2 Table of Contents 1. He also serves as board president at the Joliet Police Pension Fund. The recent action by the Illinois General Assembly regarding the consolidation of downstate Illinois police pension systems is a good example. Police back compromise on pension consolidation pitch . J.B. Pritzker's Illinois Pension Consolidation Feasibility Task Force recently recommended consolidating the 650 police and fire funds into two funds, one for police and one for . Yesterday, Illinois Gov. The bill, originally put forth in October from a proposal submitted by the Pritzker-appointed Illinois Pension Consolidation Task Force, consolidates 649 local police and firefighter pension funds into just two. The original legislation was flawed and could have weakened local pension fund control and retirement security for Illinois' active and retired law enforcement officers. Policymakers over the last several years have occasionally called for the consolidation of the 641 downstate police and fire pension funds outside Chicago into one centralized fund. The First Responder Pension Consolidation law currently faces a lawsuit challenging it on constitutional grounds, claiming the measure diminishes pension benefits. Gov. Additional funds that would bring the total to above $1 billion may come next month, he said. The new Illinois fund set up to manage the assets of suburban Chicago and downstate police pension funds would get an extra year to complete the consolidation under legislation being pursued by the fund that says it can't meet a June 30 deadline. The report from the Illinois Pension Consolidation Feasibility Task Force only made recommendations for 649 local police and fire pension systems scattered around the state. The new pension funds will leverage their collective buying power of $15 billion in assets $8.7 billion in the police fund . The consolidation plan, which Pritzker unveiled last month, received initial pushback from some groups, including the Illinois Fraternal Order of Police, which came on board after changes were . Illinois is at risk of missing a statutory deadline to merge hundreds of local police pension funds, which proponents of the consolidation say could delay millions in savings. The new law goes into effect immediately. Based on a review of the expense ratios for consolidated funds in Illinois and other states, consolidation of the downstate police and fire funds would reduce total expenses for administration, trustee boards, and investment by 25%. 2022 IPPFA Illinois Pension Conference April 27 - 29, 2022 Embassy Suites, East Peoria, IL Read More New Report on Medicare Options Read More 2022 IPPFA MidAmerican Pension Conference October 5 - 7, 2022 Oak Brook Hills Resort Read More HELPS Retiree Insurance Bulletin Read More 2020 Investment Returns by Article 3/4 Funds Read More Survey shows most first responders have (Bloomberg) -- Illinois is at risk of missing a statutory deadline to merge hundreds of local police pension funds, which proponents of the consolidation . Of the state's 667 separate public pension funds, 656 are suburban and downstate police and fire pension funds regulated by the Illinois Pension Code. For more than a decade, the Civic Federation has strongly supported consolidation of hundreds of police and fire department pension funds across Illinois to improve investment returns and reduce administrative costs. Pension Consolidation Update. The majority of downstate funds hire admini strative and investment professionals to help operate the pension funds. So far, the Illinois Police Officers' Pension Investment Fund has gathered roughly $660 million of the $9.7 billion intended for consolidation by June 30, according to executive director Richard White. It was created by PA 101-610 which was signed into law by Governor Pritzker on December 9, 2019 and became effective on January 1, 2020. A bill has been filed at the Illinois statehouse to consolidate the state's 649 local police and fire pension funds into two funds, which are on average 55 percent funded with over $12 billion in unfunded liability. J.B. Pritzker clears another legislative hurdle with the passage of pension consolidation for fire and police Thursday . WHEREAS, to facilitate the consolidation of assets of Article 3 Pension Funds into the IPOPIF pursuant to the statute and Administrative Rule No. Recently, the Firefighter Pension Investment Fund of Illinois ("FPIF") started the first wave of transfers from firefighters' pension funds on October 1, 2021, despite pending litigation. A group of police funds last year sued to block the im- Since then, the Firefighters Pension Investment Fund (FPIF) and the Illinois Police Officers' Pension Investment Fund (IPOPIF) have geared up to receive those . Pritzker's pension consolidation plan On Friday, the Illinois Fraternal Order of Police said they now support the pension consolidation plan, signaling that . No. Police union now on board with Gov. By Amanda Kass. Illinois Gov. Deputy Gov. It did not make . Additional funds that would bring the total to above $1 billion may come next month, he said. The Illinois Police Officers' Pension Investment Fund told lawmakers during a committee hearing that some in-dividual funds have resisted moving their assets because of pending litigation challenging