98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1635

 

Introduced 2/13/2013, by Sen. John G. Mulroe

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/6-161  from Ch. 108 1/2, par. 6-161
30 ILCS 805/8.37 new

    Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that when any amounts are refunded, the corresponding city contributions and interest, unless needed for the prior service annuity reserve, shall be used to reduce the unfunded liability of the fund (rather than to reduce a future city contribution). Amends the State Mandates Act to require implementation without reimbursement.


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

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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 unfunded
13liability of amount which the city would otherwise be required
14to contribute during a succeeding year to the fund.
15(Source: Laws 1963, p. 161.)
 
16    Section 90. The State Mandates Act is amended by adding
17Section 8.37 as follows:
 
18    (30 ILCS 805/8.37 new)
19    Sec. 8.37. Exempt mandate. Notwithstanding Sections 6 and 8
20of this Act, no reimbursement by the State is required for the
21implementation of any mandate created by this amendatory Act of

 

 

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1the 98th General Assembly.