Illinois Firefighters' Pension Investment Fund, Lombard, named four finalists in its search for a general investment consultant.
A timeline for a selection has yet to be determined. The pension investment fund issued an RFP in September.
The Firefighters' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating 649 downstate and suburban police and fire pension plans into two new funds: the firefighters' fund and the Illinois Police Officers' Pension Investment Fund, which together consolidate an estimated $15 billion in assets.
According to a fact sheet from the Illinois Municipal League, the firefighters' fund will manage an estimated $6.3 billion in assets.
The law calls for the transfer of investment authority for the municipal pension funds to the Firefighters' Pension Investment Fund no later than June 30, 2022.