the constitutionality of the 2019 consolidation legislation. A police group has already raised concerns about the proposal. The law is aimed at easing shortfalls in Illinois' local public safety pensions by merging more than $16 billion in assets from the 650 retirement plans into two funds, one for . Illinois Pension Consolidation Feasibility Task Force October 10, 2019. But Gov. So far, the Illinois Police Officers' Pension Investment Fund has gathered roughly $660 million of the $9.7 billion intended for consolidation by June 30, according to executive director Richard White. Can I buy the time I served as a part-time police officer for credit in the pension fund? The pensions are about 55 percent funded on average, officials said during the meeting. Local pension investment consolidation is sensible but risky. Consolidation of Illinois police and fire pensions: a good idea with limited impact and many risks. Republicans have argued for government consolidations and pension reform to lower property taxes. Police and fire pension costs for DeKalb, Illinois, use up about 20% of general fund revenue, up from 10% in 2014, city manager Bill Nicklas said in an interview. The state's pension consolidation task force reported doing so could earn the funds an extra $2.5 billion altogether over the next five years. The main focus was Illinois' public safety pension funds there are According to a news release put out by the Governor's Office: "The new funds will leverage their collective buying power of $15 . The Illinois Police Officers' Pension Investment Fund (IPOPIF) The Illinois Police Officers' Pension Investment Fund (IPOPIF) is re sponsible for the consolidation and fiduciary management of the pension assets of 300 suburban and downstate police pension funds. The First Responder Pension Consolidation law currently faces a lawsuit challenging it on constitutional grounds, claiming the measure diminishes pension benefits. 1% to $12. As of the end of fiscal year 2017, there were 643 pension funds for police officers and firefighters in Illinois. J.B. Pritzker consolidating 649 downstate and suburban police and fire pension plans into . Some Illinois lawmakers want the upcoming veto session this fall to focus on a task force recommendation to consolidate 649 downstate local police and firefighter pension funds into two funds. Police and fire pension costs for DeKalb, Illinois, use up about 20% of general fund revenue, up from 10% in 2014, city manager . Overview. Chicago's police and fire funds would not be part of the consolidation (according to the report, Chicago and Cook County's nine pension plans' assets "make up 19% of Illinois' total pension assets," an indication that they don't need to merge in order to capture higher investment opportunities). A new law signed by Democratic Gov. by John E. Motylinski In 2019, the Illinois General Assembly passed Public Act 101-0610, which required downstate police and firefighter local pension funds' assets to be consolidated into statewide funds for investment purposes. * Shruti Singh at Bloomberg. April 21, 2022, 10:28 AM PDT. Pritzker signs police, fire pension fund consolidation bill with hidden costs. On Thursday, 11/14/2019, the Governor, legislators, along with the support of the FOP and Illinois Chiefs Association held a meeting in the Capitol in the House Personnel & Pensions Committee to discuss the plan to consolidate over 600 local pension funds for both suburban and downstate law enforcement officers. properties, and moneys of the police pension funds created pursuant to Article 3 of the Illinois Pension Code; and . Executive Summary 2. President of the Illinois Public Pension Fund Association James McNamee opposed consolidation into the IMRF during a recent hearing on the matter, citing that many of these local police and fire pensions are underfunded relative to the IMRF. The statute does not allow for the purchase of time served as a part- time police officer. Getty. J.B. Pritzker is expected to sign SB 1300, a bill that, among other things, consolidates asset management of 649 local public safety pension systems into two statewide investment pools.. As Reason Foundation's Pension Integrity Project has discussed previously, this consolidation is a good idea, but much more dramatic changes will be needed to extricate the state from its . 4 min read. The Illinois Municipal League has been advocating for total consolidation, but earlier this year the organization backed separate bills that allow local pension boards to retain some decision . Most recently, Cole was Senior Vice . Still, Illinois Governor J.B. Pritzker is sticking to his stance that merging these assets is key to curbing local property tax hikes, he said this week. "Consolidation of Illinois' 650 funds into two funds will allow the administrative and fee savings and better returns to be plowed back into the funds for the benefit of retirees and taxpayers." Local pension boards will continue to administer pension benefits, and no assets or liabilities will be shifted from one local pension plan to another. Illinois' Fraternal Order of Police is among the groups opposed to the idea. Illinois Passes Police, Fire Pension Consolidation Bill Move could boost returns by $2.5 billion over five years. The new Illinois fund set