HB1901 Summary

• Amends the Illinois Pension Code to allow eligible municipalities to opt out of the Downstate Police and Downstate Firefighters pension systems following the 2010 census.

• Defines "eligible municipality" as one that did not participate on January 1, 2011, had less than 5,000 population in 2000, but has 5,000 or more population in 2010.

• Municipalities may elect not to participate by resolution or ordinance within 60 days after the effective date of this act or 60 days after official 2010 census publication, whichever is later.

• An independent auditor must certify either that no fund has been created or that a newly created fund has no outstanding liabilities, members, or beneficiaries before a municipality can opt out.

• Municipalities that opt out may reinstate participation at any time through resolution or ordinance; effective immediately.