PEN CD-3&4-OPT OUT OF SYSTEM

Amends the Downstate Police and Downstate Firefighters Articles of the Illinois Pension Code. Provides that if, after the official publication of the 2010 federal census of housing and population, an eligible municipality is for the first time required to establish a police or firefighter pension fund, then the corporate authorities of that municipality may, by resolution or ordinance adopted within 60 days after the effective date of the amendatory Act or 60 days after the official publication of the 2010 federal census of housing and population, whichever is later, elect not to establish that fund, provided that, before the adoption of that resolution or ordinance may take place, an independent auditor has certified that (i) a fund has not yet been created or (ii) a fund was created after the publication of the census data, but the fund does not have any outstanding liabilities or any members, participants, or beneficiaries entitled to benefits. Defines "eligible municipality". Effective immediately.