SB3425 Summary

• Consolidates all individual police officer pension funds (Article 3) and firefighter pension funds (Article 4) into the Illinois Municipal Retirement Fund (IMRF) effective January 1, 2020.

• Creates two Transition Boards (one for police, one for firefighters) consisting of 11 members each to plan and oversee the consolidation, including asset transfers, benefit continuity, and municipal contribution determinations.

• Preserves all existing benefits, service credits, and employee contribution rates; consolidation does not diminish benefits or entitle participants to recalculation or refunds.

• Amends the Property Tax Extension Limitation Law (PTELL) to exclude special purpose extensions for IMRF contributions related to consolidated police and firefighter pension benefits from aggregate extension calculations.

• Exempts implementation costs from State Mandates Act reimbursement requirements and establishes that most provisions take effect immediately, with consolidation mechanics effective January 1, 2020.