Updated:
City of Aurora Firefighters' Pension Fund
The City of Aurora Firefighters' Pension Fund operates under Article 4 of the Illinois Pension Code, providing defined-benefit pensions and disability coverage...
City of Aurora Firefighters' Pension Fund
The City of Aurora Firefighters' Pension Fund operates under Article 4 of the Illinois Pension Code, providing defined-benefit pensions and disability coverage to firefighters employed by Illinois's second-largest city. The board comprises active and retired firefighter representatives alongside municipal appointees, with Stacey Peterson serving as Treasurer. The fund's assets are pooled within the Firefighters' Pension Investment Fund, a statewide consolidation vehicle created by Illinois Public Act 101-0610 that merged the investment functions of over 640 downstate and suburban firefighter pension funds. Investment strategy is determined not by the Aurora board but by the FPIF board of trustees, which sets allocation policy across global equities, fixed income, real estate, real assets, and private equity. As of mid-2023, FPIF reported roughly $6.5 billion in consolidated assets (per the FPIF annual report, 2023). The fund operates with a long-horizon, commingled approach that eliminates the fragmented, small-scale portfolios that previously characterized individual municipal plans like Aurora's. No direct co-investment or SPV activity originates from the local board. The Aurora board retains administrative and fiduciary duties over benefit calculations, disability determinations, and compliance with the Illinois Department of Insurance. Board members Dave McCabe, Todd McChurch, Matthew Anslow, and Gregory Myers serve alongside Peterson, each representing active or retired firefighter constituencies or municipal appointments. The fund maintains ties to professional networks including the Illinois Municipal League and the Associated Firefighters of Illinois. As of February 2025, FPIF continued to integrate legacy pension assets under its consolidated framework, with Aurora fully transitioned into the pooled structure (per the FPIF, February 2025). Aurora's structural distinction is its loss of independent investment authority — a deliberate legislative trade-off following decades of chronic underfunding in Illinois downstate pension plans. By ceding portfolio construction to FPIF, the fund gains institutional-quality management, lower fees, and actuarial smoothing that individual $20-million to $100-million pension pools could not achieve on their own. The board no longer hires external managers directly; its leverage is exerted through FPIF governance representation and ongoing compliance oversight.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Aurora
Corporate office
Aurora, IL, United States
Principals
Stacey Peterson
Treasurer and Board Member
Dave McCabe
Board Member
Todd McChurch
Board Member
Matthew Anslow
Board Member
Gregory Myers
Board Member
Frequently asked questions
Who makes investment decisions for the Aurora Firefighters' Pension Fund?
The Aurora board does not make direct investment decisions. All investment authority was transferred to the Firefighters' Pension Investment Fund under Illinois Public Act 101-0610. FPIF's board of trustees sets the strategic asset allocation and selects external managers for the pooled portfolio, which consolidates over 640 downstate and suburban firefighter pension funds.
What is the relationship between the Aurora board and FPIF?
The Aurora board retains fiduciary responsibility for benefit administration, disability determinations, and compliance reporting. FPIF, a separate legal entity headquartered in Lombard, Illinois, manages all investment assets. The Aurora board has no authority to withdraw funds from FPIF or direct individual investments, though it participates in FPIF governance through aggregated representation mechanisms.
What asset classes does the fund hold?
Through FPIF, the Aurora fund gains exposure to a diversified institutional portfolio that includes global equities, fixed income, real estate, real assets, and private equity. The exact allocation percentages shift based on FPIF's board-approved investment policy, which targets actuarial return assumptions for Illinois firefighter pension plans.
How is the Aurora fund governed?
The board includes five members: Stacey Peterson serves as Treasurer, with Dave McCabe, Todd McChurch, Matthew Anslow, and Gregory Myers serving as board members. The composition reflects a mix required by Illinois statute, including active and retired firefighter representatives and municipal appointees.
Why is investment authority no longer local?
Illinois consolidated over 640 downstate firefighter pension funds in 2019 to address chronic underfunding, high administrative costs, and fragmented, sub-scale portfolios. FPIF was created to pool assets, reduce fees, and improve investment outcomes through institutional-quality management that individual municipal boards could not achieve independently.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on pension funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: