Illinois House Bill 4078 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on January 15 2020 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

PEN CD-IMRF-MUNI CONTRIBUTION

Rep. LaShawn Ford [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-01-28	House	Assigned to Executive Committee
2020-01-16	House	Referred to Rules Committee
2020-01-16	House	First Reading
2020-01-15	House	Filed with the Clerk by Rep. La Shawn K. Ford

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.44	New Code	See Bill Text
40	5	7-172	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4078&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB4078.htm