The Illinois Pension Code provides the framework for establishing, administering, and governing governmental employee benefit plans in the State of Illinois. Larger funds have their own specific article in the Code, while the majority of the State’s smaller funds are governed under Articles 3 and 4 of the Code (Police and Firefighters’ Pension Funds). Trustees of all governmental employee benefit plans have the same fiduciary responsibility as all benefit plan trustees, which is to act in the best interest of the fund, its participants, and its beneficiaries. It’s important to hire a qualified firm to perform audit services to help fulfill these fiduciary duties.
Click here for a series of articles for governmental employee benefit plans administered under the Illinois Pension Code.
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