In just a matter of weeks, U.S. equities went from all-time highs to bear market correction territory. As of March…
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.
With March officially in the books, the following is a brief summary of what has transpired in the capital markets…
In the early hours of March 25th, the Senate and the Trump administration reached a deal on the $2 trillion…
In response to the Fed’s emergency rate cut of 100 basis points over the weekend that brought the target fed…
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