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

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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: (Passed) 2017-12-08 - Public Act . . . . . . . . . 100-0563 [SB1345 Detail]

Download: Illinois-2017-SB1345-Engrossed.html

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SB1345 Engrossed LRB100 10076 EFG 20248 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Section 6-161 as follows:
(40 ILCS 5/6-161) (from Ch. 108 1/2, par. 6-161)
Sec. 6-161. Refund-Transfer of city contributions.
Whenever any amounts are refunded, the accumulated city
contributions shall be transferred to the prior service annuity
reserve until such time as the assets of said reserve become
equal to the liabilities thereof. Thereafter such amounts and
the interest thereon shall be used to reduce the amount which
the city would otherwise be required to contribute during a
succeeding year to the fund for duty disability, occupational
disease, or the administrative costs of the fund.
(Source: Laws 1963, p. 161.)