News

Transfer of Assets Rule & Cash Management Policy Adopted

April 16, 2021

RULE 2021-02 Transfer of Assets

RULE 2021-02 Transfer of Assets was approved by the FPIF Board of Trustees today. The rule outlines the process by which FPIF will provide written notice of Transfer Dates, determine Certified Asset Lists, initiate the Transfer of Assets, and provide a Receipt of Transfer.

The rule specifically incorporates the processes prescribed by paragraphs (c) and (d) of Section 22C-120 [40 ILCS 5/22C-120(c)(d)]. This rule is not intended to govern the entire asset transition process. Future rules will be drafted to address other transition process related issues.

A copy of the rule can be found under the Policies & Publications heading of the FPIF website.

Cash Management Policy

The Cash Management Policy was also approved by the FPIF Board of Trustees today. The purpose of this Cash Management Policy is to establish procedures and best practices for financial transactions between Participating Pension Funds and FPIF after the transfer of assets. The Policy aims to ensure an efficient working process that allows Participating Pension Funds to meet monthly benefit obligations and transfer excess funds to FPIF for investment while also allowing FPIF to effectively plan for the liquidity needs of Participating Pension Funds.

A copy of the policy can be found under the Policies & Publications heading of the FPIF website.