SB3391 Summary

• Extends minimum examination frequency for downstate police and firefighter pension funds from once every 3 years to once every 7 years, allowing the Division to use risk-focused approaches in determining examination scope and frequency.

• Establishes a $100 daily penalty for pension funds failing to submit requested examination documentation and allows the Director to assess civil penalties up to $4,000 (increased from $2,000) for noncompliance with Director orders.

• Requires pension funds to request hearings on examination reports within 30 days of receiving the final report and pay hearing costs not exceeding $600, with compliance required within 15 days of noncompliance notices.

• Removes Tier 1 limitations on retirement pension calculations and automatic annual increases for firefighters who participated in multiple pension funds, broadening benefit eligibility.

• Exempts implementation costs from State Mandates Act reimbursement requirements and takes effect immediately upon enactment.