IL HB4640

Increases the mandatory population threshold for creating a downstate police pension fund from 5,000 to 10,000 inhabitants under Section 3-103 of the Illinois Pension Code.

Increases the mandatory population threshold for creating a downstate firefighter pension fund from 5,000 to 10,000 inhabitants under Section 4-103 of the Illinois Pension Code.

Allows municipalities with 5,000 to less than 10,000 inhabitants to voluntarily establish a pension fund by ordinance or to elect adoption through referendum.

Updates referendum provisions in Sections 3-145 and 4-141 to reflect the new 10,000-inhabitant threshold for mandatory pension fund creation.

Takes effect immediately upon becoming law.