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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
Thursday, July 21, 2022 at 9 A.M.
West Chicago City Hall
1. Call To Order
a. Board Secretary Anthony Cargola called the meeting to order at 9:00 A.M.
2. Roll Call
a. A quorum was established with Trustee Cargola, Trustee Smith, Trustee Guttman, and
Trustee Herbert. Also present was Board Treasurer Linda Martin, Board Financial
Advisor Tom Sawyer, Board Attorney Keith Karlson, Bob Rietz and Derek Flessner from
Lauterbach and Amen.
3. Approval of the June 22, 2022 Board Meeting Minutes
a. A motion was made to approve of the June 22, 2022 Board Meeting Minutes by Trustee
Guttman. The motion was seconded by Trustee Smith. The motion was approved 4-0.
4. Public Comment- None
5. Treasurer’s Report
a. Board Treasurer, Linda Martin, informed the Board that the City had made the second
quarterly payment for 2022 in the amount of $2,314,370 to the pension fund on 6-9-22.
6. Investment Manager’s Report
a. Review and Update to Investment Policy and/or Asset Allocation
1. Tom Sawyer handed out the Quarterly Investment Performance Report for the second
quarter of 2022. He started by reviewing the Investment Policy and no changes were
made at this time. He went through the Cash Flow and Performance Review noting
that we had an Investment Loss of $4,541,609 for the second quarter and a loss of
$7,426,725 for the YTD. The ending market value of the fund for the second quarter
was $39,913,459. The second quarter equity return was (16.5%), fixed income return
(3.0%). The total Investment Return since inception on 3/14/16 is $9,527,703. Tom
gave a brief Economic Overview and Market Commentary on where they see
inflation and interest rates heading. A motion was made by Trustee Cargola to accept

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the Investment Manager's Report. The motion was seconded by Trustee Herbert. The
motion was approved 4-0.
b. Potential Sale or Purchase of Annuities
1. No action needed all annuities have expired.
7. Accountant’s Report
a. Review/Approval of the IDOI Report
1. No action needed
b. Review/Approval of Annual Financial Report
1. Rep Letter will be sent over to the Board once the City has finalized their audit.
Municipal Compliance Report will be coming soon. A motion was made to approve
of the Accountant's Report by Trustee Cargola. The motion was seconded by Trustee
Herbert. The motion was approved 4-0.
8. Actuarial Report
a. Approval of Actuarial Report
1. A motion was made to direct Lauterbach and Amen to finalize the Actuarial Report
by indicating a 5 yr. smoothing of the programming error where the yielding
recommended contribution is $3,064,865, which is reflected on page 4 of the Drafted
Actuarial Report. The motion was made by Trustee Cargola. The motion was
seconded by Trustee Guttman. Roll call vote was taken and approved 4-0.
9. Attorney's Report
a. Board Attorney Keith Karlson handed out the Karlson Garza LLC Response Time
Quarterly News For First Responders and reviewed some of the recent pension cases. He
noted that we have been assigned a tranche date in October and more paperwork
concerning the transfer will be coming. A motion was made to accept the Attorney's
Report by Trustee Guttman. The motion was seconded by Trustee Smith. The motion was
approved 4-0.
10. Approval of Disbursements
a. Approval of the Bills to be Paid in July 2022
1. A motion was made to approve of the Bills to be Paid in July 2022 in the amount of
$12,422.25 by Trustee Guttman. The motion was seconded Trustee Cargola. Roll call
vote was taken and approved 4-0.
11. Applications for Membership-None
12. Applications for Benefits- None
13. Applications for Refund- None

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14. Old Business- None
15. New Business
a.
g.
Election of Board Officers
1. A motion was made by Trustee Guttman to keep all Board Officers the same besides
Trustee Herbert taking over the Vice President role from Bruce Malkin. The motion
was seconded by Trustee Smith. Roll call vote was taken and approved 4-0.
John Zurick- President
Dan Herbert- Vice President
Anthony Cargola- Secretary
Michael Guttman- Assistant Secretary
FOIA Officer and OMA Designee
1. A motion was made to keep Trustee Cargola as the FOIA Officer and OMA Designee
by Trustee Guttman. The motion was seconded by Trustee Smith. Roll call vote was
taken and approved 4-0.
Review of Actuarial Valuation and Tax Levy Request- Keep on agenda for next month
Review of Municipal Compliance Report- Keep on agenda for next month
Status of Annual Independent Medical Examinations- None
Appointment of Account Representatives for eCFM Portal (by resolution)- Not needed at
this time
eCFM Portal Form- Not needed at this time
16. Executive/Closed Session- None
17. Adjournment
a.
A motion was made to adjourn the meeting at 9:42 A.M. by Trustee Guttman. The
motion was seconded by Trustee Cargola. The motion was approved 4-0.