Bill Title: Amends the Illinois Pension Code. Provides that beginning January 1, 2020, the governing body of a municipality with a downstate police pension fund or downstate firefighter pension fund may require the pension fund to transfer its investment authority and assets to the Illinois Municipal Retirement Fund (IMRF) if its nets assets have surpassed a certain threshold. Provides that upon completion of the transfer, the investment authority of the board of trustees of the downstate police pension fund or downstate firefighter pension fund shall terminate. Contains other provisions concerning transfers to IMRF, rulemaking, transfer of investment authority, investments, and auditing. Requires the Commission on Government Forecasting and Accountability to conduct an analysis of the merits and feasibility of transitioning the investment authority of all boards of trustees of downstate police pension funds and downstate firefighter pension funds to IMRF. Makes changes to provisions concerning trustee training. Amends the Property Tax Extension Limitation Law of the Property Tax Code. Beginning January 1, 2021, removes a provision that excludes special purpose extensions made for contributions to a downstate firefighter pension fund from the definition of "aggregate extension". Excludes from the definition of "aggregate extension" special purpose extensions made for contributions to a downstate police or downstate firefighter pension fund that transfers its investment authority to IMRF. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Failed) 2021-01-13 - Session Sine Die [SB1111 Detail]

Text: Latest bill text (Introduced) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Steven Landek [D]	Primary	Sponsored Bills	SD-012	FollowTheMoney	Ballotpedia	VoteSmart
Senator Dan McConchie [R]	Cosponsor	Sponsored Bills	SD-026	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL SB1111