Full Text of HB3484 99th General Assembly
HB3484eng 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Sections 3-125, 4-118, 5-168, 6-165, 7-172.1, 7-195.1, 7-210, | 6 | | 7-214, 8-173, and 11-169 and by adding Sections 9-184.5, | 7 | | 10-107.5, 12-149.5, 13-503.5, 17-127.5, and 22-104 as follows:
| 8 | | (40 ILCS 5/3-125) (from Ch. 108 1/2, par. 3-125)
| 9 | | Sec. 3-125. Financing. | 10 | | (a) The city council or the board of trustees of
the | 11 | | municipality shall annually levy a tax upon all
the taxable | 12 | | property of the municipality at the rate on the dollar which
| 13 | | will produce an amount which, when added to the deductions from | 14 | | the salaries
or wages of police officers, and revenues
| 15 | | available from other
sources, will equal a sum sufficient to | 16 | | meet
the annual requirements of the police pension fund. The | 17 | | annual
requirements to be provided by such tax levy are equal
| 18 | | to (1) the normal cost of the pension fund for the year | 19 | | involved, plus
(2) an amount sufficient to bring the total | 20 | | assets of the pension fund up to 90% of the total actuarial | 21 | | liabilities of the pension fund by the end of municipal fiscal | 22 | | year 2040, as annually updated and determined by an enrolled | 23 | | actuary employed by the Illinois Department of Insurance or by |
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| 1 | | an enrolled actuary retained by the pension fund or the | 2 | | municipality. In making these determinations, the required | 3 | | minimum employer contribution shall be calculated each year as | 4 | | a level percentage of payroll over the years remaining up to | 5 | | and including fiscal year 2040 and shall be determined under | 6 | | the projected unit credit actuarial cost method. The tax shall | 7 | | be levied and
collected in the same manner as the general taxes
| 8 | | of the municipality, and in addition to all other taxes now or | 9 | | hereafter authorized to
be levied upon all property within the | 10 | | municipality, and shall be in
addition to the amount authorized | 11 | | to be levied for general purposes as
provided by Section 8-3-1 | 12 | | of the Illinois Municipal Code, approved May
29, 1961, as | 13 | | amended. The tax shall be forwarded directly to the treasurer | 14 | | of the board within 30 business days after receipt by the | 15 | | county.
| 16 | | (b) For purposes of determining the required employer | 17 | | contribution to a pension fund, the value of the pension fund's | 18 | | assets shall be equal to the actuarial value of the pension | 19 | | fund's assets, which shall be calculated as follows: | 20 | | (1) On March 30, 2011, the actuarial value of a pension | 21 | | fund's assets shall be equal to the market value of the | 22 | | assets as of that date. | 23 | | (2) In determining the actuarial value of the System's | 24 | | assets for fiscal years after March 30, 2011, any actuarial | 25 | | gains or losses from investment return incurred in a fiscal | 26 | | year shall be recognized in equal annual amounts over the |
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| 1 | | 5-year period following that fiscal year. | 2 | | (c) If a participating municipality fails to transmit to | 3 | | the fund contributions required of it under this Article for | 4 | | more than 90 days after the payment of those contributions is | 5 | | due, the fund may, after giving notice to the municipality, | 6 | | certify to the State Comptroller the amounts of the delinquent | 7 | | payments in accordance with any applicable rules of the | 8 | | Comptroller , and the Comptroller must, beginning in fiscal year | 9 | | 2016, deduct and remit to deposit into the fund the certified | 10 | | amounts or a portion of those amounts from the following | 11 | | proportions of payments grants of State funds to the | 12 | | municipality: | 13 | | (1) in fiscal year 2016, one-third of the total amount | 14 | | of any payments grants of State funds to the municipality; | 15 | | (2) in fiscal year 2017, two-thirds of the total amount | 16 | | of any payments grants of State funds to the municipality; | 17 | | and | 18 | | (3) in fiscal year 2018 and each fiscal year | 19 | | thereafter, the total amount of any payments grants of | 20 | | State funds to the municipality. | 21 | | The State Comptroller may not deduct from any payments | 22 | | grants of State funds to the municipality more than the amount | 23 | | of delinquent payments certified to the State Comptroller by | 24 | | the fund. | 25 | | (d) The police pension fund shall consist of the following | 26 | | moneys which
shall be set apart by the treasurer of the |
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| 1 | | municipality:
| 2 | | (1) All moneys derived from the taxes levied hereunder;
| 3 | | (2) Contributions by police officers under Section | 4 | | 3-125.1;
| 5 | | (3) All moneys accumulated by the municipality under | 6 | | any previous
legislation establishing a fund for the | 7 | | benefit of disabled or retired
police officers;
| 8 | | (4) Donations, gifts or other transfers authorized by | 9 | | this
Article.
| 10 | | (e) The Commission on Government Forecasting and
| 11 | | Accountability shall conduct a study of all funds established
| 12 | | under this Article and shall report its findings to the General
| 13 | | Assembly on or before January 1, 2013. To the fullest extent | 14 | | possible, the study shall include, but not be limited to, the | 15 | | following: | 16 | | (1) fund balances; | 17 | | (2) historical employer contribution rates for each
| 18 | | fund; | 19 | | (3) the actuarial formulas used as a basis for employer
| 20 | | contributions, including the actual assumed rate of return
| 21 | | for each year, for each fund; | 22 | | (4) available contribution funding sources; | 23 | | (5) the impact of any revenue limitations caused by
| 24 | | PTELL and employer home rule or non-home rule status; and | 25 | | (6) existing statutory funding compliance procedures
| 26 | | and funding enforcement mechanisms for all municipal
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| 1 | | pension funds. | 2 | | (Source: P.A. 95-530, eff. 8-28-07; 96-1495, eff. 1-1-11.)
| 3 | | (40 ILCS 5/4-118) (from Ch. 108 1/2, par. 4-118)
| 4 | | Sec. 4-118. Financing.
| 5 | | (a) The city council or the board of trustees
of the | 6 | | municipality shall annually levy a tax upon all the taxable | 7 | | property
of the municipality at the rate on the dollar which | 8 | | will produce an amount
which, when added to the deductions from | 9 | | the salaries or wages of
firefighters and revenues available | 10 | | from other sources, will equal a sum
sufficient to meet the | 11 | | annual actuarial requirements of the pension fund,
as | 12 | | determined by an enrolled actuary employed by the Illinois | 13 | | Department of
Insurance or by an enrolled actuary retained by | 14 | | the pension fund or
municipality. For the purposes of this | 15 | | Section, the annual actuarial
requirements of the pension fund | 16 | | are equal to (1) the normal cost of the
pension fund, or 17.5% | 17 | | of the salaries and wages to be paid to firefighters
for the | 18 | | year involved, whichever is greater, plus (2) an annual amount
| 19 | | sufficient to bring the total assets of the pension fund up to | 20 | | 90% of the total actuarial liabilities of the pension fund by | 21 | | the end of municipal fiscal year 2040, as annually updated and | 22 | | determined by an enrolled actuary employed by the Illinois | 23 | | Department of Insurance or by an enrolled actuary retained by | 24 | | the pension fund or the municipality. In making these | 25 | | determinations, the required minimum employer contribution |
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| 1 | | shall be calculated each year as a level percentage of payroll | 2 | | over the years remaining up to and including fiscal year 2040 | 3 | | and shall be determined under the projected unit credit | 4 | | actuarial cost method. The amount
to be applied towards the | 5 | | amortization of the unfunded accrued liability in any
year | 6 | | shall not be less than the annual amount required to amortize | 7 | | the unfunded
accrued liability, including interest, as a level | 8 | | percentage of payroll over
the number of years remaining in the | 9 | | 40 year amortization period.
| 10 | | (a-5) For purposes of determining the required employer | 11 | | contribution to a pension fund, the value of the pension fund's | 12 | | assets shall be equal to the actuarial value of the pension | 13 | | fund's assets, which shall be calculated as follows: | 14 | | (1) On March 30, 2011, the actuarial value of a pension | 15 | | fund's assets shall be equal to the market value of the | 16 | | assets as of that date. | 17 | | (2) In determining the actuarial value of the pension | 18 | | fund's assets for fiscal years after March 30, 2011, any | 19 | | actuarial gains or losses from investment return incurred | 20 | | in a fiscal year shall be recognized in equal annual | 21 | | amounts over the 5-year period following that fiscal year. | 22 | | (b) The tax shall be levied and collected in the same | 23 | | manner
as the general taxes of the municipality, and shall be | 24 | | in addition
to all other taxes now or hereafter authorized to | 25 | | be levied upon all
property within the municipality, and in | 26 | | addition to the amount authorized
to be levied for general |
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| 1 | | purposes, under Section 8-3-1 of the Illinois
Municipal Code or | 2 | | under Section 14 of the Fire Protection District Act. The
tax | 3 | | shall be forwarded directly to the treasurer of the board | 4 | | within 30
business days of receipt by the county
(or, in the | 5 | | case of amounts
added to the tax levy under subsection (f), | 6 | | used by the municipality to pay the
employer contributions | 7 | | required under subsection (b-1) of Section 15-155 of
this | 8 | | Code).
