Bill > HB1246

This bill amends the Illinois Pension Code for downstate police and firefighter pension funds by extending the timeline for achieving 90% funding from fiscal year 2040 to fiscal year 2050. Specifically, the bill modifies the funding requirements for municipal police and firefighter pension funds, allowing municipalities an additional decade to reach full actuarial funding. The amendments require municipalities to calculate their annual employer contributions as a level percentage of payroll over the years remaining until fiscal year 2050, using the projected unit credit actuarial cost method. Additionally, the bill includes a provision in the State Mandates Act that exempts the implementation of these changes from state reimbursement, meaning municipalities will be responsible for covering the costs of implementing these pension fund adjustments. The bill aims to provide municipalities with more flexible and extended timelines for meeting their pension fund obligations while maintaining the goal of reaching 90% funding by a specified year.

Labor and Employment

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1246&GAID=18&DocTypeID=HB&SessionID=114&GA=104