On July 8, Illinois Gov. Bruce Rauner proposed a pension reform bill that impacts most retirement systems in Illinois.
Following our analysis, IMRF determined that the proposal:
- Does NOT alter pension benefits for IMRF members or retirees.
The proposal has no impact on IMRF's benefit structure, assets, or funded status.
- Does require IMRF to invest the assets of Illinois' more than 600 independent police and fire pension systems.
The proposal does NOT merge these independent police and fire pensions with IMRF. These systems would remain independent entities administered apart from IMRF.
For the proposal to become law, it would need to be passed by the Illinois General Assembly and withstand any legal challenges. IMRF will continue to monitor developments related to this proposal. Subscribe to IMRF’s Legislative Update newsletter for more information.