| 9 | | (b-5) If a participating municipality fails to transmit to | 10 | | the fund contributions required of it under this Article for | 11 | | more than 90 days after the payment of those contributions is | 12 | | due, the fund may, after giving notice to the municipality, | 13 | | certify to the State Comptroller the amounts of the delinquent | 14 | | payments in accordance with any applicable rules of the | 15 | | Comptroller , and the Comptroller must, beginning in fiscal year | 16 | | 2016, deduct and remit to deposit into the fund the certified | 17 | | amounts or a portion of those amounts from the following | 18 | | proportions of payments grants of State funds to the | 19 | | municipality: | 20 | | (1) in fiscal year 2016, one-third of the total amount | 21 | | of any payments grants of State funds to the municipality; | 22 | | (2) in fiscal year 2017, two-thirds of the total amount | 23 | | of any payments grants of State funds to the municipality; | 24 | | and | 25 | | (3) in fiscal year 2018 and each fiscal year | 26 | | thereafter, the total amount of any payments grants of |
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| 1 | | State funds to the municipality. | 2 | | The State Comptroller may not deduct from any payments | 3 | | grants of State funds to the municipality more than the amount | 4 | | of delinquent payments certified to the State Comptroller by | 5 | | the fund. | 6 | | (c) The board shall make available to the membership and | 7 | | the general public
for inspection and copying at reasonable | 8 | | times the most recent Actuarial
Valuation Balance Sheet and Tax | 9 | | Levy Requirement issued to the fund by the
Department of | 10 | | Insurance.
| 11 | | (d) The firefighters' pension fund shall consist of the | 12 | | following moneys
which shall be set apart by the treasurer of | 13 | | the municipality: (1) all
moneys derived from the taxes levied | 14 | | hereunder; (2) contributions
by firefighters as provided under | 15 | | Section 4-118.1; (3) all
rewards in money, fees, gifts, and | 16 | | emoluments that may be paid or given
for or on account of | 17 | | extraordinary service by the fire department or any
member | 18 | | thereof, except when allowed to be retained by competitive | 19 | | awards;
and (4) any money, real estate or personal property | 20 | | received by the board.
| 21 | | (e) For the purposes of this Section, "enrolled actuary" | 22 | | means an actuary:
(1) who is a member of the Society of | 23 | | Actuaries or the American
Academy of Actuaries; and (2) who is | 24 | | enrolled under Subtitle
C of Title III of the Employee | 25 | | Retirement Income Security Act of 1974, or
who has been engaged | 26 | | in providing actuarial services to one or more public
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| 1 | | retirement systems for a period of at least 3 years as of July | 2 | | 1, 1983.
| 3 | | (f) The corporate authorities of a municipality that | 4 | | employs a person
who is described in subdivision (d) of Section | 5 | | 4-106 may add to the tax levy
otherwise provided for in this | 6 | | Section an amount equal to the projected cost of
the employer | 7 | | contributions required to be paid by the municipality to the | 8 | | State
Universities Retirement System under subsection (b-1) of | 9 | | Section 15-155 of this
Code. | 10 | | (g) The Commission on Government Forecasting and
| 11 | | Accountability shall conduct a study of all funds established
| 12 | | under this Article and shall report its findings to the General
| 13 | | Assembly on or before January 1, 2013. To the fullest extent | 14 | | possible, the study shall include, but not be limited to, the | 15 | | following: | 16 | | (1) fund balances; | 17 | | (2) historical employer contribution rates for each
| 18 | | fund; | 19 | | (3) the actuarial formulas used as a basis for employer
| 20 | | contributions, including the actual assumed rate of return
| 21 | | for each year, for each fund; | 22 | | (4) available contribution funding sources; | 23 | | (5) the impact of any revenue limitations caused by
| 24 | | PTELL and employer home rule or non-home rule status; and | 25 | | (6) existing statutory funding compliance procedures
| 26 | | and funding enforcement mechanisms for all municipal
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| 1 | | pension funds.
| 2 | | (Source: P.A. 96-1495, eff. 1-1-11.)
| 3 | | (40 ILCS 5/5-168)
(from Ch. 108 1/2, par. 5-168)
| 4 | | Sec. 5-168. Financing.
| 5 | | (a) Except as expressly provided in this Section, the city | 6 | | shall levy a
tax annually upon all taxable property therein for | 7 | | the purpose of providing
revenue for the fund.
| 8 | | The tax shall be at a rate that will produce a sum which, | 9 | | when added to the
amounts deducted from the policemen's | 10 | | salaries and the amounts deposited in
accordance with | 11 | | subsection (g), is sufficient for the purposes of the fund.
| 12 | | For the years 1968 and 1969, the city council shall levy a | 13 | | tax
annually at a rate on the dollar of the assessed
valuation | 14 | | of all taxable property that will produce, when extended, not
| 15 | | to exceed $9,700,000. Beginning with the year 1970 and through | 16 | | 2014, the city council shall levy a tax annually at a rate on | 17 | | the
dollar of the assessed valuation of all taxable property | 18 | | that will
produce when extended an amount not to exceed the | 19 | | total amount of
contributions by the policemen to the Fund made | 20 | | in the calendar year 2
years before the year for which the | 21 | | applicable annual tax is levied,
multiplied by 1.40 for the tax | 22 | | levy year 1970; by 1.50 for the year
1971; by 1.65 for 1972; by | 23 | | 1.85 for 1973; by 1.90 for 1974; by 1.97 for
1975 through 1981; | 24 | | by 2.00 for 1982 and for each year through 2014. Beginning in | 25 | | 2015, the city council shall levy a tax annually at a rate on |
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| 1 | | the dollar of the assessed valuation of all taxable property | 2 | | that will produce when extended an annual amount that is equal | 3 | | to (1) the normal cost to the Fund, plus (2) an annual amount | 4 | | sufficient to bring the total assets of the Fund up to 90% of | 5 | | the total actuarial liabilities of the Fund by the end of | 6 | | fiscal year 2040, as annually updated and determined by an | 7 | | enrolled actuary employed by the Illinois Department of | 8 | | Insurance or by an enrolled actuary retained by the Fund or the | 9 | | city. In making these determinations, the required minimum | 10 | | employer contribution shall be calculated each year as a level | 11 | | percentage of payroll over the years remaining up to and | 12 | | including fiscal year 2040 and shall be determined under the | 13 | | projected unit credit actuarial cost method. For the purposes | 14 | | of this subsection (a), contributions by the policeman to the | 15 | | Fund shall not include payments made by a policeman to | 16 | | establish credit under Section 5-214.2 of this Code.
| 17 | | (a-5) For purposes of determining the required employer | 18 | | contribution to the Fund, the value of the Fund's assets shall | 19 | | be equal to the actuarial value of the Fund's assets, which | 20 | | shall be calculated as follows: | 21 | | (1) On March 30, 2011, the actuarial value of the | 22 | | Fund's assets shall be equal to the market value of the | 23 | | assets as of that date. | 24 | | (2) In determining the actuarial value of the Fund's | 25 | | assets for fiscal years after March 30, 2011, any actuarial | 26 | | gains or losses from investment return incurred in a fiscal |
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| 1 | | year shall be recognized in equal annual amounts over the | 2 | | 5-year period following that fiscal year. | 3 | | (a-7) If the city fails to transmit to the Fund | 4 | | contributions required of it under this Article for more than | 5 | | 90 days after the payment of those contributions is due, the | 6 | | Fund may, after giving notice to the city, certify to the State | 7 | | Comptroller the amounts of the delinquent payments in | 8 | | accordance with any applicable rules of the Comptroller , and | 9 | | the Comptroller must, beginning in fiscal year 2016, deduct and | 10 | | remit to deposit into the Fund the certified amounts or a | 11 | | portion of those amounts from the following proportions of | 12 | | payments grants of State funds to the city: | 13 | | (1) in fiscal year 2016, one-third of the total amount | 14 | | of any payments grants of State funds to the city; | 15 | | (2) in fiscal year 2017, two-thirds of the total amount | 16 | | of any payments grants of State funds to the city; and | 17 | | (3) in fiscal year 2018 and each fiscal year | 18 | | thereafter, the total amount of any payments grants of | 19 | | State funds to the city. | 20 | | The State Comptroller may not deduct from any payments | 21 | | grants of State funds to the city more than the amount of | 22 | | delinquent payments certified to the State Comptroller by the | 23 | | Fund. | 24 | | (b) The tax shall be levied and collected in like manner | 25 | | with the
general taxes of the city, and is in addition to all | 26 | | other taxes which the
city is now or may hereafter be |
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| 1 | | authorized to levy upon all taxable property
therein, and is | 2 | | exclusive of and in addition to the amount of tax the city is
| 3 | | now or may hereafter be authorized to levy for general purposes | 4 | | under any
law which may limit the amount of tax which the city | 5 | | may levy for general
purposes. The county clerk of the county | 6 | | in which the city is located, in
reducing tax levies under | 7 | | Section 8-3-1 of the Illinois
Municipal Code, shall not | 8 | | consider the tax herein authorized as a part
of the general tax | 9 | | levy for city purposes, and shall not include the tax
in any | 10 | | limitation of the percent of the assessed valuation upon which
| 11 | | taxes are required to be extended for the city.
