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1 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * MINUTES Meeting of the Retirement Board of Trustees of the FIREMEN S ANNUITY AND BENEFIT FUND OF CHICAGO 20 S. Clark Street, Ste 1400, Chicago, IL Regular Meeting No Wednesday, November 18, :30 a.m. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

2 November 18, 2015 Regular Meeting No Agenda 1. Roll Call A. Request from Members of the Public to Address the Board 2. Approval of Administrative Items A. Approval of Minutes Regular Meeting B. Minimum Formula Annuities C. Widow s and Children s Annuities D. Refunds E. Death Benefits F. Partial Payments G. Benefit Recalculations H. Requests for Permission I. Removals 3. Request for Approval of Payments Pursuant to Administrative and Court Order 4. Consideration for Approval of the Following Matters A. Duty Disability i. PM Leah Siwinski, Ambulance 14, Atty: Jerome F. Marconi... 12:00 p.m. B. Occupational Disease Disability i. FPM Barbara Enos, Ambulance DEFERRED ii. EMT Eng Kevin O Grady, Engine :15 a.m. C. Ordinary Disability i. PIC Scott Birmingham, Engine :30 a.m. 5. Approval of Board Physician Reviews of Disability Recipients 6. Gift Fund (Information Only) 7. Expenditures A. Administrative Expenses for Board Review and Approval B. Request for Expenditure (None) C. Request for Approval of Trustee Travel/Education (None) 8. Executive Director s Report A. Monthly Report B. Expenditures to Date 9. Other Business A. Investment B. Legal i. Legal Status Report ii. Review of Lump Sum Payments to Exempt Rank Members C. Legislative i. John McCabe Report (Revised) ii. Proposed Legislation D. Election i. Annuitant and Active Trustee Election Results 10. Miscellaneous A. Gift Reserve Resolution B. Proposed 2016 Meeting Dates C. Consideration of Communications Policy D. Consideration of Records Retention Policy

3 Page 1 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes 1. ROLL CALL: President Michael Shanahan, Secretary Anthony Martin and Trustees Dan Fortuna, Timothy McPhillips and Dan Widawsky. TRUSTEES PRESENT LATER: Vice President Charles Stewart III and Trustee Susana Mendoza TRUSTEES ABSENT: Trustee Kurt Summers, Jr. OTHERS PRESENT: Fund Physicians, George Motto, M.D. and Daniel Samo, M.D, Fund Attorneys, Mary Patricia Burns, Vincent Pinelli and Sarah Boeckman; Executive Director Kenneth Kaczmarz and Fund Staff Lori Lund. Fund Staff Michael Moran, Jaclyn McAllister and Matthew Clark were present for the Administrative Items. A. REQUEST TO ADDRESS THE BOARD: (None) 2. ADMINISTRATIVE ITEMS: A. APPROVAL OF MINUTES: REGULAR MEETING 1018, OCTOBER 21, 2015: On motion of Martin, seconded by Fortuna, the minutes of the regular meeting number 1018, held on October 21, 2015 were approved each member having been previously furnished with a copy. The vote was: B. MINIMUM FORMULA ANNUITIES: On motion of Martin, second by Fortuna, and by unanimous vote, the applications for minimum formula annuities presented in (incorporated as part of these Minutes as Exhibit 1) were approved, and granted to those applicants under the provisions of the Code in the amounts and under the terms set forth. The vote was: - 1 -

4 Page 2 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes ADMINISTRATIVE ITEMS: C. WIDOW S ANNUTITIES: On motion of Martin, second by McPhillips, the applications for widows' annuities presented in (incorporated as part of these Minutes as Exhibit 1) were approved and granted to those applicants under the provisions of the Code in the amounts and under the terms set forth. The vote was: CHILDRENS ANNUITIES: On motion of Martin, second by Fortuna, the application for children s annuity presented in (incorporated as part of these Minutes as Exhibit 1) was approved and granted to the applicant under the provisions of the Code in the amounts and under the terms set forth. The vote was: D. REFUNDS OF CONTRIBUTIONS: On motion of Martin, second by Widawsky, the applications for refund of contributions presented in (incorporated as part of these Minutes as Exhibit 1) were approved and granted to the applicant under the provisions of the Code in the amounts and under the terms set forth. The vote was: E. DEATH BENEFITS: On motion of Martin, second by McPhillips, and by unanimous vote, the applications for ordinary death benefits presented in (incorporated as part of these Minutes as Exhibit 1) were granted under the provisions of the Code in the amounts and under the terms set forth. The vote was: - 2 -

