98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1372

 

Introduced 2/6/2013, by Rep. David Harris

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/3-125  from Ch. 108 1/2, par. 3-125
40 ILCS 5/4-118  from Ch. 108 1/2, par. 4-118
40 ILCS 5/5-168  from Ch. 108 1/2, par. 5-168
40 ILCS 5/6-165  from Ch. 108 1/2, par. 6-165

    Amends the Downstate and Chicago Police and Firefighter Articles of the Illinois Pension Code. Delays by one year a procedure under which the Comptroller is required to divert certain State payments from the intended recipient to a pension fund when the intended recipient is more than 90 days overdue in making a required contribution to the pension fund. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1372LRB098 09351 EFG 39492 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
5Sections 3-125, 4-118, 5-168, and 6-165 as follows:
 
6    (40 ILCS 5/3-125)  (from Ch. 108 1/2, par. 3-125)
7    Sec. 3-125. Financing.
8    (a) The city council or the board of trustees of the
9municipality shall annually levy a tax upon all the taxable
10property of the municipality at the rate on the dollar which
11will produce an amount which, when added to the deductions from
12the salaries or wages of police officers, and revenues
13available from other sources, will equal a sum sufficient to
14meet the annual requirements of the police pension fund. The
15annual requirements to be provided by such tax levy are equal
16to (1) the normal cost of the pension fund for the year
17involved, plus (2) an amount sufficient to bring the total
18assets of the pension fund up to 90% of the total actuarial
19liabilities of the pension fund by the end of municipal fiscal
20year 2040, as annually updated and determined by an enrolled
21actuary employed by the Illinois Department of Insurance or by
22an enrolled actuary retained by the pension fund or the
23municipality. In making these determinations, the required

 

 

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1minimum employer contribution shall be calculated each year as
2a level percentage of payroll over the years remaining up to
3and including fiscal year 2040 and shall be determined under
4the projected unit credit actuarial cost method. The tax shall
5be levied and collected in the same manner as the general taxes
6of the municipality, and in addition to all other taxes now or
7hereafter authorized to be levied upon all property within the
8municipality, and shall be in addition to the amount authorized
9to be levied for general purposes as provided by Section 8-3-1
10of the Illinois Municipal Code, approved May 29, 1961, as
11amended. The tax shall be forwarded directly to the treasurer
12of the board within 30 business days after receipt by the
13county.
14    (b) For purposes of determining the required employer
15contribution to a pension fund, the value of the pension fund's
16assets shall be equal to the actuarial value of the pension
17fund's assets, which shall be calculated as follows:
18        (1) On March 30, 2011, the actuarial value of a pension
19    fund's assets shall be equal to the market value of the
20    assets as of that date.
21        (2) In determining the actuarial value of the System's
22    assets for fiscal years after March 30, 2011, any actuarial
23    gains or losses from investment return incurred in a fiscal
24    year shall be recognized in equal annual amounts over the
25    5-year period following that fiscal year.
26    (c) If a participating municipality fails to transmit to

 

 

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1the fund contributions required of it under this Article for
2more than 90 days after the payment of those contributions is
3due, the fund may, after giving notice to the municipality,
4certify to the State Comptroller the amounts of the delinquent
5payments, and the Comptroller must, beginning in fiscal year
62017 2016, deduct and deposit into the fund the certified
7amounts or a portion of those amounts from the following
8proportions of grants of State funds to the municipality:
9        (1) in fiscal year 2017 2016, one-third of the total
10    amount of any grants of State funds to the municipality;
11        (2) in fiscal year 2018 2017, two-thirds of the total
12    amount of any grants of State funds to the municipality;
13    and
14        (3) in fiscal year 2019 2018 and each fiscal year
15    thereafter, the total amount of any grants of State funds
16    to the municipality.
17    The State Comptroller may not deduct from any grants of
18State funds to the municipality more than the amount of
19delinquent payments certified to the State Comptroller by the
20fund.
21    (d) The police pension fund shall consist of the following
22moneys which shall be set apart by the treasurer of the
23municipality:
24        (1) All moneys derived from the taxes levied hereunder;
25        (2) Contributions by police officers under Section
26    3-125.1;

 

 

