SB3423 Summary

• Establishes "eligible pension funds" as downstate police and firefighter pension funds with net assets exceeding 3 months of current liabilities, with status continuing regardless of future asset fluctuations.

• Transfers investment authority for eligible pension funds to the Illinois Municipal Retirement Fund (IMRF) Board of Trustees within 24 months or upon receipt of a certified investment asset list, whichever occurs first.

• Requires the Department of Insurance to audit investment assets of each eligible pension fund within 24 months and create a certified investment asset list, with audit costs paid by the individual pension funds.

• Modifies investment restrictions for non-eligible Article 3 and 4 pension funds, exempting them from certain investment limitations while maintaining existing investment authority requirements.

• Excludes implementation from State Mandates Act reimbursement requirements and exempts pension funds that previously elected to use the Illinois State Board of Investment from the eligible fund provisions.