5 Page 3 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes ADMINISTRATIVE ITEMS: F. PARTIAL PAYMENTS: On motion of Martin, second by Fortuna the applications for pro rata payments on account of the death of annuitants, pensioners and beneficiaries presented in (incorporated as part of these Minutes as Exhibit 1) were granted under the provisions of the Code in the amounts and under the terms set forth. The vote was: G. BENEFIT RECALCULATIONS: ADD CHILD S DISABILITY BENEFIT: On motion of Martin, second by Widawsky the Child s Disability Benefit presented in Regular Meeting No Docket (incorporated as part of these Minutes as Exhibit 1) was approved. The vote was: H. REQUEST FOR PERMISSION: GUARDIANSHIP: On motion of Martin, second by McPhillips the Guardianship requests presented in Regular Meeting No Docket (incorporated as part of these Minutes as Exhibit 1) were approved. The vote was: I. REMOVALS: On motion of Martin, seconded by Widawksy, all changes to the rolls as presented in Regular Meeting No Docket (incorporated as part of these Minutes as Exhibit 1) were directed to be recorded. The vote was: - 3 -

6 Page 4 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes 3. PAYMENTS PURSUANT TO ADMINISTRATIVE AND COURT ORDERS: On motion of Martin, seconded by McPhilliips to approve the Payments Pursuant to Administrative and Court Orders: IRS Levy, QILDRO and SDU Child Support Orders as presented in Regular Meeting No 1019 Docket (incorporated as part of these Minutes as Exhibit 1). The vote was: 6. GIFT FUND: INFORMATION ONLY 7. EXPENDITURES: A. ADMINISTRATIVE EXPENSES FOR BOARD REVIEW AND APPROVAL: On motion of Martin, seconded by Fortuna the Board reviewed and approved the administrative expenses of the Fund as presented in (incorporated as part of these Minutes as Exhibit 2). The vote was: B. REQUEST FOR EXPENDITURES: (None) C. REQUEST FOR TRUSTEE TRAVEL: (None) 8. EXECUTIVE DIRECTOR S REPORT: A. MONTHLY REPORT: B EXPENDITURES TO DATE: (INFORMATION ONLY) On motion of Martin, second by McPhillips to spread the Executive Director s Report upon the record. The vote was: On motion of Martin, second by Fortuna, to adopt the Records Retention Policy based on the recommendation of counsel, subject to any potential changes or acceptance by the Illinois Records Retention Commission. The vote was: - 4 -

7 Page 5 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes 9. OTHER BUSINESS: B. LEGAL: i. Legal Status Report On motion of Martin, second by McPhillips to spread the Legal Status Report upon the record. The vote was: C. LEGISLATION: The Board reviewed John McCabe s report and no motions were made. D. ELECTION: i. Annuitant and Active Trustee Election Results On motion of Widawsky, second by Martin to accept the Trustee Election Results. The vote was: 10. MISCELLANEOUS: A. GIFT FUND RESOLUTION: On motion of Fortuna, second by McPhillips to adopt the Gift Fund Resolution with the corrections recommended by Counsel. The vote was: - 5 -

8 Page 6 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes MISCELLANEOUS: GIFT FUND RESOLUTION: BE IT HEREBY RESOLVED; To recognize that the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund has been established for the purpose of providing assistance to the neediest retirees, widows and orphans of the Firemen s Annuity and Benefit Fund of Chicago, And Whereas; the Internal Revenue Service (the IRS ) has granted tax exempt 501(c)(3) status to the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund in April of 2007 which requires, among other things, that the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund comply with IRS rules and regulations relating to record keeping associated with the receipt and distribution of all funds and the requirement for an independent annual audit of its records, And Whereas; the directors of the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund include current and former participants and members of the administration of the Firemen s Annuity and Benefit Fund of Chicago and the Chicago Fire Department; Therefore; Be it resolved that the Trustees of the Firemen s Annuity and Benefit Fund of Chicago, utilizing the discretionary authority granted under ILCS 40: Act 5 Section 6-202, hereby direct that a distribution from the Firemen s Annuity and Benefit Fund Gift Reserve Account be made from the current proceeds in that account, for calendar year 2015 in the amount of $500,000 to the Ende Menzer Walsh & Quinn, Retirees Widows and Children s Assistance Fund as a contribution towards the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund s stated intention to distribute gift checks to the following categories of beneficiaries of the Firemen s Annuity and Benefit Fund of Chicago in the stated amounts; $1,250 to 526 widows receiving $1,500 or less per month $1,250 to the 80 children annuitants, and $1,250 to 2 Retirees receiving less than $1,500 per month for a total distribution of $760,000; and Further; Be it further resolved that the administrative staff of the Firemen s Annuity and Benefit Fund of Chicago, is hereby directed to provide such additional administrative assistance as is needed to accomplish the purposes of these resolutions and to facilitate the distribution by the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund of gift checks contemplated for December 2015 to the neediest retired, widowed and orphan beneficiaries of the Firemen s Annuity and Benefit Fund of Chicago; including, supplying names and addresses for those individuals who are to receive the gift checks and physically printing and mailing the individual checks to be issued from the Ende, Menzer, Walsh and Quinn account; and Further; Be it resolved that the distribution from the Firemen s Annuity and Benefit Fund Gift Reserve Account is contingent upon the Ende Menzer Walsh & Quinn Retirees Widows and Children s Assistance Fund s agreement to distribute the aforementioned checks in the amounts indicated and provide the Firemen s Annuity and Benefit Fund of Chicago with adequate documentation supporting the distribution of the aforementioned gift checks by January 20, 2016 or such later date as necessary

