summary
Introduced
01/27/2021
01/27/2021
In Committee
02/18/2022
02/18/2022
Crossed Over
Passed
Dead
04/08/2022
04/08/2022
Introduced Session
102nd General Assembly
Bill Summary
Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Provides that the annual employer contribution shall include an amount sufficient to bring the total assets of the pension fund up to 90% of the total actuarial liabilities of the pension fund by the end of municipal fiscal year 2050 (instead of 2040). Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
AI Summary
This bill amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. It extends the deadline for municipalities to bring their pension funds up to 90% of the total actuarial liabilities from 2040 to 2050. The bill also includes a provision exempting the implementation of this mandate from requiring state reimbursement under the State Mandates Act. The bill takes effect immediately upon becoming law.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 02/18/2022)
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