Police Pension Board
Regular MeetingMundelein, IL · October 15, 2024
Agenda
NOTICE OF A REGULAR MEETING OF THE
MUNDELEIN POLICE PENSION FUND
BOARD OF TRUSTEES
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Tuesday, October 15, 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.) July 25, 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. Repeat Withdrawal Instructions for 2025
ii. BMO Money Market Account Reserve Cash Parameters
8. Investment Reports – IPOPIF
a.) Verus Advisory, Inc.
b.) State Street Statements
9. Communications and Reports
a.) Affidavits of Continued Eligibility
10. Trustee Training Updates
a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a.) Applications for Membership – James Cummings, Rhani Jordan, Elizabeth Maldonado, Eliyah Thurman
and Noe Torres
b.) Resignation of Officer – Isidro Briceno-Garcia
12. Applications for Retirement/Disability Benefits
13. Old Business
a.) IDOI Annual Statement
b.) Portability Update – Jonathan Calero
14. New Business
a.) Review/Approve – Actuarial Valuation and Tax Levy Request
b.) Review/Adopt – Municipal Compliance Report
c.) Establish 2025 Board Meeting Dates
d.) Discussion/Possible Action – Trustee Email Accounts
15. Attorney’s Report – Ottosen
a.) Legal Updates
b.) Annual Independent Medical Examination – Tyler Waters
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
TBD
Packet
NOTICE OF A REGULAR MEETING OF THE
MUNDELEIN POLICE PENSION FUND
BOARD OF TRUSTEES
The Mundelein Police Pension Fund Board of Trustees will conduct a regular meeting on Tuesday, October 15, 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.) July 25, 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. Repeat Withdrawal Instructions for 2025
ii. BMO Money Market Account Reserve Cash Parameters
8. Investment Reports – IPOPIF
a.) Verus Advisory, Inc.
b.) State Street Statements
9. Communications and Reports
a.) Affidavits of Continued Eligibility
10. Trustee Training Updates
a.) Approval of Trustee Training Registration Fees and Reimbursable Expenses
11. Applications for Membership/Withdrawals from Fund
a.) Applications for Membership – James Cummings, Rhani Jordan, Elizabeth Maldonado, Eliyah Thurman
and Noe Torres
b.) Resignation of Officer – Isidro Briceno-Garcia
12. Applications for Retirement/Disability Benefits
13. Old Business
a.) IDOI Annual Statement
b.) Portability Update – Jonathan Calero
14. New Business
a.) Review/Approve – Actuarial Valuation and Tax Levy Request
b.) Review/Adopt – Municipal Compliance Report
c.) Establish 2025 Board Meeting Dates
d.) Discussion/Possible Action – Trustee Email Accounts
15. Attorney’s Report – Ottosen
a.) Legal Updates
b.) Annual Independent Medical Examination – Tyler Waters
16. Closed Session, if needed
17. Action on items discussed in Closed Session, if needed
18. Adjournment
FUTURE MEETING DATES
TBD
Page 1 of 64
MINUTES OF A REGULAR MEETING OF
THE MUNDELEIN POLICE PENSION FUND BOARD OF TRUSTEES
JULY 25, 2024
A regular meeting of the Mundelein Police Pension Fund Board of Trustees was held on Thursday, July 25,
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, Deborah Shutter, Peter Ahern and Kevin
Callaghan
ABSENT: None
ALSO PRESENT: Attorney John Kelly (via teleconference), Ottosen; Elizabeth Adelmann and Kevin
Cavanaugh, Lauterbach & Amen, LLP (L&A); Greg Kiesewetter, Cook Castle
Associates, LLC.
PUBLIC COMMENT: There was no public comment.
VILLAGE OF MUNDELEIN TREASURER’S REPORT: There was no Treasurer’s Report presented.
APPROVAL OF MEETING MINUTES: May 30, 2024 Regular Meeting: The Board reviewed the May 30,
2024 regular meeting minutes. A motion was made by Trustee Callaghan and seconded by Trustee Cupec to
approve the May 30, 2024 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 one-month period ending May 31, 2024, prepared by L&A. As
of May 31, 2024, the net position held in trust for pension benefits is $44,022,648.13 with a change in position
of $1,073,068.13. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report,
Member Contribution Report, Payroll Journal, Quarterly Deduction Report and Quarterly Transfer Report. A
motion was made by Trustee Ahern and seconded by Trustee Cupec to approve the Monthly Financial Report
as presented. Motion carried unanimously by voice vote.
Presentation and Approval of Bills: The Board reviewed the Quarterly Disbursement Report for the period
March 1, 2024 through May 31, 2024 for total disbursements of $16,647.05. A motion was made by Trustee
Shutter and seconded by Trustee Callaghan to approve the disbursements shown on the Quarterly
Disbursement Report in the amount of $16,647.05. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action – Cash Management Policy: Status of BMO Bank Money Market Account: The
Page 2 of 64
Mundelein Police Pension Fund
Meeting Minutes – July 25, 2024
Page 2 of 4
Board noted that the BMO Bank Money Market account has been opened and is ready to receive the funds
from Morgan Stanley. Morgan Stanley has indicated that the transfer of the balance of cash in the Morgan
Stanley Money Market account to the BMO Bank Money Market account should happen very soon. Updates
will be provided as they become available.
Post-Meeting Note: $5,668,849.32 was transferred from the Morgan Stanley Money Market account to the
BMO Bank Money Market account on August 1, 2024.
Discussion/Possible Action – Repeat Withdrawals from IPOPIF: The Board discussed setting up repeat
withdrawals from IPOPIF to the BMO Bank account. A motion was made by Trustee Cupec and seconded by
Trustee Ahern to establish a repeat withdrawal amount of $300,000 from IPOPIF to the BMO Bank account,
effective August 22, 2024 for pension benefits and expenses. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
Discussion/Possible Action – BMO Bank Account Balance Parameters: The Board discussed the balance in
the BMO Bank operating account. A motion was made by Trustee Shutter and seconded by Trustee Cupec to
establish a minimum balance parameter of $5,000 and a maximum balance parameter of $25,000, and when
the balance exceeds $25,000, the account is rebalanced back to $5,000 with the excess cash being sent to
IPOPIF for investment purposes. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
INVESTMENT REPORT – IPOPIF: Verus Advisory, Inc: The Board reviewed the Verus Advisory, Inc.
report for the period ending May 31, 2024. As of May 31, 2024 the market value is $10,419,890,794 and the
year-to-date net return for the Illinois Police Officers’ Pension Investment Fund (IPOPIF) is 4.4%.
