Illinois General Assembly - Bill Status for SB1974
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 Bill Status of SB1974  95th General Assembly

Short Description:  PEN CD-ART 4-40 YEAR AMORTIZTN

Senate Sponsors
Sen. David Koehler - Dale E. Risinger

Last Action
DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/4-118from Ch. 108 1/2, par. 4-118

Synopsis As Introduced
Amends the Downstate Firefighter Article of the Illinois Pension Code. In provisions concerning financing of funds through taxes, provides that the annual actuarial requirements of the pension fund are equal to (1) the normal cost of the pension fund, or 17.5% of the salaries and wages to be paid to firefighters for the year involved, whichever is greater, plus (2) the annual amount necessary to amortize the fund's unfunded accrued liabilities over a period of 40 years from the date it is determined to be unfunded by the Division of Insurance of the Department of Financial and Professional Regulation, by an enrolled actuary employed by the Division of Insurance, or by an enrolled actuary retained by the pension fund or the municipality (was, from July 1, 1993). Effective immediately.

DateChamber Action
  2/7/2008SenateFiled with Secretary by Sen. David Koehler
  2/7/2008SenateFirst Reading
  2/7/2008SenateReferred to Rules
  2/14/2008SenateAdded as Chief Co-Sponsor Sen. Dale E. Risinger
  1/13/2009SenateSession Sine Die

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