PEN CD-ART 3&4 CONSOLIDATION

Amends the Illinois Pension Code. Merges all Article 3 police officers' pension funds and Article 4 firefighters' pension funds into the Illinois Municipal Retirement Fund (IMRF) on January 1, 2021. Creates a Transition Board, which is responsible for planning, overseeing, and administering the consolidation. Authorizes the Transition Board to undertake numerous activities necessary for the consolidation, including making arrangements for the transfer of assets and liabilities and for making recommendations to IMRF for an appropriate system of determining, administering, receiving, and enforcing the required municipal contributions to the Fund. Makes conforming and other changes. Provides that a person first employed as a firefighter or police officer on or after January 1, 2021 shall participate and earn benefits in IMRF as an employee under the IMRF Article (rather than participating and earning benefits under the Downstate Police or Downstate Firefighter Articles). Amends the Property Tax Extension Limitation Law (PTELL) of the Property Tax Code to exclude from the definition of "aggregate extension" special purpose extensions made for contributions to IMRF for benefits under the downstate police and downstate firefighter Articles. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately, except that certain changes to the Illinois Pension Code and the Property Tax Extension Limitation Law of the Property Tax Code take effect January 1, 2021.