HB1572 Summary

• Changes the funding target for downstate police and firefighter pension funds from 90% to 80% of total actuarial liabilities.

• Extends the deadline to achieve the pension funding target from fiscal year 2040 to fiscal year 2050.

• Requires the Commission on Government Forecasting and Accountability to study the costs and benefits of consolidating all Article 3 (police) and Article 4 (firefighter) pension funds into a single pension fund, with findings due by December 1, 2020.

• Amends the State Mandates Act to exempt implementation of the bill from state reimbursement requirements.

• Takes effect immediately upon becoming law.