Illinois General Assembly - Full Text of Public Act 094-0859
Illinois General Assembly

Previous General Assemblies

Public Act 094-0859


 

Public Act 0859 94TH GENERAL ASSEMBLY



 


 
Public Act 094-0859
 
SB2740 Enrolled LRB094 17355 AMC 52650 b

    AN ACT concerning public employee benefits.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Pension Code is amended by changing
Section 4-118 as follows:
 
    (40 ILCS 5/4-118)  (from Ch. 108 1/2, par. 4-118)
    Sec. 4-118. Financing.
    (a) The city council or the board of trustees of the
municipality shall annually levy a tax upon all the taxable
property of the municipality at the rate on the dollar which
will produce an amount which, when added to the deductions from
the salaries or wages of firefighters and revenues available
from other sources, will equal a sum sufficient to meet the
annual actuarial requirements of the pension fund, as
determined by an enrolled actuary employed by the Illinois
Department of Insurance or by an enrolled actuary retained by
the pension fund or municipality. For the purposes of this
Section, the annual actuarial requirements of the pension fund
are equal to (1) the normal cost of the pension fund, or 17.5%
of the salaries and wages to be paid to firefighters for the
year involved, whichever is greater, plus (2) the annual amount
necessary to amortize the fund's unfunded accrued liabilities
over a period of 40 years from July 1, 1993, as annually
updated and determined by an enrolled actuary employed by the
Illinois Department of Insurance or by an enrolled actuary
retained by the pension fund or the municipality. The amount to
be applied towards the amortization of the unfunded accrued
liability in any year shall not be less than the annual amount
required to amortize the unfunded accrued liability, including
interest, as a level percentage of payroll over the number of
years remaining in the 40 year amortization period.
    (b) The tax shall be levied and collected in the same
manner as the general taxes of the municipality, and shall be
in addition to all other taxes now or hereafter authorized to
be levied upon all property within the municipality, and in
addition to the amount authorized to be levied for general
purposes, under Section 8-3-1 of the Illinois Municipal Code or
under Section 14 of the Fire Protection District Act. The tax
shall be forwarded directly to the treasurer of the board
within 30 business days of receipt by the county municipality
(or, in the case of amounts added to the tax levy under
subsection (f), used by the municipality to pay the employer
contributions required under subsection (b-1) of Section
15-155 of this Code).
    (c) The board shall make available to the membership and
the general public for inspection and copying at reasonable
times the most recent Actuarial Valuation Balance Sheet and Tax
Levy Requirement issued to the fund by the Department of
Insurance.
    (d) The firefighters' pension fund shall consist of the
following moneys which shall be set apart by the treasurer of
the municipality: (1) all moneys derived from the taxes levied
hereunder; (2) contributions by firefighters as provided under
Section 4-118.1; (3) all rewards in money, fees, gifts, and
emoluments that may be paid or given for or on account of
extraordinary service by the fire department or any member
thereof, except when allowed to be retained by competitive
awards; and (4) any money, real estate or personal property
received by the board.
    (e) For the purposes of this Section, "enrolled actuary"
means an actuary: (1) who is a member of the Society of
Actuaries or the American Academy of Actuaries; and (2) who is
enrolled under Subtitle C of Title III of the Employee
Retirement Income Security Act of 1974, or who has been engaged
in providing actuarial services to one or more public
retirement systems for a period of at least 3 years as of July
1, 1983.
    (f) The corporate authorities of a municipality that
employs a person who is described in subdivision (d) of Section
4-106 may add to the tax levy otherwise provided for in this
Section an amount equal to the projected cost of the employer
contributions required to be paid by the municipality to the
State Universities Retirement System under subsection (b-1) of
Section 15-155 of this Code.
(Source: P.A. 90-576, eff. 3-31-98.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 6/15/2006