IL SB2107

Amends the Illinois Pension Code to add the Police Officers' Pension Investment Fund and Firefighters' Pension Investment Fund as "Participating Instrumentalities" eligible to provide annuities and benefits to their employees under Article 7.

Excludes Board members of the Police Officers' Pension Investment Fund and Firefighters' Pension Investment Fund from being classified as "employees" under the municipal pension fund when serving in their capacity as board trustees.

Adds the Police Officers' Pension Investment Fund and Firefighters' Pension Investment Fund to the list of participating instrumentalities eligible for inclusion in the Illinois Municipal Retirement Fund under Section 7-132.

Clarifies that chiefs of police who participated in Article 7 before January 1, 2019 may elect to participate in the Fund and maintain employee status regardless of whether they continue as chief of police or in another police department rank.