Bill Title: Amends the Illinois Pension Code. In the General Provisions Article, provides that beginning on January 1, 2024, the annual earnings, salary, or wages of a Tier 2 participant under the Cook County Article shall track with the Social Security wage base (rather than shall not exceed $106,800, adjusted annually). Makes conforming changes in the Cook County Article and provides that the county's contribution shall be paid through a tax levy and any other lawfully available funds. Further amends the Cook County Article. In a provision concerning establishing credit for military service, deletes a restrictive date and a requirement that the person must have at least 25 years of service credit. Requires the retirement board to retain an actuary who is a member in good standing of the American Academy of Actuaries to produce an annual actuarial report of the Fund and provides criteria for the report. Makes changes concerning the minimum required employer contribution. Provides that the annual audit required of the Fund may include the preparation of the annual actuarial report. Provides that the annual report submitted to the county board shall include the annual actuarial report. Requires that the minimum required employer contribution shall be submitted annually by the county and provides the method of determining the minimum required employer contribution. Provides that the county shall be notified by June 14 of each year of the proposed costs of any such payments allocated by the Fund for all or any portion of the total health premium paid by the Fund. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Passed) 2023-08-15 - Public Act . . . . . . . . . 103-0529 [HB2352 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Marcus Evans [D]	Primary	Sponsored Bills	HD-033	FollowTheMoney	Ballotpedia	VoteSmart
Representative Stephanie Kifowit [D]	Cosponsor	Sponsored Bills	HD-084	FollowTheMoney	Ballotpedia	VoteSmart
Senator Lakesia Collins [D]	Cosponsor	Sponsored Bills	SD-005	FollowTheMoney	Ballotpedia	VoteSmart
Representative Cyril Nichols [D]	Cosponsor	Sponsored Bills	HD-032	N/A	Ballotpedia	VoteSmart
Representative Kimberly Du Buclet [D]	Cosponsor	Sponsored Bills	HD-005	N/A	Ballotpedia	N/A
Representative Carol Ammons [D]	Cosponsor	Sponsored Bills	HD-103	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kelly Burke [D]	Cosponsor	Sponsored Bills	HD-036	FollowTheMoney	Ballotpedia	VoteSmart
Representative Camille Lilly [D]	Cosponsor	Sponsored Bills	HD-078	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Martwick [D]	Primary	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Peters [D]	Cosponsor	Sponsored Bills	SD-013	FollowTheMoney	Ballotpedia	VoteSmart

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