Bill Title: Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Beginning municipal fiscal year 2022, provides that the annual levy and contribution to the fund are equal to (1) the normal cost of the pension fund for the year involved, plus (2) an amount sufficient to bring the total assets of the pension fund up to 100% of the total actuarial liabilities of the pension fund over a 30-year rolling amortization period. Provides that each municipal fiscal year through 2031, the rolling amortization period shall be reduced by one year for each municipal fiscal year after 2022. Provides a 20-year rolling amortization period for municipal fiscal year 2032 and each year thereafter. Provides that in making these determinations, the required minimum employer contribution shall be calculated each year as a level dollar amount over the amortization period, shall be determined under the entry age normal actuarial cost method, and shall be calculated using the most recent public retirement plans mortality table published by the Society of Actuaries. Provides that a municipality may not deviate from the amount of the contribution determined by the enrolled actuary and must use the actuarial rate of return recommended by the enrolled actuary. Provides that if a participating municipality fails to transmit to the fund contributions required of it for more than 90 days after the payment of those contributions is due, the fund shall (instead of may) certify to the State Comptroller the amounts of the delinquent payments, and the Comptroller must deduct and remit to the fund the certified amounts from payments of State funds to the municipality. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3669 Detail]

Text: Latest bill text (Introduced) [HTML]

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