HB 5119 Illinois House · 104th Regular Session

PEN CD-PENSION FUND REGULATION

Summary
Amends the Regulation of Public Pension Funds Article of the Illinois Pension Code. Provides that the Public Pension Division of the Department of Insurance may (instead of shall) render advisory services to the pension funds on all matters pertaining to their operations. Provides that recommendations for corrective or clarifying legislation may (instead of shall) be made in the report of examination of the particular pension fund and in a biennial report to the General Assembly. Provides that the report to the Governor and General Assembly shall include the results of examinations made by an independent certified public accountant retained by the Police Officers' Pension Investment Fund or the Firefighters' Pension Investment Fund for examinations of a downstate police or downstate firefighter pension fund. Requires downstate police and downstate firefighter pension funds to include, in their annual report to the Public Pension Division, details on transactions pertaining to nontransferable assets that funds retain after transferring investments to the Police Officers' Pension Investment Fund or the Firefighters' Pension Investment Fund. Provides that, if a penalty is not paid within 30 days of the date of assessment and no just cause has been communicated, the Director of Insurance may (instead of if a penalty is not paid within 30 days of the date of assessment, the Director without further notice shall) report the act of noncompliance to the Attorney General. Repeals provisions establishing the Advisory Commission on Pension Benefits. Makes other changes.
Bill status passed 3 of 5 stages cleared
Introduction
Apr 2026
Committee Review
Apr 2026
House Passage
Apr 2026
Senate Passage
Governor
Introduced Apr 10, 2026 Last action Apr 30, 2026
Maddy AI version diff · 1 comparison

What changed between versions

Introduced Engrossed · 5 edits · Apr 9, 2026
MODERATE
The bill was amended to clarify the Public Pension Division's authority to provide advisory services to pension funds. It also updated reporting requirements to include specific details on nontransferable assets and expanded the content of biennial reports to include recommendations for legislative improvements. Additionally, the bill modified the conditions under which the Director of Insurance can report noncompliance to the Attorney General.
Scope change
The scope of the bill's applicability remains focused on the Regulation of Public Pension Funds Article of the Illinois Pension Code, but the specific duties and reporting obligations of the Public Pension Division and pension funds have been expanded and clarified.
REQUIREMENT

Changed the Public Pension Division's obligation from 'shall' to 'may' when rendering advisory services to pension funds, giving the Division discretion in providing these services.

Changed the requirement for the Division to make recommendations for corrective legislation from 'shall' to 'may', allowing the Division discretion in submitting these recommendations in reports.

Added a requirement for downstate police and firefighter pension funds to include specific details about transactions involving nontransferable assets in their annual reports to the Public Pension Division.

Added new provisions requiring biennial reports to include specific recommendations for standardizing pension laws and improving the financial condition of pension funds, along with detailed distribution procedures for these reports.

ENFORCEMENT

Modified the enforcement mechanism for unpaid penalties by clarifying that the Director of Insurance may report noncompliance to the Attorney General if a penalty is not paid within 30 days and no just cause is communicated, replacing previous language that implied automatic reporting without further notice.

Floor votes · House Apr 9, 2026

How they voted

960
Passed · 20 other
Total votes 116
Apr 9, 2026
D Democratic76
65 Yea 11
85% Yea
R Republican40
31 Yea 9
77% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
14
Key actions
2
Committee
4
Apr 30, 2026
Committee
Referred to Assignments
upper
Apr 10, 2026
Introduced
Arrive in Senate
upper
Apr 9, 2026
Lower · Passed
Third Reading - Short Debate - Passed 099-000-000
lower
Mar 20, 2026
Lower · Passed
Do Pass / Short Debate Personnel & Pensions Committee; 010-000-000
lower
Mar 12, 2026
Committee
Assigned to Personnel & Pensions Committee
lower
Feb 10, 2026
Committee
Referred to Rules Committee
lower
2 primary · 0 co-sponsors

Sponsors