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1        (3) All moneys accumulated by the municipality under
2    any previous legislation establishing a fund for the
3    benefit of disabled or retired police officers;
4        (4) Donations, gifts or other transfers authorized by
5    this Article.
6    (e) The Commission on Government Forecasting and
7Accountability shall conduct a study of all funds established
8under this Article and shall report its findings to the General
9Assembly on or before January 1, 2013. To the fullest extent
10possible, the study shall include, but not be limited to, the
11following:
12        (1) fund balances;
13        (2) historical employer contribution rates for each
14    fund;
15        (3) the actuarial formulas used as a basis for employer
16    contributions, including the actual assumed rate of return
17    for each year, for each fund;
18        (4) available contribution funding sources;
19        (5) the impact of any revenue limitations caused by
20    PTELL and employer home rule or non-home rule status; and
21        (6) existing statutory funding compliance procedures
22    and funding enforcement mechanisms for all municipal
23    pension funds.
24(Source: P.A. 95-530, eff. 8-28-07; 96-1495, eff. 1-1-11.)
 
25    (40 ILCS 5/4-118)  (from Ch. 108 1/2, par. 4-118)

 

 

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1    Sec. 4-118. Financing.
2    (a) The city council or the board of trustees of the
3municipality shall annually levy a tax upon all the taxable
4property of the municipality at the rate on the dollar which
5will produce an amount which, when added to the deductions from
6the salaries or wages of firefighters and revenues available
7from other sources, will equal a sum sufficient to meet the
8annual actuarial requirements of the pension fund, as
9determined by an enrolled actuary employed by the Illinois
10Department of Insurance or by an enrolled actuary retained by
11the pension fund or municipality. For the purposes of this
12Section, the annual actuarial requirements of the pension fund
13are equal to (1) the normal cost of the pension fund, or 17.5%
14of the salaries and wages to be paid to firefighters for the
15year involved, whichever is greater, plus (2) an annual amount
16sufficient to bring the total assets of the pension fund up to
1790% of the total actuarial liabilities of the pension fund by
18the end of municipal fiscal year 2040, as annually updated and
19determined by an enrolled actuary employed by the Illinois
20Department of Insurance or by an enrolled actuary retained by
21the pension fund or the municipality. In making these
22determinations, the required minimum employer contribution
23shall be calculated each year as a level percentage of payroll
24over the years remaining up to and including fiscal year 2040
25and shall be determined under the projected unit credit
26actuarial cost method. The amount to be applied towards the

 

 

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1amortization of the unfunded accrued liability in any year
2shall not be less than the annual amount required to amortize
3the unfunded accrued liability, including interest, as a level
4percentage of payroll over the number of years remaining in the
540 year amortization period.
6    (a-5) For purposes of determining the required employer
7contribution to a pension fund, the value of the pension fund's
8assets shall be equal to the actuarial value of the pension
9fund's assets, which shall be calculated as follows:
10        (1) On March 30, 2011, the actuarial value of a pension
11    fund's assets shall be equal to the market value of the
12    assets as of that date.
13        (2) In determining the actuarial value of the pension
14    fund's assets for fiscal years after March 30, 2011, any
15    actuarial gains or losses from investment return incurred
16    in a fiscal year shall be recognized in equal annual
17    amounts over the 5-year period following that fiscal year.
18    (b) The tax shall be levied and collected in the same
19manner as the general taxes of the municipality, and shall be
20in addition to all other taxes now or hereafter authorized to
21be levied upon all property within the municipality, and in
22addition to the amount authorized to be levied for general
23purposes, under Section 8-3-1 of the Illinois Municipal Code or
24under Section 14 of the Fire Protection District Act. The tax
25shall be forwarded directly to the treasurer of the board
26within 30 business days of receipt by the county (or, in the

 

 

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1case of amounts added to the tax levy under subsection (f),
2used by the municipality to pay the employer contributions
3required under subsection (b-1) of Section 15-155 of this
4Code).
5    (b-5) If a participating municipality fails to transmit to
6the fund contributions required of it under this Article for
7more than 90 days after the payment of those contributions is
8due, the fund may, after giving notice to the municipality,
9certify to the State Comptroller the amounts of the delinquent
10payments, and the Comptroller must, beginning in fiscal year
112017 2016, deduct and deposit into the fund the certified
12amounts or a portion of those amounts from the following
13proportions of grants of State funds to the municipality:
14        (1) in fiscal year 2017 2016, one-third of the total
15    amount of any grants of State funds to the municipality;
16        (2) in fiscal year 2018 2017, two-thirds of the total
17    amount of any grants of State funds to the municipality;
18    and
19        (3) in fiscal year 2019 2018 and each fiscal year
20    thereafter, the total amount of any grants of State funds
21    to the municipality.
22    The State Comptroller may not deduct from any grants of
23State funds to the municipality more than the amount of
24delinquent payments certified to the State Comptroller by the
25fund.
26    (c) The board shall make available to the membership and

