News

News

RFPs: Public Accounting/Consulting Services for FPIF
Source: FPIF

NOTICE: Firefighters’ Pension Investment Fund is seeking RFPs for Public Accounting/Consulting Services.

The Illinois Firefighters’ Pension Investment Fund (FPIF) is soliciting proposals from certified public accounting/consulting firms qualified to serve as an audit/accounting/information technology consultant for FPIF’s defined benefit plan.

Starting on September 8, 2020, the RFP can be found on FPIF’s website:
https://ifpif.org/employment-procurement/

Proposals must be submitted by 3:00 p.m. CDT on September 25, 2020 to:
Illinois Firefighters’ Pension Investment Fund
David Zaloga, Chief Financial Officer – dzaloga@ifpif.org
AND information@ifpif.org

 

Read more

A Meeting of the Illinois Police Officers’ Pension Investment Fund – September 11, 2020
Source: IPOPIF

NOTICE: A MEETING OF THE ILLINOIS POLICE OFFICERS’ PENSION INVESTMENT FUND

To be held on Friday, September 11, 2020 at 9:00am.

You can view the agenda by clicking  IPOPIF Board Meeting Agenda

Zoom Digital Platform

ZOOM Invite: Public invited through telephone, see agenda for details.

Read more

A Meeting of the Illinois Police Officers’ Pension Investment Fund – August 28, 2020
Source: IPOPIF

NOTICE: A MEETING OF THE ILLINOIS POLICE OFFICERS’ PENSION INVESTMENT FUND – Special Meeting

To be held on Friday, August 28, 2020 at 9:00am.

You can view the agenda by clicking  IPOPIF Special Board Meeting Agenda

Zoom Digital Platform

ZOOM Invite: Public invited through telephone, see agenda for details.

Read more

The Status of Local Government Pension Plans in the Midst of COVID-19
Source: Center for Retirement Research

The update’s key findings are:

  • Despite the recent market recovery, during fiscal year 2020, local government pension plans will see virtually no change in their average funded ratio.
  • And, going forward, the strains on government finances due to the recession could make it harder for localities to pay their required pension contributions.
  • But projections show that local plans are quite sustainable on a cash-flow basis. Most can pay benefits indefinitely at their current contribution levels.
  • The only exceptions are the very worst-funded plans, which face the real risk of exhausting their assets.

 

Full Article

 

Read more

A Meeting of the Illinois Police Officers’ Pension Investment Fund – August 25, 2020
Source: IPOPIF

NOTICE: A MEETING OF THE ILLINOIS POLICE OFFICERS’ PENSION INVESTMENT FUND – Election Committee

To be held on Friday, August 25, 2020 at 1:00pm.

You can view the agenda by clicking   IPOPIF Election Committee Agenda

Zoom Digital Platform

ZOOM Invite: Public invited through telephone, see agenda for details.

Read more

Executive director of massive Illinois teachers pension fund resigns after investigation into ‘performance issues’
Source: Chicago Tribune

The executive director of the massive Teachers’ Retirement System resigned earlier this week after being placed on administrative leave days earlier following an internal investigation into “performance issues.”

The Teachers’ Retirement System board voted unanimously last Friday to place Richard Ingram on administrative leave “due to performance issues covered by his employment contract,” the board said in a statement issued Thursday.

 

Full Article

 

Read more

A Meeting of the Illinois Police Officers’ Pension Investment Fund – August 14, 2020
Source: IPOPIF

NOTICE: A MEETING OF THE ILLINOIS POLICE OFFICERS’ PENSION INVESTMENT FUND

To be held on Friday, August 14, 2020 at 9:00am.

You can view the agenda by clicking IPOPIF Board Meeting Agenda

Zoom Digital Platform

ZOOM Invite: Public invited through telephone, see agenda for details.

Read more

A Meeting of the Illinois Police Officers’ Pension Investment Fund – August 5, 2020
Source: IPOPIF

NOTICE: A MEETING OF THE ILLINOIS POLICE OFFICERS’ PENSION INVESTMENT FUND – Election Committee

To be held on Wednesday, August 5, 2020 at 9:00am.

You can view the agenda by clicking IPOPIF Election Committee Agenda

Zoom Digital Platform

ZOOM Invite: Public invited through telephone, see agenda for details.

Read more

ELECTION POLICY-Illinois Police Officers’ Pension Investment Fund
Source: POPIF

ELECTION POLICY-Illinois Police Officers’ Pension Investment Fund

The Board Election Policy, Candidate Petition forms, and Statement of Candidacy forms for the Illinois Police Officers’ Pension Investment Fund are now available for review and completion. Please click on the link below to review the following documents:

Read more

IPPFA Press Release: Pension Obligation Bonds Study
Source: IPPFA

Illinois Public Pension Fund Association urges communities to examine Pension Obligation Bonds as possible solution to unfunded liabilities

 

The Illinois Public Pension Fund Association (IPPFA) urges communities to examine Pension Obligation Bonds as a possible solution to unfunded pension liability issues. The IPPFA is offering a free informational bulletin on the benefits and risks of these bonds to assist police and fire pension funds and their local governments in any decision-making process.

 

“Pension Obligation Bonds are not a risky financing bet,” said IPPFA President James McNamee. “These bonds are a well thought-out technique in which the possibility exists to substantially lower the taxes needed to meet pension obligations.”

 

While the IPPFA neither endorses nor opposes the use of Pension Obligation Bonds, the organization encourages all pension funds and their mayors and treasurers to discuss the option with their bond and legal advisors.

 

Communities and fire districts can issue government bonds and place the bond sale proceeds into their pension funds to attain full funding. This technique can work if the investment return in the local pension fund over several decades exceeds the interest rate that must be paid on the bonds, as it typically would in many municipalities. If the Pension Obligation Bond approach is successful, local residents and businesses would pay less in taxes to retire the municipality’s unfunded pension liability.

 

The IPPFA bulletin notes that the local tax savings comes both from the low interest rate on the bonds and the elimination of the so-called “ramp” financing, in which higher pension fund payments are made in later years. The bulletin notes, however, that the Pension Obligation Bond approach is not for everyone, particularly local pension funds with a lower rate of investment return.

 

“The Center for Retirement Research at Boston College found that the best chance for success is when bonds are issued by financially sound and well run governments who understand the risk and have a pension reform or financing strategy,” McNamee said. “Bonds issued by fiscally stressed cities seeking budgetary relief are riskier.”

The IPPFA was founded in 1985 as a not-for-profit organization whose mandate was to educate public pension fund trustees. In 2009 the IPPFA became the primary education provider for public pension fund trustees in the state of Illinois, and its members manage more than $18 billion in pension assets.

 

# # #

To view IPPFA’s study on Pension Obligation Bonds, please click here.

Read more
Top