| 12 | | (c) On or before January 10 of each year, the board shall | 13 | | notify the
city council of the requirement that the tax herein | 14 | | authorized be levied by
the city council for that current year. | 15 | | The board shall compute the
amounts necessary for the purposes | 16 | | of this fund to be credited to the
reserves established and | 17 | | maintained within the fund; shall make an
annual determination | 18 | | of the amount of the required city contributions;
and shall | 19 | | certify the results thereof to the city council.
| 20 | | As soon as any revenue derived from the tax is collected it | 21 | | shall be
paid to the city treasurer of the city and shall be | 22 | | held by him for the
benefit of the fund in accordance with this | 23 | | Article.
| 24 | | (d) If the funds available are insufficient during any year | 25 | | to meet the
requirements of this Article, the city may issue | 26 | | tax anticipation warrants
against the tax levy for the current |
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| 1 | | fiscal year.
| 2 | | (e) The various sums, including interest, to be contributed | 3 | | by the city,
shall be taken from the revenue derived from such | 4 | | tax or otherwise as expressly
provided in this Section. Any | 5 | | moneys of the city derived from any source other
than the tax | 6 | | herein authorized shall not be used for any purpose of the fund
| 7 | | nor the cost of administration thereof, unless applied to make | 8 | | the deposit
expressly authorized in this Section
or the | 9 | | additional city contributions required under subsection (h).
| 10 | | (f) If it is not possible or practicable for the city to | 11 | | make its
contributions at the time that salary deductions are | 12 | | made, the city
shall make such contributions as soon as | 13 | | possible thereafter, with
interest thereon to the time it is | 14 | | made.
| 15 | | (g) In lieu of levying all or a portion of the tax required | 16 | | under this
Section in any year, the city may deposit with the | 17 | | city treasurer no later than
March 1 of that year for the | 18 | | benefit of the fund, to be held in accordance with
this | 19 | | Article, an amount that, together with the taxes levied under | 20 | | this Section
for that year, is not less than the amount of the | 21 | | city contributions for that
year as certified by the board to | 22 | | the city council. The deposit may be derived
from any source | 23 | | legally available for that purpose, including, but not limited
| 24 | | to, the proceeds of city borrowings. The making of a deposit | 25 | | shall satisfy
fully the requirements of this Section for that | 26 | | year to the extent of the
amounts so deposited. Amounts |
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| 1 | | deposited under this subsection may be used by
the fund for any | 2 | | of the purposes for which the proceeds of the tax levied under
| 3 | | this Section may be used, including the payment of any amount | 4 | | that is otherwise
required by this Article to be paid from the | 5 | | proceeds of that tax.
| 6 | | (h) In addition to the contributions required under the | 7 | | other provisions
of this Article, by November 1 of the | 8 | | following specified years, the city shall
deposit with the city | 9 | | treasurer for the benefit of the fund, to be held and
used in | 10 | | accordance with this Article, the following specified amounts:
| 11 | | $6,300,000 in 1999;
$5,880,000 in 2000;
$5,460,000 in 2001;
| 12 | | $5,040,000 in 2002; and
$4,620,000 in 2003.
| 13 | | The additional city contributions required under this | 14 | | subsection are
intended to decrease the unfunded liability of | 15 | | the fund and shall not decrease
the amount of the city | 16 | | contributions required under the other provisions of
this | 17 | | Article. The additional city contributions made under this | 18 | | subsection
may be used by the fund for any of its lawful | 19 | | purposes.
| 20 | | (Source: P.A. 95-1036, eff. 2-17-09; 96-1495, eff. 1-1-11.)
| 21 | | (40 ILCS 5/6-165)
(from Ch. 108 1/2, par. 6-165)
| 22 | | Sec. 6-165. Financing; tax.
| 23 | | (a) Except as expressly provided in this
Section, each city | 24 | | shall levy a tax annually upon all
taxable property therein for | 25 | | the purpose of providing revenue for the
fund. For the years |
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| 1 | | prior to the year 1960, the tax rate shall be as
provided for | 2 | | in the "Firemen's Annuity and Benefit Fund of the Illinois
| 3 | | Municipal Code". The tax, from and after January 1, 1968 to and
| 4 | | including the year 1971, shall not exceed .0863% of the value, | 5 | | as
equalized or assessed by the Department of Revenue, of
all | 6 | | taxable property in the city. Beginning with the year 1972 and | 7 | | through 2014, the city shall levy a tax annually at a rate on | 8 | | the
dollar of the value, as equalized or assessed by the | 9 | | Department of Revenue
of all taxable property within such city | 10 | | that will
produce, when extended, not to exceed an amount equal | 11 | | to the total
amount of contributions by the employees to the | 12 | | fund made in the
calendar year 2 years prior to the year for | 13 | | which the annual applicable
tax is levied, multiplied by 2.23 | 14 | | through the calendar year 1981, and by
2.26 for the year 1982 | 15 | | and for each year through 2014. Beginning in 2015, the city | 16 | | council shall levy a tax annually at a rate on the dollar of | 17 | | the assessed valuation of all taxable property that will | 18 | | produce when extended an annual amount that is equal to (1) the | 19 | | normal cost to the Fund, plus (2) an annual amount sufficient | 20 | | to bring the total assets of the Fund up to 90% of the total | 21 | | actuarial liabilities of the Fund by the end of fiscal year | 22 | | 2040, as annually updated and determined by an enrolled actuary | 23 | | employed by the Illinois Department of Insurance or by an | 24 | | enrolled actuary retained by the Fund or the city. In making | 25 | | these determinations, the required minimum employer | 26 | | contribution shall be calculated each year as a level |
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| 1 | | percentage of payroll over the years remaining up to and | 2 | | including fiscal year 2040 and shall be determined under the | 3 | | projected unit credit actuarial cost method.
| 4 | | To provide revenue for the ordinary death benefit | 5 | | established by
Section 6-150 of this Article, in addition to | 6 | | the contributions by the firemen
for this purpose, the city | 7 | | council shall for the
year 1962 and each year thereafter | 8 | | annually levy a tax, which shall be
in addition to and | 9 | | exclusive of the taxes authorized to be levied under
the | 10 | | foregoing provisions of this Section, upon all taxable property | 11 | | in
the city, as equalized or assessed by the Department of | 12 | | Revenue, at such
rate per cent of the value of such property as | 13 | | shall be
sufficient to produce for each year the sum of | 14 | | $142,000.
| 15 | | The amounts produced by the taxes levied annually, together | 16 | | with the
deposit expressly authorized in this Section, shall be
| 17 | | sufficient, when added to the amounts deducted from the | 18 | | salaries of
firemen and applied to the fund, to provide for the | 19 | | purposes of the
fund.
| 20 | | (a-5) For purposes of determining the required employer | 21 | | contribution to the Fund, the value of the Fund's assets shall | 22 | | be equal to the actuarial value of the Fund's assets, which | 23 | | shall be calculated as follows: | 24 | | (1) On March 30, 2011, the actuarial value of the | 25 | | Fund's assets shall be equal to the market value of the | 26 | | assets as of that date. |
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| 1 | | (2) In determining the actuarial value of the Fund's | 2 | | assets for fiscal years after March 30, 2011, any actuarial | 3 | | gains or losses from investment return incurred in a fiscal | 4 | | year shall be recognized in equal annual amounts over the | 5 | | 5-year period following that fiscal year. | 6 | | (a-7) If the city fails to transmit to the Fund | 7 | | contributions required of it under this Article for more than | 8 | | 90 days after the payment of those contributions is due, the | 9 | | Fund may, after giving notice to the city, certify to the State | 10 | | Comptroller the amounts of the delinquent payments in | 11 | | accordance with any applicable rules of the Comptroller , and | 12 | | the Comptroller must, beginning in fiscal year 2016, deduct and | 13 | | remit to deposit into the Fund the certified amounts or a | 14 | | portion of those amounts from the following proportions of | 15 | | payments grants of State funds to the city: | 16 | | (1) in fiscal year 2016, one-third of the total amount | 17 | | of any payments grants of State funds to the city; | 18 | | (2) in fiscal year 2017, two-thirds of the total amount | 19 | | of any payments grants of State funds to the city; and | 20 | | (3) in fiscal year 2018 and each fiscal year | 21 | | thereafter, the total amount of any payments grants of | 22 | | State funds to the city. | 23 | | The State Comptroller may not deduct from any payments | 24 | | grants of State funds to the city more than the amount of | 25 | | delinquent payments certified to the State Comptroller by the | 26 | | Fund. |
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| 1 | | (b) The taxes shall be levied and collected in like manner | 2 | | with the
general taxes of the city, and shall be in addition to | 3 | | all other taxes
which the city may levy upon all taxable | 4 | | property therein and shall be
exclusive of and in addition to | 5 | | the amount of tax the city may levy for
general purposes under | 6 | | Section 8-3-1 of the Illinois Municipal Code,
approved May 29, | 7 | | 1961, as amended, or under any other law or laws which
may | 8 | | limit the amount of tax which the city may levy for general
| 9 | | purposes.
| 10 | | (c) The amounts of the taxes to be levied in each year | 11 | | shall be
certified to the city council by the board.
