FPIF Rule Makings UpdateJune 18, 2021
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 address FPIF procedures for Non-Transferable Assets.
The rule will govern the asset transition process and is consistent with the requirements established by Public Act 101-610.
A copy of the Transfer of Assets Rule can be found under Policies & Publications on the FPIF website.
Amendment #1 to Cash Management Policy
The FPIF Board of Trustees adopted Amendment #1 to the Cash Management Policy. The amendment provides that Authorized Agents of Participating Pension Funds shall be Account Representatives in addition to the Treasurer; adds a prohibition on Participating Pension Fund withdrawals for 60 days following a Participating Pension Fund’s Transfer Date; edits the date request requirement for withdrawals; and adds timelines for the investment of Participating Pension Fund transfers to FPIF.
The purpose of this policy is to establish procedures and best practices for financial transactions between Participating Pension Funds and FPIF after the transfer of assets.
A copy of the Cash Management Policy can be found be found under Policies & Publications on the FPIF website.
Rule 2021-04: Calculation of NAV and Allocation of Costs
The FPIF Board of Trustees adopted RULE 2021-04: Calculation of Net Asset Value and Allocation of Costs. The rule establishes how FPIF will determine the Net Asset Value (“NAV”) of each Participating Pension Fund, and how FPIF will allocate costs to each Participating Pension Fund.
The rule establishes accounting principles that will be utilized after each Participating Pension Fund’s Transfer Date.
A copy of the Calculation of Net Asset Value and Allocation of Costs Rule can be found under Policies & Publications on the FPIF website.