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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0367
Introduced 2/15/2005, by Sen. James A. DeLeo SYNOPSIS AS INTRODUCED:
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40 ILCS 5/5-168 |
from Ch. 108 1/2, par. 5-168 |
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Amends the Chicago Police Article of the Illinois Pension Code to increase
the multiplier used to calculate the maximum allowable pension tax, from
2.00 to 2.26. Effective immediately.
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| PENSION IMPACT NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0367 |
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LRB094 09031 AMC 39252 b |
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| AN ACT in relation to 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 |
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| Section 5-168
as follows:
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| (40 ILCS 5/5-168)
(from Ch. 108 1/2, par. 5-168)
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| Sec. 5-168. Financing.
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| (a) Except as expressly provided in this Section, the city |
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| shall levy a
tax annually upon all taxable property therein for |
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| the purpose of providing
revenue for the fund.
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| The tax shall be at a rate that will produce a sum which, |
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| when added to the
amounts deducted from the policemen's |
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| salaries and the amounts deposited in
accordance with |
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| subsection (g), is sufficient for the purposes of the fund.
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| For the years 1968 and 1969, the city council shall levy a |
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| tax
annually at a rate on the dollar of the assessed
valuation |
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| of all taxable property that will produce, when extended, not
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| to exceed $9,700,000. Beginning with the year 1970 and each |
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| year
thereafter the city council shall levy a tax annually at a |
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| rate on the
dollar of the assessed valuation of all taxable |
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| property that will
produce when extended an amount not to |
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| exceed the total amount of
contributions by the policemen to |
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| the Fund made in the calendar year 2
years before the year for |
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| which the applicable annual tax is levied,
multiplied by 1.40 |
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| for the tax levy year 1970; by 1.50 for the year
1971; by 1.65 |
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| for 1972; by 1.85 for 1973; by 1.90 for 1974; by 1.97 for
1975 |
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| through 1981; by 2.00 for 1982 through 2005; and by 2.26 for |
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| 2006 and each year thereafter.
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| (b) The tax shall be levied and collected in like manner |
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| with the
general taxes of the city, and is in addition to all |
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| other taxes which the
city is now or may hereafter be |
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| authorized to levy upon all taxable property
therein, and is |
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SB0367 |
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LRB094 09031 AMC 39252 b |
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| exclusive of and in addition to the amount of tax the city is
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| now or may hereafter be authorized to levy for general purposes |
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| under any
law which may limit the amount of tax which the city |
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| may levy for general
purposes. The county clerk of the county |
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| in which the city is located, in
reducing tax levies under |
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| Section 8-3-1 of the Illinois
Municipal Code, shall not |
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| consider the tax herein authorized as a part
of the general tax |
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| levy for city purposes, and shall not include the tax
in any |
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| limitation of the percent of the assessed valuation upon which
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| taxes are required to be extended for the city.
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| (c) On or before January 10 of each year, the board shall |
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| notify the
city council of the requirement that the tax herein |
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| authorized be levied by
the city council for that current year. |
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| The board shall compute the
amounts necessary for the purposes |
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| of this fund to be credited to the
reserves established and |
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| maintained within the fund; shall make an
annual determination |
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| of the amount of the required city contributions;
and shall |
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| certify the results thereof to the city council.
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| As soon as any revenue derived from the tax is collected it |
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| shall be
paid to the city treasurer of the city and shall be |
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| held by him for the
benefit of the fund in accordance with this |
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| Article.
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| (d) If the funds available are insufficient during any year |
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| to meet the
requirements of this Article, the city may issue |
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| tax anticipation warrants
against the tax levy for the current |
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| fiscal year.
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| (e) The various sums, including interest, to be contributed |
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| by the city,
shall be taken from the revenue derived from such |
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| tax or otherwise as expressly
provided in this Section. Any |
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| moneys of the city derived from any source other
than the tax |
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| herein authorized shall not be used for any purpose of the fund
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| nor the cost of administration thereof, unless applied to make |
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| the deposit
expressly authorized in this Section
or the |
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| additional city contributions required under subsection (h).
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| (f) If it is not possible or practicable for the city to |
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| make its
contributions at the time that salary deductions are |
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SB0367 |
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LRB094 09031 AMC 39252 b |
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| made, the city
shall make such contributions as soon as |
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| possible thereafter, with
interest thereon to the time it is |
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| made.
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| (g) In lieu of levying all or a portion of the tax required |
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| under this
Section in any year, the city may deposit with the |
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| city treasurer no later than
March 1 of that year for the |
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| benefit of the fund, to be held in accordance with
this |
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| Article, an amount that, together with the taxes levied under |
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| this Section
for that year, is not less than the amount of the |
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| city contributions for that
year as certified by the board to |
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| the city council. The deposit may be derived
from any source |
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| legally available for that purpose, including, but not limited
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| to, the proceeds of city borrowings. The making of a deposit |
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| shall satisfy
fully the requirements of this Section for that |
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| year to the extent of the
amounts so deposited. Amounts |
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| deposited under this subsection may be used by
the fund for any |
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| of the purposes for which the proceeds of the tax levied under
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| this Section may be used, including the payment of any amount |
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| that is otherwise
required by this Article to be paid from the |
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| proceeds of that tax.
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| (h) In addition to the contributions required under the |
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| other provisions
of this Article, by November 1 of the |
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| following specified years, the city shall
deposit with the city |
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| treasurer for the benefit of the fund, to be held and
used in |
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| accordance with this Article, the following specified amounts:
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| $6,300,000 in 1999;
$5,880,000 in 2000;
$5,460,000 in 2001;
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| $5,040,000 in 2002; and
$4,620,000 in 2003.
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| The additional city contributions required under this |
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| subsection are
intended to decrease the unfunded liability of |
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| the fund and shall not decrease
the amount of the city |
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| contributions required under the other provisions of
this |
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| Article. The additional city contributions made under this |
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| subsection
may be used by the fund for any of its lawful |
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| purposes.
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| (Source: P.A. 93-654, eff. 1-16-04.)
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