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January Transfer of Assets
On January 4, 2022, the Firefighters’ Pension Investment Fund (“FPIF”) initiated the transfer of investment assets from 74 firefighter pension funds through its custodian, Northern Trust. Northern Trust will transition approximately $4.1 billion in investment assets in January, and FPIF is pleased to announce that the transition is being executed according to plan. To date, FPIF has successfully transferred $7 billion in ... January Transfer of Assets
Cost Savings
A critical policy objective of FPIF is to reduce the cost of investing Article 4 assets. FPIF now has the data to show that those goals are being met. In the October tranche, FPIF received $874 million in mutual fund assets and the fees on those assets ranged from 2 basis points to 160 basis ... Cost Savings
Actuarial Experience Study and Annual Financial Report
The FPIF Board of Trustees met on December 13, 2021 and approved the FPIF actuarial rate of return and the 2021 Actuarial Experience Study. The Board adopted an actuarial rate of return of 7.125%. The return assumption together with the other demographic and economic assumptions necessary for the preparation of actuarial statements can be found ... Actuarial Experience Study and Annual Financial Report
December Transfer of Assets
On December 1, 2021, the Firefighters’ Pension Investment Fund (“FPIF”) initiated the transfer of investment assets from 33 firefighter pension funds through its custodian, Northern Trust. Northern Trust has transitioned approximately $550 million in investment assets in December, and FPIF is pleased to announce that the transition is being executed according to plan. To date, FPIF has successfully transferred more than $2.8 billion in investment ... December Transfer of Assets
Actuarial Experience Study Presentation
The FPIF Audit and Compliance Committee met on November 12, 2021 and received a presentation from FPIF’s actuary, Foster & Foster, on the FPIF Assumed Rate of Return. Foster & Foster presented its initial review of possible actuarial return assumptions to the Committee. The Audit and Compliance Committee will meet on December 8, 2021 at ... Actuarial Experience Study Presentation
November Transfer of Assets
On November 1, 2021, the Firefighters’ Pension Investment Fund (“FPIF”) initiated the transfer of investment assets from 49 firefighter pension funds through its custodian, Northern Trust. Northern Trust has transitioned more than $650 million in investment assets in November, and FPIF is pleased to announce that the transition was executed according to plan. To date, ... November Transfer of Assets
October Transfer of Assets
October 1st Transfer of Assets On October 1, 2021, the Firefighters’ Pension Investment Fund (“FPIF”) initiated the transfer of investment assets from 75 firefighter pension funds through its custodian, Northern Trust. Northern Trust has transitioned nearly $1.6 billion in investment assets, and FPIF is pleased to announce that the transition was executed according to plan. ... October Transfer of Assets
Trustee John Perry Elected
Trustee John Perry The FPIF Board of Trustees and its staff welcomes John Perry (Treasurer, Lisle Woodridge Fire Protection District) to the FPIF Board of Trustees. The FPIF Election Panel certified the election of Treasurer Perry to the Executive Trustee Position (January 3, 2023 Term End) at its meeting on September 30, 2021. Treasurer Perry serves on the Lisle Woodridge ... Trustee John Perry Elected
Trustee Tom Dailly Elected
Trustee Tom Dailly The FPIF Board of Trustees and its staff welcomes Mayor Tom Dailly (Village President, Village of Schaumburg) to the FPIF Board of Trustees. The FPIF Election Panel deemed Mayor Dailly elected to the Executive Trustee Position (January 2, 2025 Term End) at its meeting on August 12, 2021. Trustee Dailly qualified for the ballot ... Trustee Tom Dailly Elected
Official Notice of Transfer Date Delivered
An official Notice of Transfer Date was delivered to each Pension Fund on June 25, 2021. Each Pension Fund was assigned one of four transfer dates: October 1, 2021 November 1, 2021 December 1, 2021 January 4, 2022
FPIF Rule Makings Update
Amendment #1 to Rule 2021-02: Transfer of Assets The FPIF Board of Trustees adopted Amendment #1 to RULE 2021-02: Transfer of Assets. The amendment adds requirements to the Notice of Transfer Date, adds language for the determination of Transition Order, outlines the criteria to be included on Certified Investment Asset Lists, and adds language to ... FPIF Rule Makings Update
FPIF Investment Policy Adopted
FPIF Investment Policy The FPIF Board of Trustees adopted FPIF’s Investment Policy. The Investment Policy formalizes FPIF’s objectives, investment philosophy, and approach to portfolio oversight and risk management. It also establishes FPIF’s asset allocation. The asset allocation includes an interim and long-term asset allocation. The interim asset allocation includes a 30% allocation to fixed income, ... FPIF Investment Policy Adopted