Illinois General Assembly - Bill Status for HB2870
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 Bill Status of HB2870  103rd General Assembly


House Sponsors
Rep. Kelly M. Burke

Last Action
DateChamber Action
  3/27/2023HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
40 ILCS 5/9-169from Ch. 108 1/2, par. 9-169
30 ILCS 805/8.47 new

Synopsis As Introduced
Amends the Cook County Article of the Illinois Pension Code. Provides that beginning in levy year 2024, the County shall levy a tax annually at a rate on the dollar of the value, as equalized or assessed by the Department of Revenue of all taxable property within the County that will produce, when extended, an amount equal to no less than the amount of the County's total required contribution to the Fund for the next payment year. Provides that for payment years 2025 through 2055, the County's required annual contributions to the Fund shall be the amount determined by the Fund to be equal to the sum of (i) the projected normal cost for pensions for that fiscal year, plus (ii) a projected unfunded actuarial accrued liability amortization payment for pensions for the fiscal year, plus (iii) projected expenses for that fiscal year, plus (iv) interest to adjust for payment pattern during the fiscal year, minus (v) projected employee contributions for that fiscal year. Specifies a formula for payment years after 2055. Provides that, in lieu of levying all or a portion of the tax required, the County may deposit with the County treasurer for the benefit of the Fund an amount that, together with the taxes levied for that year, is not less than the amount of the County contributions for that year as certified by the Board of Trustees of the Fund to the County board. Provides that the County may continue to use other lawfully available funds to make the contribution in lieu of all or part of the levy. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State.

DateChamber Action
  2/16/2023HouseFiled with the Clerk by Rep. Kelly M. Burke
  2/16/2023HouseFirst Reading
  2/16/2023HouseReferred to Rules Committee
  2/28/2023HouseAssigned to Personnel & Pensions Committee
  3/9/2023HouseDo Pass / Short Debate Personnel & Pensions Committee; 009-000-000
  3/9/2023HousePlaced on Calendar 2nd Reading - Short Debate
  3/22/2023HouseSecond Reading - Short Debate
  3/22/2023HouseHeld on Calendar Order of Second Reading - Short Debate
  3/27/2023HouseRule 19(a) / Re-referred to Rules Committee

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