The Kane County Circuit Court affirmed the constitutionality of Public Act 101-0610, which created the Firefighters’ Pension Investment Fund (FPIF) and the Police Officers’ Pension Investment Fund and directed the consolidation of downstate and suburban firefighter and police retirement investment assets. We appreciate Judge Robert Villa’s attention to the case.
FPIF will continue to implement the transition process, which the statute requires to be completed by June 30, 2022. To date, approximately 90% of local firefighter pension funds have successfully completed the transition process. FPIF is committed to working with the remaining funds to do the same.
FPIF Chair Chuck Sullivan, who also serves as President of the Associated Firefighters of Illinois, and FPIF Vice Chair Brad Cole, who also serves as Executive Director of the Illinois Municipal League, have expressed their hope that the case is ended, particularly to avoid unnecessary litigation costs. Although FPIF has been able to manage a cost-effective, efficient transition process, the litigation has resulted in unexpected costs to FPIF, which will ultimately be borne by the local pension funds.
FPIF Executive Director William R. Atwood has emphasized the savings that FPIF has realized since the transition process began. Our research shows that firefighter pension funds would save over $25 million per year in fee savings alone. We look forward to working with all of those funds to continue this good and important work.