9 Page 7 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes 9. OTHER BUSINESS: B. INVESTMENT: i. Callan Third Quarter 2015 Review ii. Northern Trust Performance Flash: October 2015 iii. Statement of Asset Allocation: November 13, 2015 iv. Cash Needs: November 2015 (Potential motion to raise cash to fund expenditures) v Liquidity Scenarios vi. Capital Calls vii. MFDBE Brokers: September 2015 viii. Statement of Investment Policy Revision Globeflex US SMID ix.. Investment Advisor Updates Mesirow Fund VII Pomona Capital 1X William Blair x. Upcoming Conferences Callan Associates Opal Public Funds Summit (Potential motion to authorize attendance and travel expenditures) Trustee Widawsky left the meeting and the Board lost quorum but proceeded to receive information only without taking any action. Trustee Stewart entered the meeting and was granted leave to be added in the affirmative on previous rolls taken. Board now has quorum present. On motion of Martin, second by McPhillips to drawdown consistent with the Chief Investment Officer s recommendations, to draw down $13M from: $6M Rhumbline; $3.5M Wamco $3.5M; and $3.5M Lewis. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart - 7 -

10 Page 8 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes OTHER BUSINESS: INVESTMENT: On motion of Martin, second by Fortuna to schedule a special meeting for November 24, 2015 at 9:00 a.m. to discuss Liquidity Scenario Analysis and legal options. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart On motion of Martin, second by McPhillips to amend Globeflex s Objectives. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart First Deputy Fire Commissioner Charles Stewart III read his letter of resignation into the Board record. 4. HEARINGS: ORDINARY DISABILITY APPLICATIONS: The Secretary presented the application for occupational disease disability benefits made to and sworn by: SCOTT BIRMINGHAM, PARAMEDIC IN CHARGE, AMBULANCE 12 And witnessed in the office of the Fund, accompanied by staff accountant's letter as to amounts and all necessary records. After review of the relevant records by the Board and its Physician, a hearing having been held and after due deliberation, on motion of Martin, second by Stewart to grant Ordinary disability benefits. By roll call vote occupational disease disability benefits were granted pursuant to Illinois Compiled Statutes, 40 ILCS 5/ and the express findings of the Board, in the amount of $3, a month, beginning October 31, The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart Not Present: Mendoza, Summers, Widawsky On motion of Martin, second by McPhillips to schedule a reexamination of Mr. Birmingham s disability status consistent with the Board s policy. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart Not Present: Mendoza, Summers, Widawsky - 8 -

11 Page 9 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes HEARINGS: ORDINARY DISABILITY APPLICATIONS: The Secretary presented the application for occupational disease disability benefits made to and sworn by: SCOTT BIRMINGHAM, PARAMEDIC IN CHARGE, AMBULANCE 12 After review of the Findings of Fact prepared by Fund counsel, on motion of Martin, second by Stewart to adopt the Findings in the Birmingham matter. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart Not Present: Mendoza, Summers, Widawsky OCCUPATIONAL DISEASE DISABILITY APPLICATIONS: Trustee Summers entered the meeting. The Secretary presented the application for occupational disease disability benefits made to and sworn by: KEVIN P. O GRADY, EMT FIRE ENGINEER, ENGINE 69 And witnessed in the office of the Fund, accompanied by staff accountant's letter as to amounts and all necessary records. After review of the relevant records by the Board and its Physician, a hearing having been held and after due deliberation, on motion of Martin, second by McPhillips to grant occupational disease disability benefits. By roll call vote occupational disease disability benefits were granted pursuant to Illinois Compiled Statutes, 40 ILCS 5/ and the express findings of the Board, in the amount of $5, a month, beginning October 22, The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart Not Present: Mendoza, Widawsky Abstain: Summers On motion of Martin, second by Fortuna to schedule a reexamination of Mr. O Grady s disability status consistent with the Board s policy. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart, Summers Not Present: Mendoza, Widawsky After review of the Findings of Fact prepared by Fund counsel, on motion of Martin, second by Fortuna to adopt the Findings in the O Grady matter. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart, Summers Not Present: Mendoza, Widawsky - 9 -

