SB2453 95TH GENERAL ASSEMBLY

LRB095 18096 AMC 44179 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2453

Introduced 2/15/2008, by Sen. Mike Jacobs

SYNOPSIS AS INTRODUCED:

40 ILCS 5/6-161	from Ch. 108 1/2, par. 6-161
30 ILCS 805/8.32 new

Amends the Chicago Firefighter Article of the Illinois Pension Code. In provisions allowing a reduction in the amount the city would otherwise be required to contribute to the fund due to certain refunds and interest thereon, provides that no reduction shall be allowed for a fiscal year following a fiscal year in which the funded ratio of assets to liabilities is less than 70%. Amends the State Mandates Act to require implementation without reimbursement.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

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, except that no reduction shall be allowed for a fiscal year following a fiscal year in which the funded ratio of assets to liabilities is less than 70%.

(Source: Laws 1963, p. 161.)

Section 90. The State Mandates Act is amended by adding Section 8.32 as follows:

(30 ILCS 805/8.32 new)

Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 95th General Assembly.