Bill Title: Amends the Illinois Pension Code. In the Downstate Firefighter and Downstate Police Articles, provides that a municipality may, by ordinance, assume local control of the municipality's police or firefighter's pension fund, with the power to change the terms of the plan. In the Illinois Municipal Retirement Fund (IMRF) Article, provides that a municipality may end its participation in IMRF and create its own municipal pension fund; specifies certain conditions and provides for transfer of certain contributions and liabilities from IMRF to the new municipal pension fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-02-27 - Referred to Rules Committee [HB3762 Detail]

Text: Latest bill text (Introduced) [HTML]

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