Freeport Police Pension Fund

Freeport Police Pension Fund

The Freeport Police Pension Fund operates under Article 3 of the Illinois Pension Code, providing defined-benefit retirement and disability coverage for sworn officers of the Freeport Police Department. Its Board of Trustees — currently led by President Tom Dyra, Treasurer Linda L. Buss, and Ex Officio Treasurer Michelle Richter — historically managed the fund's investments through an external RFP and advisory process. The City of Freeport serves as the plan sponsor, with an annual actuarial valuation required by state law to monitor the funded ratio and employer contribution requirements. Investment discretion shifted substantively in 2021, when the fund's assets were consolidated into the Illinois Police Officers' Pension Investment Fund under the state's Article 3 consolidation mandate. IPOPIF now allocates across a diversified portfolio spanning public equities, fixed income, real estate, private equity, and private credit — with specific managers including Blackstone, Ares, and Pantheon for private markets exposure. The Freeport plan receives IPOPIF pool units rather than holding direct securities, meaning its exposure mirrors the consolidated fund's top-down asset allocation rather than any locally directed strategy. This transfer effectively moved the plan from a locally managed, consultant-advised portfolio to an institutional-scale pooled vehicle. The consolidated IPOPIF pool held approximately $10.5 billion in total assets across all participating Article 3 funds as of 2024. The Freeport Police Pension Fund participates alongside plans from Peoria, Rockford, and more than 350 other municipalities. The fund retains its independent board structure for benefit administration, disability determinations, and member communications, though asset management is now fully centralized. The Illinois Public Pension Fund Association counts Freeport among its members, providing trustee education and legislative advocacy specific to Illinois public safety pension governance. What distinguishes this plan from other municipal pensions is its status as a fully consolidated Article 3 fund — local trustees retain fiduciary authority over benefit decisions but no longer direct investment policy. This bifurcated governance model separates the politically sensitive work of awarding disability pensions from the institutional challenge of asset allocation. For an external allocator evaluating Illinois public safety plans, the relevant investment vehicle is not the Freeport board but the IPOPIF consolidated entity in Peoria, where professional staff and a statewide board make portfolio decisions on behalf of all participating municipalities.