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Downstate Police and Firefighter Pension Funds Consolidation

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HB 1576 requires certain downstate policemen’s pension funds and certain downstate firefighters’ pension funds to transfer their investment assets and authority to the Downstate Police Pension Investment Board and the Downstate Firefighter Pension Investment Board, respectively.

As it relates to SURS, HB 1576 increases the amount of the annual compliance fee paid by each pension fund to the Illinois Department of Insurance from $8,000 to $16,000 (except for Downstate Policemen’s Pension Funds and Downstate Firefighters’ Pension Funds, whose annual compliance fee increases from the lesser of: (1) 2 basis points to 4 basis points of total assets under management or (2) $8,000 to $16,000).

HB 1576 also establishes that certain penalties for non-compliance with the Illinois Pension Code apply to governmental units and pension funds (currently, governmental units) that are subject to any law establishing a pension fund or retirement system for the benefit of employees of the governmental unit.

HB 1576 takes effect immediately upon becoming law.

Sponsor: 
Representative Ryan Spain