Illinois HB 5540: TAX CREDIT-VOLUNTR FIREFIGHTER

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB5540

Introduced 2/13/2026, by Rep. Tom Weber 

SYNOPSIS AS INTRODUCED:

40 ILCS 5/7-141.5 new

215 ILCS 5/367j from Ch. 73, par. 979j

30 ILCS 805/8.50 new

 Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that, if the payment of a retirement annuity is made to an annuitant more than one month after that retirement annuity payment became payable, then the Fund shall pay interest to the annuitant in an amount equal to 6% of that payment of the retirement annuity. Amends the Illinois Insurance Code. In provisions concerning the municipal employee's continuance privilege, provides that if an employee has elected to have the monthly premium deducted by the Illinois Municipal Retirement Fund from the employee's monthly pension payment, then the Illinois Municipal Retirement Fund shall promptly remit the premium payments to the insurance company, regardless of whether the employee's monthly pension payment has been paid to the employee. Amends the State Mandates Act to require implementation without reimbursement.

LRB104 20668 RPS 34166 b

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

A BILL FOR

HB5540LRB104 20668 RPS 34166 b

1 AN ACT concerning public employee benefits.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Pension Code is amended by adding 

5Section 7-141.5 as follows:

6 (40 ILCS 5/7-141.5 new)

7 Sec. 7-141.5. Retirement annuity; interest payment. If the 

8payment of a retirement annuity is made to an annuitant more 

9than one month after that retirement annuity payment became 

10payable, then the Fund shall pay interest to