Synopsis As Introduced Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that, upon plan termination, a participant's interest in the Fund shall be non-forfeitable. Amends the State Mandates Act to require implementation without reimbursement.
Replaces everything after the enacting clause. Creates the Cook County Annuitant Healthcare Trust Act. Creates an annuitant healthcare trust for certain annuitants of the Cook County Annuity and Benefit Fund and the Cook County Forest Preserve Annuity and Benefit Fund. Provides for administration and finance of the trust. Amends the Cook County and Cook County Forest Preserve Articles of the Illinois Pension Code. Imposes a cap on salary for pension purposes, and terminates the use of higher salaries earned in other retirement systems under the Retirement Systems Reciprocal Act. Incrementally decreases "highest average annual salary". Incrementally increases the required retirement age. Changes the manner of computing automatic annual increases in retirement annuities and widow's annuities. Makes benefit changes in the program of enhanced benefits for elected county officers. Makes changes in funding, including changes to the tax rate limitation. Authorizes alternative methods of funding and, in certain circumstances, authorizes the diversion of certain State payments to the County. Requires additional employee contributions. Terminates a provision authorizing service credit to be granted under certain circumstances for service with a "governmental unit" as defined in the Retirement Systems Reciprocal Act. Defines and redefines terms. Makes other changes. Contains a statement of findings. Amends the Illinois Public Labor Relations Act. Declares that Articles 9 and 10 of the Illinois Pension Code and the changes, the impact of the changes, and the implementation of the changes set forth in the amendatory Act are prohibited subjects of bargaining and are not subject to interest arbitration. Amends the Counties Code to provide that the annual appropriation bill for Cook County shall include such sums as are required under the Cook County Annuitant Healthcare Trust Act. Amends the State Mandates Act to require implementation without reimbursement. Includes an inseverability provision. Effective July 1, 2015.