The Firefighters Pension Investment Fund (“FPIF”) is responsible for investing the assets of the 296 suburban and downstate firefighter pension funds. A 9-member Board of Trustees made up of 4 active firefighters, 1 retired firefighter and 4 representatives of employers governs the Fund. The Trustees are fiduciaries for the participants and beneficiaries of the participating pension funds and discharge their duties solely in the interest of the fund participants and beneficiaries. The Fund’s goal is to provide above market returns at below market costs. The Interim Board of Trustees was appointed by Governor Pritzker on January 31, 2020, and the Permanent Board of Trustees was sworn in on January 4, 2021. The Board is in the process of building out its capabilities and complying with its mandate to have assets transferred by June 30, 2022.
The Board is committed to clarity and transparency. While the Board has fiduciary stewardship over the portfolio, the assets are pledged to the financial security of pension fund participants. Our participants, as well as taxpayers, have a right to see the actions taken by the FPIF.
The FPIF is acutely aware of the need for strong and persistent returns. We also acknowledge the challenging financial and market environment in which we live. Finally, every dollar we pay in costs is one less dollar firefighter pension funds have to pay benefits. The goals of strong returns and lower fees complement each other.