Bill Title: Amends the Regulation of Public Pension Funds and the Downstate Firefighter Articles of the Illinois Pension Code. Provides that the Public Pension Division of the Department of Insurance or the Consolidated Fund may examine or investigate any downstate police or downstate firefighter pension fund as often as the Division or the Consolidated Fund deems appropriate but shall, at a minimum, conduct an examination of every downstate police and downstate firefighter pension fund not less frequently than once every 7 years (instead of once every 3 years). Provides that a pension fund shall request a hearing within 30 days after the receipt of the final report of examination and shall submit payment for the hearing cost, which shall not exceed $600. Establishes a penalty for a pension fund that fails, without just cause, to submit requested examination documentation. In a provision establishing penalties for pension funds that fail to file certain statements, specifies that a pension fund shall comply with the notice of noncompliance within 15 days. Provides that the Director of Insurance may assess a civil penalty of up to $4,000 (instead of $2,000) for each noncompliance with an order of the Director. In a provision of the Downstate Firefighter Article concerning the calculation of retirement pensions and automatic annual increases for eligible firefighters who participated in more than one pension fund, removes language limiting application of the provision to Tier 1 retirement pension amounts and Tier 1 automatic annual increases. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3391 Detail]

Text: Latest bill text (Introduced) [HTML]

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