IGFOA ILLINOIS PUBLIC PENSION INSTITUTE

Illinois Public Pension Institute · March 15, 2012

 A full day seminar addressing advanced and current issues in local government pension management. 

Intended Audience: Finance Directors, Managers, Administrators, Accountants, Assistant Managers, Assistant Finance Directors, Pension Board Trustees, and professional staff and officials interested in local government pension issues.

Earn about 5 CPE credit for CPA, CPFO, or Illinois Pension Trustee continuing education requirements

Check-in 8:30 - 9:00 AM

Seminar 9:00 AM - 3:30 PM

Coordinated by IGFOA Career Development Public Pension Team:  Tim Sexton, Director of Finance and Jamie Cunningham, Assistant Director of Finance, Village of Lombard. 

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Agenda

9:00 - 10:00 AM

Keynote Topic:  Ripe for Reform

Jeffrey R. Brown, William Karnes Professor of Finance, College of Business, University of Illinois

"I have grown increasingly frustrated that this is boiling down to a debate of taxpayer versus government workers,” says Jeffrey Brown, finance professor at the University of Illinois at Urbana-Champaign. “Public pensions are ripe for reform and it’s a real opportunity for everyone.”

Jeffrey R. Brown is the William Karnes Professor of Finance in the College of Business at the University of Illinois at Urbana-Champaign. He also serves as Director of the College of Business' Center on Business and Public Policy, and as Associate Director of the NBER Retirement Research Center. Prior to joining the Illinois faculty, Dr. Brown was an assistant professor of public policy at Harvard University’s John F. Kennedy School of Government. During 2001-2002, he served as Senior Economist at the White House Council of Economic Advisers, where he focused primarily on Social Security, pension reform, and terrorism risk insurance. Read more . . .

10:00 - 10:15 AM Break

10:15 - 11:15 AM

Public Sector Defined Contribution Plan Design Best Practices

Joshua Schwartz, Principal, Retirement Plan Advisors, Dave Zahller, Regional Vice President, Security Benefit Group of Companies, Dave Richardson, Finance Director, Village of Streamwood (retired) and Jeffrey Casto, Investment Advisor Representative, Retirement Plan Advisors

Public sector defined benefit plans are under intense scrutiny and states are taking action. Three states (Rhode Island, Florida and Indiana have recently implemented/expanded their defined contribution plans options and at least four more states including Illinois are considering similar actions. SURS has had a DCP option since the 1990s, and there is currently legislation under consideration in Springfield to allow all public employers to follow that model.

Your existing 457 deferred compensation plan is probably your employees’ single-largest asset, outside of their pensions and homes and it is growing in significance every day. As the plan sponsor, you are the only entity that can implement changes to that program – but when was the last time you actually reviewed your offering?

This session will cover 457 and 401(a) plans in the public sector: history, evolution and best practices from a regulatory, plan design, and practical perspective.

11:15 - 11:45 AM

Proposed Pension Fund Accounting and Financial Reporting Changes Examined

Fred Lantz, Partner in Charge, Government Services, Sikich LLP

The Governmental Accounting Standards Board proposed extensive changes to Statements Nos. 25 and 27.  Learn about the impacts to both single-employer and cost-sharing pension plans.  The IGFOA Technical Accounting Review Committee advised GASB that the proposed changes would "greatly burden already financially-strapped governmental entities."

11:45 AM - 12:45 PM Lunch

12:45 - 1:15 PM

Illinois Public Pension Regulatory and Legislative Update

Scott J. Brandt, Public Pension Division, Illinois Department of Insurance

Review of regulatory changes and current legislative proposals affecting Downstate Police and Firefighter Pension Funds. 

1:15 - 1:45 PM

Wrangling Competing Priorities

Tim Ervin, Performance Auditor and Budget Manager, City of Bloomington

When money’s tight you’ve got to prioritize. In Bloomington, that means, for now, smoother streets get higher billing than paying off long-term retirement debt. Learn how one Illinois local government made the tough choices between funding long-term pension obligations, providing current services, and maintaining infrastructure.

