Illinois General Assembly - Bill Status for SB2775

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Bill Status of SB2775 100th General Assembly

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Short Description: PEN CD-DNST POL&FIRE-FUNDING

Senate Sponsors
Sen. Pamela J. Althoff

Last Action

Date	Chamber	Action
1/10/2017	Senate	Session Sine Die

Statutes Amended In Order of Appearance

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

Synopsis As Introduced
Amends the Downstate Police and Fire Articles of the Illinois Pension Code in relation to employer contributions. Changes the funding formula by: (1) reducing the target funding ratio from 90% to 85%; (2) extending the amortization period to 2055; (3) changing the actuarial method from projected unit credit to entry age normal; and (4) deleting the "level percentage of payroll" calculation from the funding requirement. Also delays by 4 years the enforcement of late payments by intercepting State funds. Effective immediately.

Actions

Date	Chamber	Action
2/17/2016	Senate	Filed with Secretary by Sen. Pamela J. Althoff
2/17/2016	Senate	First Reading
2/17/2016	Senate	Referred to Assignments
3/1/2016	Senate	Assigned to Executive
4/8/2016	Senate	Rule 3-9(a) / Re-referred to Assignments
1/10/2017	Senate	Session Sine Die

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