Pension Boards

The Fire Pension and Police Pension Boards manage the overall operations of their respective pension fund and their assets, including the investment of money and the administration of benefits.

Pension trust funds are used to account for assets held in a trustee capacity for pension benefit payments. The Police Pension Fund accounts for the accumulation of resources to pay retirement and other related benefits for sworn members of the Village’s police force. The Firefighters’ Pension Fund accounts for the accumulation of resources to pay retirement and other related benefits for sworn members of the Village’s Fire Department. Each fund is a single-employer pension plan but the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes and may be amended only by the Illinois legislature.

The pension funds are governed by a five-member Board of Trustees. Two members are appointed by the Village’s President, one member is elected by pension beneficiaries, and two members are elected by active sworn members.

The Illinois Firefighters’ Pension Investment Fund (IFPIF) is an investment trust fund responsible for the consolidation and fiduciary management of the pension assets of the Illinois suburban and downstate firefighters pension funds. The Barrington Firefighters’ Pension Fund assets have been transferred to the IFPIF. The Illinois Police Officers Pension Investment Fund (IPOPIF) is an investment trust fund responsible for the consolidation and fiduciary management of the pension assets of the Illinois suburban and downstate police officer pension funds. The Barrington Police Pension Fund assets have been transferred to the IPOPIF. Since the assets have been consolidated, the main focus of the Pension Fund Boards is the determination of benefits for its members.

Both Boards hold regular meetings quarterly. Although infrequent, additional meetings could be scheduled if the need arises.

Training is required per state statute. A 16 hour new trustee training course must be completed within one year of being appointed to the Board. 8 hours of training are required annually after the first year.  The Illinois Municipal League provides this training online and at no cost to the pension board members. If there is ever a cost to the training, then the pension fund will cover the cost.