PEN CD-DOWNSTATE POLICE INVEST

Amends the Illinois Pension Code. Creates the Downstate Firefighters Pension Investment Fund as a special district to exercise the authority to manage, invest, and reinvest the reserves, funds, assets, securities, and moneys of certain downstate firefighter pension funds that elect to transfer their investment authority and assets to the Investment Fund. Includes provisions relating to the transfer and investment of assets, auditing and reporting requirements, and the operation and administration of the Investment Fund. Reduces the amount of training required for trustees of downstate police and downstate firefighter pension funds. In the Downstate Firefighter Article, makes changes to Tier 2 survivors benefits, the calculation of final average salary for Tier 2 firefighters, the annual salary limitation for pension purposes applicable to Tier 2 firefighters, and the automatic annual increase to a Tier 2 firefighter's monthly pension. Makes changes to the formula for determining the required municipal contribution. Makes other changes. Amends the Property Tax Extension Limitation Law (PTELL) of the Property Tax Code to exclude from the definition of "aggregate extension" special purpose extensions made for contributions to a downstate firefighter pension fund that has elected to transfer its investment authority to the Investment Fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.