PEN CD-PERMITTED INVESTMENTS

Amends the General Provisions Article of the Illinois Pension Code. Authorizes downstate police and downstate firefighter pension funds to invest in commingled accounts of the Illinois Metropolitan Investment Funds. Provides that a pension fund's total investment in certain life insurance accounts managed by insurance companies and mutual funds managed through an investment adviser, in combination with certain other investments, shall not exceed 65% of the pension fund's net present assets. Requires contracts between an investment adviser and the board of trustees of a downstate police or downstate firefighter pension fund to include a requirement that the investment adviser make annual reports to the board concerning net returns. Repeals a provision specifying additional permitted investments for pension funds with net assets of $2,500,000 or more. Makes conforming and other changes.