State Street Statements: The Board reviewed the Monthly Summary for the Fund prepared by the Illinois Police
Officers’ Pension Investment Fund (IPOPIF) for the period ending May 31, 2024. As of May 31, 2024 the
Fund’s market value is $38,306,154.83 and the month-to-date net return for the Fund is 2.82%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2024
Affidavits of Continued Eligibility have been received by L&A. The originals were provided to the Board for
their records.
Active Member File Maintenance: The Board noted that L&A prepared Active Member File Maintenance
letters for distribution to all active members requesting any additional pension file documents.
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: The Board discussed the
upcoming IPPFA MidAmerican Pension Conference. A motion was made by Trustee Shutter and seconded by
Trustee Cupec to approve the registration fees for trustees interested in attending the IPPFA MidAmerican
Pension Conference and to direct L&A to register Trustee Ahern for the event. Motion carried by roll call vote.
Page 3 of 64
Mundelein Police Pension Fund
Meeting Minutes – July 25, 2024
Page 3 of 4
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership
– Noe Torres: The Board noted that this item will be discussed at the next regular meeting.
Deceased Surviving Spouse – Shirley Modes: The Board noted that surviving spouse Shirley Modes passed
away May 31, 2024 and her pension benefit has ceased.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
retirement or disability benefits.
OLD BUSINESS: There was no old business to discuss.
NEW BUSINESS: Review Approve – Fiduciary Liability Insurance Renewal: The Board reviewed the
fiduciary liability insurance renewal provided by Hudson Insurance Company through Cook Castle Associates,
LLC. A motion was made by Trustee Cupec and seconded by Trustee Ahern to approve payment of the
fiduciary liability insurance renewal effective August 1, 2024 through August 1, 2025 in the amount of $11,038
and the 3-year prepaid crime policy in the amount of $2,618. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation prepared
by L&A. The final report will be reviewed by the Board at the next regular meeting.
BMO Bank Signature Cards and Resolution Update: L&A provided the Board with the necessary forms to update
the signers on the BMO Bank account with the current Board members and municipal representative. A motion was
made by Trustee Shutter and seconded by Trustee Cupec to designate Trustee Fraiser and Treasurer Linda Miller
as signers on the BMO Bank account. Motion carried by roll call vote.
AYES: Trustees Frasier, Cupec, Shutter, Callaghan and Ahern
NAYS: None
ABSENT: None
Board Officer Elections – President, Vice President, Secretary and Assistant Secretary: The Board discussed
Board Officer Elections and nominated the following slate of Officers: Trustee Fraiser as President; Trustee
Shutter as Vice President; Trustee Ahern as Secretary; and Trustee Callaghan as Assistant Secretary. A motion
was made by Trustee Cupec and seconded by Trustee Callaghan to elect the slate of Officers as stated. Motion
carried unanimously by voice vote.
FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Ahern as the FOIA Officer and
OMA Designee. A motion was made by Trustee Cupec and seconded by Trustee Callaghan to maintain Trustee
Ahern as the FOIA Officer and OMA Designee. Motion carried unanimously by voice vote.
IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report
will be sent to the Board for review upon completion.
Page 4 of 64
Mundelein Police Pension Fund
Meeting Minutes – July 25, 2024
Page 4 of 4
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.
The Board discussed moving the next meeting date to October 15, 2024 at 6:30 p.m.
CLOSED SESSION, IF NEEDED: Personnel 5ILCS120/2(c)(1) and Imminent or Pending Litigation
5ILCS120/2(c)(11): There was no need for closed session.
ACTION ON ITEMS DISCUSSED IN CLOSED SESSION, IF NEEDED: There was no action needed.
ADJOURNMENT: A motion was made by Trustee Ahern and seconded by Trustee Cupec to adjourn the
meeting at 7:42 p.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for October 24, 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
August 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
Pooled Investment NAV vs Accumulated Net Investments Graph.......................................... 3-1
Cash Analysis Report............................................................................................................... 4-1
Cash Transfer to/from Consolidated Fund Graph.................................................................... 5-1
Revenue Report....................................................................................................................... 6-1
Cash Analysis Summary Graph............................................................................................... 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
Page 7 of 64
Page 8 of 64
September 23, 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 August 31, 2024
and the related statement of changes in net position - modified cash basis for the four 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 August 31, 2024
Assets
Cash and Cash Equivalents $ 13,450.71
Investments at Fair Market Value
Money Market Mutual Funds 3,796,097.35
Pooled Investments 43,199,529.71
Total Cash and Investments 47,009,077.77
Prepaids 3,273.50
Total Assets 47,012,351.27
Liabilities
Expenses Due/Unpaid 4,935.00
Total Liabilities 4,935.00
Net Position Held in Trust for Pension Benefits 47,007,416.27
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 Four Months Ended August 31, 2024
Additions
Contributions - Municipal $ 1,596,127.23
Contributions - Members 282,246.90
Total Contributions 1,878,374.13
Investment Income
Interest and Dividends Earned 192,980.07
Net Change in Fair Value 3,188,163.67
