SB 3317

Abstract

Amends the Illinois Pension Code. Moves the investment power for eligible downstate police and downstate firefighter pension funds to the Illinois State Board of Investment. Reduces the amount of training required for trustees of those pension funds. Makes conforming changes. Changes all downstate police and firefighter pension funds to a fiscal year beginning May 1. Doubles the annual compliance fee paid by the funds to the Department of Insurance. Requires the Department of Insurance to impose penalties of up to $2,000 per day for noncompliance with certain provisions relating to the transfer of investment assets. Authorizes emergency rulemaking and amends the Illinois Administrative Procedure Act to add a conforming provision. Amends the State Mandates Act to require implementation without reimbursement.