IL HB5571

Authorizes downstate police and firefighter pension funds to invest in commingled accounts of the Illinois Metropolitan Investment Funds.

Establishes a 65% limit on a pension fund's total investment in life insurance accounts and mutual funds managed through an investment adviser, combined with certain other investments.

Requires investment adviser contracts to include annual reports to the board of trustees concerning net returns after all fees and commissions.

Repeals Section 1-113.3, which previously specified additional permitted investments for pension funds with net assets of $2,500,000 or more.