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SB4175 • 2026
MUNI CD-OPED TRUSTS
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
MUNI CD-OPED TRUSTS
Filed with Secretary by Sen. Suzy Glowiak Hilton
First Reading
Referred to Assignments
MUNI CD-OPED TRUSTS
Illinois General Assembly - Full Text of SB4175 Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. 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Full Text of SB4175 Home Legislation Full Text SB4175 - 104th General Assembly Bill Status Full Text Votes Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB4175 Introduced 3/10/2026, by Sen. Suzy Glowiak Hilton SYNOPSIS AS INTRODUCED: 65 ILCS 5/10-4-1.5 new Amends the Illinois Municipal Code. Provides that, if the moneys in the general fund of a municipality exceed the municipality's operating expenses for the immediately preceding calendar year, then the municipality may establish an OPEB trust or deposit moneys into an existing OPEB trust. Provides that the trusts are in addition to pension benefits provided by the municipality for its employees under the Illinois Pension Code. Provides that the trustee of the OPEB trusts shall be the municipality. Provides that the treasurer of the municipality and the trustee shall be indemnified by the municipality to the fullest extent permitted by law for their actions taken with respect to the OPEB trust. Provides that the assets of an OPEB trust shall be managed by the treasurer of the municipality in any manner, subject only to the prudent investor standard and any requirements of applicable federal law. LRB104 21069 RTM 35135 b A BILL FOR SB4175 LRB104 21069 RTM 35135 b 1 AN ACT concerning local government. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Municipal Code is amended by 5 adding Section 10-4-1.5 as follows: 6 (65 ILCS 5/10-4-1.5 new) 7 Sec. 10-4-1.5. Other postemployment benefit trusts. 8 (a) As used in this Section, "OPEB trust" means an other 9 postemployment benefit trust established by a municipality for 10 the purpose of providing for the funding and payment of health 11 and other fringe benefits for retired or terminated employees 12 of the municipality or employees of the municipality with 13 disabilities or for their dependents and beneficiaries. 14 (b) If the moneys in the general fund of a municipality 15 exceed the municipality's operating expenses for the 16 immediately preceding calendar year, then the municipality may 17 establish an OPEB trust or deposit moneys into an existing 18 OPEB trust. 19 (c) Trusts created by a municipality under this Section 20 are in addition to pension benefits provided by the 21 municipality for its employees under the Illinois Pension 22 Code. 23 (d) The OPEB trusts may employ such personnel and enter SB4175 - 2 - LRB104 21069 RTM 35135 b 1 into investment, advisory, or professional services or similar 2 contracts as deemed appropriate by the corporate authorities 3 of the municipality and recommended by the Treasurer of the 4 municipality. 5 (e) The OPEB trusts may be established in a manner so as to 6 be exempt from taxation under the provisions of applicable 7 federal and State tax laws. 8 (f) The trustee of the OPEB trusts shall be the 9 municipality. The treasurer of the municipality and the 10 trustee shall be indemnified by the municipality to the 11 fullest extent permitted by law for their actions taken with 12 respect to the OPEB trust. 13 (g) The assets of an OPEB trust shall be managed by the 14 treasurer of the municipality in any manner, subject only to 15 the prudent investor standard and any requirements of 16 applicable federal law. The limitations of any other statute 17 affecting the investment of municipal funds shall not apply to 18 OPEB trusts. The trustee shall adopt an investment policy 19 consistent with the standards articulated in Section 2.5 of 20 the Public Funds Investment Act. The investment policy shall 21 also provide for the availability of training. Funds of the 22 OPEB trusts may be used to pay for costs of administering the 23 OPEB trusts and for the benefits for which the trusts have been 24 established in accordance with the terms of the OPEB trust 25 documents. 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