IL HB2490

Amends the Illinois Pension Code to create new sections 3-144.7 and 4-138.7 for Downstate Police and Downstate Firefighter pension funds.

Municipalities with pension funds established after July 1, 2012 may apply to the Department of Insurance for reimbursement of administrative costs including legal fees, actuarial analyses, and continuing education for board members.

Reimbursement is limited to administrative costs incurred during the first 5 years after a fund is established and is subject to state appropriation beginning in fiscal year 2018.

Municipalities that established a pension fund through a referendum election are not eligible for reimbursement under this provision.

Directs the Department of Insurance to adopt rules implementing the reimbursement program; takes effect immediately upon becoming law.