Bill Status of HB2490 102nd General Assembly
Short Description: PEN CD-ART 3 & 4-ADMIN COSTS
Rep. Thomas M. Bennett
| 1/8/2019||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Provides that, subject to appropriation, beginning with fiscal year 2018, a municipality that has a fund created after July 1, 2012 may apply to the Department of Insurance for reimbursement for administrative costs associated with the creation and administration of the fund, including, but not limited to, legal fees, actuarial analyses, continuing education for board members, and other qualified costs, as determined by the Department of Insurance. Provides that reimbursement may only be made for administrative costs associated with the first 5 years after the fund is created. Provides that a municipality that established a fund pursuant to a referendum is not eligible for reimbursement. Authorizes rulemaking. Effective immediately.