1:45 - 2:30 PM

IMRF Update and Early Retirement Program Successes and Failures

Tecya Anderson, Field Representative, Illinois Municipal Retirement Fund

2:30 - 2:45 PM Break

2:45 - 3:30 PM

Everything You Always Wanted to Know About Public Pensions But Were Afraid to Ask

moderated by Stan Helgerson, retired Finance Director and Pension Board Trustee

Allison Barrett, Lauterbach & Amen, Tim Sharpe, Actuary, Charles Atwell Jr., Pension Board Attorney, Scott Brandt, Illinois Department of Insurance, and Tecya Anderson, IMRF discuss hot topics and answer queries about Illinois public pensions. Submit your questions as you register!

Learning Objectives:

• Discuss pressures and opportunities to reform Illinois public pension systems

• Gather pertinent information about best practices in selecting and managing deferred compensation plans
• Learn about proposed changes GASB Statements Nos. 25 & 27 regarding public pension fund accounting and reporting
• Gain an understanding of regulatory changes and current legislative proposals pertaining to Illinois Downstate Police and Firefighter Pension Funds

• Review the successes and failures of the IMRF Early Retirement Program

Delivery method: Group-Live
Program Level: Overview

Prerequisites: No prerequisites required

Advanced Preparation: No advanced preparation required

Earn about 5 CPE credit for CPA, CPFO, or Illinois Pension Trustee continuing education requirements

Illinois Government Finance Officers Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org

IGFOA reserves the right to modify the agenda and/or speakers, cancel the training due to low enrollment, or to close registration if full.

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Locations

Chicago Area 
• Glen Ellyn - College of DuPage 

  The Inn at Water’s Edge – Silverleaf room second floor

  425 Fawell Blvd.
  Glen Ellyn IL 60137

  view map

Downstate
• Moline Black Hawk College

   Building 2, Room 101
   6600 34th Avenue
   Moline, IL 61265-5899
    view map

• Urbana ILEAS (Illinois Law Enforcement Alarm System)

   Executive Board Room

   1701 E. Main Street
   Urbana, IL 61802
   view map 

About IGFOA videoconferences: After several tests in 2010 and 2011, IGFOA cemented a focused delivery method to provide training to our geographically dispersed membership.  Some targeted all-day seminars are provided via in-person videoconferences held at 2 to 4 connected sites, usually colleges or universities, with one site serving as the producer.  By tapping into existing IT and video production expertise at Illinois' community colleges and universities, IGFOA members at remote sites can see, hear and engage speakers and panelists at other sites. We are also able to broaden our speaker base and reduce travel time for speakers and participants.

Registration

includes breaks and lunch

Register Now

The IGFOA member fee applies to IGFOA Public Sector members, IGFOA Public Sector Member Substitute (see * below), or IGFOA Associate members. If you have questions about your membership, contact IGFOA at 630-942-6587. Pension Trustees from IGFOA member governments can register at the member rate. The IGFOA reserves the right to apply the non-member fee to any individual that has not paid dues for the current year. * A one-for-one substitution of a public sector non-member (from the same government entity) for an active public sector member is allowed. If your government entity has a current IGFOA member who is not participating in this training seminar, a public sector non-member (from the same government entity) may attend in his/her place at the member rate.

This event complies with all Illinois Gift Ban Act restrictions as registration fee/payment is fair market value. Third party registrations or payments are not accepted for any event and any registrations and or payments made for an individual outside of your government or firm will be returned.

Cancellation Policy: Registrations are accepted on a first-in, first registered basis. Payment should be mailed in advance or made at the door. IGFOA reserves the right to apply non-member fee to any individual that has not paid dues for the current year. If you are unable to attend, please contact IGFOA at 630-942-6587 or info@igfoa.org as soon as possible. A $20 cancellation fee will be charged for cancellations up to March 8, 2012. Cancellations after March 8, 2012 and no-shows are responsible for the full tuition. Substitutions may be made with advanced notice. IGFOA reserves the right to modify the agenda and/or speakers, cancel the training due to low enrollment, or to close registration if full.

If you have any questions regarding this seminar, cancellations, complaints, or refunds, please contact the IGFOA at 630-942-6587 or info@igfoa.org.

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Participant Materials

Registered participants were emailed a link to access handout materials and presentations. If you did not receive the link, please contact execdir@igfoa.org.

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