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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, January 30, 2024 at 4:30 P.M.
                        West Chicago City Hall


1.  Call To Order
    a.  Board President John Zurick called the meeting to order at 4:33 P.M.

2.  Roll Call
    a.  Roll call was taken with Trustee Zurick, Trustee Cargola, Trustee Guttman, Trustee
      Messino and Trustee Herbert were all present. Also present was Board Financial Advisor
     Tom Sawyer, Lauterbach and Amen's Derek Flessner, and Board Attorney Keith Karlson.

3.  Approval of the December 20, 2023 Board Meeting Minutes
    a. A motion was made to approve of December 20, 2023 Board Meeting Minutes by
       Trustee Cargola. The motion was seconded by Trustee Zurick. The motion was approved
        5-0.

4.  Public Comment- None

5.  Treasurer's Report- None

6.  Investment Manager’s Report
    a.  Discussion/Possible Action- Cash Management Policy/Guidelines
        1.  Sawyer/Falduto Asset Management
             a.  Tom Sawyer gave a review of the Fourth Quarter Cash Flow and Performance
            Review of the Pension Fund. Quarter Four started with $1,383.809. There were
               additions in the amount of $881,152. After expenses and distributions the fund
             ended with $1,365,763. Performance Review shows that the S&P 500 is up
            26.3% YTD with a Long Term Performance over 10 years up 12%. Tom 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 Herbert. The motion was approved 5-0.

        2.  IPOPIF Monthly Report- Versus Advisory

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b. Tom handed out the IPOPIF Monthly Report and informed the Board that YTD
            IPOPIF has an increase of 6.2% fiscal YTD.

        3.  IPOPIF Monthly Statement- State Street
             c.  Tom reviewed the IPOPIF Monthly Statement and informed the Board that there
                  is $44,460,950.52 in the Fund currently.

        4. BMO Harris Bank- Statement Review
            d.  The BMO Harris Bank Statement was reviewed and the ending balance for the
            month of December 2023 was $15,527.73.

7.  Accountant's Report
    a.  Review of Monthly Financial Report
        1.  Derek Flessner reviewed the Monthly Financial Report for December 2023. The
           Total Assets were $45,845,828.57 and the Total Liabilities were $8,526.25. This left
           the fund with $45,837,302.32 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 Herbert. Roll call was taken and approved 5-0.

8.  Attorney's Report
    a.  Board Attorney Keith Karlson informed the Board that a decision has been made and
        consolidation is lawful. All the money from the outstanding Funds in Illinois should be
      moved over to the consolidation fund by October 2024. He also took some time to let the
      Board know that his firm will no longer will be serving along side of pension funds. He
        will be with us until the fall.

9.  Approval of Disbursements
    a.  Approval of the Bills to be Paid in January 2024
        1. A motion was made to approve of the bills to be paid in January 2024 in the amount
           of $14,621.57 by Trustee Guttman. The motion was seconded by Trustee Cargola.
           Roll call vote was taken and approved 5-0.

10. Applications for Membership- None

11. Applications for Benefits- None

12. Applications for Refund- None

13. Old Business- None

14. New Business
    a.  Discussion on new Surviving Spouse Benefit Law-None

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b.  Semi-Annual Review of Closed Meeting Minutes- No action to be taken.

    c.  Review Trustee Term Expirations and Election Procedures
        1.  Retiree and Active Members elections to be administer by April 2024.

    d.  Statements of Economic Interest- None

    e.  Approve COLAs for Pensioners
        1. A motion was made to approve of the COLA's as presented by Lauterbach and Amen
         by Trustee Guttman. The motion was seconded by Trustee Herbert. Roll call was
           taken and approved 5-0.

     f.  Discussion and possible action related to consolidation of assets- None

    g.  Lauterbach and Amen Engagement Letter- Completed

15. Executive/Closed Session- None

16. Adjournment
    a. A motion was made at 4:49 P.M. by Trustee Guttman to adjourn the meeting. The motion
      was seconded by Trustee Zurick. The motion approved 5-0.