Neal and Friedman Successfully Defend Illinois Finance Authority

Neal & Leroy attorneys Langdon Neal and Richard Friedman successfully defended the Illinois Finance Authority in a case that alleged a violation of the Pension Protection Clause of the Illinois Constitution. A 2020 amendment to the Illinois Pension Code consolidated the investments of the more than 650 local Police and Firefighter pension funds. The amendments transferred all investments to the two newly created statewide investment funds, one for Police Officers and one for Firefighters. Members of the local funds sued in the Circuit Court in Kane County arguing that the amendments violated the Pension Protection clause of the Illinois Constitution, Ill. Const. 1970, art. XIII, § 5. The Circuit Court dismissed the lawsuit. The Second District Appellate Court affirmed, holding that the constitution was not violated because the amendments did not change any benefits and did not modify the authority of the local funds to determine the benefits to be awarded to retirees and beneficiaries. Arlington Heights Police Pension Fund v. Pritzker, 2023 IL App (2d) 220198.