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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, October 10, 2023 at 4:30 P.M.
West Chicago City Hall
1. Call To Order
a. Board President John Zurick called the meeting to order at 4:30 PM.
2. Roll Call
a. Roll call was taken with Trustee Zurick, Trustee Cargola, Trustee Guttman, and Trustee
Messino were all present. Absent was Trustee Herbert. Also present was Board Financial
Advisor Dave Harrington, Lauterbach and Amen's Derek Flessner, Nikki Giles, and
Board Attorney Keith Karlson.
3. Approval of the September 26, 2023 Board Meeting Minutes
a. A motion was made to approve of September 26, 2023 Board Meeting Minutes by
Trustee Zurick. The motion was seconded by Trustee Messino. The motion was approved
4-0.
4. Public Comment- None
5. Treasurer’s Report
a. The City made the third quarter payment on 9-29-23 to the Pension Fund.
6. Investment Manager’s Report
a. Discussion/Possible Action- Cash Management Policy/Guidelines
1. Sawyer/Falduto Asset Management
a. Dave Harrington gave a review of the Third Quarter Cash Flow and Performance
Review of the Pension Fund. Quarter Three started with $1,345.632. There were
additions in the amount of $898,913. After expenses and distributions the fund
ended with $1,383,809. Performance Review shows that the S&P 500 is up 13%
YTD with a Long Term Performance over 10 years up 12%. Dave gave a brief
economic overview and ended his report. A motion was made to approve of the
Investment Manager's Report by Trustee Zurick. The motion was seconded by
Trustee Cargola. The motion was approved 4-0.
2. IPOPIF Monthly Report- Versus Advisory

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a. Dave handed out the IPOPIF Monthly Report and informed the Board that YTD
IPOPIF has an increase of 4.52%
3. IPOPIF Monthly Statement- State Street
a. Edward reviewed the IPOPIF Monthly Statement and informed the Board that
there is $40,736,855.96 in the Fund currently.
4. BMO Harris Bank- Statement Review
a. The BMO Harris Bank Statement was reviewed and the ending balance for the
month of August was $22,356.64.
7. Accountant’s Report
a. Review of the Monthly Financial Report
1. Derek Flessner reviewed the Monthly Financial Report for August 2023. The Total
Assets were $42,781,394.28 and the Total Liabilities were $8,526.25. This left the
fund with $42,772,868.03 net position held in trust for pension benefits. A motion
was made to accept the Accountant's Report by Trustee Zurick. The motion was
seconded by Trustee Cargola. Roll call was taken and approved 4-0.
b. 2024 Repeat Withdrawal from IPOPIF
1. Derek explained that we needed to update the Repeat Withdrawl from IPOPIF for the
year of 2024. A motion was made to increase the withdrawal amount to $280,000
reoccurring monthly starting January 15, 2024 through December 15, 2024 by
Trustee Zurick. The motion was seconded by Trustee Cargola. Roll call was taken
and approved 4-0.
8. Actuarial Report
a. Review and Approval of Actuarial Report
1. No changes were made to the Actuarial Report. There was a motion to accept the
report by Trustee Cargola. The motion was seconded by Trustee Guttman. Roll call
vote was taken and approve 4-0.
9. Attorney's Report
a. A quick review of the Quarterly Newsletter was done.
10. Approval of Disbursements
a. Approval of the Bills to be Paid in October 2023
1. A motion was made to approve of the bills to be paid in October 2023 in the amount
of $13,546.57 by Trustee Guttman. The motion was seconded by Trustee Zurick. Roll
call vote was taken and approved 4-0.
11. Applications for Membership- None

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12. Applications for Benefits- None
13. Applications for Refund- None
14. Old Business- None
15. New Business
a.
b.
IDOI Annual Statements- Filed at the end of June
Review/Approve of Actuarial Valuation and Tax Levy Request
1. A motion was made to approve of the Actuarial Valuation and Tax Levy Request in
the amount of $3,427,053 by Trustee Zurick. The motion was seconded by Trustee
Cargola. Roll call vote was taken and approved 4-0.
Review/Adopt of Municipal Compliance Report
1. A motion was made to approve of the Municipal Compliance Report as presented by
Lauterbach and Amen by Trustee Guttman. The motion was seconded by Trustee
Messino. Roll call vote was taken and approved 4-0.
Status of Annual Independent Medical Examinations
1. None
Establish 2024 Board Meeting Dates
1. Quarterly Dates are set 1-9-24, 4-9-24, 7-9-24, and 10-8-24 all at 4:30 P.M. at West
Chicago City Hall.
16. Executive/Closed Session- None
17. Adjournment
a.
A motion was made at 4:45 P.M. by Trustee Zurick to adjourn the meeting. The motion
was seconded by Trustee Cargola. The motion approved 4-0.