===== 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, January 7, 2025 at 9:00 A.M. West Chicago City Hall 1. Call To Order a. Board President John Zurick called the meeting to order at 9:02 A.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 John Falduto, Lauterbach and Amen's Derek Flessner, and Board Attorney Laura Goodloe. 3. Approval of the December 19, 2024 Board Meeting Minutes a. A motion was made to approve of December 19, 2024 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. No action needed 2. Sawyer/Falduto Asset Management 1. John Falduto gave a review of the Fourth Quarter Cash Flow and Performance Review of the Pension Fund. Quarter Four started with $1,419,409. There were additions in the amount of $976,889. After expenses and distributions the fund ended with $1,400,084. Performance Review shows that the S&P 500 is up 25.0% YTD with a Long Term Performance over 10 years up 13.1%. John gave a brief economic overview noting that the U.S. stock market has posted solid performance since the 2022 declines. The S&P 500 investment performance in 2024- 9 out of 12 months generated positive returns. A motion was made to ===== PDF PAGE 2 ===== [Extraction: embedded PDF text] approve of the Investment Manager's Report by Trustee Cargola. The motion was seconded by Trustee Zurick. The motion was approved 5-0. 3. IPOPIF Monthly Report- Versus Advisory- No report 4. IPOPIF Monthly Statement- State Street 1. John reviewed the IPOPIF Monthly Statement and informed the Board that there is $50,106,865.53 in the Fund currently. The performance summary was received and reviewed. 5. BMO Harris Bank- Statement Review 1. The BMO Harris Bank statement was reviewed with a starting balance of $25,683.61 and an ending balance of $16,903.09 for the month of December 2024. 7. Accountant's Report a. Review of Monthly Financial Report 1. Derek Flessner reviewed the Monthly Financial Report for October 2024. The Total Assets were $50,713,066.57 and the Total Liabilities were $3,995.00. This left the fund with $50,709,071.57 net position held in trust for pension benefits. A motion was made to accept the Accountant's Report by Trustee Guttman. The motion was seconded by Trustee Zurick. Roll call was taken and approved 5-0. 2. Affidavits of Continued Eligibility have been sent out and the Board is waiting to hear back from two individuals. Another round of letters will be sent. 8. Attorney's Report a. Status of Officer Fuller's Disability 1. Officer Fuller has been to 1 of the 3 IME's and once he has completed his next two evaluations the Board will get the the examiner's report and hold a separate meeting to discuss the findings. This should take place the end of February or March. A motion was made to accept the Attorney's Report by Trustee Herbert. The motion was seconded by Trustee Messino and the motion was approved 5-0. b. Recommendations for changes to the Board's Administrative Rules/Policies- none 9. Approval of Disbursements a. Approval of the Bills to be Paid in January 2025 1. A motion was made to approve of the bills to be paid in January 2025 in the amount of $14,046.07 by Trustee Guttman. The motion was seconded by Trustee Herbert. Roll call vote was taken and approved 5-0. 10. Applications for Membership- None 11. Applications for Benefits ===== PDF PAGE 3 ===== [Extraction: embedded PDF text] a. Approval of Sgt. Edward Berg's Retirement Benefits 1. A motion was made to approve of Sgt. Edward Berg's Retirement Benefits including the member entry date of 1/02/96 and retirement date of 1/25/25. Effective date of pension will be 1/26/25 with the applicable salary of $139,645.00 and the amount of the original monthly pension granted to the member of $8,436.89 by Trustee Guttman. The motion was seconded by Trustee Zurick. Roll call vote was taken and approved 5-0. 12. Applications for Refund- None 13. Old Business- None 14. New Business a. Semi-Annual Review of Closed Meeting Minutes 1. None at the time. b. Review Trustee Term Expirations and Election Procedures 1. Trustee Messino is up for re-appointment. Trustee Cargola's term is up in April 2025, nominations and an election will be sent for an active police officer to serve a 2025-2027 term. c. Statements of Economic Interest 1. Needs to be completed by the Board Members prior to May 1st. d. Approve COLAs for Pensioners 1. Motion was made to accept the COLAs by Trustee Zurick. The motion was seconded by Trustee Cargola. Roll call was taken and approved 5-0. e. 2025 Annual Disability Re-evaluation 1. none 15. Executive/Closed Session- None 16. Adjournment a. A motion was made at 9:36 A.M. by Trustee Guttman to adjourn the meeting. The motion was seconded by Trustee Zurick. The motion approved 5-0.