IL SB2896

Requires participating municipalities and instrumentalities to notify the Board when an annuitant returns to work as a participating employee, with employers subject to reimbursement of up to 50% of annuity payments made after the annuity should have been suspended if notification fails.

Mandates the Illinois Municipal Retirement Fund notify all annuitants upon retirement and annually thereafter that they must report if they return to work for any participating employer, and establish a system to track returning annuitants.

Requires municipalities and instrumentalities to include amounts due under annuity suspension reimbursement provisions in their pension contribution payments to the Fund under Section 7-172.

Adds exemption to State Mandates Act specifying the state will not reimburse for costs of implementing mandates created by this Act.

Effective upon becoming law.