IL HB3519

Amends the Illinois Pension Code Articles 3 and 4 governing Downstate Police and Firefighter pension funds.

Removes the mandatory requirement for cities, villages, and incorporated towns with 5,000 or more inhabitants to establish police or firefighter pension funds.

Establishes that only municipalities that created funds before this act's effective date, or those with populations under 500,000 that adopt provisions by referendum, are subject to the pension fund requirements.

Makes conforming changes to referendum provisions in Sections 3-145 and 4-141 to reflect the revised population thresholds.

Takes effect immediately upon becoming law.