FPIF was created in 2019 by Illinois Public Act 101-610 and began its operation in 2020. FPIF successfully completed its statutory mandate to consolidate and invest more than $7 billion in firefighter pension fund assets by June 30, 2022.
FPIF is governed by a nine-member Board of Trustees that is made up of four active firefighters, one retired firefighter and four representatives of employers. As fiduciaries for the participants and beneficiaries of the participating pension funds, the trustees 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.