Selection of ConsultantsDecember 7, 2020
The FPIF Board of Trustees selected key consultants at its meetings on November 20, 2020 and December 7, 2020. These consultants will be part of the strategic team that assists in the development of the asset transition rules and processes, the execution of asset transfers from participating pension funds to the FPIF portfolio, and the ongoing permanent operation of the FPIF.
The Board selected Marquette Associates, Inc. to provide nondiscretionary investment consulting services for FPIF’s investment portfolio. Marquette Associates is an Illinois based investment consulting firm that provides investment consulting services to 19 of our participating pension funds that have a total of $1.4 billion in assets.
In addition to traditional investment consultant services, Marquette Associates will provide substantial operational support and guidance throughout the process of transitioning assets from participating pension funds to the FPIF portfolio.
Accounting & Audit Consultant
The Board selected Ernst & Young, LLP to provide accounting, audit and information technology consulting services related to the transition of participating pension fund assets to the FPIF portfolio and the ongoing operations of the FPIF. Ernst & Young is a global accounting firm with offices in Illinois.
Ernst & Young will assist with ensuring adherence to all relevant Generally Accepted Accounting Principles and assist with the implementation of an information technology platform. The information technology platform will be able to provide monthly, quarterly and annual financial statements to our participating pension funds, facilitate the acceptance of contributions from participant pension funds, and facilitate the remittance of withdrawals to our participating pension funds.