IL HB1570

Merges all Article 4 firefighters' pension funds into a single Downstate Firefighters Pension Fund effective January 1, 2021, consolidating approximately 300+ individual municipal pension funds into one statewide fund

Creates an 11-member Transition Board to oversee the consolidation, including representatives from the Department of Insurance, Governor's appointees with pension expertise, firefighter union members, municipal officials, and pension fund administrators

Establishes a new 11-member permanent Board of Trustees beginning January 1, 2022, consisting of 5 executive trustees elected by municipalities, 3 active firefighter trustees, 2 retired firefighter trustees, and one Governor-appointed chairman

Excludes municipal contributions to the new consolidated Downstate Firefighters Pension Fund from the Property Tax Extension Limitation Law (PTELL) aggregate extension limits, allowing municipalities to levy taxes for pension contributions outside of tax caps

Maintains all existing pension benefits and creditable service for current and former firefighters while centralizing investment management, contribution rate determinations, and benefit administration under the consolidated fund