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SB0065 Engrossed |
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LRB095 06385 AMC 26482 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 |
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| Section 3-125 as follows:
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| (40 ILCS 5/3-125) (from Ch. 108 1/2, par. 3-125)
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| Sec. 3-125. Financing. The city council or the board of |
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| trustees of
the municipality shall annually levy a tax upon all
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| the taxable property of the municipality at the rate on the |
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| dollar which
will produce an amount which, when added to the |
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| deductions from the salaries
or wages of police officers, and |
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| revenues
available from other
sources, will equal a sum |
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| sufficient to meet
the annual requirements of the police |
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| pension fund. The annual
requirements to be provided by such |
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| tax levy are equal
to (1) the normal cost of the pension fund |
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| for the year involved, plus
(2) the amount necessary to |
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| amortize the fund's unfunded accrued liabilities
as provided in |
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| Section 3-127. The tax shall be levied and
collected in the |
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| same manner as the general taxes
of the municipality, and in |
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| addition to all other taxes now or hereafter authorized to
be |
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| levied upon all property within the municipality, and shall be |
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| in
addition to the amount authorized to be levied for general |
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| purposes as
provided by Section 8-3-1 of the Illinois Municipal |