12 Page 10 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 Regular Meeting No Minutes HEARINGS: Trustee Widawsky returned to the meeting. On motion of Martin, second by Fortuna to go into executive session as allowed under 5 ILCS 120/2 (c) 11. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan, Stewart, Summers, Widawsky Not Present: Mendoza Trustee Mendoza entered the meeting. The Board came out of executive session. DUTY DISABILITY APPLICATIONS: The Secretary presented the application for occupational disease disability benefits made to and sworn by: LEAH M. SIWINSKI, PARAMEDIC, AMBULANCE 14 Testimony was heard in the foregoing matter. The following trustees left the meeting during the hearing, Stewart, Widawsky, Summers. On motion of Martin, second by McPhillips to take the matter under advisement and defer to the next regularly scheduled meeting for a vote. The vote was: Yeas: Fortuna, Martin, McPhilips, Mendoza, Shanahan Not Present: Stewart, Summers, Widawsky. 5. BOARD REVIEW OF DISABILITY RECIPIENTS: On motion of Martin, second by McPhillips to approve the Board Physician s recommendations for reexamination scheduling. The vote was: Yeas: Fortuna, Martin, McPhilips, Shanahan There being no further business to discuss the meeting was adjourned

13 Page 1 Firemen's Annuity & Benefit Fund of Chicago, November 18, ROLL CALL: A. REQUEST FROM MEMBERS OF THE PUBLIC TO ADDRESS THE BOARD: (None) 2. APPROVAL OF ADMINISTRATIVE ITEMS: A. APPROVAL OF MINUTES: REGULAR MINUTES: B. RETIREMENT ANNUITIES: MINIMUM FORMULA ANNUITIES: RAYMOND ALICEA, FIREFIGHTER, TRUCK 56, Duty Disability since 05/06/2005 Ent CFD: 02/19/1980 $5, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $88.60 annuity increment, 1.5%, begins 12/01/2016 last one on 01/01/2035 REFUND $ FOR 2006 EID REFUND $29, FOR SPOUSE CONTRIBUTIONS EDUARDO A AVILES, FIREFIGHTER, ENGINE 89, Occ Dis Disability since 09/15/2010 Ent CFD: 07/16/1986 $5, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $88.60 annuity increment, 1.5%, begins 12/01/2018 last one on 01/01/2037 COLLECT $66.61 FOR 2010 EID REFUND $ FOR 2006 & 2011 EID MICHAEL B BEALE, EMT LIEUTENANT, ENGINE 124 Ent CFD: 07/16/1986 $7, beginning 10/22/2015 Retired: 10/22/2015 based on 75% of Final Average Salary $ annuity increment, 1.5%, begins 02/01/2025 last one on 01/01/ JOHN G BILKA, FIREFIGHTER, SQUAD 2, Duty Disability since 11/25/2008 Ent CFD: 02/18/1980 $5, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $88.60 annuity increment, 1.5%, begins 04/01/2019 last one on 01/01/2038 COLLECT $16.84 FOR 1980 EID REFUND $ FOR 2006 & 2011 EID REFUND $35, FOR SPOUSE CONTRIBUTIONS PATRICK J BRACKIN, LIEUTENANT, 6TH DIS. REL., Occ Dis Disability since 06/20/2008 Ent CFD: 02/19/1980 $6, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 COLLECT $66.61 FOR 2008 EID REFUND $ FOR 2006 & 2011 EID 1

14 Page 2 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 B. RETIREMENT ANNUITIES: MINIMUM FORMULA ANNUITIES: ANDREW B BROZYNA, FIRE ENGINEER, SUPPORTS SERVICES, Occ Dis Disability since 02/26/2010 Ent CFD: 01/02/1980 $6, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 COLLECT $44.41 FOR 2010 EID REFUND $ FOR 2006 & 2011 EID REFUND $39, FOR SPOUSE CONTRIBUTIONS MICHAEL L CIARA, FIREFIGHTER, ENGINE 64, Duty Disability since 03/24/2009 Ent CFD: 02/17/1987 $5, beginning 11/30/2015 Retired: 11/30/2015 based on 72.5% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 COLLECT $66.61 FOR 2009 EID REFUND $ FOR 2006 & 2011 EID JOHN J CULLINA, EMT LIEUTENANT, 6TH DISTRICT, Occ Dis Disability since 07/28/2009 Ent CFD: 02/17/1987 $7, beginning 11/27/2015 Retired: 11/27/2015 based on 72.5% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 REFUND $ FOR 2006 & 2011 EID ROGER T DAY, EMT FIREFIGHTER, ENGINE 79 Ent CFD: 11/01/1988 $4, beginning 11/24/2015 Retired: 11/24/2015 based on 60% of Final Average Salary $64.98 annuity increment, 1.5%, begins 12/01/2025 last one on 01/01/2044 Resigned: 11/27/2011 Before Age PHILIP J DEWALD, EMT FIRE ENGINEER, ENGINE 11 Ent CFD: 10/16/1995 $4, beginning 10/20/2015 Retired: 10/20/2015 based on 52.5% of Final Average Salary $ annuity increment, 3%, begins 11/01/ KEVIN S DORAN, EMT LIEUTENANT, ENGINE 29 Ent CFD: 02/01/1982 $7, beginning 10/31/2015 Retired: 10/31/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 11/01/2016 COLLECT $ FOR D/B DEDUCTION REFUND $29.76 FOR 2006 EID GARY K GILMORE, FIREFIGHTER, ENGINE 50, Duty Disability since 01/14/2010 Ent CFD: 02/16/1985 $5, beginning 11/30/2015 Retired: 11/30/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 COLLECT $88.81 FOR 2009 & 2010 EID REFUND $ FOR 2006 & 2011 EID 2

