Bill Status of SB3487 100th General Assembly
Short Description: PEN CD-CONSOLIDATE DNST POLICE
Sen. William E. Brady
| 1/9/2019||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Pension Code. Merges all Article 3 police pension funds into a single Downstate Police Pension Fund on January 1, 2020. Creates a Transition Board, which is responsible for planning, overseeing, and administering the consolidation. Authorizes the Transition Board to undertake numerous activities necessary for the consolidation, including making arrangements for staff, investments, transfer of assets and liabilities, acquisition of property, establishment of municipality accounts, and adopting rules and procedures. Authorizes the Transition Board to enter into contracts and to obligate and expend the assets of the Fund. Creates a new Board of Trustees for the Fund, and provides for administration of the Fund by the Transition Board until the new Board assumes its duties on January 1, 2021. Provides for investment of the Fund's assets by a custodian chosen by the Board of Trustees. Makes conforming and other changes. Provides that beginning January 1, 2020, the employee contribution for Tier 1 participants is 35% (rather than 9.91%) of a Tier 1 participant's salary. Provides that notwithstanding any other provision of law, a Tier 1 participant may voluntarily make an irrevocable election to instead become a Tier 2 participant with respect to service performed or established on and after the effective date of the election. Defines "Tier 1 participant" and "Tier 2 participant" and makes corresponding changes. Amends the State Mandates Act to require implementation without reimbursement. Makes other changes. Effective immediately, except that certain changes to the Illinois Pension Code take effect January 1, 2020.