SB1824 - PEN CD-IMRF-VARIOUS

4 Co-Sponsors

Amends the General Provisions and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Provides that an authorized agent appointed after the effective date of the amendatory Act must complete a course of training regarding the duties and responsibilities of being an authorized agent no less than 3 months after his or her initial appointment. Provides that the training must be provided by the Fund and made available to all authorized agents online no less than quarterly at no cost to the authorized agent or his or her employer. In a provision that requires a participating municipality or participating instrumentality to make an additional contribution for earning increases greater than 6% or 1.5 times the increase in the consumer price index-u, provides that the Fund shall exclude earning increases due to amounts paid as required by federal or State law or court mandate or earnings increases due to the participating employee returning to the regular number of hours worked after having a temporary reduction in the number of hours worked. Provides that an elected trustee shall not be considered disqualified due to termination of participation if he or she thereafter begins participation with a different participating employer, there is no gap in service credit under the Article, and the trustee continues to meet all eligibility requirements for the same type of trustee position. Makes other changes. Effective immediately, except that certain provisions are effective January 1, 2024.