Full Text of HR0942 101st General Assembly
HR0942 101ST GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The members of the Illinois House of | 3 | | Representatives wishes to congratulate the Transition Board of | 4 | | the Illinois Police Officers' Pension Investment Fund (IPOPIF) | 5 | | for its hard work; and
| 6 | | WHEREAS, the Police Officers' Pension Investment Fund | 7 | | (IPOPIF) was created by the Illinois General Assembly and | 8 | | signed into law by Illinois Governor JB Pritzker on December | 9 | | 18, 2019; and
| 10 | | WHEREAS, Public Act 101-0610 provided for the mandatory | 11 | | consolidation of the investment assets of the state's public | 12 | | safety pension funds into two investment funds, one for police | 13 | | officers (Article 3) and one for firefighters (Article 4); and
| 14 | | WHEREAS, Article 22(B) created the new Illinois Police | 15 | | Officers' Pension Investment Fund to be responsible for the | 16 | | consolidation of the investment assets of the 353 police | 17 | | pension funds and invested with IPOPIF the authority to "manage | 18 | | the reserves, funds, assets, securities, properties and | 19 | | monies" that represent approximately $8.5 billion in pension | 20 | | assets; and
| 21 | | WHEREAS, The investment fund will be governed by an |
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| 1 | | independently elected and autonomous board of trustees, who | 2 | | shall be fiduciaries for the participants and beneficiaries of | 3 | | the Article 3 participating funds and shall discharge their | 4 | | duties with respect to the pension fund solely in the interest | 5 | | of the participants and beneficiaries; and
| 6 | | WHEREAS, On January 30, 2020, Governor JB Pritzker | 7 | | appointed a Transition Board of Trustees consisting of nine | 8 | | members in accordance with 40 ILCS 5/22B-115; and
| 9 | | WHEREAS, Three members representing municipalities who are | 10 | | mayors, presidents, chief executive officers, chief financial | 11 | | officers, or other officers, executives, or department heads of | 12 | | municipalities were appointed: | 13 | | (1) Elizabeth Holleb, Director of Finance, City of Lake | 14 | | Forest; | 15 | | (2) Michael Inman, Mayor, City of Macomb; and | 16 | | (3) Phil Suess, Mayor, City of Wheaton; and
| 17 | | WHEREAS, Three members representing participants and who | 18 | | are participants were appointed: | 19 | | (1) Shawn Curry, Sergeant, Peoria Police Department; | 20 | | (2) Andrea DiGiacinto, Police Officer, Libertyville | 21 | | Police Department; and | 22 | | (3) Brian Prochaska, Detective, Joliet Police | 23 | | Department; and
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| 1 | | WHEREAS, Two members representing beneficiaries and who | 2 | | are beneficiaries were appointed: | 3 | | (1) Dan Hopkins, Retired Police Officer; and | 4 | | (2) Mark Poulos, Retired Police Lieutenant; and
| 5 | | WHEREAS, One member who is a representative of the Illinois | 6 | | Municipal League was appointed: | 7 | | (1) Brad Cole, Executive Director, IML; and
| 8 | | WHEREAS, The initial meeting of the Transition Board of | 9 | | Trustees was held in Peoria on February 24, 2020; and
| 10 | | WHEREAS, The IPOPIF's Transition Board of Trustees have met | 11 | | on a monthly basis, at times multiple times in a month, to | 12 | | conduct meetings in order to accomplish the essential goals and | 13 | | objectives associated with building the new organization; and
| 14 | | WHEREAS, The Transition Board of Trustees adopted bylaws, | 15 | | passed resolutions, and approved numerous governance policies | 16 | | that define the scope of their fiduciary responsibilities, | 17 | | describe the roles and responsibilities of the Board and each | 18 | | committee, and define the organizational operating procedures | 19 | | and job descriptions; and
| 20 | | WHEREAS, The Transition Board of Trustees has been very |
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| 1 | | active in the organization and construction of the governance | 2 | | structure and the administration infrastructure necessary to | 3 | | implement the consolidation of the participating police | 4 | | pension funds in accordance with the Illinois Pension Code; and
| 5 | | WHEREAS, The Transition Board of Trustees is appreciated | 6 | | for their dedication and service on behalf of the active and | 7 | | retired police officers and their beneficiaries in the Article | 8 | | 3 participating police pension funds in the implementation of | 9 | | the Consolidation during the transition period; therefore, be | 10 | | it
| 11 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 12 | | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 13 | | we congratulate the Illinois Police Officers' Pension | 14 | | Investment Fund (IPOPIF) on their continued efforts for pension | 15 | | health and solvency, and we wish them many more successful | 16 | | years; and be it further
| 17 | | RESOLVED, That a suitable copy of this resolution be | 18 | | presented to the Board of Trustees of the Illinois Police | 19 | | Officers' Pension Investment Fund as a symbol of our respect | 20 | | and esteem.
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