===== PDF PAGE 1 ===== [Extraction: embedded PDF text] BOARD OF TRUSTEES WEST CHICAGO POLICE PENSION FUND _________________________________________________________________________________________________________________________________________________ P.O. BOX 165, WEST CHICAGO, ILLINOIS 60186 !"0165 Board of Trustees, Quarterly Meeting Tuesday, April 9, 2024 at 9:00 A.M. West Chicago City Hall 1. Call To Order a. The meeting was called to order at 9:00 A.M. 2. Roll Call a. Roll call was taken and Trustee Zurick, Trustee Messino, Trustee Guttman, Trustee Cargola, and Trustee Herbert were all present. Also present was Board Financial Advisor Ed Lavin from Sawyer/Falduto, Lauterbach and Amen's Bob Rietz, Board Attorney Keith Karlson, and Nikki Giles. 3. Approval of the March 19, 2024 Board Meeting Minutes a. A motion was made to approve of the March 19, 2024 Meeting Minutes by Trustee Zurick. The motion was seconded by Trustee Herbert. The motion was approved 5-0. 4. Public Comment- None 5. Treasurer's Report a. The City made it's first quarterly payment to the Police Pension on 3-29-2024 in the amount of $857,000. 6. Investment Manager's Report a. Discussion/Possible Action- Cash Management Policy/Guidelines 1. Sawyer/Falduto Asset Management a. Ed Lavin gave a review of the First Quarter Cash Flow and Performance Review of the Pension Fund. Quarter One started with $1,365.763. There were additions in the amount of $1,000,356. After expenses and distributions the fund ended with $1,417,556. Performance Review shows that the S&P 500 is up 10.6% YTD with a Long Term Performance over 10 years up 13%. Ed gave a brief economic overview noting that approximately 30% of the S&P 500 performance is attributed to the "Magnificent Seven," and ended his report. A motion was made to approve of the Investment Manager's Report by Trustee Guttman. The motion was seconded by Trustee Zurick. The motion was approved 5-0. ===== PDF PAGE 2 ===== [Extraction: embedded PDF text] 2. IPOPIF Monthly Report- Versus Advisory a. Ed handed out the IPOPIF Monthly Report and informed the Board that IPOPIF has an increase of 2.19% for the Month of February. 3. IPOPIF Monthly Statement- State Street a. The IPOPIF State Street Statement was reviewed. The IPOPIF investment pool is up to $10 billion. 4. BMO Harris Bank- Statement Review a. BMO Harris Bank Statement was reviewed and the ending balance for month of February was $12,900.13. 7. Accountant's Report a. Review of Monthly Financial Report 1. Bob Rietz reviewed the Monthly Financial Report for February 2024. The Total Assets were $46,200,320.58 and the Total Liabilities were $83,995.00. This left the fund with $46,196,325.58 net position held in trust for pension benefits. A motion was made to accept the Accountant's Report by Trustee Cargola. The motion was seconded by Trustee Herbert. Roll call was taken and approved 5-0. 8. Actuarial Report a. Review Preliminary Actuarial Valuation and/or Approval of the Actuarial Report 1. Bob Rietz began reviewing the findings in the preliminary actuarial valuation. The current recommended valuation is $3,439,223. The current funding policy is level % pay contributions to a 100% funding over a layered amortization period of 15 years. There is a transition plan between the Pension Board and the City and that transition contribution for the current valuation is $3,567,223. The recommended contribution has increased by 6.31% from the prior valuation. Once the Audit is wrapped up a final copy of the Actuarial Report will be sent out for an approval and acceptance. 9. Attorney's Report a. Board Attorney Keith Karlson handed out the Quarterly News and reviewed a few of the ongoing cases. This is Keith's last meeting as his firm has finished up working with Police Pension Funds. 10. Approval of Disbursements a. Approval of the Bills to be Paid in April 2024 1. A motion was made to approve of the April 2024 Bills to be paid in the amount of $14,141.57 by Trustee Guttman. The motion was seconded by Trustee Zurick. Roll call vote was taken and approved 5-0. 10. Applications for Membership a. None 11. Applications for Benefits ===== PDF PAGE 3 ===== [Extraction: embedded PDF text] a. Discussion/vote on Officer Alaniz unpaid service dates 1. No vote taken 12. Applications for Refund a. None 13. Old Business a. None 14. New Business a. Statements of Economic Interest 1. All Statements of Economic Interest need to be filed by May 1, 2024. b. Affidavits of Continued Eligibility 1. Completed c. Certify Board Election Results 1. A motion was made to certify the election results of John Zurick to take on the Retiree Trustee 2024-2026 term for the West Chicago Police Pension Board and Dan Herbert to take on the Active Trustee 2024-2026 term by Trustee Cargola. The motion was seconded by Trustee Guttman. The motion was approved 5-0. d. Note Appointed Member Terms Expirations 1. Michael Guttman has been appointed by the Mayor to serve on the Board for the 2024-2026 term for the West Chicago Police Pension Board. e. IDOI Annual Statement 1. Draft has been sent for review f. Vote on Puchalski Goodloe LLC Retainer Agreement 1. Trustee Guttman made a motion to approve of Puchalski Goodloe LLC to be the West Chicago Police Pension Attorney. The motion was seconded by Trustee Zurick. The motion was approved 5-0. 15. Executive/Closed Session a. None 16. Adjournment a. A motion was made to adjourn the meeting at 9:55 A.M. by Trustee Guttman. The motions was seconded by Trustee Cargola. The motion was approved 5-0.