HB5511 Summary

• Amends the Illinois Pension Code (40 ILCS 5/7-132) to include the governing board of Paris Cooperative High School as a participating instrumentality in the Illinois Municipal Retirement Fund (IMRF) effective upon this Act's passage.

• Requires school districts served by Paris Cooperative High School to make pension contribution payments if the governing board cannot pay required employer contributions, allocated proportionally based on students in average daily attendance.

• Specifies that if Paris Cooperative High School is dissolved, assets and obligations shall be distributed among participating school districts in the same proportions unless otherwise provided.

• Adds Section 8.34 to the State Mandates Act declaring that no state reimbursement is required for implementation of mandates created by this Act.