HB1566 Summary

• Consolidates all Article 3 police officers' pension funds and Article 4 firefighters' pension funds into the Illinois Municipal Retirement Fund (IMRF) effective January 1, 2021.

• Creates a Transition Board responsible for planning and overseeing the consolidation, including transferring assets/liabilities and recommending systems for municipal contributions to IMRF.

• Persons first employed as police officers or firefighters on or after January 1, 2021 shall participate in IMRF as regular employees rather than under separate downstate police or firefighter articles.

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

• Requires implementation without state reimbursement under the State Mandates Act; takes effect immediately except consolidation-related provisions effective January 1, 2021.