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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0306
Introduced 2/15/2005, by Sen. Iris Y. Martinez SYNOPSIS AS INTRODUCED:
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Amends the IMRF Article of the Illinois Pension
Code.
Provides that a municipality may transfer funds among its reserves, from one
that is over 100% funded to one that is less, under certain circumstances. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
PENSION IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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SB0306 |
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LRB094 04139 AMC 34160 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by adding |
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| 7-199.4 as follows:
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| (40 ILCS 5/7-199.4 new) |
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| Sec. 7-199.4. To Transfer Reserves. Whenever any one of |
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| the municipality
reserves established under Section 7-204(a) |
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| for a participating municipality
exceeds 100% of the |
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| actuarially determined liability, the excess may be
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| transferred to any of that municipality's other reserves with a |
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| balance of
less than 100% of the actuarially determined |
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| liability. Upon request of the
municipality, the Board shall |
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| prepare an impact note to determine how the
transfer will |
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| affect the reserves and employer contribution rates for that
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| municipality. Only after receipt of the impact note may the |
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| governing body of
the municipality, by resolution, request the |
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| transfer. No such transfer may
lower any reserve balance to |
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| less than 100% or increase any reserve balance to
more than |
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| 100% of the actuarially determined liability.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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