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.