HB1568 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 24 months and create a certified investment asset list to facilitate the transfer.

• Eligible pension funds must cease independent investment activities upon receiving the certified asset list and transfer all investment assets to IMRF, which will manage investments in perpetuity.

• Establishes quarterly transfer procedures requiring eligible pension funds to report available funds to IMRF and transfer them within 30 days, with IMRF providing annual financial reporting to each fund's board.

• Exempts the state from reimbursement obligations under the State Mandates Act for implementing these requirements.