Benchmark -3.4 10.5 3.2 14.6 19.5 3.3
RhumbLine Russell 1000 Index 2,308,259,365 22.8 23.0 -4.2 14.5 5.6 22.8 26.5 10.5 03/15/22
Russell 1000 Index -4.3 14.5 5.6 22.8 26.5 10.6
RhumbLine Russell 2000 Index 502,478,380 5.0 5.0 -7.0 5.8 -2.1 13.3 16.8 2.0 03/15/22
Russell 2000 Index -7.0 5.8 -2.2 13.3 16.9 2.3
SSgA Non-US Developed Index 1,913,574,341 18.9 19.0 -2.6 9.2 3.0 9.6 18.3 7.6 03/10/22
MSCI World ex U.S. (Net) -2.7 8.9 2.8 9.1 17.9 7.2
International Developed Small Cap Equity 499,773,935 4.9 5.0 -2.4 6.4 -0.4 5.2 12.9 -1.6 04/01/22
MSCI World ex U.S. Small Cap Index (Net) -2.9 6.3 -0.4 5.0 12.6 -1.9
Acadian ACWI ex US Small-Cap Fund 256,365,029 2.5 2.5 -1.2 - - - - 3.8 01/30/24
MSCI AC World ex USA Small Cap (Net) -1.5 - - - - 3.1
WCM International Small Cap Growth Fund 118,770,484 1.2 1.3 -5.2 - - - - -4.8 03/01/24
MSCI AC World ex USA Small Growth Index (Net) -2.3 - - - - -0.2
LSV International Small Cap Value Equity Fund 124,638,422 1.2 1.3 -2.0 - - - - 1.5 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) -2.7 - - - - 1.4
SSgA Emerging Markets Equity Index 616,876,529 6.1 6.0 -0.2 6.4 2.1 8.4 9.6 -0.4 03/10/22
MSCI Emerging Markets (Net) 0.4 7.7 2.8 9.9 9.8 0.8
Income 1,626,038,848 16.0 16.0 -1.1 8.1 0.6 9.3 12.8 1.5 04/01/22
Income Benchmark -1.1 7.9 0.6 9.1 12.6 2.6
SSgA High Yield Corporate Credit 712,344,306 7.0 7.0 -0.9 8.4 0.6 9.3 13.8 2.9 03/18/22
Spliced SSgA U.S. High Yield Index -1.0 8.2 0.5 8.9 13.5 2.8
SSgA EMD Hard Index Fund 610,510,048 6.0 6.0 -2.1 6.8 0.0 8.4 11.2 1.1 03/14/22
Spliced SSgA EMD Hard Index -2.1 6.6 -0.1 8.4 11.1 1.2
Bank Loans 303,184,494 3.0 3.0 0.5 - - - - 1.6 03/01/24
Credit Suisse Leveraged Loan Index 0.7 - - - - 1.5
Ares Institutional Loan Fund 101,008,805 1.0 1.0 0.5 - - - - 1.5 03/01/24
Credit Suisse Leveraged Loan Index 0.7 - - - - 1.5
Aristotle Institutional Loan Fund 202,175,689 2.0 2.0 0.6 - - - - 1.6 03/01/24
Credit Suisse Leveraged Loan Index 0.7 - - - - 1.5
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.