Total Investment Income 3,381,143.74
Less Investment Expense (9,198.04)
Net Investment Income 3,371,945.70
Total Additions 5,250,319.83
Deductions
Administration 29,246.00
Pension Benefits and Refunds
Pension Benefits 1,103,372.62
Refunds 59,864.94
Total Deductions 1,192,483.56
Change in Position 4,057,836.27
Net Position Held in Trust for Pension Benefits
Beginning of Year 42,949,580.00
End of Period 47,007,416.27
See Accountants' Compilation Report
Page 12 of 64
2-2
Page 13 of 64
Mundelein Police Pension Fund
Pooled Investment NAV vs Accumulated Net Investments
50,000,000
45,000,000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
-
Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24
Pooled Investment NAV Accumulated Net Investments
See Accountants' Compilation Report
Page 14 of 64
3-1
Mundelein Police Pension Fund
Cash Analysis Report
For the Twelve Periods Ending August 31, 2024
09/30/23 10/31/23 11/30/23 12/31/23 01/31/24 02/29/24 03/31/24 04/30/24 05/31/24 06/30/24 07/31/24 08/31/24
Financial Institutions
BMO Bank - CK $ 1,046,702 978,372 856,858 603,358 2,093,338 30,344 23,022 23,055 166,135 1,213,101 978,497 13,451
1,046,702 978,372 856,858 603,358 2,093,338 30,344 23,022 23,055 166,135 1,213,101 978,497 13,451
BMO Bank - MM - - - - - - - - - - - 3,796,097
MSSB - MM - Brokerage #2543 7,477,284 7,551,366 7,626,879 7,724,032 6,022,058 6,098,331 5,881,416 5,672,368 5,552,020 5,622,322 5,692,494 -
MSSB - MM - TCW Investment #2547 159 160 160 161 - 1 1 - - - - -
MSSB - MM - GW&K Investment #2548 74 74 74 84 - - - - - - - -
7,477,517 7,551,600 7,627,113 7,724,277 6,022,058 6,098,332 5,881,417 5,672,368 5,552,020 5,622,322 5,692,494 3,796,097
Total 8,524,219 8,529,972 8,483,971 8,327,635 8,115,396 6,128,676 5,904,439 5,695,423 5,718,155 6,835,423 6,670,991 3,809,548
Contributions
Current Tax 864,917 206,019 152,245 17,110 2,162 - - 17 143,055 1,322,715 44,048 86,310
Contributions - Current Year 44,000 43,747 43,771 65,960 44,396 44,026 44,855 44,679 68,607 46,733 47,645 47,143
Contributions - Prior Year 174 174 174 260 174 174 174 174 30,329 174 174 174
Other Member Revenue - - - - - - - - 41,269 - - -
909,091 249,940 196,190 83,330 46,732 44,200 45,029 44,870 283,260 1,369,622 91,867 133,627
Expenses
Pension Benefits 271,948 271,948 271,948 271,948 278,847 278,847 278,847 278,847 278,847 274,842 274,842 274,842
Refunds/Transfers of Service - - - - - 5,578 7,345 - - - - 59,865
Administration 3,968 4,625 4,608 2,356 14,476 1,485 8,570 964 7,225 2,846 5,941 22,431
275,916 276,573 276,556 274,304 293,323 285,910 294,762 279,811 286,072 277,688 280,783 357,138
Total Contributions less Expenses 633,175 (26,633) (80,366) (190,974) (246,591) (241,710) (249,733) (234,941) (2,812) 1,091,934 (188,916) (223,511)
See Accountants' Compilation Report
Page 15 of 64
4-1
Mundelein Police Pension Fund
Cash Transfers to/from Consolidated Fund
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
(500,000)
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24
Cash Transfers into Consolidated Fund Cash Transfers out of Consolidated Fund
See Accountants' Compilation Report
Page 16 of 64
5-1
Mundelein Police Pension Fund
Revenue Report as of August 31, 2024
Received Received
this Month this Year
Contributions
Contributions - Municipal
41-210-00 - Current Tax $ 86,309.73 1
1,596,127.23
86,309.73 1,596,127.23
Contributions - Members
41-410-00 - Contributions - Current Year 47,142.71 1
210,127.37
41-420-00 - Contributions - Prior Year 173.58 1
30,850.06
41-450-00 - Other Member Revenue 0.00 1
41,269.47
47,316.29 282,246.90
Total Contributions 133,626.02 1 1,878,374.13
0
Investment Income
Interest and Dividends
43-102-09 - BMO Bank - Checking 1,256.91 1
2,365.24
43-105-03 - BMO Bank - MM 15,503.74 1
15,503.74
43-252-01 - MSSB - Fixed Income - Brokerage #2543 23,373.44 1
92,423.21
43-800-01 - IPOPIF Consolidated Pool Income 20,860.91 1
82,444.87
60,995.00 8
192,737.06
Gains and Losses
44-800-01 - IPOPIF Consolidated Pool - Unrealized 822,696.98 1
2,776,380.07
44-800-02 - IPOPIF Consolidated Pool - Realized 57,682.40 1
411,783.60
880,379.38 4
3,188,163.67
Other Income
49-000-01 - Other Income 0.00 1
243.01
0.00 3
243.01
Total Investment Income 941,374.38 2 3,381,143.74
7
Total Revenue 1,075,000.40 5,259,517.87
See Accountants' Compilation Report
Page 17 of 64
6-1
Mundelein Police Pension Fund
Cash Analysis Summary
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
-
Cash & Money Market Balances Total Contributions Benefit & Administrative Expenses
See Accountants' Compilation Report
Page 18 of 64
7-1
Mundelein Police Pension Fund
Expense Report as of August 31, 2024
Expended Expended
this Month this Year
Pensions and Benefits
51-020-00 - Service Pensions $ 235,099.73 940,398.92
51-030-00 - Non-Duty Disability Pensions 15,866.49 63,465.96
51-040-00 - Duty Disability Pensions 13,249.22 52,996.88
51-060-00 - Surviving Spouse Pensions 10,626.39 46,510.86
51-100-00 - Refund of Contributions 21,671.58 21,671.58
51-110-00 - Transfers to Other Pensions 38,193.36 38,193.36
Total Pensions and Benefits 334,706.77 1,163,237.56
Administrative
Insurance
52-150-01 - Fiduciary Insurance 11,038.00 11,038.00
52-150-03 - Fidelity Bonds 2,618.00 2,618.00
13,656.00 13,656.00
Professional Services
52-170-03 - Accounting & Bookkeeping Services 2,690.00 6,915.00
52-170-05 - Legal Services 0.00 1,000.00
52-170-06 - PSA/Court Reporter 1,305.00 5,150.00
3,995.00 13,065.00
Investment
52-190-02 - Custodial Fees 0.00 793.36
52-195-02 - Administrative Expense (IPOPIF) 670.57 1,624.13
52-195-03 - Investment Expense (IPOPIF) 981.98 2,288.22
52-195-04 - Investment Manager Fees (IPOPIF) 2,582.91 4,492.33
4,235.46 9,198.04
Other Expense
52-290-25 - Conference/Seminar Fees 545.00 2,525.00
545.00 2,525.00
Total Administrative 22,431.46 38,444.04
Total Expenses 357,138.23 1,201,681.60
See Accountants' Compilation Report
Page 19 of 64
8-1