| 12 | | (d) As soon as any revenue derived from such taxes is | 13 | | collected, it
shall be paid to the city treasurer and held for | 14 | | the benefit of the fund, and
all such revenue shall be paid | 15 | | into the fund in accordance with the
provisions of this | 16 | | Article.
| 17 | | (e) If the funds available are insufficient during any year | 18 | | to
meet the requirements of this Article, the city may issue | 19 | | tax anticipation
warrants, against the tax levies herein | 20 | | authorized for the current
fiscal year.
| 21 | | (f) The various sums, hereinafter stated, including | 22 | | interest, to be
contributed by the city, shall be taken from | 23 | | the revenue derived from the taxes
or otherwise as expressly | 24 | | provided in this Section. Except for defraying the
cost of | 25 | | administration of the fund during the calendar year in which a | 26 | | city
first attains a population of 500,000 and comes under the |
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| 1 | | provisions of this
Article and the first calendar year | 2 | | thereafter, any money of the city derived
from any source other | 3 | | than these taxes or the sale of tax anticipation warrants
shall | 4 | | not be used to provide revenue for the fund, nor to pay any | 5 | | part of the
cost of administration thereof, unless applied to | 6 | | make the deposit expressly
authorized in this Section
or the | 7 | | additional city contributions required under subsection (h).
| 8 | | (g) In lieu of levying all or a portion of the tax required | 9 | | under this
Section in any year, the city may deposit with the | 10 | | city treasurer no later than
March 1 of that year for the | 11 | | benefit of the fund, to be held in accordance with
this | 12 | | Article, an amount that, together with the taxes levied under | 13 | | this Section
for that year, is not less than the amount of the | 14 | | city contributions for that
year as certified by the board to | 15 | | the city council. The deposit may be derived
from any source | 16 | | legally available for that purpose, including, but not limited
| 17 | | to, the proceeds of city borrowings. The making of a deposit | 18 | | shall satisfy
fully the requirements of this Section for that | 19 | | year to the extent of the
amounts so deposited. Amounts | 20 | | deposited under this subsection may be used
by the fund for any | 21 | | of the purposes for which the proceeds of the taxes levied
| 22 | | under this Section may be used, including the payment of any | 23 | | amount that is
otherwise required by this Article to be paid | 24 | | from the proceeds of those
taxes.
| 25 | | (h) In addition to the contributions required under the | 26 | | other provisions
of this Article, by November 1 of the |
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| 1 | | following specified years, the city shall
deposit with the city | 2 | | treasurer for the benefit of the fund, to be held and
used in | 3 | | accordance with this Article, the following specified amounts:
| 4 | | $6,300,000 in 1999;
$5,880,000 in 2000;
$5,460,000 in 2001;
| 5 | | $5,040,000 in 2002; and
$4,620,000 in 2003.
| 6 | | The additional city contributions required under this | 7 | | subsection are
intended to decrease the unfunded liability of | 8 | | the fund and shall not decrease
the amount of the city | 9 | | contributions required under the other provisions of
this | 10 | | Article. The additional city contributions made under this | 11 | | subsection
may be used by the fund for any of its lawful | 12 | | purposes.
| 13 | | (Source: P.A. 96-1495, eff. 1-1-11.)
| 14 | | (40 ILCS 5/7-172.1) (from Ch. 108 1/2, par. 7-172.1)
| 15 | | Sec. 7-172.1. Actions to enforce payments by | 16 | | municipalities and
instrumentalities. | 17 | | (a) If any participating municipality or participating
| 18 | | instrumentality fails to transmit to the Fund contributions | 19 | | required of it
under this Article or contributions collected by | 20 | | it from its participating
employees for the purposes of this | 21 | | Article for more than
90 days after the payment of such | 22 | | contributions is due, the Fund, after
giving notice to such | 23 | | municipality or instrumentality, may certify to
the State | 24 | | Comptroller the amounts of such delinquent payments in | 25 | | accordance with any applicable rules of the Comptroller, and |
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| 1 | | the
Comptroller shall deduct the amounts so certified or any | 2 | | part thereof
from any payments grants of State funds to the | 3 | | municipality or instrumentality
involved and shall remit pay | 4 | | the amount so deducted to the Fund. If State
funds from which | 5 | | such deductions may be made are not available, the Fund
may | 6 | | proceed against the municipality or instrumentality to recover | 7 | | the
amounts of such delinquent payments in the appropriate | 8 | | circuit court.
| 9 | | (b) If any participating municipality fails to transmit to | 10 | | the Fund
contributions required of it under this Article or | 11 | | contributions collected
by it from its participating employees | 12 | | for the purposes of this Article for
more than 90 days after | 13 | | the payment of such contributions is due, the Fund,
after | 14 | | giving notice to such municipality, may certify the fact of | 15 | | such
delinquent payment to the county treasurer of the county | 16 | | in which such
municipality is located, who shall thereafter | 17 | | remit the amounts collected
from the tax levied by the | 18 | | municipality under Section 7-171 directly to
the Fund.
| 19 | | (c) If reports furnished to the Fund by the municipality or
| 20 | | instrumentality involved are inadequate for the computation of | 21 | | the
amounts of such delinquent payments, the Fund may provide | 22 | | for such audit
of the records of the municipality or | 23 | | instrumentality as may be required
to establish the amounts of | 24 | | such delinquent payments. The municipality
or instrumentality | 25 | | shall make its records available to the Fund for the
purpose of | 26 | | such audit. The cost of such audit shall be added to the
amount |
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| 1 | | of the delinquent payments and shall be recovered by the Fund
| 2 | | from the municipality or instrumentality at the same time and | 3 | | in the
same manner as the delinquent payments are recovered.
| 4 | | (Source: P.A. 86-273.)
| 5 | | (40 ILCS 5/7-195.1) (from Ch. 108 1/2, par. 7-195.1)
| 6 | | Sec. 7-195.1. To establish and maintain a revolving | 7 | | account. To establish and maintain a revolving account in a | 8 | | bank or savings and
loan association, approved by the
State | 9 | | Treasurer as a State depositary and having capital funds, | 10 | | represented
by capital, surplus, and undivided profits, of at | 11 | | least 5 million dollars,
for the purpose of making payments of | 12 | | annuities, benefits, and
administrative expenses and payments | 13 | | to the State Agency provided in
Section 7-170. All funds | 14 | | deposited in such account shall be placed in the
name of the | 15 | | Fund fund and shall be withdrawn only by a check or draft upon | 16 | | the
bank or savings and loan association signed by the | 17 | | president of the
board or the executive director, as the
board | 18 | | may direct. In case the president or executive director, whose
| 19 | | signature appears upon any check or draft, after attaching his | 20 | | signature
ceases to hold office before the delivery thereof to | 21 | | the payee, his
signature nevertheless shall be valid and | 22 | | sufficient for all purposes with
the same effect as if he had | 23 | | remained in office until delivery thereof. The
revolving | 24 | | account shall be created by resolution of the board. The State
| 25 | | Comptroller, upon receipt of a copy of such resolution and a |
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| 1 | | voucher
designating the payment of $300,000 into the revolving | 2 | | account, shall draw
his warrant on the State Treasurer for | 3 | | payment of same to the Fund for
deposit in the revolving | 4 | | account. The monies in the revolving account shall
be held and | 5 | | expenditures shall be made by the Fund for the purposes herein
| 6 | | set forth. The Fund shall reimburse the revolving account for | 7 | | expenditures
for such purposes and the Comptroller, upon | 8 | | receipt of vouchers signed as
provided in Section 7-210 and | 9 | | including a statement of expenditures made
from the revolving | 10 | | account, shall draw his warrant on the State Treasurer
for the | 11 | | payment of the amount of such expenditures to the Fund for | 12 | | deposit
in the revolving account .
| 13 | | No bank or savings and loan association shall receive | 14 | | investment funds
as permitted by this Section, unless it has | 15 | | complied with the requirements
established pursuant to Section | 16 | | 6 of the Public Funds Investment Act "An Act relating to | 17 | | certain investments
of public funds by public agencies", | 18 | | approved July 23, 1943 , as now or hereafter
amended. The | 19 | | limitations set forth in such Section 6 shall be applicable
| 20 | | only at the time of investment and shall not require the | 21 | | liquidation of
any investment at any time.
| 22 | | (Source: P.A. 83-541.)
| 23 | | (40 ILCS 5/7-210) (from Ch. 108 1/2, par. 7-210)
| 24 | | Sec. 7-210. Funds. | 25 | | (a) All money received by the board shall immediately be |
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| 1 | | deposited with the custodian State Treasurer for the account of | 2 | | the Fund fund , or in the case of
funds received under Section | 3 | | 7-199.1, in a separate account maintained for
that purpose. All | 4 | | payments from the accounts of the Fund
shall be made by the | 5 | | custodian only, and only by a check or draft signed by the | 6 | | president of the
board or the executive director, as the
board | 7 | | may direct. Such checks and drafts All disbursements
of funds | 8 | | held by the State Treasurer shall be made only upon warrants
of | 9 | | the State Comptroller drawn upon the
Treasurer as custodian of | 10 | | this fund upon vouchers signed by the person
or persons | 11 | | designated for such purpose by resolution of the board. The
| 12 | | Comptroller is authorized to draw such warrants upon vouchers | 13 | | so signed,
including warrants payable to the Fund for deposit | 14 | | in a revolving account
authorized by Section 7-195.1. The | 15 | | Treasurer shall accept all warrants
so signed and shall be | 16 | | released from liability for all payments made
thereon. Vouchers | 17 | | shall be drawn only upon proper authorization by the
board as | 18 | | properly recorded in the official minute books of the meetings
| 19 | | of the board.
