IL SB1692

Creates the Local Government Retirement Plan Responsibility Act, requiring retirement plans offered by local governments and school districts to comply with Article 1 of the Illinois Pension Code

Applies to Section 457 and Section 403(b) retirement plans under the Internal Revenue Code

Mandates compliance with Illinois Pension Code provisions on fiduciary duties, funding requirements, investments, and participant rights

Applies regardless of whether the retirement plan was originally established under the Illinois Pension Code