Illinois SB 1692: LOCAL GOVT RETIREMENT PLANS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1692

Introduced 2/5/2025, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Local Government Retirement Plan Responsibility Act. Provides that any retirement plan offered by a unit of local government or school district must comply with the applicable provisions of the General Provisions Article of the Illinois Pension Code, including, but not limited to, fiduciary duties, funding, investments, and the rights of participants, regardless of whether the retirement plan is established under the Illinois Pension Code. Defines "retirement plan".

LRB104 09913 RPS 19983 b

A BILL FOR

SB1692LRB104 09913 RPS 19983 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 1. Short title. This Act may be cited as the Local 

5Government Retirement Plan Responsibility Act.

6 Section 5. Definition. In this Act:

7 "Retirement plan" means an eligible plan under Section 457 

8or Section 403(b) of the Internal Revenue Code.

9 Section 10. Retirement plans. A retirement plan offered by 

10a unit of local government or school district must comply with 

11the applicable provisions of Article 1 of the Illinois Pension 

12Code, including, but not limited to, provisions concerning 

13fiduciary duties, funding, investments, and the rights of 

14participants, regardless of whether the retirement plan is 

15established under the Illinois Pension Code.

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