PEN CD-IMRF-SELF MANAGED PLAN

Amends the Illinois Pension Code. Allows participants in the Illinois Municipal Retirement Fund (IMRF) to elect to participate in a self-managed program of retirement benefits instead of the program of traditional or reformed retirement benefits currently offered. Provides that the self-managed plan shall authorize a participant to accumulate assets for retirement through a combination of employer and employee contributions that may be invested at the participant's direction in mutual funds, collective investment funds, or other investment products and used to purchase annuity contracts. Requires the Fund to make the self-managed plan available within 6 months after the effective date of the amendatory Act. Makes conforming changes in the Retirement Systems Reciprocal Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.