Page 41 of 64 1
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: April 30, 2024
Market % of Target Since Inception
1 Mo Fiscal YTD YTD 1 Yr 2023
Value Portfolio (%) Inception Date
Real Assets 554,558,099 5.5 6.0 -5.3 -2.6 -6.1 -1.9 5.6 -5.5 04/01/22
Real Assets Benchmark -4.8 -3.1 -5.8 -2.6 4.7 -8.6
SSgA REITs Index 394,984,727 3.9 4.0 -7.3 -0.5 -7.7 1.7 13.9 -7.4 03/16/22
Dow Jones U.S. Select REIT Total Return Index -7.3 -0.5 -7.7 1.7 14.0 -7.3
Principal USPA 159,573,372 1.6 2.0 0.2 -7.7 -1.8 -9.7 -10.7 -7.5 04/06/22
NCREIF ODCE 0.0 -9.4 -2.6 -12.0 -12.7 -7.8
Risk Mitigation 2,110,679,815 20.8 20.0 -0.6 3.0 -0.2 2.3 5.0 1.0 04/01/22
Risk Mitigation Benchmark -0.6 3.1 -0.2 2.3 4.9 0.9
SSgA Core Fixed Income Index 331,776,172 3.3 3.0 -2.5 0.0 -3.2 -1.4 5.6 -2.9 03/17/22
Blmbg. U.S. Aggregate Index -2.5 0.0 -3.3 -1.5 5.5 -2.9
SSgA Short-Term Gov't/Credit Index 1,325,439,126 13.1 13.0 -0.3 3.5 0.1 2.8 4.6 1.4 03/17/22
Bloomberg U.S. Gov/Credit 1-3 Year Index -0.3 3.5 0.1 2.8 4.6 1.4
SSgA US TIPS Index 281,923,999 2.8 3.0 -0.1 3.8 0.7 3.0 4.6 0.5 03/17/22
Blmbg. U.S. TIPS 0-5 Year -0.1 3.8 0.7 2.8 4.6 0.7
Cash 171,540,517 1.7 1.0 0.4 4.3 1.7 5.5 5.0 3.6 03/22/22
90 Day U.S. Treasury Bill 0.4 4.5 1.7 5.4 5.0 3.9
IPOPIF Pool Fixed Income Transition 100,748 0.0 -
Member Accounts - 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.
Page 42 of 64 2
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2024
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 EMD Hard Index Fund 3/14/2022 State Street
RhumbLine Russell 2000 Index Fund 3/15/2022 State Street Ares Institutional Loan Fund 3/1/2024 State Street
SSgA Non-US Developed Index Fund 3/10/2022 State Street Aristotle Institutional Loan Fund 3/1/2024 State Street
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 SSgA REITs Index Fund 3/10/2022 State Street
WCM International Small Cap Growth Fund 3/1/2024 State Street SSgA Core Fixed Income Index Fund 3/17/2022 State Street
LSV International Small Cap Value Equity Fund 3/1/2024 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA US TIPS Index Fund 3/17/2022 State Street
SSgA High Yield Corporate Credit 3/18/2022 State Street 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
Page 43 of 64 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: March 31, 2024
Policy Index Composition
Policy Risk
As of 4/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 3/1/2024 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. 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 6% 10.3% MSCI Emerging Markets 7% 12.1%
Bloomberg US Corporate High Yield Index 7% 43.8% Bloomberg US Corporate High Yield Index 8.5% 53.1%
JPM EMBI Global Diversified Index 6% 37.5% JPM EMBI Global Diversified Index 6% 37.5%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse 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 5/1/2023 Policy Index Growth Income Real Assets Risk Mitigation As of 1/1/2023 Index Growth Income Real Assets Mitigation
Russell 1000 23% 39.7% Russell 1000 18% 36.0%
Russell 2000 5% 8.6% Russell 2000 5% 10.0%
MSCI World ex U.S. 18% 31.0% MSCI World ex U.S. 15% 30.0%
MSCI World ex U.S. Small Cap 5% 8.6% MSCI World ex U.S. Small Cap 5% 10.0%
MSCI Emerging Markets 7% 12.1% MSCI Emerging Markets 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5% 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%
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 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 13% 65.0% Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 15.0% Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 1% 5.0% 90 Day US Treasury Bill Index 3% 10.7%
As of 3/31/2022 Policy Index Growth Income Real Assets Risk Mitigation
