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BOARD OF TRUSTEES
WEST CHICAGO POLICE PENSION FUND
P.O. BOX 165, WEST CHICAGO, ILLINOIS 60186 — 0165
Board of Trustees, Quarterly Meeting
Tuesday, November 19, 2019 at 9:00 A.M.
West Chicago City Hall-Room A
1. Call To Order
a. Board President John Zurick called the meeting to order at 9:01 A.M.
2. Roll Call
a. A quorum was established with Trustee Zurick, Trustee Murphy, Trustee Guttman,
Trustee Cargola, and Trustee Malkin all present. Also present was Board Financial
Advisor Dave Harrington, Board Treasurer Linda Martin, Derek Flessner from
Lauterbach and Amen, and Board Attorney Keith Karlson.
3. Approval of October 17, 2019 Board Meeting Minutes
a. Trustee Murphy made a motion to approve to the October 17, 2019 Board Meeting
Minutes. The motion was seconded by Trustee Cargola. The motion was approved 5-0.
4. Public Comment- None
5. Treasurer’s Report
a. Board Treasurer, Linda Martin, informed the Board that the City made it's third quarterly
payment on 9-26-19, in the amount of $487,500, to the pension fund.
6. Investment Manager’s Report
a. Review of and Possible Update to Investment Policy and Asset Allocation
1. Dave Harrington handed out the Quarterly Investment Performance Report for the
third quarter of 2019. He stated that we started the third quarter with a $31,500,776
Cash Flow. We had an Investment Return of $354,862 for the thirds quarter. The
Ending Market Value was $31,531,505. That made the year-to-date Investment
Return $3,694,538. The year-to-date equity return is at 18.2%, fixed income return
7.73% and total account return since inception 6/30/16 8.15%. He then gave a few
short equity overview takeaways, noting that the U.S. large cap equities have
generated the best performance over the last twelve months. He also noted that the
absolute level of U.S. interest rates continues to be affected by global monetary
policy decisions. In conclusion the pension fund has a total of $33,162,866 in assets
as of 9/30/19. A motion was made by Trustee Cargola to accept the Investment
Manager's Report. The motion was seconded by Trustee Guttman. The motion was
approved 5-0.
b. Potential Sale or Purchase of Annuities

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1. The next two annuities that will be up for renewal/sale are in May 2020 and
November 2020.
7. Accountant’s Report
a. Derek Flessner from Lauterbach and Amen handed out the Monthly Financial Report
ending in September 30, 2019. He reviewed the Financial Report informing the Board of
the total Assets and Liabilities as of September 2019 bringing a net position held in trust
for the pension benefits to $33,148,929.77. He then reviewed the Additions and
Deductions over the past 9 months in 2019. There was a change in position of
$3,563,910.76 occurring over the past 9 months. A motion was made to approve of the
Accountant's Report along with the approval of Bills in vendor check to be paid for by
Trustee Zurick. The motion was seconded by Trustee Guttman. Roll call vote was taken
and approved 5-0.
8. Attorney’s Report
a. Board Attorney Keith Karlson handed out and went over the Karlson Garza LLC
Quarterly Letter for First Responders. Recently the consolidation of assets and
investment authority of pension funds governed by Article 3 and 4 of the Illinois Pension
Code has been passed. There are many questions regarding how this will play out and
more information will be given as a transition Board gets put into place. As new
information comes in Keith will continue to inform the Board. This is not something that
will be happening over night but will most likely take place over a 2-4 year period.
9. Approval of Disbursements
a. Approval of Bills to be Paid in November 2019
1. Approval of Disbursements was made in the Accountant's Report.
10. Applications for Membership- None
11. Applications for Benefits
a. Approval of Julio Calabrese benefit calculation
1. A motion was made by Trustee Zurick to approve of Julio Calabrese's pension
benefit calculation of $6,672.25 per month applicable to the COLA increases
provided by Lauterbach and Amen and approved of by the Board Treasurer. The
motion was seconded by Trustee Malkin. Roll call was taken and approved 5-0.
12. Applications for Refund- None
13. Old Business- None
14. New Business
a. Establish 2020 Board Meeting Dates
1. This will be established at the December 2019 Bill paying meeting.
b. Annual Independent Medical Examinations

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1. A motion was made by Trustee Cargola to have Karlson Garza send Chris Woodill
his AIME. The motion was seconded by Trustee Guttman. The motion was approved
5-0.
c. Review and Discussion of Re-employment Pensioners- None
15. Executive/Closed Session- None
16. Adjournment
a. Trustee Zurick made a motion to adjourn the meeting at 9:38 a.m. The motion was
seconded by Trustee Guttman. The motion was approved 5-0.