HB4960 Summary

• Amends Illinois Pension Code Section 7-118 to restructure beneficiary designations, allowing employees to designate any person, trust, or charity as beneficiary rather than defaulting to surviving spouses.

• Modifies Section 7-172 to change unfunded obligation amortization periods from variable to fixed 20-year periods for municipalities and 10-year periods for instrumentalities.

• Adds Section 7-220 venue provisions allowing Administrative Review Law actions against the retirement board to be filed in any county where the board maintains an office or where the member's employer has its main office.

• Creates new Section 8.34 in the State Mandates Act exempting this legislation from state reimbursement requirements for mandated local costs.

• Takes effect upon becoming law.