15 Page 3 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 B. RETIREMENT ANNUITIES: MINIMUM FORMULA ANNUITIES: MARCIA GREEN-HARRIS, EMT FIRE ENGINEER, ENGINE 104 Ent CFD: 05/01/1990 $5, beginning 10/03/2015 Retired: 10/03/2015 based on 65% of Final Average Salary $ annuity increment, 3%, begins 11/01/ MARY ANN HANSON, PARAMEDIC IN CHARGE, AMBULANCE 49, Duty Disability since 02/17/1985 Ent CFD: 07/01/1983 $6, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 REFUND $1, FOR SPOUSE CONTRIBUTIONS MICHAEL A HARDIN, FIREFIGHTER, SQUAD 5, Duty Disability since 11/01/1993 Ent CFD: 02/01/1982 $5, beginning 11/30/2015 Retired: 11/30/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/ JOHN M IVANCICH, FIREFIGHTER, TRUCK 49 Ent CFD: 10/10/1978 $5, beginning 10/13/2015 Retired: 10/13/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 11/01/ ANTONIO KNEZEVICH, EMT LIEUTENANT, ENGINE 50 Ent CFD: 02/01/1983 $7, beginning 10/18/2015 Retired: 10/18/2015 based on 75% of Final Average Salary $ annuity increment, 1.5%, begins 11/01/2016 last one on 01/01/ SAMUEL L NOLAN, EMT CAPTAIN, 5TH DISTRICT RELIEF Ent CFD: 11/01/1988 $6, beginning 10/14/2015 Retired: 10/14/2015 based on 67.5% of Final Average Salary $ annuity increment, 3%, begins 11/01/ RICHARD O PETERSON, AMBULANCE COMMANDER, AMBULANCE 52, Duty Disability since 12/21/2004 Ent CFD: 02/16/1985 $7, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $ annuity increment, 1.5%, begins 10/01/2020 last one on 01/01/ JOHN F SCHEUNEMAN, LIEUTENANT, TOWER LADDER 34 Ent CFD: 07/08/1976 $7, beginning 10/16/2015 Retired: 10/16/2015 based on 76% of Final Average Salary $ annuity increment, 3%, begins 11/01/2016 REFUND $ FOR 2004 & 2006 EID 3

16 Page 4 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 B. RETIREMENT ANNUITIES: MINIMUM FORMULA ANNUITIES: ENZO SINOPOLI, AMBULANCE COMMANDER, AMBULANCE 25, Duty Disability since 12/03/2001 Ent CFD: 04/01/1982 $7, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $ annuity increment, 1.5%, begins 02/01/2017 last one on 01/01/2036 COLLECT $1, FOR & 2003 EID JOHN B SKUDNIG, FIREFIGHTER, ENGINE 14 Ent CFD: 10/01/1991 $4, beginning 10/21/2015 Retired: 10/21/2015 based on 62.5% of Final Average Salary $71.00 annuity increment, 1.5%, begins 10/01/2023 last one on 01/01/2042 REFUND $31, FOR SPOUSE CONTRIBUTIONS STEVE R SMITH, EMT LIEUTENANT, FIRE PREVENTION BUREAU, Occ Dis Disability since 05/10/2010 Ent CFD: 12/11/1978 $7, beginning 11/29/2015 Retired: 11/29/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 COLLECT $44.41 FOR 2010 EID REFUND $ FOR 2004, 2006 & 2011 EID RONALD S SZATKOWSKI, FIRE ENGINEER, ENGINE 57, Occ Dis Disability since 07/26/2011 Ent CFD: 10/16/1978 $6, beginning 11/11/2015 Retired: 11/11/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/ JAMES THOMPSON, DEPUTY DISTRICT CHIEF, 1ST DISTRICT, Duty Disability since 07/10/2011 Ent CFD: 02/19/1980 $9, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 REFUND $50, FOR SPOUSE CONTRIBUTIONS DANE V TUCKER, FIREFIGHTER, ENGINE 15, Occ Dis Disability since 07/31/2007 Ent CFD: 08/03/1987 $5, beginning 11/16/2015 Retired: 11/16/2015 based on 72.5% of Final Average Salary $ annuity increment, 3%, begins 12/01/ JOHN A TUMPICH, EMT LIEUTENANT, TRUCK 17, Duty Disability since 06/09/2014 Ent CFD: 10/16/1978 $7, beginning 11/30/2015 Retired: 11/30/2015 based on 75% of Final Average Salary $ annuity increment, 3%, begins 12/01/2016 COLLECT $83.14 FOR 2014 EID REFUND $18.80 FOR 2006 EID REFUND $50, FOR SPOUSE CONTRIBUTIONS 4

