PEN CD-3-4-7-POPULATION REQS

Amends the Downstate Police, Downstate Firefighters, and Illinois Municipal Retirement Fund (IMRF) Articles of the Illinois Pension Code. Changes the definition of municipality so that, on and after the effective date of the Act, a city, township, village, or incorporated town qualifies as a municipality for the purposes of the affected Articles if it has a population of more than 7,500 (rather than 5,000) but less than 500,000 inhabitants. Makes corresponding changes in provisions concerning referenda that smaller municipalities use to opt into in the affected funds. Requires any municipality that has, before the effective date of the amendatory Act, established a pension fund under one of the affected Articles to continue to maintain that fund. Effective immediately.