IL HB2578

Creates a Task Force on Public Pension Funds and Retirement Systems composed of 8 members: 2 appointed by the Senate President, 2 by the Senate Minority Leader, 2 by the House Speaker, and 2 by the House Minority Leader.

Task Force shall study and recommend changes to public pension funds and retirement systems to reduce taxpayer burden while ensuring fair treatment of pension fund members.

Task Force must report its findings and recommendations to the General Assembly by October 31, 2021.

The Task Force provisions are repealed on October 31, 2022.

Act takes effect immediately upon becoming law.