17 Page 5 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 B. RETIREMENT ANNUITIES: MINIMUM FORMULA ANNUITIES: DAVID A WILLIAMS, PARAMEDIC, AMBULANCE 31, Duty Disability since 10/23/1991 Ent CFD: 07/01/1983 $5, beginning 11/02/2015 Retired: 11/02/2015 based on 75% of Final Average Salary $85.48 annuity increment, 1.5%, begins 02/01/2020 last one on 01/01/ JAMES B WILLIAMS, EMT FIREFIGHTER, ENGINE 13, Duty Disability since 08/31/2007 Ent CFD: 11/01/1986 $6, beginning 11/04/2015 Retired: 11/04/2015 based on 75% of Final Average Salary $93.09 annuity increment, 1.5%, begins 12/01/2016 last one on 01/01/2035 COLLECT $44.41 FOR 2007 EID REFUND $ FOR 2006 & 2011 EID REFUND $25, FOR SPOUSE CONTRIBUTIONS 5

18 Page 6 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 C. SURVIVOR ANNUITIES: WIDOW'S ANNUITIES: MARILYN J BENDY, widow of RICHARD E BENDY, Retired since 02/18/1995 Ent CFD: 06/01/1964 $2, beginning 10/24/2015 Deceased: 10/23/ KATHRYN MADSEN, widow of CALVIN C MADSEN, Retired since 04/13/1985 Ent CFD: 03/16/1956 $1, beginning 10/15/2015 Deceased: 10/14/ MARY KAY MCCARTHY, widow of FRANCIS C MCCARTHY, Retired since 10/04/1989 Ent CFD: 08/16/1955 $2, beginning 10/14/2015 Deceased: 10/13/ ROSLYN OTOOLE, widow of PATRICK J OTOOLE, Retired since 11/14/1996 Ent CFD: 07/16/1965 $2, beginning 09/07/2015 Deceased: 09/06/ RENEE J PALUCK, widow of RALPH J PALUCK, Retired since 11/22/2007 Ent CFD: 06/16/1971 $3, beginning 10/11/2015 Deceased: 10/10/2015 C. SURVIVOR ANNUITIES: CHILDREN'S ANNUITIES: ALEX MARTINEZ BY KIM MARTINEZ, child of RICHARD T MARTINEZ, FIREFIGHTER, ENGINE 129 Ent CFD: 03/04/1997 $ beginning 10/09/2015 Deceased: 10/08/2015 6

19 Page 7 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 D. REFUNDS: REFUNDS OF CONTRIBUTIONS: THOMAS MC DONAGH II, FIREFIGHTER, ACADEMY (RECRUIT) Ent CFD: 11/17/2014 $2, Refund of Contributions DISCHARGED 04/15/2015 7

20 Page 8 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 E. DEATH BENEFITS: RICHARD E BENDY, LIEUTENANT, TRUCK 62, Retired from 02/18/1995 to 10/23/2015 Ent CFD: 06/01/1964 $6, $6, to MARILYN J BENDY, WIFE Deceased: 10/23/ MAURICE M GRAYER, FIREFIGHTER, ENGINE 1, Retired from 11/16/2012 to 10/03/2015 Ent CFD: 11/01/1989 $6, $6, to DARRYL DADA, FIANCE Deceased: 10/03/ WALTER J LYNCH, LIEUTENANT, ENGINE 43, Retired from 07/24/1993 to 09/19/2015 Ent CFD: 01/16/1954 $6, $6, to SCOTT M LYNCH, SON Deceased: 09/19/ CALVIN C MADSEN, LIEUTENANT, DISTRICT 6, Retired from 04/13/1985 to 10/14/2015 Ent CFD: 03/16/1956 $6, $6, to KATHRYN MADSEN, WIFE Deceased: 10/14/ FRANCIS C MCCARTHY, LIEUTENANT, ENGINE 92, Retired from 10/04/1989 to 10/13/2015 Ent CFD: 08/16/1955 $6, $6, to MARY KAY MCCARTHY, WIFE Deceased: 10/13/ JOSEPH MURPHY, FIRE ENGINEER, ENGINE 64, Retired from 11/29/2012 to 10/21/2015 Ent CFD: 03/17/1980 $6, $6, to NANCY MURPHY, WIFE Deceased: 10/21/ JOHN J OBRIEN, FIREFIGHTER, ENGINE 55, Retired from 11/03/1994 to 08/02/2015 Ent CFD: 05/16/1962 $6, $6, to JOHN J O'BRIEN TRUST, GARY O'BRIEN, EXECUTOR Deceased: 08/02/ PATRICK J OTOOLE, FIRE ENGINEER, RESCUE, Retired from 11/14/1996 to 09/06/2015 Ent CFD: 07/16/1965 $6, $6, to ROSALYN M OTOOLE, WIFE Deceased: 09/06/ RALPH J PALUCK, LIEUTENANT, ENGINE 95, Retired from 11/22/2007 to 10/10/2015 Ent CFD: 06/16/1971 $6, $6, to RENEE J PALUCK, WIFE Deceased: 10/10/2015 8