Mundelein Police Pension Fund
Pension Benefits and Expenses
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Service Non-Duty Duty Disability Surviving Refund Transfers Administrative
Disability Spouse
Expenses 940,399 63,466 52,997 46,511 21,672 38,193 38,444
See Accountants' Compilation Report
Page 20 of 64
9-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended August 31, 2024
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Ahern, Peter W. $ 165,143.94 4,079.27 0.00 0.00 169,223.21
Anderson, Erik M. 18,413.01 3,209.46 0.00 0.00 21,622.47
Anderson, Jakob C. 151,501.78 5,005.33 0.00 0.00 156,507.11
Balogh, Stephen E. 64,789.29 3,988.17 0.00 0.00 68,777.46
Bond, Michael J. 92,891.35 4,049.91 0.00 0.00 96,941.26
Briceno Garcia, Isidro 18,652.93 3,920.38 0.00 0.00 22,573.31
Brigano, Christopher E. 134,174.81 4,638.81 0.00 0.00 138,813.62
Burnham, Jessica P. 21,469.57 3,200.72 0.00 0.00 24,670.29
Bush, Michael A. 151,528.78 4,587.67 0.00 0.00 156,116.45
Callaghan, Kevin P. 95,287.08 4,005.25 0.00 0.00 99,292.33
Callas, Chris A. 192,728.06 4,101.89 0.00 0.00 196,829.95
Chrabot, Eric T. 153,230.40 4,084.58 0.00 0.00 157,314.98
Crispe, Rachel R. 143,899.12 3,093.72 0.00 0.00 146,992.84
Devore, James M. 170,812.20 4,056.65 0.00 0.00 174,868.85
Dunn, Roger D. 8,284.39 2,976.48 0.00 0.00 11,260.87
Freese, Kevin R. 40,757.79 3,679.51 0.00 0.00 44,437.30
Glogovsky, Tony A. 172,520.51 4,079.27 0.00 0.00 176,599.78
Guenther, William R. 171,489.07 4,773.14 0.00 0.00 176,262.21
Hall, Thomas B. 177,305.96 4,079.27 0.00 0.00 181,385.23
Hernandez, Israel Jr. 71,048.77 4,010.41 0.00 0.00 75,059.18
Hurley, Austin T. 61,170.37 4,010.41 0.00 0.00 65,180.78
Jarol, Steven M. 19,046.80 3,920.38 0.00 0.00 22,967.18
Kamischke, Amber S. 9,998.22 3,720.55 30,068.95 0.00 43,787.72
Kaplan, Seamus A. 181,660.33 4,310.23 0.00 0.00 185,970.56
Kisselburg, Brian J. 207,778.62 5,358.44 0.00 0.00 213,137.06
Kivley, Mark R. 2,228.26 3,174.09 0.00 0.00 5,402.35
Korinek, Antonio R. 1,946.36 2,772.32 0.00 0.00 4,718.68
Koumantos, Anastasios M. 153,044.28 4,039.54 0.00 0.00 157,083.82
Kroll, Steven G. 148,339.90 4,645.60 0.00 0.00 152,985.50
Logarta, Christian A. 102,521.62 4,049.91 0.00 0.00 106,571.53
Mancilla, Stephanie 1,946.36 2,803.24 0.00 0.00 4,749.60
McCourt, Brian J. Jr. 74,781.66 3,988.17 0.00 0.00 78,769.83
Oakes, Jacob G. 38,743.74 3,502.08 0.00 0.00 42,245.82
Osoria, Jecoa D. 15,120.47 3,700.03 0.00 0.00 18,820.50
Perdue, Thomas M. 223,826.70 4,079.27 0.00 0.00 227,905.97
Poynor, Thomas R. 152,702.38 5,623.80 0.00 0.00 158,326.18
Pyrek, Michael V. 97,346.36 4,027.58 0.00 0.00 101,373.94
See Accountants' Compilation Report Page 21 of 64
10-1
Mundelein Police Pension Fund
Member Contribution Report
As of Month Ended August 31, 2024
Thru Current
Prior Fiscal Fiscal Service Total
Name Year Year Purchase Refunds Contributions
Reyes, Michael A. 88,538.40 4,027.58 0.00 0.00 92,565.98
Rodriguez, Walter 77,511.78 3,851.56 0.00 0.00 81,363.34
Sanchez, Jonathan O. 18,428.77 3,191.78 0.00 0.00 21,620.55
Schuldt, James T. III 155,364.80 4,010.41 0.00 0.00 159,375.21
Seeley, Jason L. 216,026.54 6,314.62 0.00 0.00 222,341.16
Servin, Juan C. 14,667.93 3,138.58 0.00 0.00 17,806.51
Sexton, Jessica L. 49,561.16 3,679.51 0.00 0.00 53,240.67
Simonelli, Steven P. 86,787.79 4,005.25 0.00 0.00 90,793.04
Stadler, Kurt R. 58,765.50 4,010.41 0.00 0.00 62,775.91
Torres, Noe 0.00 2,472.88 0.00 0.00 2,472.88
Valdes, Alexis M. 10,477.12 2,992.98 0.00 0.00 13,470.10
Valenziano, Christ A. 85,564.75 3,988.17 0.00 0.00 89,552.92
Viduya, Paul B. 14,630.64 3,079.33 0.00 0.00 17,709.97
Waites, James J. 202,568.23 4,530.08 781.11 0.00 207,879.42
Wilfenger, Richard R. 180,914.20 5,426.64 0.00 0.00 186,340.84
Witt, Richard H. IV 147,387.84 4,062.06 0.00 0.00 151,449.90
5,115,326.69 210,127.37 30,850.06 0.00 5,356,304.12
Inactive/Terminated Members
Calero, Jonathan R. 1 21,671.58 0.00 0.00 (21,671.58) 0.00
Totals 5,136,998.27 210,127.37 30,850.06 (21,671.58) 5,356,304.12
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
Kamischke, Amber S. - Portability - Prior Fund Employe 30,068.95 0.00 0.00 30,068.95
Kamischke, Amber S. - Portability - Prior Fund Employe 0.00 0.00 41,269.47 41,269.47
Waites, James J. - Military - Principal 781.11 0.00 0.00 781.11
Totals 30,850.06 0.00 41,269.47 72,119.53
1 - Portability Transfer to Naperville Police plus interest $8,260.89 and employer match of $29,932.47
See Accountants' Compilation Report Page 22 of 64
10-2
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
Duty Disability
***-**5098
105720 Roy, Susan $3,496.80 $4,053.19 $0.00 $56.39 $0.00 $0.00 $500.00
0
***-**5098 Subtotal: $3,496.80 $4,053.19 $0.00 $56.39 $0.00 $0.00 $500.00
***-**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: $12,692.83 $13,249.22 $0.00 $56.39 $0.00 $0.00 $500.00
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
See Accountants' Compilation Report
11-1 Page 23 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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
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
See Accountants' Compilation Report
11-2 Page 24 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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. $5,344.63 $6,022.69 $0.00 $0.00 $0.00 $0.00 $678.06
0
***-**9823 Subtotal: $5,344.63 $6,022.69 $0.00 $0.00 $0.00 $0.00 $678.06
***-**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
***-**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
See Accountants' Compilation Report
11-3 Page 25 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
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
***-**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
See Accountants' Compilation Report
11-4 Page 26 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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
***-**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
See Accountants' Compilation Report