 

 

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1the general public for inspection and copying at reasonable
2times the most recent Actuarial Valuation Balance Sheet and Tax
3Levy Requirement issued to the fund by the Department of
4Insurance.
5    (d) The firefighters' pension fund shall consist of the
6following moneys which shall be set apart by the treasurer of
7the municipality: (1) all moneys derived from the taxes levied
8hereunder; (2) contributions by firefighters as provided under
9Section 4-118.1; (3) all rewards in money, fees, gifts, and
10emoluments that may be paid or given for or on account of
11extraordinary service by the fire department or any member
12thereof, except when allowed to be retained by competitive
13awards; and (4) any money, real estate or personal property
14received by the board.
15    (e) For the purposes of this Section, "enrolled actuary"
16means an actuary: (1) who is a member of the Society of
17Actuaries or the American Academy of Actuaries; and (2) who is
18enrolled under Subtitle C of Title III of the Employee
19Retirement Income Security Act of 1974, or who has been engaged
20in providing actuarial services to one or more public
21retirement systems for a period of at least 3 years as of July
221, 1983.
23    (f) The corporate authorities of a municipality that
24employs a person who is described in subdivision (d) of Section
254-106 may add to the tax levy otherwise provided for in this
26Section an amount equal to the projected cost of the employer

 

 

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1contributions required to be paid by the municipality to the
2State Universities Retirement System under subsection (b-1) of
3Section 15-155 of this Code.
4    (g) The Commission on Government Forecasting and
5Accountability shall conduct a study of all funds established
6under this Article and shall report its findings to the General
7Assembly on or before January 1, 2013. To the fullest extent
8possible, the study shall include, but not be limited to, the
9following:
10        (1) fund balances;
11        (2) historical employer contribution rates for each
12    fund;
13        (3) the actuarial formulas used as a basis for employer
14    contributions, including the actual assumed rate of return
15    for each year, for each fund;
16        (4) available contribution funding sources;
17        (5) the impact of any revenue limitations caused by
18    PTELL and employer home rule or non-home rule status; and
19        (6) existing statutory funding compliance procedures
20    and funding enforcement mechanisms for all municipal
21    pension funds.
22(Source: P.A. 96-1495, eff. 1-1-11.)
 
23    (40 ILCS 5/5-168)   (from Ch. 108 1/2, par. 5-168)
24    Sec. 5-168. Financing.
25    (a) Except as expressly provided in this Section, the city

 

 

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1shall levy a tax annually upon all taxable property therein for
2the purpose of providing revenue for the fund.
3    The tax shall be at a rate that will produce a sum which,
4when added to the amounts deducted from the policemen's
5salaries and the amounts deposited in accordance with
6subsection (g), is sufficient for the purposes of the fund.
7    For the years 1968 and 1969, the city council shall levy a
8tax annually at a rate on the dollar of the assessed valuation
9of all taxable property that will produce, when extended, not
10to exceed $9,700,000. Beginning with the year 1970 and through
112014, the city council shall levy a tax annually at a rate on
12the dollar of the assessed valuation of all taxable property
13that will produce when extended an amount not to exceed the
14total amount of contributions by the policemen to the Fund made
15in the calendar year 2 years before the year for which the
16applicable annual tax is levied, multiplied by 1.40 for the tax
17levy year 1970; by 1.50 for the year 1971; by 1.65 for 1972; by
181.85 for 1973; by 1.90 for 1974; by 1.97 for 1975 through 1981;
19by 2.00 for 1982 and for each year through 2014. Beginning in
202015, the city council shall levy a tax annually at a rate on
21the dollar of the assessed valuation of all taxable property
22that will produce when extended an annual amount that is equal
23to (1) the normal cost to the Fund, plus (2) an annual amount
24sufficient to bring the total assets of the Fund up to 90% of
25the total actuarial liabilities of the Fund by the end of
26fiscal year 2040, as annually updated and determined by an

