HB3827 Summary

• Amends Illinois Pension Code to require appointed or elected commissioners, trustees, directors, board members, or employees to immediately report reasonable suspicion of false statements or falsified records to the board of trustees or State's Attorney of the relevant jurisdiction.

• Terminates existing pension boards for Chicago Police, Chicago Firefighters, Chicago Municipal Employees, Chicago Laborers, Chicago Park District, and Chicago Teachers 90 days after the act's effective date.

• Replaces terminated boards with new governance structure of 4 appointed members (selected by Chicago Mayor) and 3 elected members representing active and annuitant fund participants.

• Restructures Cook County Employee pension board to consist of 5 members appointed by the President of Cook County Board of Commissioners and 4 elected members representing active and annuitant participants, effective 90 days after enactment.

• Takes effect immediately upon becoming law.