11-5 Page 27 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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
***-**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
See Accountants' Compilation Report
11-6 Page 28 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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. $8,794.46 $11,619.82 $0.00 $0.00 $0.00 $0.00 $2,825.36
0
***-**0878 Subtotal: $8,794.46 $11,619.82 $0.00 $0.00 $0.00 $0.00 $2,825.36
***-**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
***-**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
See Accountants' Compilation Report
11-7 Page 29 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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
***-**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
See Accountants' Compilation Report
11-8 Page 30 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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
Service Subtotal: $194,131.29 $235,099.73 $853.24 $8.01 $0.00 $3,496.56 $36,610.63
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
See Accountants' Compilation Report
11-9 Page 31 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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
***-**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
Surviving Spouse Subtotal: $9,212.78 $10,626.39 $0.00 $0.00 $0.00 $0.00 $1,413.61
See Accountants' Compilation Report
11-10 Page 32 of 64
Batches 71009 Mundelein Police Pension Fund
Multiple Batch Report Check Date 8/30/2024 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 50 $232,385.36 $278,338.39 $853.24 $64.40 $0.00 $3,496.56 $41,538.83
No 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Grand Total 50 $232,385.36 $278,338.39 $853.24 $64.40 $0.00 $3,496.56 $41,538.83
See Accountants' Compilation Report
11-11 Page 33 of 64
Mundelein Police Pension Fund
Quarterly Deduction Report
All Bank Accounts
June 1, 2024 - August 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
06/28/24 20725 Village of Mundelein
20-220-00 Medical Insurance 06/24 853.24
20-220-00 Dental Insurance 64.40
ACH Amount (Direct Deposit) 917.64
06/28/24 20726 Internal Revenue Service
20-230-00 Internal Revenue Service 41,538.83
ACH Amount (Direct Deposit) 41,538.83
07/31/24 20729 Village of Mundelein
20-220-00 Medical Insurance 07/24 853.24
20-220-00 Dental Insurance 07/24 64.40
ACH Amount (Direct Deposit) 917.64
07/31/24 20730 Internal Revenue Service
20-230-00 Internal Revenue Service 41,538.83
ACH Amount (Direct Deposit) 41,538.83
08/30/24 20736 Village of Mundelein
20-220-00 Medical Insurance 08/24 853.24
20-220-00 Dental Insurance 64.40
ACH Amount (Direct Deposit) 917.64
08/30/24 20737 Internal Revenue Service
20-230-00 Internal Revenue Service 41,538.83
ACH Amount (Direct Deposit) 41,538.83
Total Payments 127,369.41
See Accountants' Compilation Report
Page 34 of 64
12-1
Mundelein Police Pension Fund
Quarterly Transfer Report
All Bank Accounts
June 1, 2024 - August 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
08/09/24 20732 State Street Bank and Trust Company
13-800-01 Mundelein Police Pension Fund 2,982,300.00
ACH Amount (Direct Deposit) 2,982,300.00
Total Payments 2,982,300.00
See Accountants' Compilation Report
Page 35 of 64
13-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
June 1, 2024 - August 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
06/27/24 20724 Ottosen DiNolfo, LTD
52-170-05 #6621 Retainer 1,000.00
Check Amount 1,000.00
06/30/24 50718 IPOPIF
52-195-02 Administrative Expense 527.54
52-195-03 Investment Expense 242.66
52-195-04 Investment Manager Fees 1,075.54
Check Amount 1,845.74
07/30/24 20727 IPPFA
2024 IPPFA MidAmerican Pension Conference
52-290-25 Registration 0.00
52-290-25 Fraiser, W. #8TNS7Y3DX6R 495.00
52-290-25 Cupec, J. #5PNMDYW9ZDM 495.00
52-290-25 Callaghan, K. #7MNBBMSW739 495.00
52-290-25 Shutter, D. #QWNVZJSFZGF 495.00
Check Amount 1,980.00
07/30/24 20728 Lauterbach & Amen, LLP
52-170-03 #92717 06/24 Accounting & Benefits 1,435.00
52-170-06 #92717 06/24 PSA 1,305.00
Check Amount 2,740.00
07/31/24 50719 IPOPIF
52-190-02 Administrative Expense 793.36
52-195-03 Investment Expense 428.11
Check Amount 1,221.47
08/06/24 20731 Naperville Police Pension Fund
51-100-00 Jonathan Calero- Employee Contributions 21,671.58
51-110-00 Jonathan Calero- Contribution Interest Earned 8,260.89
51-110-00 Jonathan Calero- Pension Match 29,932.47
Check Amount 59,864.94
08/29/24 20733 Cook Castle Associates LLC
52-150-01 #3210 Fiduciary Liability (2024/25) 11,038.00
52-150-03 #3210 Fidelity Bond/Crime (2024/27) 2,618.00
Check Amount 13,656.00
08/29/24 20734 IPPFA
52-290-25 2024 MidAmerican Pension Conference Registration 0.00
52-290-25 Ahern,P #VVNBX6KQN37 545.00
Check Amount 545.00
See Accountants' Compilation Report
Page 36 of 64
14-1
Mundelein Police Pension Fund
Quarterly Disbursement Report
All Bank Accounts
June 1, 2024 - August 31, 2024
Check Invoice Check
Date Number Vendor Name Amount Amount
08/29/24 20735 Lauterbach & Amen, LLP
52-170-03 #93877 07/24 Accounting & Benefits 1,435.00
52-170-06 #93877 07/24 PSA 1,305.00
52-170-03 #93543 FYE24 Workpapers 1,255.00
Check Amount 3,995.00
08/31/24 50720 IPOPIF
52-195-02 Administrative Expense 670.57
52-195-03 Investment Expense 981.98
52-195-04 Investment Manager Fees 2,582.91
Check Amount 4,235.46
Total Payments 91,083.61
See Accountants' Compilation Report
Page 37 of 64
14-2
Police Pension Funds
Repeat Monthly Withdrawal Instructions
Pension Fund Name: __________________________________________________________________
Instruction for Monthly Repeat Withdrawal Request:
The above-named Pension Fund is requesting “Repeat Withdrawal” to be created using eCFM in the
My.StateStreet portal, for the purpose of transferring funds from State Street (POPIF) to the Pension Fund’s
BMO Bank account to cover monthly Benefit & Vendor payments.
