The Illinois Supreme Court affirmed the constitutionality of a landmark consolidation of the state’s municipal police and fire pension plans, defended by lawyers in Mayer Brown’s Chicago office on behalf of the Illinois Firefighters’ Pension Investment Fund.
The Illinois General Assembly passed the law in 2019 to consolidate the investment management function of 650 municipal police and fire pension plans into two statewide plans, which will save fees and gain access to higher-return investment products. Mayer Brown advised on the draft legislation and has since served as primary outside counsel to the new Firefighters’ Pension Investment Fund.
After the law was challenged, the firm successfully defended the law on behalf of the Firefighters’ Pension Investment Fund in coordination with the Illinois Attorney General and other defendants before the circuit court, appellate court and the Illinois Supreme Court, which upheld it unanimously on January 19, 2024. Illinois Governor JB Pritzker lauded the ruling as “a victory for Illinois taxpayers, local governments and first responders.”
The team included partners Mike Scodro and Mitch Holzrichter and counsel Brett Legner.
Original source can be found here.