SB 65

Abstract

Amends the Downstate Police, Downstate Firefighter, and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Provides that a municipality with a population that has fallen below 5,000 inhabitants as determined by both of the preceding 2 federal decennial censuses, or that has a population of less than 5,000 inhabitants that approved a referendum creating a pension fund, may terminate its participation in a pension fund created under the Downstate Police or Downstate Firefighter Article with regard to persons who first become police officers or firefighters after a specified proposition is adopted and enroll in IMRF police officers or firefighters hired after the adoption of that proposition. Provides the required notice and form of the proposition. Provides that a municipality may elect to terminate its participation under the Article and dissolve the fund if certain conditions are met. Makes conforming and other changes. Effective immediately.