Russell 3000 23% 46.0%
MSCI ACWI ex USA IMI 20% 40.0%
MSCI Emerging Markets IMI 7% 14.0%
Bloomberg US Corporate High Yield Index 10% 62.5%
50% JPM EMBI GD/50% JPM GBI EM GD 6% 37.5%
NCREIF Property Index 2% 33.3%
Dow Jones US Select REIT Index 4% 66.7%
Bloomberg US Aggregate Index 7% 25.0%
Bloomberg 1-3 Year Gov/Credit Index 15% 53.6%
Bloomberg US TIPS 0-5 Year 3% 10.7%
90 Day US Treasury Bill Index 3% 10.7%
Page 44 of 64 3
MUNDELEIN POLICE PENSION FUND
Month Ended: April 30, 2024
Market Value Summary:
Current Period Year to Date
Beginning Balance $38,221,057.02 $34,954,964.48
Contributions $0.00 $1,778,932.00
Withdrawals $0.00 $0.00
Transfers In/Out $0.00 $0.00
Income $17,046.05 $65,156.53
Administrative Expense ($439.73) ($2,123.56)
Investment Expense ($368.18) ($1,982.21)
Investment Manager Fees ($43.78) ($1,246.94)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $99,560.14 $487,582.25
Unrealized Gain/Loss ($1,080,992.31) ($25,463.34)
Ending Balance $37,255,819.21 $37,255,819.21
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: (2.53%) (2.53%) 1.42% 9.54% N/A N/A N/A 15.55% 10/03/2022
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
Page 45 of 64
MUNDELEIN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: April 30, 2024
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $38,221,057.02 $34,954,964.48 Beginning Units 3,411,519.923 3,246,296.900
Contributions $0.00 $1,778,932.00 Unit Purchases from Additions 0.000 165,223.023
Withdrawals $0.00 $0.00 Unit Sales from Withdrawals 0.000 0.000
Transfers In/Out $0.00 $0.00
Ending Units 3,411,519.923 3,411,519.923
Income $17,046.05 $65,156.53
Administrative Expense ($439.73) ($2,123.56)
Period Beginning Net Asset Value per Unit $11.203527 $10.767643
Investment Expense ($368.18) ($1,982.21)
Period Ending Net Asset Value per Unit $10.920593 $10.920593
Investment Manager Fees ($43.78) ($1,246.94)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $99,560.14 $487,582.25
Unrealized Gain/Loss ($1,080,992.31) ($25,463.34)
Ending Balance $37,255,819.21 $37,255,819.21
Performance Summary:
MUNDELEIN POLICE PENSION FUND
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: (2.53%) (2.53%) 1.42% 9.54% N/A N/A N/A 9.94% 11/22/2022
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
Page 46 of 64
Statement of Transaction Detail for the Month Ending 04/30/2024
MUNDELEIN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
No Activity for the Month Ending 04/30/2024
Page 3 of 3
Page 47 of 64
April 2024 Statement Supplement
Asset Flows
Period New Asset Transfers Cash Contributions Cash Withdrawals
April 2024 Zero $49 million $47 million
CY 2024 Zero $174 million $182 million
Expenses Paid
Administrative Investment Investment
Period
Expenses Expenses Manager Fees
April 2024 $119,564.96 $100,110.10 $11,905.00
CY 2024 $593,128.97 $558,121.39 $339,889.79
• Expenses are paid from the IPOPIF Pool and allocated proportionately by member value.
• Investment expenses exclude investment manager fees.
Investment Pool Details
Date Units Value Unit Price
3/31/24 927,613,165.2416 10,392,539,534.57 11.203527
4/30/24 927,817,568.8093 10,132,317,668.76 10.920593
A spreadsheet with complete unit and expense detail history is linked on the
Article 3 Fund Reports page as -IPOPIF Trust Fund Unit Details (Excel Download)-
NAV and Receivable Calculations Under Development
The IPOPIF Valuation and Cost Rule, AR-2022-01, stipulates that the Net Asset Value (NAV) for each
Participating Police Pension Fund will include receivables representing proportionate amounts due
from late-transferring pension funds for all Costs, IFA Loan Repayments, and interest. These
calculations are under development.
