Full Text of HB1859 102nd General Assembly
HB1859sam001 102ND GENERAL ASSEMBLY | Sen. Robert F. Martwick Filed: 11/28/2022
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| 1 | | AMENDMENT TO HOUSE BILL 1859
| 2 | | AMENDMENT NO. ______. Amend House Bill 1859 by replacing | 3 | | everything after the enacting clause with the following:
| 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 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 |
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| 1 | | year 1972 and each year
thereafter through levy year 2022 , the | 2 | | Forest Preserve District shall levy a tax annually at a
rate on | 3 | | the dollar of the value, as equalized or assessed by the
| 4 | | Department of Revenue upon all taxable property in the
county, | 5 | | when extended, not to exceed an amount equal to the total | 6 | | amount
of contributions by the employees to the fund made in | 7 | | the calendar year
2 years prior to the year for which the | 8 | | annual applicable tax is levied,
multiplied by 1.25 for the | 9 | | year 1972; and by 1.30 for the year 1973 and
for each year | 10 | | thereafter through levy year 2022. Beginning in levy year | 11 | | 2023,
and in each levy year thereafter, the Forest Preserve
| 12 | | District shall levy a tax annually at a rate on the dollar of
| 13 | | the value, as equalized or assessed by the Department of
| 14 | | Revenue, of all taxable property within the county that will
| 15 | | produce, when extended, an amount equal to no less than the
| 16 | | amount of the Forest Preserve District's total required
| 17 | | contribution to the Fund for the next payment year, as
| 18 | | determined under subsection (b). For the purposes of this
| 19 | | Section, the payment year is the year immediately following
| 20 | | the levy year .
| 21 | | The tax shall be levied and collected in like manner with | 22 | | the general
taxes of the district and shall be in addition to | 23 | | the maximum of all
other tax rates which the district may levy | 24 | | upon the aggregate valuation
of all taxable property and shall | 25 | | be exclusive of and in addition to the
maximum amount and rate | 26 | | of taxes the district may levy for general
purposes or under |
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| 1 | | and by virtue of any laws which limit the amount of
tax which | 2 | | the district may levy for general purposes. The county clerk
| 3 | | of the county in which the forest preserve district is located | 4 | | in
reducing tax levies under the provisions of "An Act | 5 | | concerning the levy
and extension of taxes", approved May 9, | 6 | | 1901, as amended, shall not
consider any such tax as a part of | 7 | | the general tax levy for forest
preserve purposes, and shall | 8 | | not include the same in the limitation of
1% of the assessed | 9 | | valuation upon which taxes are required to be
extended, and | 10 | | shall not reduce the same under the provisions of that
Act. The | 11 | | proceeds of the tax herein authorized shall be kept as a
| 12 | | separate fund. | 13 | | The forest preserve district may use other lawfully | 14 | | available funds in lieu of all or part of the levy.
| 15 | | The Board may establish a manpower program reserve, or a | 16 | | special
forest preserve district contribution rate, with | 17 | | respect to employees
whose wages are funded as program | 18 | | participants under the Comprehensive
Employment and Training | 19 | | Act of 1973 in the manner provided in subsection
(d) or (e), | 20 | | respectively, of Section 9-169.
| 21 | | (b)(1) For payment years 2024 through 2054, the Forest
| 22 | | Preserve District's required annual contribution to the fund
| 23 | | shall be the minimum required employer contribution set forth
| 24 | | in paragraph (3) of this subsection (b). | 25 | | (2) The Board shall retain an actuary who is a
member in | 26 | | good standing of the American Academy of Actuaries
to produce |
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| 1 | | an annual actuarial report of the Fund. The annual
actuarial | 2 | | report shall include, but not be limited to: (i) a
statement of | 3 | | the actuarial value of the Fund's assets as
projected over 30 | 4 | | years' time and the actuarial value of the
Fund's liabilities | 5 | | as projected over the same period of time;
and (ii) the minimum | 6 | | required employer contribution for the
second year immediately | 7 | | following the year ending on the
valuation date upon which the | 8 | | annual actuarial report is
based. The annual actuarial report | 9 | | shall be reviewed and
formally adopted by the Board and may be | 10 | | included
in other annual reports. | 11 | | (3) The minimum required employer contribution for a
| 12 | | specified year as set forth in the annual actuarial report
| 13 | | required under paragraph (2) shall be the amount determined by
| 14 | | the Fund's actuary to be equal to the sum of: (i) the projected
| 15 | | normal cost for pensions for that fiscal year, plus (ii) a
| 16 | | projected unfunded actuarial accrued liability amortization
| 17 | | payment for pensions for the fiscal year, plus (iii) projected
| 18 | | expenses for that fiscal year, plus (iv) interest to adjust
| 19 | | for payment pattern during the fiscal year, minus (v)
| 20 | | projected employee contributions for that fiscal year. The
| 21 | | Forest Preserve District's required annual contribution to the
| 22 | | Fund shall not be less than the sum of: (i) the projected
| 23 | | normal cost for pensions for that fiscal year, plus (ii) a
| 24 | | projected unfunded actuarial accrued liability amortization
| 25 | | payment for pensions for the fiscal year, plus (iii) projected
| 26 | | expenses for that fiscal year, plus (iv) interest to adjust
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| 1 | | for payment pattern during the fiscal year, minus (v)
| 2 | | projected employee contributions for that fiscal year. The
| 3 | | minimum required employer contribution shall be based on the
| 4 | | entry age normal cost method, a 5-year smoothed actuarial
| 5 | | value of assets, and a 30-year layered amortization of
| 6 | | unfunded actuarial accrued liability with payments increasing
| 7 | | at 2% per year. The unfunded actuarial accrued liability
| 8 | | payment schedule shall be based on the schedule initially
| 9 | | established in 2016 and ending in 2046. | 10 | | The minimum required employer contribution shall be
| 11 | | submitted annually by the Forest Preserve District on or
| 12 | | before July 31 unless another time frame is agreed upon by the
| 13 | | Forest Preserve District and the Fund. The methods provided in
| 14 | | this Section may be amended as recommended by an independent
| 15 | | actuary engaged by the Fund and in compliance with actuarial
| 16 | | standards of practice and as adopted by an affirmative vote of
| 17 | | a simple majority of the Board and the Forest Preserve
| 18 | | District Board of Commissioners. | 19 | | (4) For payment years after 2055, the Forest Preserve | 20 | | District's required annual contribution to the Fund shall be | 21 | | equal to the amount, if any, needed to bring the total | 22 | | actuarial assets of the Fund up to 100% of the total actuarial | 23 | | liabilities of the Fund by the end of the year. | 24 | | (5) To the extent that the Forest Preserve District's
| 25 | | contribution for any of the payment years referenced in this
| 26 | | subsection (b) is made with property taxes, those property
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| 1 | | taxes shall be levied, collected, and paid to the Fund in a
| 2 | | like manner with the general taxes of the Forest
Preserve | 3 | | District. | 4 | | (Source: P.A. 102-210, eff. 1-1-22 .)
| 5 | | Section 90. The State Mandates Act is amended by adding | 6 | | Section 8.46 as follows: | 7 | | (30 ILCS 805/8.46 new) | 8 | | Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and | 9 | | 8 of this Act, no reimbursement by the State is required for | 10 | | the implementation of any mandate created by this amendatory | 11 | | Act of the 102nd General Assembly.
| 12 | | Section 99. Effective date. This Act takes effect June 1, | 13 | | 2023.".
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