Personnel and Pensions Committee
Filed: 3/4/2010
 
 

 




 

 		












09600HB5873ham001

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AMENDMENT TO HOUSE BILL 5873 




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    AMENDMENT NO. ______. Amend House Bill 5873 by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Illinois Pension Code is amended  by 
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changing Sections 3-143 and 4-134 as follows:
 
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    (40 ILCS 5/3-143)  (from Ch. 108 1/2, par. 3-143)
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    Sec. 3-143. Report by pension board. 
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    (a) The pension board shall report annually to the city

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council or board of trustees of the municipality on the 
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condition of the
pension fund at the end of its most recently 
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completed fiscal year.  The
report shall be made prior to the 
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council or board meeting held for the levying
of taxes for the 
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year for which the report is made.
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    The pension board shall certify and provide the following 
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information to the city council or board of trustees of the 
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municipality:
 


 






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        (1) the total assets of the fund in its custody at the 
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    end of the fiscal
year and the current market value of 
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    those assets;
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        (2) the estimated receipts during the next succeeding 
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    fiscal year from
deductions from the salaries of police 
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    officers, and
from all other sources;
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        (3) the estimated amount required during the next 
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    succeeding fiscal year
to (a) pay all pensions and other 
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    obligations provided
in this Article, and (b) to meet the 
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    annual requirements of the fund as
provided in Sections 
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    3-125 and 3-127;
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        (4) the total net income received from investment of 
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    assets along with the assumed investment return and actual 
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    investment return received by the fund during its most 
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    recently completed fiscal year compared to the total net
 
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    income, assumed investment return, and actual investment 
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    return received during the preceding fiscal year;
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        (5) the total number of active employees who are 
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    financially contributing to the fund;
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        (6) the total amount that was disbursed in benefits 
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    during the fiscal year, including the number of and total 
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    amount disbursed to (i) annuitants in receipt of a regular 
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    retirement pension, (ii) recipients being paid a 
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    disability pension, and (iii) survivors and children in 
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    receipt of benefits;
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        (7) the funded ratio of the fund;
 


 






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        (8) the unfunded liability carried by the fund, along 
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    with an actuarial explanation of the unfunded liability; 
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    and
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        (9) the investment policy of the pension board under 
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    the statutory investment restrictions imposed on the fund. 
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    Before the pension board makes its report, the municipality 
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shall have the assets
of the fund and their current market 
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value verified by an independent certified
public accountant of 
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its choice.
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    (b) The municipality is authorized to publish the report 
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submitted under this Section.  This publication may be made, 
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without limitation, by publication in a local newspaper of 
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general circulation in the municipality or by publication on 
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the municipality's Internet website.  If the municipality 
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publishes the report, then that publication must include all of 
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the information submitted by the pension board under subsection 
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(a). 
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    (c)  Upon issuing the report to the municipality, the 
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pension board shall also provide the report to the Department 
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of Insurance.  The Department shall compile these reports on an 
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annual basis into a comprehensive report and shall make this 
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report available to the General Assembly and the Governor 
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before January 1, 2011 and before January 1 of each subsequent 
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year. 
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(Source: P.A. 95-950, eff. 8-29-08.)
 
 


 






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    (40 ILCS 5/4-134)  (from Ch. 108 1/2, par. 4-134)
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    Sec. 4-134. Report for tax levy. 
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    (a) The board shall report to the city council
or board of 
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trustees of the municipality on the condition of the pension 
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fund
at the end of its most recently completed fiscal year.  The 
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report shall
be made prior to the council or board meeting held 
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for appropriating and
levying taxes for the year for which the 
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report is made.
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    The pension board in the report shall certify and provide 
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the following information to the city council or board of 
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trustees of the municipality:
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        (1) the total assets of the fund and their current 
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    market value of those assets;
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        (2) the estimated receipts during the next succeeding 
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    fiscal year from
deductions from the salaries or wages
of 
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    firefighters, and from all other sources;
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        (3) the estimated amount necessary during the fiscal 
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    year to meet the
annual actuarial requirements of the 
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    pension fund as
provided in Sections 4-118 and 4-120;
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        (4) the total net income received from investment of 
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    assets along with the assumed investment return and actual 
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    investment return received by the fund during its most 
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    recently completed fiscal year compared to the total net
 
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    income, assumed investment return, and actual investment 
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    return received during the preceding fiscal year;
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        (5) the increase in employer pension contributions 
 


 






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    that results from the implementation of the provisions of 
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    this amendatory Act of the 93rd General Assembly;
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        (6) the total number of active employees who are 
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    financially contributing to the fund;
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        (7) the total amount that was disbursed in benefits 
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    during the fiscal year, including the number of and total 
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    amount disbursed to (i) annuitants in receipt of a regular 
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    retirement pension, (ii) recipients being paid a 
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    disability pension, and (iii) survivors and children in 
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    receipt of benefits;
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        (8) the funded ratio of the fund;
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        (9) the unfunded liability carried by the fund, along 
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    with an actuarial explanation of the unfunded liability; 
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    and
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        (10) the investment policy of the pension board under 
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    the statutory investment restrictions imposed on the fund. 
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    Before the pension board makes its report, the municipality 
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shall have the assets
of the fund and
their current market 
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value verified by an independent certified public
accountant of 
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its choice.
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    (b) The municipality is authorized to publish the report 
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submitted under this Section.  This publication may be made, 
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without limitation, by publication in a local newspaper of 
24
general circulation in the municipality or by publication on 
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the municipality's Internet website.  If the municipality 
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publishes the report, then that publication must include all of 
 


 






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the information submitted by the pension board under subsection 
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(a). 
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    (c)  Upon issuing the report to the municipality, the 
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pension board shall also provide the report to the Department 
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of Insurance.  The Department shall compile these reports on an 
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annual basis into a comprehensive report and shall make this 
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report available to the General Assembly and the Governor 
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before January 1, 2011 and before January 1 of each subsequent 
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year. 
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(Source: P.A. 95-950, eff. 8-29-08.)
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".