IL HB0668

Changes the examination schedule for pension funds under Articles 3 and 4 (Downstate Police and Downstate Fire) from every 3 years to a periodic basis determined by the Public Pension Division based on risk review across funds.

Modifies examination requirements to make certain review items optional by changing "shall include" to "may include" a review of financial audits, records, policies, statutory compliance, and benefit calculations.

Allows the Division to maintain a flexible examination system and retain attorneys, actuaries, accountants, and other professionals as needed, with examination costs borne by the pension fund being examined (except for Articles 3 and 4 funds).

Preserves the Division's authority to accept independent certified public accountant audit reports in lieu of conducting its own examination, while retaining the right to conduct further audits if deemed necessary.

Takes effect immediately upon becoming law.