The FPIF Board of Trustees met on December 19, 2025, and received a presentation from Executive Director and Chief Investment Officer William R. Atwood on FPIF’s investment performance relative to pre-consolidation Article 4 pension fund benchmarks. The FPIF Performance Relative to Article 4 Pension Fund Benchmarks Report compares FPIF’s results to what Article 4 pension funds in aggregate would have likely earned prior to consolidation.
Since consolidation, FPIF has generated approximately $258.5 million in additional portfolio value beyond pre‑consolidation benchmarks, strengthening pension funding for firefighters across Illinois.
FPIF continues to deliver improved investment returns at significantly lower cost. Before consolidation, average investment management costs for downstate and suburban police and fire pension funds were 57 basis points, according to the Illinois Department of Insurance.
In comparison, FPIF’s total expenses for FY 2025 were just 12.3 basis points, including 3.9 basis points for FPIF operations and 8.4 basis points for investment management. These efficiencies resulted in approximately $46 million in cost savings during FY 2025 alone.
Post Consolidation Performance & Cost Savings
