Full Text of HB5873 96th General Assembly
HB5873eng 96TH GENERAL ASSEMBLY
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HB5873 Engrossed |
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LRB096 19254 AMC 34645 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 changing | 5 |
| Sections 3-143 and 4-134 as follows: | 6 |
| (40 ILCS 5/3-143) (from Ch. 108 1/2, par. 3-143) | 7 |
| Sec. 3-143. Report by pension board. | 8 |
| (a) The pension board shall report annually to the city
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| council or board of trustees of the municipality on the | 10 |
| condition of the
pension fund at the end of its most recently | 11 |
| completed fiscal year. The
report shall be made prior to the | 12 |
| council or board meeting held for the levying
of taxes for the | 13 |
| year for which the report is made. | 14 |
| The pension board shall certify and provide the following | 15 |
| information to the city council or board of trustees of the | 16 |
| municipality: | 17 |
| (1) the total assets of the fund in its custody at the | 18 |
| end of the fiscal
year and the current market value of | 19 |
| those assets; | 20 |
| (2) the estimated receipts during the next succeeding | 21 |
| fiscal year from
deductions from the salaries of police | 22 |
| officers, and
from all other sources; | 23 |
| (3) the estimated amount required during the next |
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HB5873 Engrossed |
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LRB096 19254 AMC 34645 b |
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| succeeding fiscal year
to (a) pay all pensions and other | 2 |
| obligations provided
in this Article, and (b) to meet the | 3 |
| annual requirements of the fund as
provided in Sections | 4 |
| 3-125 and 3-127; | 5 |
| (4) the total net income received from investment of | 6 |
| assets along with the assumed investment return and actual | 7 |
| investment return received by the fund during its most | 8 |
| recently completed fiscal year compared to the total net
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| income, assumed investment return, and actual investment | 10 |
| return received during the preceding fiscal year; | 11 |
| (5) the total number of active employees who are | 12 |
| financially contributing to the fund; | 13 |
| (6) the total amount that was disbursed in benefits | 14 |
| during the fiscal year, including the number of and total | 15 |
| amount disbursed to (i) annuitants in receipt of a regular | 16 |
| retirement pension, (ii) recipients being paid a | 17 |
| disability pension, and (iii) survivors and children in | 18 |
| receipt of benefits; | 19 |
| (7) the funded ratio of the fund; | 20 |
| (8) the unfunded liability carried by the fund, along | 21 |
| with an actuarial explanation of the unfunded liability; | 22 |
| and | 23 |
| (9) the investment policy of the pension board under | 24 |
| the statutory investment restrictions imposed on the fund. | 25 |
| Before the pension board makes its report, the municipality | 26 |
| shall have the assets
of the fund and their current market |
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HB5873 Engrossed |
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LRB096 19254 AMC 34645 b |
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| value verified by an independent certified
public accountant of | 2 |
| its choice. | 3 |
| (b) The municipality is authorized to publish the report | 4 |
| submitted under this Section. This publication may be made, | 5 |
| without limitation, by publication in a local newspaper of | 6 |
| general circulation in the municipality or by publication on | 7 |
| the municipality's Internet website. If the municipality | 8 |
| publishes the report, then that publication must include all of | 9 |
| the information submitted by the pension board under subsection | 10 |
| (a). | 11 |
| (c) Upon issuing the report to the municipality, the | 12 |
| pension board shall also provide the report to the Department | 13 |
| of Insurance. The Department shall compile these reports on an | 14 |
| annual basis into a comprehensive report and shall make this | 15 |
| report available to the General Assembly and the Governor | 16 |
| before January 1, 2011 and before January 1 of each subsequent | 17 |
| year. | 18 |
| (Source: P.A. 95-950, eff. 8-29-08.) | 19 |
| (40 ILCS 5/4-134) (from Ch. 108 1/2, par. 4-134) | 20 |
| Sec. 4-134. Report for tax levy. | 21 |
| (a) The board shall report to the city council
or board of | 22 |
| trustees of the municipality on the condition of the pension | 23 |
| fund
at the end of its most recently completed fiscal year. The | 24 |
| report shall
be made prior to the council or board meeting held | 25 |
| for appropriating and
levying taxes for the year for which the |
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HB5873 Engrossed |
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LRB096 19254 AMC 34645 b |
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| report is made. | 2 |
| The pension board in the report shall certify and provide | 3 |
| the following information to the city council or board of | 4 |
| trustees of the municipality: | 5 |
| (1) the total assets of the fund and their current | 6 |
| market value of those assets; | 7 |
| (2) the estimated receipts during the next succeeding | 8 |
| fiscal year from
deductions from the salaries or wages
of | 9 |
| firefighters, and from all other sources; | 10 |
| (3) the estimated amount necessary during the fiscal | 11 |
| year to meet the
annual actuarial requirements of the | 12 |
| pension fund as
provided in Sections 4-118 and 4-120; | 13 |
| (4) the total net income received from investment of | 14 |
| assets along with the assumed investment return and actual | 15 |
| investment return received by the fund during its most | 16 |
| recently completed fiscal year compared to the total net
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| income, assumed investment return, and actual investment | 18 |
| return received during the preceding fiscal year; | 19 |
| (5) the increase in employer pension contributions | 20 |
| that results from the implementation of the provisions of | 21 |
| this amendatory Act of the 93rd General Assembly; | 22 |
| (6) the total number of active employees who are | 23 |
| financially contributing to the fund; | 24 |
| (7) the total amount that was disbursed in benefits | 25 |
| during the fiscal year, including the number of and total | 26 |
| amount disbursed to (i) annuitants in receipt of a regular |
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HB5873 Engrossed |
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LRB096 19254 AMC 34645 b |
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| retirement pension, (ii) recipients being paid a | 2 |
| disability pension, and (iii) survivors and children in | 3 |
| receipt of benefits; | 4 |
| (8) the funded ratio of the fund; | 5 |
| (9) the unfunded liability carried by the fund, along | 6 |
| with an actuarial explanation of the unfunded liability; | 7 |
| and | 8 |
| (10) the investment policy of the pension board under | 9 |
| the statutory investment restrictions imposed on the fund. | 10 |
| Before the pension board makes its report, the municipality | 11 |
| shall have the assets
of the fund and
their current market | 12 |
| value verified by an independent certified public
accountant of | 13 |
| its choice. | 14 |
| (b) The municipality is authorized to publish the report | 15 |
| submitted under this Section. This publication may be made, | 16 |
| without limitation, by publication in a local newspaper of | 17 |
| general circulation in the municipality or by publication on | 18 |
| the municipality's Internet website. If the municipality | 19 |
| publishes the report, then that publication must include all of | 20 |
| the information submitted by the pension board under subsection | 21 |
| (a). | 22 |
| (c) Upon issuing the report to the municipality, the | 23 |
| pension board shall also provide the report to the Department | 24 |
| of Insurance. The Department shall compile these reports on an | 25 |
| annual basis into a comprehensive report and shall make this | 26 |
| report available to the General Assembly and the Governor |
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HB5873 Engrossed |
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LRB096 19254 AMC 34645 b |
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| before January 1, 2011 and before January 1 of each subsequent | 2 |
| year. | 3 |
| (Source: P.A. 95-950, eff. 8-29-08.)
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| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.
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