| 20 | | (b) (Blank). All securities of the fund when received shall | 21 | | be deposited with
the State Treasurer who shall provide | 22 | | adequate safe deposit facilities
for their preservation and | 23 | | have custody of them.
| 24 | | (c) The assets of the Fund fund shall be invested as one | 25 | | fund, and no
particular person, municipality, or | 26 | | instrumentality thereof or
participating instrumentality shall |
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| 1 | | have any right in any specific
security or in any item of cash | 2 | | other than an undivided interest in the
whole.
| 3 | | (d) Except as provided in subsection (d-5), whenever any | 4 | | employees of a municipality or participating
instrumentality | 5 | | have been or shall be excluded from participation in
this Fund | 6 | | fund by virtue of the application of paragraph b of Section | 7 | | 7-109
(2), the board shall issue a check or draft voucher | 8 | | authorizing the Comptroller to draw
his warrant upon the | 9 | | Treasurer as custodian of this fund in an amount
equal to the | 10 | | accumulated contributions of such employees. Such check or | 11 | | draft warrant
shall be drawn in favor of the appropriate fund | 12 | | of the pension or retirement fund
in which such employees have | 13 | | or shall become participants. Such transfer
shall terminate any | 14 | | further rights of such employees under this Fund fund .
| 15 | | (d-5) Upon creation of a newly established Article 3 police | 16 | | pension fund by referendum under Section 3-145 or by census | 17 | | under Section 3-105, the following amounts shall be transferred | 18 | | from this Fund to the new police pension fund, within 30 days | 19 | | after an application therefor is received from the new pension | 20 | | fund: | 21 | | (1) the amounts actually contributed to this Fund as | 22 | | employee contributions by or on behalf of the police | 23 | | officers transferring to the new pension fund for their | 24 | | service as police officers of the municipality that is | 25 | | establishing the new pension fund, plus interest on those | 26 | | amounts at the rate of 6% per year, compounded annually, |
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| 1 | | from the date of contribution to the date of transfer to | 2 | | the new pension fund, and | 3 | | (2) an amount representing employer contributions, | 4 | | equal to the total amount determined under item (1). | 5 | | This transfer
terminates any further rights of such police | 6 | | officers in this Fund arising out of their service as police | 7 | | officers of the municipality that is establishing the new | 8 | | pension fund. | 9 | | (e) If a participating instrumentality terminates | 10 | | participation
because it fails to meet the requirements of | 11 | | Section 7-108, it shall
pay to the Fund fund the amount equal | 12 | | to any net debit balance in its
municipality reserve account | 13 | | and account receivable. Its successors, and
assigns and | 14 | | transferees of its assets shall be obligated to make this
| 15 | | payment to the extent of the value of assets transferred to | 16 | | them. The
Fund fund shall pay an amount equal to any net credit | 17 | | balance to the
participating instrumentality, its successors | 18 | | or assigns. Any remaining
net debit or credit balance not | 19 | | collectible or payable shall be
transferred to the terminated | 20 | | municipality reserve account. The Fund fund
shall pay to each | 21 | | employee of the participating instrumentality an
amount equal | 22 | | to his credits in the employee reserves. The employees
shall | 23 | | have no further rights to any benefits from the Fund fund , | 24 | | except that
annuities awarded prior to the date of termination | 25 | | shall continue to be
paid.
| 26 | | (Source: P.A. 98-729, eff. 7-26-14.)
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| 1 | | (40 ILCS 5/7-214) (from Ch. 108 1/2, par. 7-214)
| 2 | | Sec. 7-214. Custodian State treasurer . The Board shall | 3 | | appoint one or more custodians to receive and hold the assets | 4 | | of the Fund on such terms as the Board may agree. The State | 5 | | Treasurer shall be the treasurer of the fund and shall be
| 6 | | responsible for the proper handling of all the assets of the | 7 | | fund in
accordance with this Article. He shall furnish a | 8 | | corporate surety bond of
such amount as the board designates, | 9 | | which bond shall indemnify the board
against any loss which may | 10 | | result from any action or failure to act by the
treasurer or | 11 | | any of his agents. All charges incidental to the procuring and
| 12 | | giving of such bond shall be paid by the board.
| 13 | | (Source: Laws 1963, p. 161.)
| 14 | | (40 ILCS 5/8-173) (from Ch. 108 1/2, par. 8-173)
| 15 | | Sec. 8-173. Financing; tax levy.
| 16 | | (a) Except as provided in subsection (f) of this Section, | 17 | | the city council
of the city shall levy a tax annually upon all | 18 | | taxable property in the city at
a rate that will produce a sum | 19 | | which, when added to the amounts deducted from
the salaries of | 20 | | the employees or otherwise contributed by them and the
amounts | 21 | | deposited under subsection (f), will be sufficient for the
| 22 | | requirements of this Article, but which when extended will | 23 | | produce an amount
not to exceed the greater of the following: | 24 | | (a) the sum obtained by the levy
of a tax of .1093% of the |
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| 1 | | value, as equalized or assessed by the Department
of Revenue, | 2 | | of all taxable property within such city, or (b) the sum of
| 3 | | $12,000,000.
However any city in which a Fund has been | 4 | | established and in operation
under this Article for more than 3 | 5 | | years prior to 1970 shall
levy for the year 1970 a tax at a rate | 6 | | on the dollar of assessed
valuation of all taxable property | 7 | | that will produce, when extended, an
amount not to exceed 1.2 | 8 | | times the total amount of contributions made by
employees to | 9 | | the Fund for annuity purposes in the calendar year 1968,
and, | 10 | | for the year 1971 and 1972 such levy that will produce, when
| 11 | | extended, an amount not to exceed 1.3 times the total amount of
| 12 | | contributions made by employees to the Fund for annuity
| 13 | | purposes in the calendar years 1969 and 1970, respectively; and | 14 | | for the
year 1973 an amount not to exceed 1.365 times such | 15 | | total amount of
contributions made by employees for annuity | 16 | | purposes in the calendar
year 1971; and for the year 1974 an | 17 | | amount not to exceed 1.430 times
such total amount of | 18 | | contributions made by employees for annuity
purposes in the | 19 | | calendar year 1972; and for the year 1975 an amount not
to | 20 | | exceed 1.495 times such total amount of contributions made by
| 21 | | employees for annuity purposes in the calendar year 1973; and | 22 | | for the year 1976
an amount not to exceed 1.560 times such | 23 | | total amount of contributions made by
employees for annuity | 24 | | purposes in the calendar year 1974; and for the year 1977
an | 25 | | amount not to exceed 1.625 times such total amount of | 26 | | contributions made by
employees for annuity purposes in the |
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| 1 | | calendar year 1975; and for the year 1978
and each year | 2 | | thereafter through levy year 2014, such levy as will produce, | 3 | | when
extended, an amount not to exceed the total amount of
| 4 | | contributions made by or on behalf of employees to the Fund for | 5 | | annuity
purposes in the calendar year 2 years prior to the year | 6 | | for which the annual
applicable tax is levied, multiplied by | 7 | | 1.690 for the years 1978 through 1998
and by 1.250 for the year | 8 | | 1999 and for each year thereafter through levy year 2014. | 9 | | Beginning in levy year 2015, and in each year thereafter, the | 10 | | levy shall not exceed the amount of the city's total required | 11 | | contribution to the Fund for the next payment year, as | 12 | | determined under subsection (a-5). For the purposes of this | 13 | | Section, the payment year is the year immediately following the | 14 | | levy year.
| 15 | | The tax shall be levied and collected in like manner with | 16 | | the general
taxes of the city, and shall be exclusive of and in | 17 | | addition to the
amount of tax the city is now or may hereafter | 18 | | be authorized to levy for
general purposes under any laws which | 19 | | may limit the amount of tax which
the city may levy for general | 20 | | purposes. The county clerk of the county
in which the city is | 21 | | located, in reducing tax levies under the
provisions of any Act | 22 | | concerning the levy and extension of taxes, shall
not consider | 23 | | the tax herein provided for as a part of the general tax
levy | 24 | | for city purposes, and shall not include the same within any
| 25 | | limitation of the percent of the assessed valuation upon which | 26 | | taxes are
required to be extended for such city.