 

 

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1enrolled actuary employed by the Illinois Department of
2Insurance or by an enrolled actuary retained by the Fund or the
3city. In making these determinations, the required minimum
4employer contribution shall be calculated each year as a level
5percentage of payroll over the years remaining up to and
6including fiscal year 2040 and shall be determined under the
7projected unit credit actuarial cost method. For the purposes
8of this subsection (a), contributions by the policeman to the
9Fund shall not include payments made by a policeman to
10establish credit under Section 5-214.2 of this Code.
11    (a-5) For purposes of determining the required employer
12contribution to the Fund, the value of the Fund's assets shall
13be equal to the actuarial value of the Fund's assets, which
14shall be calculated as follows:
15        (1) On March 30, 2011, the actuarial value of the
16    Fund's assets shall be equal to the market value of the
17    assets as of that date.
18        (2) In determining the actuarial value of the Fund's
19    assets for fiscal years after March 30, 2011, any actuarial
20    gains or losses from investment return incurred in a fiscal
21    year shall be recognized in equal annual amounts over the
22    5-year period following that fiscal year.
23    (a-7) If the city fails to transmit to the Fund
24contributions required of it under this Article for more than
2590 days after the payment of those contributions is due, the
26Fund may, after giving notice to the city, certify to the State

 

 

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1Comptroller the amounts of the delinquent payments, and the
2Comptroller must, beginning in fiscal year 2017 2016, deduct
3and deposit into the Fund the certified amounts or a portion of
4those amounts from the following proportions of grants of State
5funds to the city:
6        (1) in fiscal year 2017 2016, one-third of the total
7    amount of any grants of State funds to the city;
8        (2) in fiscal year 2018 2017, two-thirds of the total
9    amount of any grants of State funds to the city; and
10        (3) in fiscal year 2019 2018 and each fiscal year
11    thereafter, the total amount of any grants of State funds
12    to the city.
13    The State Comptroller may not deduct from any grants of
14State funds to the city more than the amount of delinquent
15payments certified to the State Comptroller by the Fund.
16    (b) The tax shall be levied and collected in like manner
17with the general taxes of the city, and is in addition to all
18other taxes which the city is now or may hereafter be
19authorized to levy upon all taxable property therein, and is
20exclusive of and in addition to the amount of tax the city is
21now or may hereafter be authorized to levy for general purposes
22under any law which may limit the amount of tax which the city
23may levy for general purposes. The county clerk of the county
24in which the city is located, in reducing tax levies under
25Section 8-3-1 of the Illinois Municipal Code, shall not
26consider the tax herein authorized as a part of the general tax

 

 

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1levy for city purposes, and shall not include the tax in any
2limitation of the percent of the assessed valuation upon which
3taxes are required to be extended for the city.
4    (c) On or before January 10 of each year, the board shall
5notify the city council of the requirement that the tax herein
6authorized be levied by the city council for that current year.
7The board shall compute the amounts necessary for the purposes
8of this fund to be credited to the reserves established and
9maintained within the fund; shall make an annual determination
10of the amount of the required city contributions; and shall
11certify the results thereof to the city council.
12    As soon as any revenue derived from the tax is collected it
13shall be paid to the city treasurer of the city and shall be
14held by him for the benefit of the fund in accordance with this
15Article.
16    (d) If the funds available are insufficient during any year
17to meet the requirements of this Article, the city may issue
18tax anticipation warrants against the tax levy for the current
19fiscal year.
20    (e) The various sums, including interest, to be contributed
21by the city, shall be taken from the revenue derived from such
22tax or otherwise as expressly provided in this Section. Any
23moneys of the city derived from any source other than the tax
24herein authorized shall not be used for any purpose of the fund
25nor the cost of administration thereof, unless applied to make
26the deposit expressly authorized in this Section or the

 

 