State Street (POPIF) allows multiple payments to be created at the same time for up to one year:
Repeat Monthly Amount: $________________ (Same dollar amount every month)
Repeat Settlement Date: ____________ (Same day every month) Example: 17th
Repeat Beginning Date: ____________ (First Month & Year) Example Jan 2025
Repeat Ending Date: ____________ (Last Month & Year - December) Example: Dec 2025
(Suggestion: create repeat withdrawals up to and including December – A new dollar amount can be established for the
following calendar year to account for anticipated COLA changes.)
This action requires 2 eCFM Account Representatives:
• One to input the monthly withdrawals.
• One to approve the monthly withdrawals.
Signature of a Board Trustee:
Signature: _________________________________________________________ Date: _________________
Print Name: _______________________________________________________ Title: __________________
Optional Second Signature:
Signature: _________________________________________________________ Date: _________________
Print Name: ________________________________________________________Title: __________________
Page 38 of 64
CASH RESERVE BALANCES
POLICE PENSION FUNDS
This form is designed to assist the Pension Fund and Lauterbach & Amen with navigating the expectation for
future Funding Requests and Cash Reserves after the transition period.
Reviewing the BMO Bank account balances and deciphering the correct end of month balance necessary to
cover the Benefit & Vendor payments is a critical process that requires specific parameters. If Minimum and
Maximum Dollar Amounts are provided, then Lauterbach & Amen may update the Pension Fund when funds
become available to be transferred to your investment account at State Street (POPIF).
FUNDING CASH RESERVE EXPECTATION:
1. Confirm funds are available to cover the monthly Benefit and Vendor payments from one of the
following:
a. Withdrawal from State Street deposited into BMO Bank
b. Funds available from another source
2. Set a Cash Reserve Minimum Dollar Amount
a. Funds available for expenses
b. Provide Minimum Dollar Amount $______________________
3. Set a Cash Reserve Maximum Dollar Amount
a. Funds will accumulate until the cash balance reaches this set amount
b. Provide Maximum Dollar Amount $______________________
4. Notification to the Pension Fund – when the cash balance exceeds the Maximum Dollar Amount
a. An email will be generated to notify the Pension Fund that funds may be available to be
transferred to State Street (POPIF)
b. The suggested transfer amount will be the difference between the Maximum Dollar Amount
(cash balance) and the Minimum Dollar Amount
c. Notification/Transfer Frequency: Check One
i. ______ Multiple times a month ______ Once a month
5. Transfer funds to State Street (POPIF)
a. With authorization from the Pension Fund, Lauterbach & Amen will generate an ACH to transfer
funds from BMO Bank to State Street.
Pension Fund Name: __________________________________________________________________
Trustee Signature: _____________________________________________ Date: __________________
Page 39 of 64
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 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 11,078,622,107 100.0 100.0 2.0 4.5 10.1 16.3 13.7 5.7 03/01/22
Policy Index 2.0 4.6 10.3 16.4 14.2 5.7
Policy Index- Broad Based 2.3 4.7 11.1 17.9 16.8 5.4
IPOPIF Investment Portfolio 11,078,622,107 100.0 100.0 2.0 4.5 10.1 16.3 13.7 5.6 04/01/22
Policy Index 2.0 4.6 10.3 16.4 14.2 5.7
Policy Index- Broad Based 2.3 4.7 11.1 17.9 16.8 5.3
Growth 6,434,767,273 58.1 58.0 2.2 5.0 13.9 21.2 19.4 7.3 04/01/22
Growth Benchmark 2.2 5.3 14.1 21.5 19.5 7.2
RhumbLine Russell 1000 Index 2,515,967,233 22.7 23.0 2.4 3.8 18.6 26.5 26.5 14.2 03/15/22
Russell 1000 Index 2.4 3.9 18.6 26.6 26.5 14.4
RhumbLine Russell 2000 Index 566,956,405 5.1 5.0 -1.5 8.5 10.4 18.4 16.8 6.8 03/15/22
Russell 2000 Index -1.5 8.5 10.4 18.5 16.9 7.1
SSgA Non-US Developed Index 2,133,777,632 19.3 19.0 3.3 6.6 12.1 19.8 18.3 10.3 03/10/22
MSCI World ex U.S. (Net) 3.3 6.6 11.9 19.4 17.9 9.9
International Developed Small Cap Equity 556,026,799 5.0 5.0 2.3 5.4 8.6 14.9 12.9 2.2 04/01/22
MSCI World ex U.S. Small Cap Index (Net) 1.9 7.5 8.6 14.8 12.6 1.9
Acadian ACWI ex US Small-Cap Fund 281,563,953 2.5 2.5 1.8 5.2 - - - 13.8 01/30/24
MSCI AC World ex USA Small Cap (Net) 1.8 5.7 - - 11.3
WCM International Small Cap Growth Fund 140,031,420 1.3 1.3 4.3 5.6 - - - 4.2 03/01/24
MSCI AC World ex USA Small Cap (Net) 1.8 5.7 - - - 9.5
LSV International Small Cap Value Equity Fund 134,431,426 1.2 1.3 1.3 5.9 - - - 9.3 03/01/24
S&P Developed Ex-U.S. SmallCap (Net) 1.5 5.8 - - - 9.1
Emerging Market Equities 662,039,204 6.0 6.0 1.0 1.7 9.5 14.9 9.7 1.7 04/01/22
MSCI Emerging Markets (Net) 1.6 1.9 9.5 15.1 9.8 1.4
SSgA Emerging Markets Equity Index 162,253,416 1.5 1.5 0.7 1.4 8.7 14.0 9.6 2.2 03/10/22
MSCI Emerging Markets (Net) 1.6 1.9 9.5 15.1 9.8 3.3
SSgA Emerging Markets ex China Equity 499,785,788 4.5 4.5 1.1 1.9 - - - 7.6 05/01/24
MSCI Emerging Markets ex China (Net) 1.8 2.7 - - - 8.8
Income 1,716,371,800 15.5 16.0 1.7 3.4 6.2 12.7 12.8 3.6 04/01/22
Income Benchmark 1.7 3.4 6.1 12.5 12.6 4.6
SSgA High Yield Corporate Credit 753,921,253 6.8 7.0 1.6 3.7 6.4 12.7 13.8 4.9 03/18/22
Spliced SSgA U.S. High Yield Index 1.6 3.6 6.3 12.5 13.5 4.8
SSgA EMD Hard Index Fund 651,692,255 5.9 6.0 2.3 4.2 6.7 13.6 11.2 3.7 03/14/22
Spliced SSgA EMD Hard Index 2.3 4.2 6.7 13.4 11.1 3.8
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 40 of 64 1
Total Fund Illinois Police Officers' Pension Investment Fund
Asset Allocation & Performance (Net of Fees) - Preliminary Period Ending: August 31, 2024
