PEN CD-FIRE-DEFINED CONTRIBUTE

Amends the Downstate Firefighter Article of the Illinois Pension Code. Provides that a municipality that employs a fire chief who meets certain requirements shall establish a defined contribution plan that aggregates firefighter and employer contributions in individual accounts used for retirement. 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, 2021, (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. Provides that a municipality that employs a fire chief who participates in a defined contribution plan required to be established by the amendatory Act shall provide a disability insurance benefit to that fire chief that is at least equivalent to the disability benefit he or she would be provided if he or she was a participant in the defined benefit plan. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.