Introduction
Under State of Illinois Statutes, each municipality of a population of 5,000 or greater is required to administer its own Police Pension Fund through a Board of Trustees. Lake Forest’s Board was established by City Ordinance in 1941. The Board consists of five members, and the term of office is three years. The fund is financed primarily through the property tax levy, with supplemental mandatory employee contributions.
Qualifications
- Finance or investment experience is valuable. The board will receive a monthly investment report and a board member with investment background could help the board in understanding the investment performance.
- Medical background to assist the board with digesting medical data presented during a disability hearing.
Time Commitment
- The board meets quarterly.
Link to the City Website Pensions