Market % of Target Since Inception
1 Mo Fiscal YTD YTD 1 Yr 2023
Value Portfolio (%) Inception Date
Bank Loans 310,758,292 2.8 3.0 0.5 1.3 - - - 4.1 03/01/24
Credit Suisse Leveraged Loan Index 0.6 1.3 - - - 4.1
Ares Institutional Loan Fund 104,003,782 0.9 1.0 0.7 1.5 - - - 4.5 03/01/24
Credit Suisse Leveraged Loan Index 0.6 1.3 - - - 4.1
Aristotle Institutional Loan Fund 206,754,510 1.9 2.0 0.5 1.2 - - - 3.9 03/01/24
Credit Suisse Leveraged Loan Index 0.6 1.3 - - - 4.1
Real Assets 637,238,742 5.8 6.0 4.7 9.2 7.9 12.7 5.6 0.9 04/01/22
Real Assets Benchmark 4.2 8.4 7.0 10.4 4.7 -2.5
SSgA REITs Index 478,957,956 4.3 4.0 6.4 12.6 11.9 21.1 13.9 1.2 03/16/22
Dow Jones U.S. Select REIT Total Return Index 6.4 12.6 12.0 21.1 14.0 1.3
Principal USPA 158,280,786 1.4 2.0 0.0 0.3 -2.6 -7.3 -10.7 -6.8 04/06/22
Risk Mitigation 2,290,141,152 20.7 20.0 1.0 2.4 3.8 6.6 5.0 2.5 04/01/22
Risk Mitigation Benchmark 1.0 2.3 3.7 6.6 4.9 2.4
SSgA US Treasury Index 323,699,836 2.9 3.0 1.3 3.5 - - - 6.1 05/01/24
Blmbg. U.S. Treasury Index 1.3 3.5 - - - 6.1
SSgA Core Fixed Income Index 353,630,595 3.2 3.0 1.4 3.8 3.2 7.3 5.6 0.0 03/17/22
Blmbg. U.S. Aggregate Index 1.4 3.8 3.1 7.3 5.5 0.0
SSgA Short-Term Gov't/Credit Index 1,071,138,305 9.7 10.0 0.9 2.1 3.6 6.3 4.6 2.6 03/17/22
Bloomberg U.S. Gov/Credit 1-3 Year Index 0.9 2.1 3.5 6.3 4.6 2.6
SSgA US TIPS Index 320,044,476 2.9 3.0 0.8 1.5 3.8 6.3 4.6 1.7 03/17/22
Blmbg. U.S. TIPS 0-5 Year 0.6 1.5 3.8 6.3 4.6 1.8
Cash 221,627,941 2.0 1.0 0.4 0.9 3.4 5.3 5.0 3.8 03/22/22
90 Day U.S. Treasury Bill 0.5 0.9 3.6 5.5 5.0 4.1
IPOPIF Pool Fixed Income Transition 103,139 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 41 of 64 2
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: July 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 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 SSgA REITs Index Fund 3/10/2022 State Street
WCM International Small Cap Growth Fund 3/1/2024 WCM SSgA US Treasury Index Fund 5/1/2024 State Street
LSV International Small Cap Value Equity Fund 3/1/2024 LSV SSgA Core Fixed Income Index Fund 3/17/2022 State Street
SSgA Emerging Markets Equity Index Fund 3/1/2022 State Street SSgA Short-Term Gov't/Credit Index Fund 3/17/2022 State Street
SSGA Emerging Markets ex China Equity Index Fund 5/1/2024 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 42 of 64 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: July 31, 2024
Policy Index Composition
Policy Risk
As of 8/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 7/1/2024 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 2% 3.4% MSCI Emerging Markets 3% 5.2%
MSCI Emerging Markets ex China 4% 6.9% MSCI Emerging Markets ex China 3% 5.2%
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%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse 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 2% 10.0% Bloomberg US Treasury Index 1% 5.0%
Bloomberg 1-3 Year Gov/Credit Index 11% 55.0% Bloomberg 1-3 Year Gov/Credit Index 12% 60.0%
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 6/1/2024 Policy Index Growth Income Real Assets Risk Mitigation As of 5/1/2024 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 4% 6.9% MSCI Emerging Markets 5% 8.6%
MSCI Emerging Markets ex China 2% 3.4% 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%
Credit Suisse Leveraged Loan Index 3% 18.8% Credit Suisse 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 2% 10.0% Bloomberg US Treasury Index 1% 5.0%
Bloomberg 1-3 Year Gov/Credit Index 11% 55.0% Bloomberg 1-3 Year Gov/Credit Index 12% 60.0%
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 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%
Page 43 of 64 3
Total Fund Illinois Police Officers' Pension Investment Fund
Data Sources and Methodology Page Period Ending: July 31, 2024
Policy Index Composition
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% 66.7%
Dow Jones US Select REIT Index 4% 33.3%
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: August 31, 2024
Market Value Summary:
Current Period Year to Date
Beginning Balance $39,620,224.88 $34,954,964.48
Contributions $2,982,300.00 $4,761,232.00
Withdrawals ($300,000.00) ($300,000.00)
Transfers In/Out $0.00 $0.00
Income $20,860.91 $147,601.40
Administrative Expense ($670.57) ($4,541.05)
Investment Expense ($981.98) ($4,270.43)
Investment Manager Fees ($2,582.91) ($5,739.27)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $57,682.40 $899,365.85
Unrealized Gain/Loss $822,696.98 $2,750,916.73
Ending Balance $43,199,529.71 $43,199,529.71
Performance Summary:
Inception to Participant
MTD QTD YTD One Year Three Years Five Years Ten Years Date Inception Date
Net of Fees: 1.97% 4.38% 9.98% 16.09% N/A N/A N/A 17.52% 10/03/2022
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
Page 45 of 64
MUNDELEIN POLICE PENSION FUND
Fund Name: IPOPIF Pool
Month Ended: August 31, 2024
Market Value Summary: Unit Value Summary:
Current Period Year to Date Current Period Year to Date
Beginning Balance $39,620,224.88 $34,954,964.48 Beginning Units 3,411,519.923 3,246,296.900
Contributions $2,982,300.00 $4,761,232.00 Unit Purchases from Additions 262,001.069 427,224.092
Withdrawals ($300,000.00) ($300,000.00) Unit Sales from Withdrawals (25,603.865) (25,603.865)
Transfers In/Out $0.00 $0.00
Ending Units 3,647,917.127 3,647,917.127
Income $20,860.91 $147,601.40
Administrative Expense ($670.57) ($4,541.05)
Period Beginning Net Asset Value per Unit $11.613658 $10.767643
Investment Expense ($981.98) ($4,270.43)
Period Ending Net Asset Value per Unit $11.842245 $11.842245
Investment Manager Fees ($2,582.91) ($5,739.27)
IFA Loan Repayment $0.00 $0.00
Adjustment $0.00 $0.00
Realized Gain/Loss $57,682.40 $899,365.85
