SB3422 Summary

• Merges all individual Article 3 police pension funds into a single statewide "Downstate Police Pension Fund" effective January 1, 2020, consolidating separate municipal funds into one centralized system.

• Creates an 11-member Downstate Police Pension Fund Transition Board responsible for planning and administering the consolidation, including asset transfers, records preservation, and ensuring uninterrupted benefit payments during the transition period.

• Establishes a new permanent 11-member Board of Trustees (5 executive trustees representing municipalities, 3 active police officer trustees, 2 retired police officer trustees, and 1 governor-appointed chairman) to govern the consolidated fund beginning January 1, 2021.

• Amends the Property Tax Extension Limitation Law to exclude special purpose extensions made for contributions to the Downstate Police Pension Fund from the definition of "aggregate extension," allowing municipalities greater flexibility in funding requirements.

• Implements the consolidation without State reimbursement under the State Mandates Act, with most provisions effective immediately except pension code and property tax code changes taking effect January 1, 2020.