HB1648 amends the Illinois Pension Code to ensure firefighter pensions are exempt from debt collection.
HB1648 amends the Illinois Pension Code to protect the pensions of retired firefighters and their beneficiaries from being seized or levied on for debt collection. The pension fund is secured for pensioning purposes only, and beneficiaries cannot transfer or assign their benefits through mortgage or otherwise. However, an annuitant or disability beneficiary may direct monthly payments to an affiliated association or organization for hospitalization insurance purposes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.