Bill Status of HB4478 98th General Assembly
Short Description: PENS CD-CHI FIRE-GAMING FUNDS
Rep. Brandon W. Phelps
| 12/3/2014||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Police and Firefighter Articles of the Illinois Pension Code. Provides that the city shall deposit with the city treasurer, for the benefit of each of those funds, a minimum of 20% of all proceeds collected by the city from newly established gaming revenue sources arising out of legislation enacted in 2014 or thereafter. These deposits shall continue until the stabilization of the fund has been deemed to have occurred by an independent actuarial organization mutually agreed upon by the city and employee representatives. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.