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1additional city contributions required under subsection (h).
2    (f) If it is not possible or practicable for the city to
3make its contributions at the time that salary deductions are
4made, the city shall make such contributions as soon as
5possible thereafter, with interest thereon to the time it is
6made.
7    (g) In lieu of levying all or a portion of the tax required
8under this Section in any year, the city may deposit with the
9city treasurer no later than March 1 of that year for the
10benefit of the fund, to be held in accordance with this
11Article, an amount that, together with the taxes levied under
12this Section for that year, is not less than the amount of the
13city contributions for that year as certified by the board to
14the city council. The deposit may be derived from any source
15legally available for that purpose, including, but not limited
16to, the proceeds of city borrowings. The making of a deposit
17shall satisfy fully the requirements of this Section for that
18year to the extent of the amounts so deposited. Amounts
19deposited under this subsection may be used by the fund for any
20of the purposes for which the proceeds of the tax levied under
21this Section may be used, including the payment of any amount
22that is otherwise required by this Article to be paid from the
23proceeds of that tax.
24    (h) In addition to the contributions required under the
25other provisions of this Article, by November 1 of the
26following specified years, the city shall deposit with the city

 

 

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1treasurer for the benefit of the fund, to be held and used in
2accordance with this Article, the following specified amounts:
3$6,300,000 in 1999; $5,880,000 in 2000; $5,460,000 in 2001;
4$5,040,000 in 2002; and $4,620,000 in 2003.
5    The additional city contributions required under this
6subsection are intended to decrease the unfunded liability of
7the fund and shall not decrease the amount of the city
8contributions required under the other provisions of this
9Article. The additional city contributions made under this
10subsection may be used by the fund for any of its lawful
11purposes.
12(Source: P.A. 95-1036, eff. 2-17-09; 96-1495, eff. 1-1-11.)
 
13    (40 ILCS 5/6-165)   (from Ch. 108 1/2, par. 6-165)
14    Sec. 6-165. Financing; tax.
15    (a) Except as expressly provided in this Section, each city
16shall levy a tax annually upon all taxable property therein for
17the purpose of providing revenue for the fund. For the years
18prior to the year 1960, the tax rate shall be as provided for
19in the "Firemen's Annuity and Benefit Fund of the Illinois
20Municipal Code". The tax, from and after January 1, 1968 to and
21including the year 1971, shall not exceed .0863% of the value,
22as equalized or assessed by the Department of Revenue, of all
23taxable property in the city. Beginning with the year 1972 and
24through 2014, the city shall levy a tax annually at a rate on
25the dollar of the value, as equalized or assessed by the

 

 

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1Department of Revenue of all taxable property within such city
2that will produce, when extended, not to exceed an amount equal
3to the total amount of contributions by the employees to the
4fund made in the calendar year 2 years prior to the year for
5which the annual applicable tax is levied, multiplied by 2.23
6through the calendar year 1981, and by 2.26 for the year 1982
7and for each year through 2014. Beginning in 2015, the city
8council shall levy a tax annually at a rate on the dollar of
9the assessed valuation of all taxable property that will
10produce when extended an annual amount that is equal to (1) the
11normal cost to the Fund, plus (2) an annual amount sufficient
12to bring the total assets of the Fund up to 90% of the total
13actuarial liabilities of the Fund by the end of fiscal year
142040, as annually updated and determined by an enrolled actuary
15employed by the Illinois Department of Insurance or by an
16enrolled actuary retained by the Fund or the city. In making
17these determinations, the required minimum employer
18contribution shall be calculated each year as a level
19percentage of payroll over the years remaining up to and
20including fiscal year 2040 and shall be determined under the
21projected unit credit actuarial cost method.
22    To provide revenue for the ordinary death benefit
23established by Section 6-150 of this Article, in addition to
24the contributions by the firemen for this purpose, the city
25council shall for the year 1962 and each year thereafter
26annually levy a tax, which shall be in addition to and

 

 

HB1372- 17 -LRB098 09351 EFG 39492 b

1exclusive of the taxes authorized to be levied under the
2foregoing provisions of this Section, upon all taxable property
3in the city, as equalized or assessed by the Department of
4Revenue, at such rate per cent of the value of such property as
5shall be sufficient to produce for each year the sum of
6$142,000.
7    The amounts produced by the taxes levied annually, together
8with the deposit expressly authorized in this Section, shall be
9sufficient, when added to the amounts deducted from the
10salaries of firemen and applied to the fund, to provide for the
11purposes of the fund.
12    (a-5) For purposes of determining the required employer
13contribution to the Fund, the value of the Fund's assets shall
14be equal to the actuarial value of the Fund's assets, which
15shall be calculated as follows:
16        (1) On March 30, 2011, the actuarial value of the
17    Fund's assets shall be equal to the market value of the
18    assets as of that date.
19        (2) In determining the actuarial value of the Fund's
20    assets for fiscal years after March 30, 2011, any actuarial
21    gains or losses from investment return incurred in a fiscal
22    year shall be recognized in equal annual amounts over the
23    5-year period following that fiscal year.
24    (a-7) If the city fails to transmit to the Fund
25contributions required of it under this Article for more than
2690 days after the payment of those contributions is due, the