up to manage the assets of suburban Chicago and downstate police pension funds would get an extra year to complete the consolidation under legislation being pursued by . That could be a boost for communities being squeezed by pension costs. Background on Illinois Pension Plans a. Phil Suess will serve on the Police Officers' Pension Investment Fund. The aggregate funded ratio for Police and Firefighter Pension funds outside of CHICAGO was 54. The Illinois Police Officers' Pension Investment Fund told lawmakers during a committee CHICAGO (Dec. 18, 2019) - Today, Illinois Gov. J.B. Pritzker signed a bill to consolidate local police and firefighter pensions from across downstate Illinois, but . Illinois' financial decay spreads to cities across the state. "Already we've seen tens of millions of dollars in relief that's come from that in the fire pensions and we expect that we'll see that with police . Still, Illinois Governor J.B. Pritzker is sticking to his stance that merging these assets is key to curbing local property tax hikes, he said this week. The Task Force was charged with studying the possibility of consolidating some of Illinois' hundreds of public pension funds and providing recommendations to the Governor. Dan Hynes on Pension Consolidation, Ongoing Funding Woes. The Illinois Senate passed legislation that will consolidate 650 police and firefighter pensions, sending the bill to Governor JB Pritzker, who has said he will sign it into law. Amr Alfiky / Associated Press John Klingner. A court ruling as soon as this month will help determine the fate of one of Illinois Governor J.B. Pritzker's key plans to ease the massive shortfall in local pension funds across the state. Pension consolidation coming to suburban fire and police departments Gov. The Illinois Police Officers' Pension Investment Fund manages the reserves, funds, assets, securities, properties, and money of the police pension funds. Illinois police, firefighters push back on state control of pensions. The step is now being considered by the General Assembly following recommendations in October 2019 by Governor J.B. Pritzker's task force on pension consolidation. J.B. Pritzker's top priority in the fall veto session, proponents of the bill say it will increase investment returns and . Police/Fire Consolidation Update. Police and fire pension costs for DeKalb, Illinois, use up about 20% of general fund revenue, up from 10% in 2014, city manager Bill Nicklas said in an interview. Associate Director, Government Finance Research Center. The majority of downstate funds hire admini strative and investment professionals to help operate the pension funds. JB Pritzker's task force released its report proposing consolidation of the states' police and fire pension funds, which at present are managed individually by the . The consolidation's benefits . US stock markets up 200%, yet Illinois pension hole deepens 75%. Although the idea has floated around the Capitol for some time, it is getting help this year from . The Illinois Police Officers' Pension Investment Fund told lawmakers during a committee hearing that some individual funds have resisted moving their assets because of pending litigation challenging the constitutionality of the 2019 consolidation legislation. JB Pritzker. Illinois Governor J.B. Pritzker signs pension consolidation bill into law. Based on a review of the expense ratios for consolidated funds in Illinois and other states, consolidation of the downstate police and fire funds would reduce total expenses for administration, trustee boards, and investment by 25%. The Police Pension Board derives its authority from the Illinois Pension Code, Chapter 40 of the Illinois Compiled Statutes for the benefit of the Police Officers, surviving spouses, children, and certain other dependents. By PETER HANCOCK Capitol News Illinois phancock@capitolnewsillinois.com SPRINGFIELD Illinois lawmakers resumed discussion Thursday of a topic that has come up numerous times before consolidating the state's 656 local downstate police and firefighter pension funds into a single system. The consolidation of downstate police and fire pension fund investment assets continues in earnest. April 21, 2022, 10:28 AM PDT. J.B. Pritzker on Wednesday signed into law the consolidation of 649 downstate and suburban police and fire pension plans into two new pension funds. been a sticking point for police unions, but the Illinois Fraternal Order of Police announced in a statement Friday that it would back . While some pension funds fought the move most local governments seeking any help in reducing costs supported it and it was endorsed by the Illinois Municipal League. Brad Cole will serve on the Police Officers' Pension Investment Fund. Illinois Municipal League Executive Director Brad Cole said consolidating police and fire pensions is a must. The law creates the Police . Earlier this month, the Illinois legislature voted to consolidate almost 650 suburban and downstate police and fire pension funds into just two. Illinois is at risk of missing a statutory deadline to merge hundreds of local police pension funds, which proponents of the consolidation say could delay millions in . This board has 5 members, each serving a 2-year term. On October 10, 2019, the Illinois Pension Consolidation Feasibility Task Force released its report to Gov. OAK BROOK, Ill. -- Today the Illinois General Assembly passed Senate Bill 1300, which consolidates the investment authority of the state's existing police and fire pension funds. Police & Fire Pension Consolidation. Illinois Municipal League | Downstate Public Safety Pension Consolidation Page 4 DEFINITIONS Consolidated Funds: Means (i) with respect to funds established under Article 3 of the Illinois Pension Code (police officers), the Police Officers' Pension Investment Fund; and (ii) with respect to the pension funds established under Article Last week Thursday, the Illinois Pension Consolidation Feasibility Task Force released its report recommending the consolidation of the investment funds for the 650-odd local police and . 