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| 1 | | Revenues derived from such tax shall be paid to the city | 2 | | treasurer of
the city as collected and held by the city | 3 | | treasurer for the benefit of the fund.
| 4 | | If the payments on account of taxes are insufficient during | 5 | | any year
to meet the requirements of this Article, the city may | 6 | | issue tax
anticipation warrants against the current tax levy.
| 7 | | The city may continue to use other lawfully available funds | 8 | | in lieu of all or part of the levy, as provided under | 9 | | subsection (f) of this Section. | 10 | | (a-5) Beginning in payment year 2016, the city's required | 11 | | annual contribution to the Fund shall be the lesser of: | 12 | | (i) (I) for payment years 2016 through 2055, the annual | 13 | | amount determined by the Fund to be equal to the greater of | 14 | | $0, or the sum of (1) the city's portion of the projected | 15 | | normal cost for that fiscal year, plus (2) an amount | 16 | | determined on a level percentage of applicable employee | 17 | | payroll basis (reflecting any limits on individual | 18 | | participants' pay that apply for benefit and contribution | 19 | | purposes under this plan) that is sufficient to bring the | 20 | | total actuarial assets of the Fund up to 90% of the total | 21 | | actuarial liabilities of the Fund by the end of 2055. (II) | 22 | | For payment years after 2055, the annual amount determined | 23 | | by the Fund to be equal to the amount, if any, needed to | 24 | | bring the total actuarial assets of the Fund up to 90% of | 25 | | the total actuarial liabilities of the Fund as of the end | 26 | | of the year. In making the determinations under both (I) |
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| 1 | | and (II), the actuarial calculations shall be determined | 2 | | under the entry age normal actuarial cost method, and any | 3 | | actuarial gains or losses from investment return incurred | 4 | | in a fiscal year shall be recognized in equal annual | 5 | | amounts over the 5-year period following the fiscal year; | 6 | | or | 7 | | (ii) for payment year 2016, 1.85 times the total amount | 8 | | of contributions made by or on behalf of employees to the | 9 | | Fund for annuity purposes in the calendar year 2013; for | 10 | | payment year 2017, 2.15 times the total amount of | 11 | | contributions made by or on behalf of employees to the Fund | 12 | | for annuity purposes in the calendar year 2014; for payment | 13 | | year 2018, 2.45 times the total amount of contributions | 14 | | made by or on behalf of employees to the Fund for annuity | 15 | | purposes in the calendar year 2015; for payment year 2019, | 16 | | 2.75 times the total amount of contributions made by or on | 17 | | behalf of employees to the Fund for annuity purposes in the | 18 | | calendar year 2016; for payment year 2020, 3.05 times the | 19 | | total amount of contributions made by or on behalf of | 20 | | employees to the Fund for annuity purposes in the calendar | 21 | | year 2017. | 22 | | However, beginning in the earlier of payment year 2021 or the | 23 | | first payment year in which the annual contribution amount | 24 | | calculated under subdivision (i) is less than the contribution | 25 | | amount calculated under subdivision (ii), and in each year | 26 | | thereafter, the city's required annual contribution to the Fund |
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| 1 | | shall be determined under subdivision (i). | 2 | | The city's required annual contribution to the Fund may be | 3 | | paid with any available funds and shall be paid by the city to | 4 | | the city treasurer. The city treasurer shall collect and hold | 5 | | those funds for the benefit of the Fund. | 6 | | (a-10) If the city fails to transmit to the Fund | 7 | | contributions required of it under this Article by December | 8 | | 31st of the year in which such contributions are due, the Fund | 9 | | may, after giving notice to the city, certify to the State | 10 | | Comptroller the amounts of the delinquent payments in | 11 | | accordance with any applicable rules of the Comptroller , and | 12 | | the Comptroller must, beginning in payment year 2016, deduct | 13 | | and remit to deposit into the Fund the certified amounts or a | 14 | | portion of those amounts from the following proportions of | 15 | | payments grants of State funds to the city: | 16 | | (1) in payment year 2016, one-third of the total
amount | 17 | | of any payments grants of State funds to the city; | 18 | | (2) in payment year 2017, two-thirds of the total
| 19 | | amount of any payments grants of State funds to the city; | 20 | | and | 21 | | (3) in payment year 2018 and each payment year | 22 | | thereafter, the total
amount of any payments grants of | 23 | | State funds to the city. | 24 | | The State Comptroller may not deduct from any payments | 25 | | grants of State funds to the city more than the amount of | 26 | | delinquent payments certified to the State Comptroller by the |
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| 1 | | Fund. | 2 | | (b) On or before July 1, annually, the board shall certify | 3 | | to the
city council the annual amounts required under this | 4 | | Article, for which the tax herein
provided may be levied for | 5 | | the following year. The board shall compute
the amounts | 6 | | necessary to be credited to the reserves established and
| 7 | | maintained as herein provided, and shall make an annual | 8 | | determination of
the amount of the required city contributions, | 9 | | and certify the results
thereof to the city council.
| 10 | | (c) In respect to employees of the city who are transferred | 11 | | to the
employment of a park district by virtue of the "Exchange | 12 | | of Functions
Act of 1957", the corporate authorities of the | 13 | | park district shall
annually levy a tax upon all the taxable | 14 | | property in the park district
at such rate per cent of the | 15 | | value of such property, as equalized or
assessed by the | 16 | | Department of Revenue, as shall be
sufficient, when added to | 17 | | the amounts deducted from their salaries and
otherwise | 18 | | contributed by them to provide the benefits to which they and
| 19 | | their dependents and beneficiaries are entitled under this | 20 | | Article. The city
shall not levy a tax hereunder in respect to | 21 | | such employees.
| 22 | | The tax so levied by the park district shall be in addition | 23 | | to and
exclusive of all other taxes authorized to be levied by | 24 | | the park
district for corporate, annuity fund, or other | 25 | | purposes. The county
clerk of the county in which the park | 26 | | district is located, in reducing
any tax levied under the |
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| 1 | | provisions of any act concerning the levy and
extension of | 2 | | taxes shall not consider such tax as part of the general
tax | 3 | | levy for park purposes, and shall not include the same in any
| 4 | | limitation of the per cent of the assessed valuation upon which | 5 | | taxes
are required to be extended for the park district. The | 6 | | proceeds of the
tax levied by the park district, upon receipt | 7 | | by the district, shall be
immediately paid over to the city | 8 | | treasurer of the city for the uses and
purposes of the fund.
| 9 | | The various sums to be contributed by the city and park | 10 | | district and
allocated for the purposes of this Article, and | 11 | | any interest to be
contributed by the city, shall be derived | 12 | | from the revenue from the taxes
authorized in this Section or | 13 | | otherwise as expressly provided
in this Section.
| 14 | | If it is not possible or practicable for the city to make
| 15 | | contributions for age and service annuity and widow's annuity | 16 | | at the
same time that employee contributions are made for such
| 17 | | purposes, such city contributions shall be construed to be due | 18 | | and
payable as of the end of the fiscal year for which the tax | 19 | | is levied and
shall accrue thereafter with interest at the | 20 | | effective rate until paid.
| 21 | | (d) With respect to employees whose wages are funded as | 22 | | participants
under the Comprehensive Employment and Training | 23 | | Act of 1973, as amended
(P.L. 93-203, 87 Stat. 839, P.L. | 24 | | 93-567, 88 Stat. 1845), hereinafter
referred to as CETA, | 25 | | subsequent to October 1, 1978, and in instances
where the board | 26 | | has elected to establish a manpower program reserve, the
board |
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| 1 | | shall compute the amounts necessary to be credited to the | 2 | | manpower
program reserves established and maintained as herein | 3 | | provided, and
shall make a periodic determination of the amount | 4 | | of required
contributions from the City to the reserve to be | 5 | | reimbursed by the
federal government in accordance with rules | 6 | | and regulations established
by the Secretary of the United | 7 | | States Department of Labor or his
designee, and certify the | 8 | | results thereof to the City Council. Any such
amounts shall | 9 | | become a credit to the City and will be used to reduce the
| 10 | | amount which the City would otherwise contribute during | 11 | | succeeding years
for all employees.
| 12 | | (e) In lieu of establishing a manpower program reserve with | 13 | | respect
to employees whose wages are funded as participants | 14 | | under the
Comprehensive Employment and Training Act of 1973, as | 15 | | authorized by
subsection (d), the board may elect to establish | 16 | | a special municipality
contribution rate for all such | 17 | | employees. If this option is elected, the
City shall contribute | 18 | | to the Fund from federal funds provided under the
Comprehensive | 19 | | Employment and Training Act program at the special rate so
| 20 | | established and such contributions shall become a credit to the | 21 | | City and
be used to reduce the amount which the City would | 22 | | otherwise contribute
during succeeding years for all | 23 | | employees.
| 24 | | (f) In lieu of levying all or a portion of the tax required | 25 | | under this
Section in any year, the city may deposit with the | 26 | | city treasurer no later than
March 1 of that year for the |
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| 1 | | benefit of the fund, to be held in accordance with
this | 2 | | Article, an amount that, together with the taxes levied under | 3 | | this Section
for that year, is not less than the amount of the | 4 | | city contributions for that
year as certified by the board to | 5 | | the city council. The deposit may be derived
from any source | 6 | | legally available for that purpose, including, but not limited
| 7 | | to, the proceeds of city borrowings. The making of a deposit | 8 | | shall satisfy
fully the requirements of this Section for that | 9 | | year to the extent of the
amounts so deposited. Amounts | 10 | | deposited under this subsection may be used by
the fund for any | 11 | | of the purposes for which the proceeds of the tax levied by
the | 12 | | city under this Section may be used, including the payment of | 13 | | any amount
that is otherwise required by this Article to be | 14 | | paid from the proceeds of that
tax.
