Jacksonville Firefighters Pension Board discusses bank move, authorizes IFPIF changes

Jacksonville Firefighter Pension Board members discussed a proposed transfer of pension monies from CNB Bank to Arenzville First National Bank and authorized the city treasurer to implement related administrative IFPIF changes at a meeting Feb. 24, 2026. The item was listed under administrative banking and investment-fund procedures, signaling an operational shift in how the fund handles cash and custodial relationships.

The public excerpt of the Feb. 24 meeting shows the board discussed the CNB-to-Arenzville First National Bank move and recorded an authorization for the city treasurer to make related changes, but the posted text cuts off mid-word and does not include the full authorization language. The excerpt and title reference “authorizes administrative IFPIF changes,” yet no further detail in the release explains whether the IFPIF reference points to the statewide Illinois Firefighters’ Pension Investment Fund or to a separate administrative program.

The banking action comes amid active contract negotiations between the city and the firefighters union over a three-year deal, where pensions and benefits have been a central dispute. City negotiators have pressed to keep a 2 percent pay cut firefighters accepted two years earlier - a reduction the city says would otherwise lapse in October - and have proposed nine meetings to discuss benefits, including pension changes. The city withdrew a separate proposal to eliminate $100 or $150 monthly EMT incentive pay after union opposition. City labor attorney Derrel Chatmon framed the talks this way: “It may lead to change; it may not,” and added, “That's why we should sit down.”

Operational governance questions echo prior trustee scrutiny of the fund’s investment oversight. A Nov. 20, 2024 joint Board and FIAC summary shows the Police and Fire Pension Fund retained investment consultant RVK unanimously after a lengthy discussion about communication, manager responsiveness and style drift, even as RVK negotiated fee savings. That document lists Chief Chris Brown as board chair, Timothy H. Johnson as executive director and Chris Cicero as fund treasurer, names relevant to any treasury or custodial change.

Outstanding details remain public and material: the Feb. 24 record does not state whether the bank move was approved or only proposed, the dollar amounts or portions of assets involved, which trustees voted or attended, or the precise scope of the IFPIF administrative changes. Clarifying whether “city treasurer” refers to Chris Cicero and releasing full minutes and any resolutions will be necessary to assess liquidity, custodial risk and how the change would affect benefits administration as pension negotiations proceed.