21 Page 9 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 F. PARTIAL PAYMENTS: RICHARD E BENDY, Retired from 02/18/1995 to 10/23/2015 Deceased: 10/23/2015 $3, $3, to MARILYN J BENDY, WIFE HELEN E BOROWSKI, Widow's Annuity from 09/24/1986 to 07/10/2015 Deceased: 07/10/2015 $ $ to ROBERT S BOROWSKI, SON SHIRLEY E CONNORS, Widow's Annuity from 12/14/2006 to 09/05/2015 Deceased: 09/05/2015 $ $ to NOREEN RYAN, DAUGHTER CALVIN C MADSEN, Retired from 04/13/1985 to 10/14/2015 Deceased: 10/14/2015 $1, $1, to KATHRYN MADSEN, WIFE FRANCIS C MCCARTHY, Retired from 10/04/1989 to 10/13/2015 Deceased: 10/13/2015 $2, $2, to MARY KAY MCCARTHY, WIFE MARCELLA L MCFALL, Widow's Annuity from 07/18/2011 to 09/07/2015 Deceased: 09/07/2015 $ $ to JOHN MCFALL, SON HELEN L MCGRAW, Widow's Annuity from 03/29/2002 to 09/18/2015 Deceased: 09/18/2015 $ $ to KEVIN MCGRAW, SON JOSEPH MURPHY, Retired from 11/29/2012 to 10/21/2015 Deceased: 10/21/2015 $4, $4, to NANCY MURPHY, WIFE $ to PATRICIA MURPHY, EX-WIFE JOHN J OBRIEN, Retired from 11/03/1994 to 08/02/2015 Deceased: 08/02/2015 $ $ to GARY OBRIEN, SON/TRUSTEE PATRICK J OTOOLE, Retired from 11/14/1996 to 09/06/2015 Deceased: 09/06/2015 $1, $1, to ROSALYN M OTOOLE, WIFE RALPH J PALUCK, Retired from 11/22/2007 to 10/10/2015 Deceased: 10/10/2015 $2, $2, to RENEE J PALUCK, WIFE MILDRED WOZNICKI, Widow's Annuity from 07/12/1998 to 09/29/2015 Deceased: 09/29/2015 $1, $1, to SHARON HAASE, DAUGHTER 9

22 Page 10 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 G. BENEFIT RECALCULATIONS: ADD CHILD'S DISABILITY BENEFIT: PAUL D SERWATKA, Duty Disability since 12/20/2007 Ent CFD: 12/01/1999 $30.00 Child Disability Benefit 04/30/2015 $30.00 for minor SAYLOR SERWATKA born 04/30/

23 Page 11 Firemen's Annuity & Benefit Fund of Chicago, November 18, 2015 H. REQUEST FOR PERMISSION: GUARDIANSHIP: THOMAS H COOK BY JOAN C COOK, WIFE Retired since 07/12/2002 Power of Attorney and Doctor's letter on file DOROTHY COTTER BY LISA M BONELLI, DAUGHTER Widow's Annuity since 07/10/1994 Power of Attorney and Doctor's letter on file RUSSELL J HARPER BY RONALD HARPER, SON Retired since 02/13/1985 Power of Attorney and Doctor's letter on file ELEANOR SHEERAN BY FRANCES B SCHLESINGER, DAUGHTER Widow's Annuity since 02/11/2007 Trust and Doctor's letter on file. I. REMOVALS: ROBERT J KUCHARSKI Annuity Died 10/19/2015 LAWRENCE H SLATER Annuity Died 10/03/2015 ALDONA BALCUINAS Widow's Annuity Died 05/17/2014 ANNA E BAUMAN Widow's Annuity Died 10/08/2015 FRANK P CLARK Annuity Died 10/21/2015 JOSEPH MURPHY Annuity Died 10/21/2015 IDA MAE FIER Comp Widow's Annuity Died 10/14/2015 MARTIN J MCCAFFERTY Annuity Died 10/18/2015 RICHARD E BENDY Annuity Died 10/23/2015 OLIVER KROLL Annuity Died 10/21/2015 TIMOTHY J O LEARY Active Died 10/28/2015 JANET J HEALY Widow's Annuity Died 11/05/2015 MARY HEINEN Widow's Annuity Died 10/31/2015 MARY D OATES Widow's Annuity Died 11/02/2015 JAMES M WULFF Annuity Died 11/03/2015 EUGENE J ABBOTT Annuity Died 11/08/2015 BRIAN W OMALLEY TRUST Child's Annuity Died 11/03/2015 JOHN ROUDEBUSH Annuity Died 11/07/2015 GEORGE LINK Annuity Died 11/10/2015 KENNETH F TRACY Annuity Died 11/09/2015 ARTHUR J HAUSMAN JR Annuity Died 11/12/2015 ROBERT F DZIEDZIC Occupational Disease Disability Retired 10/02/2015 EDWIN VALE Ordinary Disability Retired 10/15/2015 ANTHONY R RODRIGUEZ Duty Disability Retired 10/23/2015 ALANA DEAN $30.00 Disability Attain Age 18 11/03/2015 MATTHEW RAYMOND VANAUKEN $30.00 Disability Attain Age 18 11/06/2015 KAITLYN MADDEN $30.00 Disability Attain Age 18 11/18/

