HB 3635

Abstract

Amends the General Provisions and Downstate Firefighter Articles of the Illinois Pension Code. Removes provisions specifying, based on the net assets of the downstate firefighter pension fund, types of investments that a downstate firefighter pension fund may make. Removes certain limitations on the percentage of a downstate firefighter pension fund's net assets that may be invested in certain types of investments. Provides that the board of a firefighter pension fund shall invest funds with the care, skill, prudence, and diligence that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character with like aims. Makes conforming changes. Effective immediately.