Bill > HB5540

This bill makes several changes related to retirement benefits and insurance for municipal employees in Illinois. First, it amends the Illinois Pension Code to ensure that if a retirement annuity payment from the Illinois Municipal Retirement Fund (IMRF) is delayed by more than one month, the IMRF must pay the annuitant 6% interest on that delayed payment. Second, it modifies the Illinois Insurance Code concerning the "continuance privilege," which allows municipal employees to continue their group insurance coverage after leaving employment. Specifically, if an employee has arranged for their monthly insurance premium to be deducted from their IMRF pension payment, the IMRF is now required to promptly send those premium payments to the insurance company, even if the employee's pension payment itself has not yet been disbursed. Finally, the bill amends the State Mandates Act to declare that any requirements imposed by this new legislation are to be implemented without the state needing to reimburse local governments for any associated costs.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5540&GAID=18&DocTypeID=HB&SessionID=114&GA=104