IL SB1300

Creates two new consolidated investment funds for municipal police and firefighter pension funds: the Police Officers' Pension Investment Fund (Article 22B) and the Firefighters' Pension Investment Fund (Article 22C) to streamline investments and reduce administrative costs.

Establishes transition boards and permanent boards of trustees for each fund, with members representing municipalities, participants, and beneficiaries, to manage pension fund assets and implement the transition of assets from individual funds.

Authorizes the Illinois Finance Authority to loan up to $7,500,000 to each fund at variable interest rates tied to the Federal Funds Rate to cover transition implementation costs.

Transfers investment authority from individual transferor pension funds to the consolidated funds within 30 months, with individual pension funds retaining exclusive authority over benefit payments and adjudication of claims.

Exempts mandates created by this act from state reimbursement requirements under the State Mandates Act and modifies age retention limits for Capitol Police Investigators.