Illinois Police Officers' Pension Investment Fund, Naperville, is searching for its first general investment consultant, said Richard A. White, executive director.
The newly created pension fund issued an RFP for a firm to assist the board in the transition of the assets about 353 Illinois municipal police pension funds with an aggregate estimated $8.5 billion in assets, and then provide ongoing general investment consulting advice and services.
The Police Officers' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating downstate and suburban police and fire pension plans into two new pension funds. The other pension fund is the Illinois Firefighters' Pension Investment Fund, Lombard.
The law calls for the transfer of investment authority for the municipal pension funds' assets to the Police Officers' Pension Investment Fund no later than June 30, 2022.
The RFP is posted on the fund's website. Proposals are due at 4:30 p.m. CST on Feb. 12. A selection is tentatively scheduled to take place on March 12.