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The New Pension Law: How It Affects You and Your Officers
ISU Alumni Center
1101 North Main St
Normal, IL 61761
United States
309-438-4781

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Monday, November 12, 2018, 2:00 PM - 5:00 PM CST
Category: Events

ILACP Training Seminar:
“The New Pension Law: How It Affects You and Your Officers.”

Description:

Governor Rauner signed HB 418 on August 24, 2017, after its sponsor, Rep. Grant Wehrli, engaged in negotiations with the Illinois Chiefs for three years on variations of this bill. It is now Public Act 100-0281. It affects police pensions, and we continue to hear questions about exactly what this law does and what happens when the changes take effect on January 1, 2019.

This three-hour seminar is designed to answer those questions. Participants will learn:

  • Exactly what this bill says about your pension
  • What municipalities must do in setting up a defined contribution
  • How the law affects sworn officers entering service after the effective date of this law
  • The funding impact the law will have on the Article 3 pension funds. 
  • Information about benefits (Tier 1 vs Tier 2, calculations for retirement/disability/survivors, contribution refunds, taxes, QILDROs, transfers and purchases of service)
  • Actuarial information (developing sound funding policies, impact of statutory changes, GASB)
  • Answers to your questions – you can ask questions in advance when you register, and there will be a Q&A at each location.
  • A brief history of the politics that led to the “Wehrli bill” and the final language in this law, potential changes to the law in the future for better or for worse, and why only police chiefs (not fire chiefs, teachers, and others) were included.

 Main presenter:

  • Allison Barrett, Director, Lauterbach & Amen
  • Other presenters have been invited to address specific topics
  • ILACP leaders will describe the “Illinois politics” behind this law as well as bills and ideas that could affect us.

Contact: Carmen J. Kent - [email protected] - 217-523-3765