IL HB4622

Transition period for asset transfer from local pension funds to the Illinois Police Officers' Pension Investment Fund commences January 1, 2020 and ends no later than June 30, 2023.

Board must audit investment assets of each transferor pension fund through a certified public accountant to create certified investment asset lists, with costs paid by the board.

Upon certification of asset lists, transferor pension funds must initiate asset transfers within 10 business days and are prohibited from purchasing or selling pension fund assets until transfer is complete.

Executive director must provide 30 days' written notice before assuming fiduciary control of transferor pension fund assets, and the Fund must provide transfer receipts within 30 days.

Illinois Finance Authority is authorized to loan up to $7,500,000 to the Fund for implementation costs, with repayment at a variable interest rate tied to the Federal Funds Rate.