Bill Status of HB2707 100th General Assembly
Short Description: PEN CD-STATE SYS-FUNDING
Rep. Grant Wehrli
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Pension Code. In the 5 State-funded retirement systems, provides that a change in actuarial assumptions that increases or decreases the required State contribution, including a change in assumed investment returns or mortality rates, that first applies in State fiscal year 2016 or thereafter, shall be implemented in equal annual amounts over a 5-year period beginning in the State fiscal year in which the actuarial change first applies or fiscal year 2018, whichever is later. Requires each board and the State Actuary to recalculate and recertify the amount of the State contribution for State fiscal year 2018, taking into account the changes made by the amendatory Act. Effective immediately.