Full Text of HB1859 102nd General Assembly
HB1859eng 102ND GENERAL ASSEMBLY |
| | HB1859 Engrossed | | LRB102 11405 RPS 16738 b |
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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 | 5 | | changing Section 10-107 as follows:
| 6 | | (40 ILCS 5/10-107) (from Ch. 108 1/2, par. 10-107)
| 7 | | Sec. 10-107. Financing - Tax levy. | 8 | | (a) The forest preserve district may
levy an annual tax on | 9 | | the value, as equalized or assessed by the
Department of | 10 | | Revenue, of all taxable property in the
district for the | 11 | | purpose of providing revenue for the fund. The rate of
such tax | 12 | | in any year may not exceed the rate herein specified for that
| 13 | | year or the rate which will produce, when extended, the sum | 14 | | herein
stated for that year, whichever is higher: for any year | 15 | | prior to 1970,
.00103% or $195,000; for the year 1970, .00111% | 16 | | or $210,000; for the
year 1971, .00116% or $220,000. For the | 17 | | year 1972 and each year
thereafter, the Forest Preserve | 18 | | District shall levy a tax annually at a
rate on the dollar of | 19 | | the value, as equalized or assessed by the
Department of | 20 | | Revenue upon all taxable property in the
county, when | 21 | | extended, not to exceed an amount equal to the total amount
of | 22 | | contributions by the employees to the fund made in the | 23 | | calendar year
2 years prior to the year for which the annual |
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| 1 | | applicable tax is levied,
multiplied by 1.25 for the year | 2 | | 1972; and by 1.30 for the year 1973 and
for each year | 3 | | thereafter through levy year 2022. Beginning in levy year
| 4 | | 2023, and in each year thereafter, the Forest Preserve | 5 | | District shall levy a tax annually at a rate on the dollar of | 6 | | the value, as equalized or assessed by the Department of | 7 | | Revenue, of all taxable property within the county that will | 8 | | produce, when extended, an amount equal to no less than the | 9 | | amount of the Forest Preserve District's total required | 10 | | contribution to the Fund for the next payment year, as | 11 | | determined under subsection (b). For the purposes of this | 12 | | Section, the payment year is the year immediately following | 13 | | the levy year .
| 14 | | The tax shall be levied and collected in like manner with | 15 | | the general
taxes of the district and shall be in addition to | 16 | | the maximum of all
other tax rates which the district may levy | 17 | | upon the aggregate valuation
of all taxable property and shall | 18 | | be exclusive of and in addition to the
maximum amount and rate | 19 | | of taxes the district may levy for general
purposes or under | 20 | | and by virtue of any laws which limit the amount of
tax which | 21 | | the district may levy for general purposes. The county clerk
| 22 | | of the county in which the forest preserve district is located | 23 | | in
reducing tax levies under the provisions of "An Act | 24 | | concerning the levy
and extension of taxes", approved May 9, | 25 | | 1901, as amended, shall not
consider any such tax as a part of | 26 | | the general tax levy for forest
preserve purposes, and shall |
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| 1 | | not include the same in the limitation of
1% of the assessed | 2 | | valuation upon which taxes are required to be
extended, and | 3 | | shall not reduce the same under the provisions of that
Act. The | 4 | | proceeds of the tax herein authorized shall be kept as a
| 5 | | separate fund. | 6 | | The forest preserve district may use other lawfully | 7 | | available funds in lieu of all or part of the levy.
| 8 | | The Board may establish a manpower program reserve, or a | 9 | | special
forest preserve district contribution rate, with | 10 | | respect to employees
whose wages are funded as program | 11 | | participants under the Comprehensive
Employment and Training | 12 | | Act of 1973 in the manner provided in subsection
(d) or (e), | 13 | | respectively, of Section 9-169.
