Bill Status of HB4078  101st General Assembly

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Short Description:  PEN CD-IMRF-MUNI CONTRIBUTION

House Sponsors
Rep. La Shawn K. Ford

Last Action

Date	Chamber	Action
1/13/2021	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/7-172

from Ch. 108 1/2, par. 7-172

30 ILCS 805/8.44 new

Synopsis As Introduced
Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that for fiscal years 2022 through 2040, a municipality is not required to contribute at a rate greater than the rate sufficient to bring the total actuarial assets of the Fund to 80% of the total actuarial liabilities of the Fund by the end of fiscal year 2040. Provides that for fiscal year 2041 and each fiscal year thereafter, a municipality is not required to contribute at a rate greater than the rate sufficient to the bring the total actuarial assets of the Fund to 80% of the total actuarial liabilities of the Fund by the end of that fiscal year. Excludes the payment of employee contributions by the municipality from the provisions. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2022.

Actions 

Date	Chamber	Action
1/15/2020	House	Filed with the Clerk by Rep. La Shawn K. Ford
1/16/2020	House	First Reading
1/16/2020	House	Referred to Rules Committee
1/28/2020	House	Assigned to Executive Committee
6/23/2020	House	Rule 19(b) / Re-referred to Rules Committee
1/13/2021	House	Session Sine Die