IL HB0418

Prohibits new chiefs of police from electing to participate in the Illinois Municipal Retirement Fund (IMRF) on or after January 1, 2019, unless they became IMRF participants before that date.

Establishes a defined contribution plan for police officers hired on or after January 1, 2019, with immediate vesting of contributions and requires each municipality to establish such plans meeting Internal Revenue Code requirements.

Allows police officers with more than 10 years of service who move to a different municipality to elect the defined contribution plan instead of the defined benefit plan.

Permits police officers who first became members on or after January 1, 2019 to continue receiving pension payments if they re-enter service, but requires them to participate only in the defined contribution plan without earning additional creditable service.

Exempts the state from reimbursing municipalities for implementation costs under the State Mandates Act.