Bill > HB1736

This bill amends the Illinois Pension Code to add the Joliet Regional Port District to the list of participating instrumentalities in the Illinois Municipal Retirement Fund (IMRF), a public pension system for local government employees. Specifically, the bill inserts the Joliet Regional Port District as item xxxiii in the existing list of participating instrumentalities, which allows the district's employees to become members of the IMRF pension system. To become a participating instrumentality, the port district must submit an application to the IMRF Board, which will review the application based on criteria including the district's likelihood of continuing as a political entity for at least 10 years and its financial capacity to meet current and future pension obligations. The bill ensures that the port district meets certain requirements, such as being located in a county with fewer than 1 million inhabitants, and provides for the district to begin participating in the IMRF upon approval by the Board. The legislation takes effect immediately upon becoming law, allowing the Joliet Regional Port District to potentially join the IMRF pension system in the near future.

Labor and Employment

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1736&GAID=18&DocTypeID=HB&SessionID=114&GA=104