IL HB5342

Amends the Illinois Pension Code to allow certain aldermen or city council members who were previously employed as firemen to participate in the firemen's pension fund while serving in their elected position.

A person qualifies for this dual participation if they have at least 5 years of service as a fireman, are employed in a position covered under Section 8-243 (alderman/council member positions), made an election to not participate in the municipal employees' pension system, and made an election to participate in the firemen's pension fund.

Employee and employer contributions for pension purposes are calculated based on the fireman salary, with the salary determined as the lesser of the highest career service rank salary or the actual salary received in the alderman/council position.

Exempts the State from reimbursing municipalities for any costs associated with implementing this new mandate.

Takes effect upon becoming law.