This panel will consist of a background discussion of Article 3 (Police) and Article 4 (Fire) pension funds in the State of Illinois moving into the 2019/2020 legislation consolidating those pension funds for investment purposes. The executive directors of each fund will give an update of what has taken place with those funds and the panel will discuss the interplay between the consolidated funds and the local pension boards. The panel will then discuss the next steps for each fund in terms of the movement of billions of dollars from the local funds to the consolidated funds.