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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1692 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
| | | 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". |
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| | A BILL FOR |
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| | SB1692 | | LRB104 09913 RPS 19983 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the Local |
| 5 | | Government Retirement Plan Responsibility Act.
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| 6 | | Section 5. Definition. In this Act: |
| 7 | | "Retirement plan" means an eligible plan under Section 457 |
| 8 | | or Section 403(b) of the Internal Revenue Code.
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| 9 | | Section 10. Retirement plans. A retirement plan offered by |
| 10 | | a unit of local government or school district must comply with |
| 11 | | the applicable provisions of Article 1 of the Illinois Pension |
| 12 | | Code, including, but not limited to, provisions concerning |
| 13 | | fiduciary duties, funding, investments, and the rights of |
| 14 | | participants, regardless of whether the retirement plan is |
| 15 | | established under the Illinois Pension Code. |