Bill Title: Amends the Chicago Park District Act. Authorizes the Chicago Park District to issue bonds in the principal amount of $250,000,000 for the purpose of making contributions to the Chicago Park District Pension Fund without submitting the question of issuing the bonds to the voters of the District. Amends the Property Tax Extension Limitation Law of the Property Tax Code to exclude extensions made for payments of principal and interest on those bonds. Amends the Chicago Park District Article of the Illinois Pension Code. Repeals and removes certain provisions added by Public Act 98-622 that have been held unconstitutional by the Circuit Court of Cook County. For an employee to whom Tier 2 applies who first becomes an employee under the Chicago Park District Article on or after January 1, 2022 or who makes a specified election, decreases the retirement age by 2 years. Makes related changes. For persons who first become an employee on or after January 1, 2022 or who make a specified election, provides that the contribution for a service annuity shall be 9% (instead of 7%) of salary. Provides that in lieu of levying all or a portion of the tax, the employer may deposit an amount not less than the required amount of the employer contributions derived from any source legally available for that purpose. Makes changes to the formula for calculating the amount of the required Park District contribution beginning in payment year 2021. Provides that beginning in levy year 2020, the tax levy shall not exceed the amount of the Park District's total required contribution to the fund (instead of a multiplier of the employee contributions). Reenacts provisions concerning new benefit increases. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2021-08-06 - Public Act . . . . . . . . . 102-0263 [HB0417 Detail]

Text: Latest bill text (Chaptered) [HTML]

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