Illinois General Assembly - Bill Status for SB3623
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 Bill Status of SB3623  102nd General Assembly


Short Description:  PENCD-DWNST POL&FIRE-FINANCING

Senate Sponsors
Sen. Donald P. DeWitte

Last Action
DateChamber Action
  1/19/2022SenateReferred 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 805/8.46 new


Synopsis As Introduced
Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Provides that the annual employer contribution shall include 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 (instead of 2040). Makes a conforming change. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  1/19/2022SenateFiled with Secretary by Sen. Donald P. DeWitte
  1/19/2022SenateFirst Reading
  1/19/2022SenateReferred to Assignments

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