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
Page 48 of 64
Peoria, Illinois 61602
Certified Trustee Training
Organizati Mundelein Police Pension Fund Year: 2024
Wallace Fraiser
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8
2
3
Peter Ahern
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8
2
3
4
Jim Cupec
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8
2
3
Deborah Shutter
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8
2
3
Kev in Callaghan
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8
2
3
Page 49 of 64
2024 IPPFA Trustee Training Opportunities
IPPFA ONLINE SEMINAR COURSE
WHEN: Ongoing
• Online 8 hr. seminar (Recorded from the 2023 MidAmerican Pension
Conference)
WHERE: IPPFA Website:
www.ippfa.org/education/online-classes/
COST: IPPFA MEMBER: $285.00/seminar IPPFA
NON-MEMBER: $570.00/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
Page 50 of 64
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: December 2, 2024 - December 3, 2024
WHERE: NIU Outreach Campus
1120 E. Diehl Rd., Room 266
Naperville, IL 60563
COST: IPPFA MEMBER: $500.00
IPPFA NON-MEMBER: $1,000.00
*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.
Page 51 of 64
Page 52 of 64
Page 53 of 64
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May 16, 2024
Mundelein Police Pension Fund
Mundelein, Illinois
RE: Amber S. Kamischke, Portability Transfer
Members of the Pension Board of Trustees:
Prior correspondence from our firm advised that Officer Amber Kamischke requested to transfer
creditable service of 3 years, 8 months, 20 days (July 5, 2019 through March 24, 2023) from the Highland
Park Police Pension Fund to the Mundelein Police Pension Fund. Please note the following regarding this
transfer:
• Records indicate Officer Amber Kamischke did not receive a refund of contributions of
$30,068.95 from the Highland Park Police Pension Fund.
• The Highland Park Police Pension Fund issued payment to the Mundelein Police Pension
Fund of $71,338.42. This represents Officer Amber Kamischke's contributions into the
Highland Park Police Pension Fund ($30,068.95) plus 6% interest from the date of each
contribution and a required match by the Highland Park Police Pension Fund. All service
has now been transferred and Officer Amber Kamischke is no longer entitled to any
pension benefits from the Highland Park Police Pension Fund.
• The Mundelein Police Pension Fund’s actuary determined that the True Cost to the
Mundelein Police Pension Fund for officer Amber Kamischke's transfer was $74,927.00.
Records indicate Officer Amber Kamischke elected not to remit the True Cost difference,
but rather accept a prorated service credit of 3 years, 6 months, and 16 days to be added to
their creditable service with the Mundelein Police Pension Fund.
As a result of this transfer, Officer Amber Kamischke's date of hire for pension purposes with the
Mundelein Police Pension Fund should be adjusted as follows:
Original Date of Hire: March 27, 2023
Revised Date of Hire: September 11, 2019
At the next board meeting, the Pension Board should formally:
• recognize the purchase has been Paid in Full
• acknowledge the Revised Date of Hire
Please notify your Lauterbach & Amen representative of the Board's final action so the records can be
updated and our Benefits Team may notify the member.
Cordially,
Emily Nasuta
Emily Nasuta
Lauterbach & Amen, LLP
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March 28, 2024
Jonathan R. Calero
RE: Portability Transfer
Dear Jonathan Calero:
We have received your request to calculate the transfer of your creditable service of 3 years, 1 month, 4
days (March 7, 2016 through April 12, 2019; less 2 days of unpaid breaks in service) from the Mundelein
Police Pension Fund to the Naperville Police Pension Fund.
Mundelein Police Pension Fund
Records indicate you did not receive a refund of your contributions of $21,671.58 from your prior Police
Pension Fund. The Pension Fund is required to remit the following to the Naperville Police Pension Fund:
Your employee contributions: $ 21,671.58
Plus 6% interest compounded annually, from the date of each
contribution to the date of the transfer request: $ 10,205.37
Employer's Match of Contributions plus Interest $ 31,876.95
Total to Transfer: $ 63,753.90
Naperville Police Pension Fund
Your date of hire for pension purposes with the Naperville Police Pension Fund is October 17, 2022.