24 Page 12 Firemen's Annuity & Benefit Fund of Chicago, November 18, PAYMENTS PURSUANT TO ADMINISTRATIVE AND COURT ORDERS: IRS Levy: SANTIAGO SOLIS Minimum Formula Annuity since 08/04/2008 ENTER Order: FORM 668-A(ICS) Date Entered: 10/27/2015 Effective: 11/01/2015 Amount: $2, per Month Payable to UNITED STATES TREASURY QILDRO: JOHN A TUMPICH Minimum Formula Annuity beginning 11/30/2015 ENTER Order: 06 D Date Entered: 01/02/2008 Effective: 11/01/2015 Amount: $1, per Month plus a portion of all future automatic increases Payable to SHARON E TUMPICH JOHN A TUMPICH Minimum Formula Annuity beginning 11/30/2015 ENTER Order: 06 D Date Entered: 01/02/2008 Effective: 11/01/2015 Amount: $10, for portion of Spousal Contributions Payable to SHARON E TUMPICH SDU Child Support: BOYCE R COLEMAN II Occupational Disease Disability since 01/31/2013 RESCIND Order: 226H Date Entered: 01/15/2015 Termination: 10/31/2015 Amount: $ per Month Payable to STATE DISBURSEMENT UNIT on behalf of BOYCE R COLEMAN III BOYCE R COLEMAN II Occupational Disease Disability since 01/31/2013 ENTER Order: 226H Date Entered: 10/17/2015 Effective: 11/01/2015 Amount: $ per Month Payable to STATE DISBURSEMENT UNIT on behalf of BOYCE R COLEMAN III 12

25 Page 13 Firemen's Annuity & Benefit Fund of Chicago, November 18, HEARINGS: OCCUPATIONAL DISEASE DISABILITY APPLICATIONS: KEVIN P O GRADY, EMT FIRE ENGINEER, ENGINE 69 Ent CFD: 05/01/1990 $5, beginning 10/22/2015 DUTY DISABILITY APPLICATIONS: LEAH M SIWINSKI, PARAMEDIC, AMBULANCE 14 Ent CFD: 12/15/2008 $5, beginning 03/18/2015 Attorney: Witnesses: JEROME F. MARCONI CATHERINE B. FRANK, M.D. PIC DANIEL KELLY, ALS Ambualnce 14 ORDINARY DISABILITY APPLICATIONS: SCOTT E BIRMINGHAM, PARAMEDIC IN CHARGE, AMBULANCE 12 Ent CFD: 11/18/1991 $3, beginning 10/31/

26 Page 14 Firemen's Annuity & Benefit Fund of Chicago, November 18, BOARD REVIEW OF DISABILITY RECIPIENTS: (See Reexamination Addendum) 6. GIFT FUND: INFORMATION ONLY: (See Gift Fund Addendum) 7. EXPENDITURES: A. ADMINISTRATIVE EXPENSES FOR BOARD REVIEW AND APPROVAL: B. REQUEST FOR EXPENDITURES: (None) C. REQUEST FOR TRUSTEE TRAVEL: (None) 8. EXECUTIVE DIRECTOR S REPORT: A. MONTHLY REPORT: B EXPENDITURES TO DATE: 9. OTHER BUSINESS: A. INVESTMENT: (See Investment Agenda) B. LEGAL: i. Legal Status Report ii. Review of Lump Sum Payments to Exempt Rank Members 14

27 Page 15 Firemen's Annuity & Benefit Fund of Chicago, November 19, 2015 OTHER BUSINESS: C. LEGISLATIVE: i. John McCabe Report ii. Proposed Legislation D. ELECTION: i. Annuitant and Active Trustee Election Results 10. MISCELLANEOUS: A. GIFT FUND RESOLUTION: B. PROPOSED 2016 MEETING DATES: C. CONSIDERATION OF COMMUNICATIONS POLICY: D. CONSIDERATION OF RECORDS RETENTION POLICY: 15