IL HB4100 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on June 15 2021 - 25% progression, died in committee
Action: 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Cook County and Cook County Forest Preserve Articles of the Illinois Pension Code. Specifies the amount of the county's and the forest preserve district's required annual contributions through payment year 2025. Provides that for payment years 2026 through 2063, the county's and forest preserve district's required annual contributions to the Fund shall be the amount determined by the Fund to be equal to the sum of (i) the county's or forest preserve district's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined on a level percentage of applicable employee payroll basis that is sufficient to bring the total actuarial assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of 2063. Specifies a formula for payment years after 2063. Provides that, in lieu of levying all or a portion of the required tax in any year, the county or forest preserve district may deposit with the county treasurer for the benefit of the fund an amount that, together with the taxes levied for that year, is not less than the amount of the county's or forest preserve district's contributions for that year as certified by the board of the Fund to the county board or forest preserve district. Provides that the county or forest preserve district may continue to use other lawfully available funds to make the contribution in lieu of all or part of the levy. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State.

Tracking Information

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Title

PEN CD-COOK COUNTY-FUNDING

Sponsors


History

DateChamberAction
2022-02-18HouseRule 19(a) / Re-referred to Rules Committee
2022-01-25HouseAssigned to Personnel & Pensions Committee
2021-06-15HouseReferred to Rules Committee
2021-06-15HouseFirst Reading
2021-06-15HouseFiled with the Clerk by Rep. Kelly M. Burke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.45New CodeSee Bill Text
40510-107Amended CodeCitation Text
4059-169Amended CodeCitation Text

Illinois State Sources


Bill Comments

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