Governor Pritzker has signed into law Public Act 101-504, amending the Illinois Pension Code (40 ILCS 5/7-135.5). It requires IMRF to post certain information regarding contributions made by local taxing bodies. Further, the Act requires that by January 1, 2021, all Illinois municipalities, as well as all other local taxing bodies that participate in IMRF, must post on their websites a link to the IMRF’s new information page.
The IMRF information page is entitled “Employer Cost and Participation Information,” and can be found at https://www.imrf.org/en/about-imrf/transparency/employer-cost-and-participation-information.
The Act does not require a municipality or district to create or maintain a website, but it must add the above “Employer Cost and Participation Information” link to the website if a municipality or district has a website. As usual, the State of Illinois is not required to reimburse IMRF, or any municipality or district, for compliance or implementation of this new requirement.
Please contact your Tressler attorney if you have any questions regarding this new requirement.