SB 2212

Abstract

Amends the Illinois Pension Code. In provisions concerning Public Pension Division examinations or investigations of pension funds (i) provides that the Division of Insurance may retain attorneys, independent actuaries, independent certified public accountants, and specialists as examiners as deemed necessary by the Director of Insurance and removes language providing that the costs of these professionals shall be borne by the pension fund that is the subject of the examination and (ii) in provisions concerning the examination of downstate police and fire pension funds, provides that, beginning on December 31, 2016, the schedule of each examination shall be such that each fund shall be examined once every 5 years (was, once every 3 years). Increases the annual compliance fees with respect to a downstate police or fire pension fund from 0.02% (2 basis points) of the total assets of the pension fund, but not more than $8,000 to 0.03% (3 basis points) of the total assets of the pension fund, but not more than $12,000. Effective immediately.