| 14 | | (b)(1) Beginning in payment year 2023, the Forest Preserve | 15 | | District shall contribute to the Fund: $6,100,000 in payment | 16 | | year 2023; $8,100,000 in payment year 2024; and $10,200,000 in | 17 | | payment year 2025. The Forest Preserve District may contribute | 18 | | an additional amount to the Fund in each payment year 2023, | 19 | | 2024, or 2025, which shall not exceed a contribution of | 20 | | $13,000,000 to the Fund in payment year 2023, 2024, or 2025. | 21 | | (2) The retirement board shall retain an actuary who is a | 22 | | member in good standing of the American Academy of Actuaries | 23 | | to produce an annual actuarial report of the Fund. The annual | 24 | | actuarial report shall include, but not be limited to: (i) a | 25 | | statement of the actuarial value of the Fund's assets as | 26 | | projected over 30 years' time and the actuarial value of the |
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| 1 | | Fund's liabilities as projected over the same period of time; | 2 | | and (ii) the minimum required employer contribution for the | 3 | | second year immediately following the year ending on the | 4 | | valuation date upon which the annual actuarial report is | 5 | | based. The annual actuarial report shall be reviewed and | 6 | | formally adopted by the retirement board and may be included | 7 | | in other annual reports. | 8 | | (3) The minimum required employer contribution for a | 9 | | specified year as set forth in the annual actuarial report | 10 | | required under paragraph (2) shall be the amount determined by | 11 | | the Fund's actuary to be equal to the sum of: (i) the projected | 12 | | normal cost for pensions for that fiscal year, plus (ii) a | 13 | | projected unfunded actuarial accrued liability amortization | 14 | | payment for pensions for the fiscal year, plus (iii) projected | 15 | | expenses for that fiscal year, plus (iv) interest to adjust | 16 | | for payment pattern during the fiscal year, minus (v) | 17 | | projected employee contributions for that fiscal year. The | 18 | | Forest Preserve District's required annual contribution to the | 19 | | Fund shall not be less than the sum of: (i) the projected | 20 | | normal cost for pensions for that fiscal year, plus (ii) a | 21 | | projected unfunded actuarial accrued liability amortization | 22 | | payment for pensions for the fiscal year, plus (iii) projected | 23 | | expenses for that fiscal year, plus (iv) interest to adjust | 24 | | for payment pattern during the fiscal year, minus (v) | 25 | | projected employee contributions for that fiscal year. The | 26 | | minimum required employer contribution shall be based on the |
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| 1 | | entry age normal cost method, a 5-year smoothed actuarial | 2 | | value of assets, and a 30-year layered amortization of | 3 | | unfunded actuarial accrued liability with payments increasing | 4 | | at 2% per year. The unfunded actuarial accrued liability | 5 | | payment schedule shall be based on the schedule initially | 6 | | established in 2016 and ending in 2046. | 7 | | The minimum required employer contribution shall be | 8 | | submitted annually by the Forest Preserve District on or | 9 | | before July 31 unless another time frame is agreed upon by the | 10 | | Forest Preserve District and the Fund. The methods provided in | 11 | | this Section may be amended as recommended by an independent | 12 | | actuary engaged by the Fund and in compliance with actuarial | 13 | | standards of practice and as adopted by an affirmative vote of | 14 | | a majority of the retirement board and the Forest Preserve | 15 | | District Board of Commissioners. | 16 | | (4) For payment years 2026 through 2063, the Forest | 17 | | Preserve District's required annual contribution to the Fund | 18 | | shall be the minimum required employer contribution set forth | 19 | | in paragraph(3) of this subsection (b). | 20 | | (5) For payment years after 2063, the Forest Preserve | 21 | | District's required annual contribution to the Fund shall be | 22 | | equal to the amount, if any, needed to bring the total | 23 | | actuarial assets of the Fund up to 100% of the total actuarial | 24 | | liabilities of the Fund by the end of the year. | 25 | | (6) To the extent that the Forest Preserve District's | 26 | | contribution for any of the payment years referenced in this |
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| 1 | | subsection (b) is made with property taxes, those property | 2 | | taxes shall be levied, collected, and paid to the Fund in a | 3 | | like manner with the general taxes of the Forest Preserve | 4 | | District. | 5 | | (Source: P.A. 102-210, eff. 1-1-22 .)
| 6 | | Section 90. The State Mandates Act is amended by adding | 7 | | Section 8.46 as follows: | 8 | | (30 ILCS 805/8.46 new) | 9 | | Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and | 10 | | 8 of this Act, no reimbursement by the State is required for | 11 | | the implementation of any mandate created by this amendatory | 12 | | Act of the 102nd General Assembly.
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law.
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