| 15 | | (Source: P.A. 98-641, eff. 6-9-14.)
| 16 | | (40 ILCS 5/9-184.5 new) | 17 | | Sec. 9-184.5. Delinquent contributions; deduction from | 18 | | payments of State funds to the county. If the county fails to | 19 | | transmit to the Fund contributions required of it under this | 20 | | Article by December 31st of the year in which such | 21 | | contributions are due, the Fund may, after giving notice to the | 22 | | county, certify to the State Comptroller the amounts of the | 23 | | delinquent payments in accordance with any applicable rules of | 24 | | the Comptroller, and the Comptroller must, beginning in payment | 25 | | year 2016, deduct and remit to the Fund the certified amounts |
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| 1 | | from payments of State funds to the county. | 2 | | The State Comptroller may not deduct from any payments of | 3 | | State funds to the county more than the amount of delinquent | 4 | | payments certified to the State Comptroller by the Fund. | 5 | | (40 ILCS 5/10-107.5 new) | 6 | | Sec. 10-107.5. Delinquent contributions; deduction from | 7 | | payments of State funds to the district. If the district fails | 8 | | to transmit to the Fund contributions required of it under this | 9 | | Article by December 31st of the year in which such | 10 | | contributions are due, the Fund may, after giving notice to the | 11 | | district, certify to the State Comptroller the amounts of the | 12 | | delinquent payments in accordance with any applicable rules of | 13 | | the Comptroller, and the Comptroller must, beginning in payment | 14 | | year 2016, deduct and remit to the Fund the certified amounts | 15 | | from payments of State funds to the district. | 16 | | The State Comptroller may not deduct from any payments of | 17 | | State funds to the district more than the amount of delinquent | 18 | | payments certified to the State Comptroller by the Fund.
| 19 | | (40 ILCS 5/11-169) (from Ch. 108 1/2, par. 11-169)
| 20 | | Sec. 11-169. Financing; tax levy.
| 21 | | (a) Except as provided in subsection (f) of this Section, | 22 | | the city
council of the city shall levy a tax annually upon all | 23 | | taxable property in the
city at the rate that will produce a | 24 | | sum which, when added to the amounts
deducted from the salaries |
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| 1 | | of the employees or otherwise contributed by them
and the | 2 | | amounts deposited under subsection (f), will be sufficient for | 3 | | the
requirements of this Article. For the years prior to the | 4 | | year 1950 the tax
rate shall be as provided for under "The 1935 | 5 | | Act". Beginning with the year
1950 to and including the year | 6 | | 1969 such tax shall be not more than .036%
annually of the | 7 | | value, as equalized or assessed by the Department of Revenue,
| 8 | | of all taxable property within such city. Beginning with the | 9 | | year 1970 and
each year thereafter through levy year 2014, the | 10 | | city shall levy a tax annually at a rate on the dollar
of the | 11 | | value, as equalized or assessed by the Department of Revenue
of | 12 | | all taxable property within such city that will
produce, when | 13 | | extended, not to exceed an amount equal to the total
amount of | 14 | | contributions by the employees to the fund
made in the calendar | 15 | | year 2 years prior to the year for which the annual
applicable | 16 | | tax is levied, multiplied by 1.1 for the years 1970, 1971 and
| 17 | | 1972; 1.145 for the year 1973; 1.19 for the year 1974; 1.235 | 18 | | for the
year 1975; 1.280 for the year 1976; 1.325 for the year | 19 | | 1977; 1.370
for the years 1978 through 1998; and 1.000 for the | 20 | | year 1999
and for each year thereafter through levy year 2014. | 21 | | Beginning in levy year 2015, and in each year thereafter, the | 22 | | levy shall not exceed the amount of the city's total required | 23 | | contribution to the Fund for the next payment year, as | 24 | | determined under subsection (a-5). For the purposes of this | 25 | | Section, the payment year is the year immediately following the | 26 | | levy year.
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| 1 | | The tax shall be levied and collected in like manner with | 2 | | the general
taxes of the city, and shall be exclusive of and in | 3 | | addition to the
amount of tax the city is now or may hereafter | 4 | | be authorized to levy for
general purposes under any laws which | 5 | | may limit the amount of tax which
the city may levy for general | 6 | | purposes. The county clerk of the county
in which the city is | 7 | | located, in reducing tax levies under the
provisions of any Act | 8 | | concerning the levy and extension of taxes, shall
not consider | 9 | | the tax herein provided for as a part of the general tax
levy | 10 | | for city purposes, and shall not include the same within any
| 11 | | limitation of the per cent of the assessed valuation upon which | 12 | | taxes
are required to be extended for such city.
| 13 | | Revenues derived from such tax shall be paid to the city | 14 | | treasurer of
the city as collected and held by the city | 15 | | treasurer for the benefit of the fund.
| 16 | | If the payments on account of taxes are insufficient during | 17 | | any year
to meet the requirements of this Article, the city may | 18 | | issue tax
anticipation warrants against the current tax levy.
| 19 | | The city may continue to use other lawfully available funds | 20 | | in lieu of all or part of the levy, as provided under | 21 | | subsection (f) of this Section. | 22 | | (a-5) Beginning in payment year 2016, the city's required | 23 | | annual contribution to the Fund shall be the lesser of: | 24 | | (i) (I) for payment years 2016 through 2055, the annual | 25 | | amount determined by the Fund to be equal to the greater of | 26 | | $0, or the sum of (1) the City's portion of the projected |
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| 1 | | normal cost for that fiscal year, plus (2) an amount | 2 | | determined on a level percentage of applicable employee | 3 | | payroll basis (reflecting any limits on individual | 4 | | participants' pay that apply for benefit and contribution | 5 | | purposes under this plan) that is sufficient to bring the | 6 | | total actuarial assets of the Fund up to 90% of the total | 7 | | actuarial liabilities of the Fund by the end of 2055. (II) | 8 | | For payment years after 2055, the annual amount determined | 9 | | by the Fund to be equal to the amount, if any, needed to | 10 | | bring the total actuarial assets of the Fund up to 90% of | 11 | | the total actuarial liabilities of the Fund as of the end | 12 | | of the year. In making the determinations under both (I) | 13 | | and (II), the actuarial calculations shall be determined | 14 | | under the entry age normal actuarial cost method, and any | 15 | | actuarial gains or losses from investment return incurred | 16 | | in a fiscal year shall be recognized in equal annual | 17 | | amounts over the 5-year period following the fiscal year; | 18 | | or | 19 | | (ii) for payment year 2016, 1.60 times the total amount | 20 | | of contributions made by or on behalf of employees to the | 21 | | Fund for annuity purposes in the calendar year 2013; for | 22 | | payment year 2017, 1.90 times the total amount of | 23 | | contributions made by or on behalf of employees to the Fund | 24 | | for annuity purposes in the calendar year 2014; for payment | 25 | | year 2018, 2.20 times the total amount of contributions | 26 | | made by or on behalf of employees to the Fund for annuity |
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| 1 | | purposes in the calendar year 2015; for payment year 2019, | 2 | | 2.50 times the total amount of contributions made by or on | 3 | | behalf of employees to the Fund for annuity purposes in the | 4 | | calendar year 2016; for payment year 2020, 2.80 times the | 5 | | total amount of contributions made by or on behalf of | 6 | | employees to the Fund for annuity purposes in the calendar | 7 | | year 2017. | 8 | | However, beginning in the earlier of payment year 2021 or the | 9 | | first payment year in which the annual contribution amount | 10 | | calculated under subdivision (i) is less than the contribution | 11 | | amount calculated under subdivision (ii), and in each year | 12 | | thereafter, the city's required annual contribution to the Fund | 13 | | shall be determined under subdivision (i). | 14 | | The city's required annual contribution to the Fund may be | 15 | | paid with any available funds and shall be paid by the city to | 16 | | the city treasurer. The city treasurer shall collect and hold | 17 | | those funds for the benefit of the Fund. | 18 | | (a-10) If the city fails to transmit to the Fund | 19 | | contributions required of it under this Article by December | 20 | | 31st of the year in which such contributions are due, the Fund | 21 | | may, after giving notice to the city, certify to the State | 22 | | Comptroller the amounts of the delinquent payments in | 23 | | accordance with any applicable rules of the Comptroller , and | 24 | | the Comptroller must, beginning in payment year 2016, deduct | 25 | | and remit to deposit into the Fund the certified amounts or a | 26 | | portion of those amounts from the following proportions of |
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| 1 | | payments grants of State funds to the city: | 2 | | (1) in payment year 2016, one-third of the total
amount | 3 | | of any payments grants of State funds to the city; | 4 | | (2) in payment year 2017, two-thirds of the total
| 5 | | amount of any payments grants of State funds to the city; | 6 | | and | 7 | | (3) in payment year 2018 and each payment year | 8 | | thereafter, the total
amount of any payments grants of | 9 | | State funds to the city. | 10 | | The State Comptroller may not deduct from any payments | 11 | | grants of State funds to the city more than the amount of | 12 | | delinquent payments certified to the State Comptroller by the | 13 | | Fund. | 14 | | (b) On or before July 1, annually, the board shall certify | 15 | | to the
city council the annual amounts required under this | 16 | | Article, for which the tax herein
provided may be levied for | 17 | | the following year. The board shall compute
the amounts | 18 | | necessary for the purposes of this fund to be credited to
the | 19 | | reserves established and maintained as herein provided, and | 20 | | shall
make an annual determination of the amount of the | 21 | | required city
contributions; and certify the results thereof to | 22 | | the city council.
