HB0834 Summary

• Allows boards of trustees for downstate police and firefighter pension funds to transfer pension fund moneys to the Illinois Municipal Retirement Fund (IMRF) for investment management by majority vote resolution.

• Upon transfer, the pension fund board's investment authority terminates and IMRF assumes all investment management responsibilities for those transferred moneys.

• IMRF must provide quarterly reports to pension funds showing investments acquired, securities sold, gains/losses, income, and administrative expenses allocable to each fund.

• IMRF must submit annual reports within 6 months after fiscal year-end detailing investment holdings, book and market values, audited financial statements, and policy reviews.

• Public safety pension funds are not considered participating municipalities under IMRF and remain separate entities for accounting and reporting purposes.

• Effective January 1, 2010.