Bill Status of SB 2899   103rd General Assembly

Short Description:  PENCD-DWNST POL&FIRE-FINANCING

Senate Sponsors
Sen. Michael W. Halpin

Last Action  View All Actions

DateChamber Action
  1/26/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/3-125from Ch. 108 1/2, par. 3-125
40 ILCS 5/4-118from Ch. 108 1/2, par. 4-118
30 ILCS 805/8.48 new

Synopsis As Introduced
Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Provides that, if a pension fund's total assets are at least 60% of the total actuarial liabilities of the pension fund, the city council or board of trustees of that municipality may elect an annual employer contribution that includes an amount sufficient to bring the total assets of the pension fund up to 90% of the total actuarial liabilities of the pension fund by the end of municipal fiscal year 2050 or an earlier fiscal year, but no earlier than municipal fiscal year 2040. Provides that the election is irrevocable and must be made by ordinance or resolution no later than January 1, 2027. Makes conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  1/26/2024SenateFiled with Secretary by Sen. Michael W. Halpin
  1/26/2024SenateFirst Reading
  1/26/2024SenateReferred to Assignments

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