HB5119 amends the Illinois Pension Code to modify the Public Pension Division's duties and reporting requirements.
HB5119 modifies the Illinois Pension Code by changing the Public Pension Division's role within the Department of Insurance. It allows the Division to offer advisory services to pension funds on all matters related to their operations, rather than requiring it. The Division must still submit a report to the Governor and General Assembly, including financial statements, summaries of current provisions, and recommendations for legislative changes.
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