Please be advised that all amounts due to the Naperville Police Pension Fund are based on the accuracy
of this date. Any adjustment to this date may result in a recalculation of the amounts due.
The Naperville Police Pension Fund determined that the amount being transferred from the Mundelein
Police Pension Fund is less than the actuarial “true cost” to establish this length of service with the
receiving fund. You must select one of the following options:
Option 1 - Paying the Full True Cost Balance / Receiving the Full Service Transfer*
Option 2 - Not Paying the True Cost Balance / Receiving Partial Service Transfer*
*See Enclosed Portability Transfer Calculation (Page 3)
Please remember that all monies must be paid in full while you are still an active member of your
current Pension Fund for the transferred service to be considered pensionable.
Cordially,
Lauterbach & Amen, LLP
Lauterbach & Amen, LLP
Enclosure
CC: Mundelein Police Pension Fund
CC: Naperville Police Pension Fund
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Portability Transfer Calculation
Article 3 Police Pension Fund
Naperville Police Pension Fund
Jonathan R. Calero
The True Cost to transfer your time from the Mundelein Police Pension Fund, as calculated by the
Naperville Police Pension Fund’s actuary, is $75,559.00. Subtracting the money due from the Mundelein
Police Pension Fund, there will be a remaining balance due from you to the Naperville Police Pension
Fund of $11,805.10.
True Cost for Full Service Transfer: $ 75,559.00
Total Transfer from Mundelein Police Pension Fund: $ (63,753.90)
True Cost Balance Due from Member: $ 11,805.10
Choose one of the following Options:
Option 1 – Receiving Full Creditable Service / Paying the True Cost Balance:
Adjusted Date of Hire: September 13, 2019
The True Cost balance of $11,805.10 can be paid lump sum, in equal installments (such as payroll
deductions) for a period of up to 5 years, or in a combination of these methods. Please keep in mind that
interest accrues at 6% compounded annually on any unpaid balance. We have calculated repayment
schedules for your reference, which reflect the per-paycheck deductions and interest accrued, if the
balance is paid over one year through five years. To summarize these schedules:
Schedules assume an initial payroll deduction check date of 05/31/2024
Options Repayment Period Per Paycheck Deduction Total Interest Paid
1 Year 26 bi-weekly payments $468.44 $374.34
2 Years 52 bi-weekly payments $241.22 $738.34
3 Years 78 bi-weekly payments $165.57 $1,109.36
4 Years 104 bi-weekly payments $127.81 $1,487.14
5 Years 130 bi-weekly payments $105.21 $1,872.20
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Option 2 - Receiving Partial Creditable Service / Not Paying the True Cost Balance:
Adjusted Date of Hire: March 08, 2020
If you elect not to pay the True Cost balance, you will receive a partial transfer of creditable service of
953 days (2 years, 7 months, 9 days) as reflected below. Please be advised that the remaining service you
had with the Mundelein Police Pension Fund will be lost and you will not be able to repurchase this lost
time under current statutes.
Option 2 - Calculation of Partial Creditable Service
($63,753.90 / $75,559.00) x 1,130 = 953
Transfer True Days of Days of
Amount Cost Prior Service Service to Transfer
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Mundelein Police Pension Fund
Board of Trustees
______________________________
Notice of Election Results
______________________________
April 2024 Election
Active Member Positions
Nominations are closed and have resulted in:
Peter Ahern
and
Kevin Callaghan
running unopposed for the position of:
Active Member Trustees
Two-Year Term Expiring May 12, 2026
Peter Ahern and Kevin Callaghan have accepted the positions as
members of the Board of Trustees and have agreed to uphold the
duties required.
Elections conducted by Elizabeth Adelmann, Professional Services Administrator
Lauterbach & Amen, LLP
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