William R. Atwood was named interim executive director of the Illinois Firefighters' Pension Investment Fund.
The new pension fund's transition board approved the contract of Mr. Atwood, the former executive director of the $18.3 billion Illinois State Board of Investment, Chicago, via a teleconferenced meeting Monday.
Mr. Atwood's duties include those of CEO and chief investment officer, said Brad Cole, vice chairman of the board and executive director of the Illinois Municipal League.
Mr. Atwood resigned from ISBI in June 2018 after 15 years with the board that oversees the investments of three Illinois state pension funds. He has since served as vice president, public infrastructure fund, for the Illinois Finance Authority.
The Firefighters' Pension Investment Fund was created by a law signed in December by Illinois Gov. J.B. Pritzker consolidating 649 downstate and suburban police and fire pension plans into two new pension funds.
The law created the Illinois Police Officers' Pension Investment Fund, and Illinois Firefighters' 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 initial term of Mr. Atwood's contract ends March 1, 2022, with two automatic one-year renewals afterward if a permanent executive director is not selected by that time. The law calls for the transfer of investment authority for the municipal pension funds' assets to the Firefighters' Pension Investment Fund no later than June 30, 2022.
