SB1345 100TH GENERAL ASSEMBLY

LRB100 10076 EFG 20248 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB1345

Introduced 2/9/2017, by Sen. John G. Mulroe

SYNOPSIS AS INTRODUCED:

40 ILCS 5/6-161

from Ch. 108 1/2, par. 6-161

Amends the Chicago Firefighter Article of the Illinois Pension Code. Specifies that certain excess municipal contributions may be used only for reducing the amount that the city would otherwise be required to contribute for duty disability, occupational disease, or the administrative costs of the fund.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

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 for duty disability, occupational disease, or the administrative costs of the fund.

(Source: Laws 1963, p. 161.)