HB 5666

Abstract

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Allows persons who first become participants on or after January 1, 2011 to elect to participate in a self-managed program of retirement benefits instead of the program of reformed retirement benefits currently offered. Provides that a self-managed plan shall authorize a participant to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the participant's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the Fund to make the self-managed plan available within 6 months after the effective date of the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.