Bill Text: IL SB1345 | 2017-2018 | 100th General Assembly | Engrossed

Bill Title: Amends the Chicago Firefighter Article of the Illinois Pension Code. Specifies that certain excess municipal contributions may be used only for reducing the amount that the city would otherwise be required to contribute for duty disability, occupational disease, or the administrative costs of the fund.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed) 2017-10-17 - House Floor Amendment No. 1 Rules Refers to Personnel & Pensions Committee [SB1345 Detail]

Download: Illinois-2017-SB1345-Engrossed.html

SB1345 EngrossedLRB100 10076 EFG 20248 b
1 AN ACT concerning public employee benefits.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by changing
5Section 6-161 as follows:
6 (40 ILCS 5/6-161) (from Ch. 108 1/2, par. 6-161)
7 Sec. 6-161. Refund-Transfer of city contributions.
8 Whenever any amounts are refunded, the accumulated city
9contributions shall be transferred to the prior service annuity
10reserve until such time as the assets of said reserve become
11equal to the liabilities thereof. Thereafter such amounts and
12the interest thereon shall be used to reduce the amount which
13the city would otherwise be required to contribute during a
14succeeding year to the fund for duty disability, occupational
15disease, or the administrative costs of the fund.
16(Source: Laws 1963, p. 161.)