Synopsis As Introduced Amends the Illinois Pension Code. Changes the schedule for examinations of pension funds established under the Downstate Police or Downstate Firefighter Article from every 3 years to a periodic basis based on a risk review across funds, as determined by the Public Pension Division of the Department of Insurance. Provides that the examination may (instead of shall) include a review of certain information. Effective immediately.
Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: Provides that the Public Pension Division of the Department of Insurance's risk review determination for the examination of pension funds established under the Downstate Police or Downstate Firefighter Articles shall include, but not be limited to, specified criteria. Provides that the examination shall (rather than may) include a review of certain information. Provides that the examination shall include a determination of whether or not full effect is being given to the statutory provisions governing the operation of the pension fund, including the employer's requirement to make a lawful contribution consistent with a provision concerning financing in the Downstate Firefighter Article. Effective immediately.