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.