PEN CD-FIRE-DEFINED CONTRIBUTE

Amends the Downstate Firefighter Article of the Illinois Pension Code. Requires each municipality to establish a defined contribution plan that aggregates firefighter and employer contributions in individual accounts used for retirement. Provides that if a firefighter who has more than 10 years of creditable service in a fund enters active service with a different municipality, he or she may elect to participate in the defined contribution plan in lieu of the defined benefit plan. Provides that if a fire chief to whom a specified provision of the Illinois Municipal Code applies (i) first becomes a member on or after January 1, 2020, (ii) is receiving pension payments, and (iii) reenters active service with any municipality that has established a pension fund under the Article, that fire chief may continue to receive pension payments while he or she is in active service, but shall only participate in a defined contribution plan and may not establish creditable service in the pension fund established by that municipality or have his or her pension recomputed. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.