IL HB4691

Amends the Illinois Pension Code Section 7-210 to establish procedures for transferring assets when a new Article 3 police pension fund is created by referendum or census.

Requires transfer of employee contributions plus 6% annual compound interest from the date of contribution, plus an equal employer contribution amount, from the existing fund to the new police pension fund within 30 days of application.

Terminates all further rights of transferring police officers in the existing fund for their service as police officers in the municipality establishing the new pension fund.

Exempts any mandates created by this act from State reimbursement requirements under the State Mandates Act.

Takes effect upon becoming law.