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The IPPFA (Illinois Public
Pension Fund Association) was founded in 1985 as a not-for-profit
umbrella organization representing police and fire defined
benefit retirement funds in the State of Illinois. It
was founded by a small group of elected fund trustees
who were bewildered by their new responsibilities, but
who were intrigued by the possibilities they saw around
them. The original goals of the Association were educating
pension fund trustees, providing legal advice and representation
for pension funds, and proposing and supporting legislation
beneficial to Illinois Pension Funds. Today those goals
remain unchanged. In 2001, the IPPFA Board of Directors
introduced proprietary 457, VEMA, and VEBA plans to further
insure the retirement security of public safety personnel.
There are currently over six hundred police and fire pension
funds in Illinois. The Board Of Trustees of each fund
makes the investment decisions, manages the fund, and
authorizes disability and retirement pensions in accordance
with Illinois Statutes. In the aggregate, these funds
manage over ten billion dollars.
The IPPFA services member needs by: holding educational
seminars, producing trustee and investment handbooks and
making referrals for professional services as required
(e.g. physicians, attorneys, accountants, actuaries, money
managers, financial advisors). In addition, the Association
sponsors legislation, investment opportunities, prepaid
medical retirement plans and an optional defined contribution
plan (VEBA plans, and the IPPFA 457 plan).
The Association publishes a quarterly newsletter, maintains
an active website, and in conjunction with Northern Illinois
University has offered the Certified Pension Trustee Program
since 1999. IPPFA maintains active memberships and reciprocal
agreements with state and national organizations that
have similar goals and objectives.
In an historic look back to 1985, the Illinois Police
Pension Fund Association was formed as a not-for-profit
association by a group of police officers serving as pension
trustees who recognized the need for an umbrella organization
that would educate, provide assistance and lobby to protect
the pension funds of police officers. In December of 1993,
the Board of Directors realized that these needs also
included firefighters and they voted to offer full membership
to all Fire Pension Funds of Illinois. We are now known
as IPPFA: Illinois Public Pension Fund Association.
Until this Association was formed, there had been no formal
organization set up statewide to address the needs and
concerns for the police or fire retirement funds and their
trustees.
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