HB2954 Summary

• Fire chiefs newly employed on or after July 1, 2018 in municipalities participating in IMRF must participate in IMRF rather than the downstate firefighter pension fund for their service as chief.

• Until July 1, 2018, existing fire chiefs may elect to terminate participation in their downstate firefighter pension fund and transfer their pension credits to IMRF.

• Municipalities may provide an alternative retirement plan for fire chiefs who terminate participation in the downstate firefighter pension fund and do not elect IMRF participation.

• Clarifies that "firefighter" does not include fire chiefs who are ineligible for, have terminated participation in, or are participating in IMRF for their duties as chief.

• Makes technical corrections to the Illinois Pension Code and takes effect immediately upon becoming law.