Unrealized Gain/Loss $822,696.98 $2,750,916.73
Ending Balance $43,199,529.71 $43,199,529.71
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: 1.97% 4.38% 9.98% 16.09% N/A N/A N/A 13.02% 11/22/2022
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
Page 46 of 64
Statement of Transaction Detail for the Month Ending 08/31/2024
MUNDELEIN POLICE PENSION FUND
Trade Date Settle Date Description Amount Unit Value Units
IPOPIF Pool
08/09/2024 08/12/2024 Contribution 2,982,300.00 11.382778 262,001.0686
08/22/2024 08/23/2024 Redemptions (300,000.00) 11.716981 (25,603.8650)
Page 3 of 3
Page 47 of 64
Aug 2024 Statement Supplement
Asset Flows
Period New Asset Transfers Cash Contributions Cash Withdrawals
August 2024 Zero $91 million $45 million
CY 2024 Zero $442 million $369 million
Expenses Paid
Administrative Investment Investment
Period
Expenses Expenses Manager Fees
8/1/2024 $182,984.92 $267,961.78 $704,820.00
CY 2024 $1,251,396.01 $1,181,438.81 $1,563,812.99
• 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
7/31/24 930,927,793.1850 10,811,476,800.75 11.613658
8/31/24 934,877,747.4501 11,071,051,678.37 11.842245
A spreadsheet with complete unit and expense detail history is linked on the
Article 3 Fund Reports page as -IPOPIF Unit and Expense information
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
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Peoria, Illinois 61602
Certified Trustee Training
Organizatio Mundelein Police Pension Fund Year: 2024
Wallace Fraiser
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8 IPPFA MidAmerican Conference 8
2
3
Peter Ahern
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8 IPPFA MidAmerican Conference 8
2
3
4
Jim Cupec
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8 IPPFA MidAmerican Conference 8
2
3
Deborah Shutter
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8 IPPFA MidAmerican Conference 8
2
3
Kev in Callaghan
Hours Date Cert on
Hours Required Type of Training Completed Completed File
1 8 IPPFA MidAmerican Conference 8
2
3
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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
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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: 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.
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2025 IPPFA Pension Conferences
2025 Illinois Pension Conference
May 7th - 9th
Eagle Ridge Resort, Galena, IL
Agenda at a glance:
Tuesday, May 6th - Heroes Family Fund Charity Golf Outing
Wednesday, May 7th - Educational Sessions 12:00 pm to 5:00 pm
Thursday, May 8th - Educational Sessions 8:00 am to 5:00 pm
Friday, May 9th - Educational Sessions 9:00 am to 12:00 pm
2025 MidAmerican Pension Conference
October 1st - 2nd
Oak Brook Hills Resort, Oak Brook
PLEASE NOTE THE SCHEDULE CHANGE TO 2 FULL DAYS
Agenda at a glance:
Tuesday, September 30th - Heroes Family Fund Charity Golf Outing
Wednesday, October 1st - Educational Sessions 9:00 am to 5:00 pm
Thursday, October 2nd - Educational Sessions 9:00 am to 5:00 pm
No Friday Sessions
For more information, please visit our website at www.ippfa.org. You may also call us at (630) 784-0406.
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2024 IPFA FALL PENSION SEMINAR
Friday November 1, 2024 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: $ 210.00 Non - Members: $ 260.00 Walk-In Registration: $ 290.00
Avoid the walk-in surcharge – register on or before Monday, October 28, 2024 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 October 28, 2024 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, October 28, 2024 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: ________________________________________
___________________________________________________________________________ Page 53 of 64
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2025 Calendar United States
January February March
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 1 1
5 6 7 8 9 10 11 2 3 4 5 6 7 8 2 3 4 5 6 7 8
12 13 14 15 16 17 18 9 10 11 12 13 14 15 9 10 11 12 13 14 15
19 20 21 22 23 24 25 16 17 18 19 20 21 22 16 17 18 19 20 21 22
26 27 28 29 30 31 23 24 25 26 27 28 23 24 25 26 27 28 29
30 31
April May June
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 5 1 2 3 1 2 3 4 5 6 7
6 7 8 9 10 11 12 4 5 6 7 8 9 10 8 9 10 11 12 13 14
13 14 15 16 17 18 19 11 12 13 14 15 16 17 15 16 17 18 19 20 21
20 21 22 23 24 25 26 18 19 20 21 22 23 24 22 23 24 25 26 27 28
27 28 29 30 25 26 27 28 29 30 31 29 30
July August September
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 5 1 2 1 2 3 4 5 6
6 7 8 9 10 11 12 3 4 5 6 7 8 9 7 8 9 10 11 12 13
13 14 15 16 17 18 19 10 11 12 13 14 15 16 14 15 16 17 18 19 20
20 21 22 23 24 25 26 17 18 19 20 21 22 23 21 22 23 24 25 26 27
27 28 29 30 31 24 25 26 27 28 29 30 28 29 30
31
October November December
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 1 1 2 3 4 5 6
5 6 7 8 9 10 11 2 3 4 5 6 7 8 7 8 9 10 11 12 13
12 13 14 15 16 17 18 9 10 11 12 13 14 15 14 15 16 17 18 19 20
19 20 21 22 23 24 25 16 17 18 19 20 21 22 21 22 23 24 25 26 27
26 27 28 29 30 31 23 24 25 26 27 28 29 28 29 30 31
30
2025 Holidays for United States
Jan 1 New Year’s Day May 11 Mother’s Day Nov 11 Veterans Day
Jan 20 Martin Luther King Jr. Day May 26 Memorial Day Nov 27 Thanksgiving Day
Feb 14 Valentine’s Day Jun 15 Father’s Day Nov 28 Day after Thanksgiving Day
Feb 17 Washington’s Birthday Jun 19 Juneteenth Dec 24 Christmas Eve
Mar 17 St. Patrick’s Day Jul 4 Independence Day Dec 25 Christmas Day
Apr 15 Tax Day Sep 1 Labor Day Dec 31 New Year’s Eve
Apr 20 Easter Sunday Oct 13 Columbus Day
Apr 23 Administrative Professionals Day Oct 31 Halloween
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