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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4940 Introduced , by Rep. Thomas M. Bennett SYNOPSIS AS INTRODUCED:
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| 40 ILCS 5/3-144.7 new | | 40 ILCS 5/4-138.7 new | |
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Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Provides that, subject to appropriation, beginning with fiscal year 2019, a municipality that has a fund created after July 1, 2012 may apply to the Department of Insurance for reimbursement for administrative costs associated with the creation and administration of the fund, including, but not limited to, legal fees, actuarial analyses, continuing education for board members, and other qualified costs, as determined by the Department of Insurance. Provides that reimbursement may only be made for administrative costs associated with the first 5 years after the fund is created. Provides that a municipality that established a fund pursuant to a referendum is not eligible for reimbursement. Authorizes rulemaking. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB4940 | | LRB100 16364 RPS 31492 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Sections 3-144.7 and 4-138.7 as follows:
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| 6 | | (40 ILCS 5/3-144.7 new) |
| 7 | | Sec. 3-144.7. Reimbursement for certain administrative |
| 8 | | costs. Subject to appropriation, beginning with fiscal year |
| 9 | | 2019, a municipality that has a fund under this Article that |
| 10 | | was established after July 1, 2012 may apply to the Department |
| 11 | | of Insurance for reimbursement for administrative costs |
| 12 | | associated with the establishment and administration of that |
| 13 | | fund, including, but not limited to, legal fees, actuarial |
| 14 | | analyses, continuing education for board members, and other |
| 15 | | qualified costs, as determined by the Department of Insurance. |
| 16 | | Reimbursement under this Section may only be made for |
| 17 | | administrative costs associated with the first 5 years after |
| 18 | | the establishment of the fund. This Section does not apply to a |
| 19 | | municipality that established a fund pursuant to a referendum |
| 20 | | held under Section 3-145. The Department of Insurance shall |
| 21 | | adopt rules to implement this Section.
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| 22 | | (40 ILCS 5/4-138.7 new) |