IL HB5096

Increases the Firefighters' Pension Investment Fund transition board from 9 to 10 members by adding one member recommended by a statewide association representing fire protection districts, appointed by the Governor with Senate consent.

Increases the permanent board of trustees from 9 to 10 members with the same fire protection district representative requirement, and mandates that at least one of the three elected municipal/fire protection district officials must be from a fire protection district.

Implements a tiebreaker provision for elections ensuring that if the highest vote-getters would result in no fire protection district representative, the highest-voting candidate from a fire protection district shall be elected instead.

Raises the quorum requirement from 6 to 7 members and increases voting thresholds from 5 to 6 trustees for general actions, and from 6 to 7 trustees for major decisions including actuarial assumptions, investment officer selection, and investment policy adoption.

Takes effect immediately upon becoming law.