SB3426 Summary

• Merges all Article 3 police officers' pension funds and Article 4 firefighters' pension funds into the Illinois Municipal Retirement Fund (IMRF) effective January 1, 2020.

• Creates a Transition Board responsible for planning and overseeing the consolidation, including transferring assets and liabilities and determining municipal contribution rates for each participating municipality.

• Police officers and firefighters first employed on or after January 1, 2020 will participate in IMRF rather than separate police or firefighter pension funds.

• Amends the Property Tax Extension Limitation Law to exclude special purpose extensions for IMRF contributions related to consolidated police and firefighter benefits from the definition of "aggregate extension."

• Provides that implementation requires no State reimbursement under the State Mandates Act; most provisions take effect immediately while pension and tax code changes take effect January 1, 2020.