Bill Title: Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Increases the required employee contributions of persons who first became employees of the Fund or certain reciprocal systems before January 1, 2011. Changes the manner in which the District calculates its required contribution and tax levy. The new contribution amount is calculated as the employer's normal cost plus the annual amount needed to amortize the unfunded liability by the year 2050 as a level percent of payroll, but shall not exceed an amount equal to the total employee contributions 2 years prior multiplied by 4.19 (currently 2.19). States that the funding goal is to attain a funded ratio of at least 90% by the year 2050. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Sponsorship: Moderate Partisan Bill (Democrat 4-1)

Status: (Passed) 2012-08-03 - Public Act . . . . . . . . . 97-0894 [HB4513 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Contact	Phone	District	Sponsorship	State Profile	Financial	Encyclopedia	Biography
Representative Elaine Nekritz [D]	Primary	Inactive	Inactive	HD-057	Sponsored Bills	Inactive	FollowTheMoney	Ballotpedia	VoteSmart
Representative Louis Lang [D]	Cosponsor	Inactive	Inactive	HD-016	Sponsored Bills	Inactive	FollowTheMoney	Ballotpedia	VoteSmart
Representative David Harris [R]	Cosponsor	Inactive	Inactive	HD-053	Sponsored Bills	Inactive	FollowTheMoney	Ballotpedia	VoteSmart
Senator John Cullerton [D]	Primary	Inactive	Inactive	SD-006	Sponsored Bills	Inactive	FollowTheMoney	Ballotpedia	VoteSmart
Senator Edward Maloney [D]	Cosponsor	Inactive	Inactive	SD-018	Sponsored Bills	Inactive	FollowTheMoney	Ballotpedia	VoteSmart