 

 

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1Fund may, after giving notice to the city, certify to the State
2Comptroller the amounts of the delinquent payments, and the
3Comptroller must, beginning in fiscal year 2017 2016, deduct
4and deposit into the Fund the certified amounts or a portion of
5those amounts from the following proportions of grants of State
6funds to the city:
7        (1) in fiscal year 2017 2016, one-third of the total
8    amount of any grants of State funds to the city;
9        (2) in fiscal year 2018 2017, two-thirds of the total
10    amount of any grants of State funds to the city; and
11        (3) in fiscal year 2019 2018 and each fiscal year
12    thereafter, the total amount of any grants of State funds
13    to the city.
14    The State Comptroller may not deduct from any grants of
15State funds to the city more than the amount of delinquent
16payments certified to the State Comptroller by the Fund.
17    (b) The taxes shall be levied and collected in like manner
18with the general taxes of the city, and shall be in addition to
19all other taxes which the city may levy upon all taxable
20property therein and shall be exclusive of and in addition to
21the amount of tax the city may levy for general purposes under
22Section 8-3-1 of the Illinois Municipal Code, approved May 29,
231961, as amended, or under any other law or laws which may
24limit the amount of tax which the city may levy for general
25purposes.
26    (c) The amounts of the taxes to be levied in each year

 

 

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1shall be certified to the city council by the board.
2    (d) As soon as any revenue derived from such taxes is
3collected, it shall be paid to the city treasurer and held for
4the benefit of the fund, and all such revenue shall be paid
5into the fund in accordance with the provisions of this
6Article.
7    (e) If the funds available are insufficient during any year
8to meet the requirements of this Article, the city may issue
9tax anticipation warrants, against the tax levies herein
10authorized for the current fiscal year.
11    (f) The various sums, hereinafter stated, including
12interest, to be contributed by the city, shall be taken from
13the revenue derived from the taxes or otherwise as expressly
14provided in this Section. Except for defraying the cost of
15administration of the fund during the calendar year in which a
16city first attains a population of 500,000 and comes under the
17provisions of this Article and the first calendar year
18thereafter, any money of the city derived from any source other
19than these taxes or the sale of tax anticipation warrants shall
20not be used to provide revenue for the fund, nor to pay any
21part of the cost of administration thereof, unless applied to
22make the deposit expressly authorized in this Section or the
23additional city contributions required under subsection (h).
24    (g) In lieu of levying all or a portion of the tax required
25under this Section in any year, the city may deposit with the
26city treasurer no later than March 1 of that year for the

 

 

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1benefit of the fund, to be held in accordance with this
2Article, an amount that, together with the taxes levied under
3this Section for that year, is not less than the amount of the
4city contributions for that year as certified by the board to
5the city council. The deposit may be derived from any source
6legally available for that purpose, including, but not limited
7to, the proceeds of city borrowings. The making of a deposit
8shall satisfy fully the requirements of this Section for that
9year to the extent of the amounts so deposited. Amounts
10deposited under this subsection may be used by the fund for any
11of the purposes for which the proceeds of the taxes levied
12under this Section may be used, including the payment of any
13amount that is otherwise required by this Article to be paid
14from the proceeds of those taxes.
15    (h) In addition to the contributions required under the
16other provisions of this Article, by November 1 of the
17following specified years, the city shall deposit with the city
18treasurer for the benefit of the fund, to be held and used in
19accordance with this Article, the following specified amounts:
20$6,300,000 in 1999; $5,880,000 in 2000; $5,460,000 in 2001;
21$5,040,000 in 2002; and $4,620,000 in 2003.
22    The additional city contributions required under this
23subsection are intended to decrease the unfunded liability of
24the fund and shall not decrease the amount of the city
25contributions required under the other provisions of this
26Article. The additional city contributions made under this

 

 

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1subsection may be used by the fund for any of its lawful
2purposes.
3(Source: P.A. 96-1495, eff. 1-1-11.)
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.