| 23 | | (c) In respect to employees of the city who are transferred | 24 | | to the
employment of a park district by virtue of "Exchange of | 25 | | Functions Act of
1957" the corporate authorities of the park | 26 | | district shall annually levy
a tax upon all the taxable |
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| 1 | | property in the park district at such rate
per cent of the | 2 | | value of such property, as equalized or assessed by the
| 3 | | Department of Revenue, as shall be sufficient, when
added to | 4 | | the amounts deducted from their salaries and
otherwise | 5 | | contributed by them, to provide the benefits to which they and
| 6 | | their dependents and beneficiaries are entitled under this | 7 | | Article. The
city shall not levy a tax hereunder in respect to | 8 | | such employees.
| 9 | | The tax so levied by the park district shall be in addition | 10 | | to and
exclusive of all other taxes authorized to be levied by | 11 | | the park
district for corporate, annuity fund, or other | 12 | | purposes. The county
clerk of the county in which the park | 13 | | district is located, in reducing
any tax levied under the | 14 | | provisions of any Act concerning the levy and
extension of | 15 | | taxes shall not consider such tax as part of the general
tax | 16 | | levy for park purposes, and shall not include the same in any
| 17 | | limitation of the per cent of the assessed valuation upon which | 18 | | taxes
are required to be extended for the park district. The | 19 | | proceeds of the
tax levied by the park district, upon receipt | 20 | | by the district, shall be
immediately paid over to the city | 21 | | treasurer of the city for the uses and
purposes of the fund.
| 22 | | The various sums to be contributed by the city and | 23 | | allocated for the
purposes of this Article, and any interest to | 24 | | be contributed by the city,
shall be taken from the revenue | 25 | | derived from the taxes authorized in this
Section, and no money | 26 | | of such city derived from any source other than
the levy and |
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| 1 | | collection of those taxes or the sale of tax
anticipation | 2 | | warrants in accordance with the provisions of this Article | 3 | | shall
be used to provide revenue for this Article, except as | 4 | | expressly provided in
this Section.
| 5 | | If it is not possible for the city to make contributions | 6 | | for age and
service annuity and widow's annuity concurrently | 7 | | with the employee's
contributions made for such purposes, such | 8 | | city shall
make such contributions as soon as possible and | 9 | | practicable thereafter
with interest thereon at the effective | 10 | | rate to the time they shall be
made.
| 11 | | (d) With respect to employees whose wages are funded as | 12 | | participants
under the Comprehensive Employment and Training | 13 | | Act of 1973, as amended
(P.L. 93-203, 87 Stat. 839, P.L. | 14 | | 93-567, 88 Stat. 1845), hereinafter
referred to as CETA, | 15 | | subsequent to October 1, 1978, and in instances
where the board | 16 | | has elected to establish a manpower program reserve, the
board | 17 | | shall compute the amounts necessary to be credited to the | 18 | | manpower
program reserves established and maintained as herein | 19 | | provided, and
shall make a periodic determination of the amount | 20 | | of required
contributions from the City to the reserve to be | 21 | | reimbursed by the
federal government in accordance with rules | 22 | | and regulations established
by the Secretary of the United | 23 | | States Department of Labor or his
designee, and certify the | 24 | | results thereof to the City Council. Any such
amounts shall | 25 | | become a credit to the City and will be used to reduce the
| 26 | | amount which the City would otherwise contribute during |
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| 1 | | succeeding years
for all employees.
| 2 | | (e) In lieu of establishing a manpower program reserve with | 3 | | respect
to employees whose wages are funded as participants | 4 | | under the
Comprehensive Employment and Training Act of 1973, as | 5 | | authorized by
subsection (d), the board may elect to establish | 6 | | a special municipality
contribution rate for all such | 7 | | employees. If this option is elected,
the City shall contribute | 8 | | to the Fund from federal funds provided under
the Comprehensive | 9 | | Employment and Training Act program at the special
rate so | 10 | | established and such contributions shall become a credit to the
| 11 | | City and be used to reduce the amount which the City would | 12 | | otherwise
contribute during succeeding years for all | 13 | | employees.
| 14 | | (f) In lieu of levying all or a portion of the tax required | 15 | | under this
Section in any year, the city may deposit with the | 16 | | city treasurer no later than
March 1 of that year for the | 17 | | benefit of the fund, to be held in accordance with
this | 18 | | Article, an amount that, together with the taxes levied under | 19 | | this Section
for that year, is not less than the amount of the | 20 | | city contributions for that
year as certified by the board to | 21 | | the city council. The deposit may be derived
from any source | 22 | | legally available for that purpose, including, but not limited
| 23 | | to, the proceeds of city borrowings. The making of a deposit | 24 | | shall satisfy
fully the requirements of this Section for that | 25 | | year to the extent of the
amounts so deposited. Amounts | 26 | | deposited under this subsection may be used by
the fund for any |
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| 1 | | of the purposes for which the proceeds of the tax levied by
the | 2 | | city under this Section may be used, including the payment of | 3 | | any amount
that is otherwise required by this Article to be | 4 | | paid from the proceeds of that
tax.
| 5 | | (Source: P.A. 98-641, eff. 6-9-14.)
| 6 | | (40 ILCS 5/12-149.5 new) | 7 | | Sec. 12-149.5. Delinquent contributions; deduction from | 8 | | payments of State funds to the employer. If the employer fails | 9 | | to transmit to the Fund contributions required of it under this | 10 | | Article by December 31st of the year in which such | 11 | | contributions are due, the Fund may, after giving notice to the | 12 | | employer, certify to the State Comptroller the amounts of the | 13 | | delinquent payments in accordance with any applicable rules of | 14 | | the Comptroller, and the Comptroller must, beginning in payment | 15 | | year 2016, deduct and remit to the Fund the certified amounts | 16 | | from payments of State funds to the employer. | 17 | | The State Comptroller may not deduct from any payments of | 18 | | State funds to the employer more than the amount of delinquent | 19 | | payments certified to the State Comptroller by the Fund. | 20 | | (40 ILCS 5/13-503.5 new) | 21 | | Sec. 13-503.5. Delinquent contributions; deduction from | 22 | | payments of State funds to the employer. If the employer fails | 23 | | to transmit to the Fund contributions required of it under this | 24 | | Article by December 31st of the year in which such |
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| 1 | | contributions are due, the Fund may, after giving notice to the | 2 | | employer, certify to the State Comptroller the amounts of the | 3 | | delinquent payments in accordance with any applicable rules of | 4 | | the Comptroller, and the Comptroller must, beginning in payment | 5 | | year 2016, deduct and remit to the Fund the certified amounts | 6 | | from payments of State funds to the employer. | 7 | | The State Comptroller may not deduct from any payments of | 8 | | State funds to the employer more than the amount of delinquent | 9 | | payments certified to the State Comptroller by the Fund. | 10 | | (40 ILCS 5/17-127.5 new) | 11 | | Sec. 17-127.5. Delinquent contributions; deduction from | 12 | | payments of State funds to the employer. If the employer fails | 13 | | to transmit to the Fund contributions required of it under this | 14 | | Article by June 30th of the year in which such contributions | 15 | | are due, the Fund may, after giving notice to the employer, | 16 | | certify to the State Comptroller the amounts of the delinquent | 17 | | payments in accordance with any applicable rules of the | 18 | | Comptroller, and the Comptroller must, beginning in fiscal year | 19 | | 2016, deduct and remit to the Fund the certified amounts from | 20 | | payments of State funds to the employer. | 21 | | The State Comptroller may not deduct from any payments of | 22 | | State funds to the employer more than the amount of delinquent | 23 | | payments certified to the State Comptroller by the Fund. | 24 | | (40 ILCS 5/22-104 new) |
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| 1 | | Sec. 22-104. Delinquent contributions; deduction from | 2 | | payments of State funds to the employer. If an employer of | 3 | | participants in a pension fund or retirement plan subject to | 4 | | this Division fails to transmit contributions required of it by | 5 | | that pension fund or retirement plan by December 31st of the | 6 | | year in which such contributions are due, the pension fund or | 7 | | retirement plan may, after giving notice to the employer, | 8 | | certify to the State Comptroller the amounts of the delinquent | 9 | | payments in accordance with any applicable rules of the | 10 | | Comptroller, and the Comptroller must, beginning in payment | 11 | | year 2016, deduct and remit to that pension fund or retirement | 12 | | plan the certified amounts from payments of State funds to the | 13 | | employer. | 14 | | The State Comptroller may not deduct from any payments of | 15 | | State funds to the employer more than the amount of delinquent | 16 | | payments certified to the State Comptroller by the employer.
| 17 | | Section 99. Effective date. This Act takes effect July 1, | 18 | | 2015.
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