SB3455 Summary

• Transfers investment authority for eligible downstate police and firefighter pension funds (those with net assets exceeding 3 months of current liabilities) to the Illinois Municipal Retirement Fund (IMRF) Board of Trustees.

• Requires the Department of Insurance to audit investment assets of each eligible pension fund within 18 months and issue a certified investment asset list to initiate asset transfers to IMRF.

• Exempts eligible pension funds from individual investment management requirements (Sections 1-113.1 through 1-113.10) once they transfer authority to IMRF, though smaller funds retain independent investment control.

• Establishes procedures for quarterly transfers of available funds from eligible pension funds to IMRF and requires IMRF to report annually on invested assets and earnings to each transferred fund.

• Amends the State Mandates Act to exempt these implementation requirements from state reimbursement obligations.