IL HB5119

Amends the Illinois Pension Code to make advisory services from the Public Pension Division to pension funds permissive ("may") rather than mandatory ("shall")

Changes legislative recommendations for pension fund corrections from mandatory to optional in examination reports and biennial reports to the General Assembly

Requires biennial reports to include examination results from independent certified public accountants retained by the Police Officers' Pension Investment Fund or Firefighters' Pension Investment Fund for downstate police and firefighter pension funds

Mandates downstate police and firefighter pension funds report details on nontransferable assets retained after transferring investments to consolidated funds under Public Act 101-610

Gives the Director of Insurance discretion ("may" instead of "shall") to report unpaid penalties to the Attorney General after 30 days if no just cause is communicated, and repeals the Advisory Commission on Pension Benefits