IL HB4078 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 15 2020 - 25% progression
Action: 2020-01-28 - Assigned to Executive Committee
Pending: House Executive Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that for fiscal years 2022 through 2040, a municipality is not required to contribute at a rate greater than the rate sufficient to bring the total actuarial assets of the Fund to 80% of the total actuarial liabilities of the Fund by the end of fiscal year 2040. Provides that for fiscal year 2041 and each fiscal year thereafter, a municipality is not required to contribute at a rate greater than the rate sufficient to the bring the total actuarial assets of the Fund to 80% of the total actuarial liabilities of the Fund by the end of that fiscal year. Excludes the payment of employee contributions by the municipality from the provisions. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2022.

Tracking Information

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Title

PEN CD-IMRF-MUNI CONTRIBUTION

Sponsors


History

DateChamberAction
2020-01-28HouseAssigned to Executive Committee
2020-01-16HouseReferred to Rules Committee
2020-01-16HouseFirst Reading
2020-01-15HouseFiled with the Clerk by Rep. La Shawn K. Ford

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.44New CodeSee Bill Text
4057-172Amended CodeCitation Text

Illinois State Sources


Bill Comments

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