Illinois General Assembly - Full Text of SB1692

LRB104 09913 RPS 19983 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1692

Introduced 2/5/2025, by Sen. Robert F. Martwick

SYNOPSIS AS INTRODUCED:

New Act

Creates the Local Government Retirement Plan Responsibility Act. Provides that any retirement plan offered by a unit of local government or school district must comply with the applicable provisions of the General Provisions Article of the Illinois Pension Code, including, but not limited to, fiduciary duties, funding, investments, and the rights of participants, regardless of whether the retirement plan is established under the Illinois Pension Code. Defines "retirement plan".

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 1. Short title. This Act may be cited as the Local Government Retirement Plan Responsibility Act.

Section 5. Definition. In this Act:

"Retirement plan" means an eligible plan under Section 457 or Section 403(b) of the Internal Revenue Code.

Section 10. Retirement plans. A retirement plan offered by a unit of local government or school district must comply with the applicable provisions of Article 1 of the Illinois Pension Code, including, but not limited to, provisions concerning fiduciary duties, funding, investments, and the rights of participants, regardless of whether the retirement plan is established under the Illinois Pension Code.