IL SB2775 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 17 2016 - 25% progression, died in committee
Action: 2016-04-08 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 17 2016 - 25% progression, died in committee
Action: 2016-04-08 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Downstate Police and Fire Articles of the Illinois Pension Code in relation to employer contributions. Changes the funding formula by: (1) reducing the target funding ratio from 90% to 85%; (2) extending the amortization period to 2055; (3) changing the actuarial method from projected unit credit to entry age normal; and (4) deleting the "level percentage of payroll" calculation from the funding requirement. Also delays by 4 years the enforcement of late payments by intercepting State funds. Effective immediately.
Title
PEN CD-DNST POL&FIRE-FUNDING
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2016-04-08 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2016-03-01 | Senate | Assigned to Executive |
| 2016-02-17 | Senate | Referred to Assignments |
| 2016-02-17 | Senate | First Reading |
| 2016-02-17 | Senate | Filed with Secretary by Sen. Pamela J. Althoff |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 40 | 5 | 3-125 | Amended Code | Citation Text |
| 40 | 5 | 4-118 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2775&GAID=13&DocTypeID=SB&SessionID=88&GA=99 |
| Text | https://www.ilga.gov/legislation/99/SB/09900SB2775.htm |