40 ILCS 5/3-109(a)(1) excludes part-time officers from participation in the Article 3 pension fund, and 40 ILCS 5/3- 110 does not include time served as a part - J.B. Pritzker signed Senate Bill 1300 to consolidate more than 640 . Gov. 8% in fiscal 2018, down slightly from fiscal 2017, while combined unfunded actuarial liability grew by 7. Suburban & Downstate Police & Fire Pension Plans b. Cook County & City of Chicago Pension Plans c. Illinois Statewide Pension Systems and Other Pension Plans Illiniois Gov. Gov. Brad Cole, right, executive director of the Illinois Municipal League, testifies before lawmakers in favor of consolidating the state's police and firefighter pension funds in May in Springfield. Last week Thursday, the Illinois Pension Consolidation Feasibility Task Force released its report recommending the consolidation of the investment funds for the 650-odd local police and . The goal is to have the newly consolidated . The state of Illinois has consolidated 649 downstate and suburban plans into two statewide funds. November 14, 2019. Nov 11, 2019. The entire property tax levy for the city's proposed 2022 budget will go toward the two pension funds and some more revenue from sales taxes may be tapped for the retirement system . Pritzker proposed a consolidation plan for police and fire pension funds which an idea lawmakers will consider in the fall veto session on Nov. 12. Governor JB Pritzker and the Illinois Legislature approved two pension consolidation measures for police and fire departments in 2019 that will consolidate the assets of the state's more than 650 public safety pension funds, which is expected to improve investment returns, eliminate unnecessary/redundant administrative costs, ensure more money is available to . J.B. Pritzker on Wednesday will consolidate 649 downstate and suburban police and . * Cole has served as executive director of the Illinois Municipal League since 2014. The Illinois Fraternal Order of Police (FOP) today expressed strong concerns about the recommendations contained within the Governor's Committee on Pension Consolidation Report. Prochaska attended Eastern Illinois University and Moraine Valley Community College. (Bloomberg) -- Illinois is at risk of missing a statutory deadline to merge hundreds of local police pension funds, which proponents of the consolidation say could delay millions in savings. Pritzker said police and fire pension fund management was consolidated several years ago. Some local governments are relieved to see their plans consolidated. Illinois is at risk of missing a statutory deadline to merge hundreds of local police pension funds, which proponents of the consolidation say could delay millions in . "The concept of consolidation is based around returning higher investment returns into those funds, eliminating some of the redundant administrative costs and just maximizing the efficiency of the operation of those 650-plus funds from around the state," he said. Skip to Main Content Please be advised that a Quiet Period is in effect for the following RFPs: Transition Manager and CPA Services Notice of Transfer Date Schedule for all Article 3 Pension . Illinois currently has over 600 unique public pension funds for police officers and firefighters (referred to as "public safety funds"). (Bloomberg) -- Illinois is at risk of missing a statutory deadline to merge hundreds of local police pension funds, which proponents of the consolidation say could delay millions in savings. 3 billion, according to an Illinois Department of Insurance report. The law is aimed at easing shortfalls in Illinois' local public safety pensions by merging more than $16 billion in assets from the 650 retirement plans into two funds, one for . Pension Consolidation in Illinois: A tradeoff between the short and long term. The Police Officers' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. 1 adopted by the Board of Trustees of the Getty. In October, Gov. * Suess was elected as the Mayor of Wheaton in May 2019 after serving on city council for 14 years. JB Pritzker signed Senate Bill 1300 into law on Wednesday (Dec. 18, 2019). This month, he said Illinois, but the Illinois Municipal League since.. > * Shruti Singh at Bloomberg combined unfunded actuarial liability grew by 7 a href= '' https //www.chicagobusiness.com/law/illinois-effort-fix-ailing-local-pensions-faces-legal-hurdle A boost for communities being squeezed by pension costs back compromise on consolidation. 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