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| Public Act 094-0859 |
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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 | ||||
Section 4-118 as follows:
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(40 ILCS 5/4-118) (from Ch. 108 1/2, par. 4-118)
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Sec. 4-118. Financing.
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(a) The city council or the board of trustees
of the | ||||
municipality shall annually levy a tax upon all the taxable | ||||
property
of the municipality at the rate on the dollar which | ||||
will produce an amount
which, when added to the deductions from | ||||
the salaries or wages of
firefighters and revenues available | ||||
from other sources, will equal a sum
sufficient to meet the | ||||
annual actuarial requirements of the pension fund,
as | ||||
determined by an enrolled actuary employed by the Illinois | ||||
Department of
Insurance or by an enrolled actuary retained by | ||||
the pension fund or
municipality. For the purposes of this | ||||
Section, the annual actuarial
requirements of the pension fund | ||||
are equal to (1) the normal cost of the
pension fund, or 17.5% | ||||
of the salaries and wages to be paid to firefighters
for the | ||||
year involved, whichever is greater, plus (2) the annual amount
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necessary to amortize the fund's unfunded accrued liabilities | ||||
over a period
of 40 years from July 1, 1993, as annually | ||||
updated and determined by an
enrolled actuary employed by the | ||||
Illinois Department of Insurance or by an
enrolled actuary | ||||
retained by the pension fund or the municipality. The amount
to | ||||
be applied towards the amortization of the unfunded accrued | ||||
liability in any
year shall not be less than the annual amount | ||||
required to amortize the unfunded
accrued liability, including | ||||
interest, as a level percentage of payroll over
the number of | ||||
years remaining in the 40 year amortization period.
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(b) The tax shall be levied and collected in the same | ||||
manner
as the general taxes of the municipality, and shall be | ||
in addition
to all other taxes now or hereafter authorized to | ||
be levied upon all
property within the municipality, and in | ||
addition to the amount authorized
to be levied for general | ||
purposes, under Section 8-3-1 of the Illinois
Municipal Code or | ||
under Section 14 of the Fire Protection District Act. The
tax | ||
shall be forwarded directly to the treasurer of the board | ||
within 30
business days of receipt by the county
municipality
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(or, in the case of amounts
added to the tax levy under | ||
subsection (f), used by the municipality to pay the
employer | ||
contributions required under subsection (b-1) of Section | ||
15-155 of
this Code).
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(c) The board shall make available to the membership and | ||
the general public
for inspection and copying at reasonable | ||
times the most recent Actuarial
Valuation Balance Sheet and Tax | ||
Levy Requirement issued to the fund by the
Department of | ||
Insurance.
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(d) The firefighters' pension fund shall consist of the | ||
following moneys
which shall be set apart by the treasurer of | ||
the municipality: (1) all
moneys derived from the taxes levied | ||
hereunder; (2) contributions
by firefighters as provided under | ||
Section 4-118.1; (3) all
rewards in money, fees, gifts, and | ||
emoluments that may be paid or given
for or on account of | ||
extraordinary service by the fire department or any
member | ||
thereof, except when allowed to be retained by competitive | ||
awards;
and (4) any money, real estate or personal property | ||
received by the board.
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(e) For the purposes of this Section, "enrolled actuary" | ||
means an actuary:
(1) who is a member of the Society of | ||
Actuaries or the American
Academy of Actuaries; and (2) who is | ||
enrolled under Subtitle
C of Title III of the Employee | ||
Retirement Income Security Act of 1974, or
who has been engaged | ||
in providing actuarial services to one or more public
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retirement systems for a period of at least 3 years as of July | ||
1, 1983.
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(f) The corporate authorities of a municipality that | ||
employs a person
who is described in subdivision (d) of Section | ||
4-106 may add to the tax levy
otherwise provided for in this | ||
Section an amount equal to the projected cost of
the employer | ||
contributions required to be paid by the municipality to the | ||
State
Universities Retirement System under subsection (b-1) of | ||
Section 15-155 of this
Code.
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(Source: P.A. 90-576, eff. 3-31-98.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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