HB1444 Summary

• Amends the Illinois Pension Code to clarify that township supervisors serve as authorized agents for township retirement fund participation, rather than requiring separate appointments.

• Modifies the amortization period for unfunded pension liabilities: allows municipalities up to 30 years and participating instrumentalities up to 10 years to pay down unfunded obligations, replacing language tied to accounting principles.

• Changes the Board of Trustees meeting requirement from monthly meetings to a minimum of 4 meetings per calendar year.

• Adds an exemption to the State Mandates Act stating that no state reimbursement is required for mandates created by this act.