HB5866 100TH GENERAL ASSEMBLY

LRB100 21345 MJP 37722 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5866

Introduced , by Rep. Thomas M. Bennett

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1A-106.5 new

Amends the Regulation of Public Pension Funds Article of the Illinois Pension Code. Requires the Public Pension Division of the Department of Insurance to make resources available to assist each municipality: (1) under the Downstate Police Article with the establishment of a police pension fund under that Article; and (2) under the Downstate Firefighter Article with the establishment of a firefighters' pension fund under that Article. Provides that the resources shall include, but not be limited to, the support of the Division's legal and professional staff. Provides that the Division must make these resources available to municipalities by January 1, 2020. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 1A-106.5 as follows:

(40 ILCS 5/1A-106.5 new)

Sec. 1A-106.5. Fund establishment assistance. The Division shall make resources available to assist each municipality: (1) under Article 3 with the establishment of a police pension fund under Article 3; and (2) under Article 4 with the establishment of a firefighters' pension fund under Article 4. The resources made available under this Section shall include, but not be limited to, the support of the Division's legal and professional staff. The Division must make these resources available to municipalities by January 1, 2020.

Section 99. Effective date. This Act takes effect upon becoming law.