On the surface it looks disjointed. We are in the midst of what is likely the worst recession since the…
On December 18th, 2019, Governor Pritzker officially signed Public Act 101-0610 into law, which then took effect on January 1st, 2020. A large portion of this new law (the “Pension Consolidation Act”) requires all 649 Illinois suburban and downstate police and firefighters pension funds — previously established as prescribed by Articles 3 and 4, respectively, of the Illinois Pension Code — to consolidate their assets into two new statewide funds: one for all police pension funds and one for all firefighter pension funds.
This legislative update covers the background and reasoning for consolidating these public safety pension funds, lays out the established timeline for the consolidation process, and details the ongoing responsibilities, requirements, and structure of both current local boards and the transition and permanent boards for the newly established funds.
While there is still some uncertainty regarding the implementation and timing of the transition, Marquette will continue to monitor new announcements closely and provide regular updates to our Article 3 and 4 pension fund clients as details emerge. Also included in this update are several key points we consider of utmost importance as the transition boards begin implementing the Act, including governance, infrastructure, personnel, a transition plan, and implementation. We are prepared to work with the consolidated funds, auditors, and any other necessary service providers to ensure our clients experience a transition that is as seamless as possible.
For further information or questions, please contact your consultant.
The $484 billion latest coronavirus relief stimulus package passed through the Senate on Tuesday (April 21st), passed through the House…
Given the significant amount of volatility in the public markets and uncertainty surrounding the economic outlook as a result of…
Research alerts keep you updated on our latest research publications. Simply enter your contact information, choose the research alerts you would like to receive and click Subscribe. Alerts will be sent as research is published.
We respect your privacy. We will never share or sell your information.
If you have questions or need further information, please contact us directly and we will respond to your inquiry within 24 hours.Contact Us >