Police & Fire Pension Fund
Accounting & Consulting Services

Sikich’s Police & Fire Pension Fund Accounting & Consulting Services team provides clients customized services as needed for their Fund. Please find our list of available services below. Additional services can be provided upon request.

Accounting

• Monthly reconciliation of all bank and investment   accounts.
• Record investment activity for the investment accounts of   the Pension Fund.
• Record revenue and expenses of the Pension Fund.
• Maintain detailed documentation for member
  contributions to the Pension Fund including tracking
  member status as Tier 1 or Tier 2 members.

Pensioner Payments

• Calculate the annual pension benefits in accordance with   ILCS for the service and disability pensioners of the   Pension Fund.
• Prepare the schedule of annual payments for approval by   the Pension Fund Board.
• Calculate the pension benefit for any new pensioners or   other required changes based on ILCS.
• Maintain and track future increases for pensioners.
• Prepare letters to be mailed to pensioners to   communicate benefit changes.
• Determine the taxability of pension benefits.
• For each pensioner, maintain the benefit calculations, tax   documentation and “safe harbor” calculations.
• Process monthly pension benefit payments to the   pensioners.
• Process pensioner withholdings.
• Prepare and send monthly benefit payment registers to   the Pension Fund.
• Process member contributions refunds as requested by   the Pension Fund.
• Assist with and calculate creditable service (portability)   options.

Vendor Payments

• Process vendor payments.
• Prepare check register (warrant) for approval by the   Pension Fund Board.

Reporting and Audit Assistance

• Prepare the compiled financial statements summarizing   all financial activity of the Pension Fund on a quarterly   basis.
• Present the compiled financial statements to the Pension   Fund during the regularly scheduled Board meetings.
• Prepare annual 1099-R’s for pensioners and 1099-Misc   for vendors and the related tax forms.
• Prepare and electronically file the Annual Statement for   the DOI.
• Prepare workpapers for the Pension Fund auditors.
• Prepare annual municipal compliance report.