IL HB4903

Amends Illinois Pension Code to allow municipalities with consolidated police departments to consolidate their Article 3 police pension funds into a single fund through an intergovernmental agreement.

Requires that individual police pension funds must have been established prior to police department consolidation, and all accrued liabilities, benefits, and member rights from pre-existing funds remain unimpaired in the consolidated fund.

Establishes that a consolidated police pension fund operates as a single fund with a board of trustees consisting of one appointed member from each consolidated municipality, with specific procedures outlined in the intergovernmental agreement.

Amends Illinois Municipal Code Section 7-4-7 to define consolidated joint law enforcement departments created when 2 or more municipalities enter into an intergovernmental agreement to consolidate their law enforcement agencies into a single department for administrative and operational purposes.

Amends Section 10-2.1-1 of the Illinois Municipal Code to allow formation of consolidated boards of fire and police commissioners for municipalities with consolidated law enforcement departments, with membership requirements, budgeting provisions, and procedures specified in the intergovernmental agreement.