Bill Status of SB 2775   99th General Assembly

Short Description:  PEN CD-DNST POL&FIRE-FUNDING

Senate Sponsors
Sen. Pamela J. Althoff

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession Sine Die

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

Synopsis As Introduced
Amends the Downstate Police and Fire Articles of the Illinois Pension Code in relation to employer contributions. Changes the funding formula by: (1) reducing the target funding ratio from 90% to 85%; (2) extending the amortization period to 2055; (3) changing the actuarial method from projected unit credit to entry age normal; and (4) deleting the "level percentage of payroll" calculation from the funding requirement. Also delays by 4 years the enforcement of late payments by intercepting State funds. Effective immediately.

Actions 
DateChamber Action
  2/17/2016SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/17/2016SenateFirst Reading
  2/17/2016SenateReferred to Assignments
  3/1/2016SenateAssigned to Executive
  4/8/2016SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2017SenateSession Sine Die

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