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| Public Act 102-1131 | ||||
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by | ||||
changing Section 10-107 as follows:
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(40 ILCS 5/10-107) (from Ch. 108 1/2, par. 10-107)
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Sec. 10-107. Financing; tax levy Financing - Tax levy. | ||||
(a) The forest preserve district may
levy an annual tax on | ||||
the value, as equalized or assessed by the
Department of | ||||
Revenue, of all taxable property in the
district for the | ||||
purpose of providing revenue for the fund. The rate of
such tax | ||||
in any year may not exceed the rate herein specified for that
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year or the rate which will produce, when extended, the sum | ||||
herein
stated for that year, whichever is higher: for any year | ||||
prior to 1970,
.00103% or $195,000; for the year 1970, .00111% | ||||
or $210,000; for the
year 1971, .00116% or $220,000. For the | ||||
year 1972 and each year
thereafter through levy year 2022, the | ||||
Forest Preserve District shall levy a tax annually at a
rate on | ||||
the dollar of the value, as equalized or assessed by the
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Department of Revenue upon all taxable property in the
county, | ||||
when extended, not to exceed an amount equal to the total | ||||
amount
of contributions by the employees to the fund made in | ||||
the calendar year
2 years prior to the year for which the | ||||
annual applicable tax is levied,
multiplied by 1.25 for the | ||
year 1972; and by 1.30 for the year 1973 and
for each year | ||
thereafter through levy year 2022. Beginning in levy year | ||
2023,
and in each levy year thereafter, the Forest Preserve
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District shall levy a tax annually at a rate on the dollar of
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the value, as equalized or assessed by the Department of
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Revenue, of all taxable property within the county that will
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produce, when extended, an amount equal to no less than the
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amount of the Forest Preserve District's total required
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contribution to the Fund for the next payment year, as
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determined under subsection (b). For the purposes of this
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Section, the payment year is the year immediately following
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the levy year.
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The tax shall be levied and collected in like manner with | ||
the general
taxes of the district and shall be in addition to | ||
the maximum of all
other tax rates which the district may levy | ||
upon the aggregate valuation
of all taxable property and shall | ||
be exclusive of and in addition to the
maximum amount and rate | ||
of taxes the district may levy for general
purposes or under | ||
and by virtue of any laws which limit the amount of
tax which | ||
the district may levy for general purposes. The county clerk
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of the county in which the forest preserve district is located | ||
in
reducing tax levies under the provisions of "An Act | ||
concerning the levy
and extension of taxes", approved May 9, | ||
1901, as amended, shall not
consider any such tax as a part of | ||
the general tax levy for forest
preserve purposes, and shall | ||
not include the same in the limitation of
1% of the assessed | ||
valuation upon which taxes are required to be
extended, and | ||
shall not reduce the same under the provisions of that
Act. The | ||
proceeds of the tax herein authorized shall be kept as a
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separate fund. | ||
The forest preserve district may use other lawfully | ||
available funds in lieu of all or part of the levy.
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The Board may establish a manpower program reserve, or a | ||
special
forest preserve district contribution rate, with | ||
respect to employees
whose wages are funded as program | ||
participants under the Comprehensive
Employment and Training | ||
Act of 1973 in the manner provided in subsection
(d) or (e), | ||
respectively, of Section 9-169.
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(b)(1) For payment years 2024 through 2054, the Forest
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Preserve District's required annual contribution to the fund
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shall be the minimum required employer contribution set forth
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in paragraph (3) of this subsection (b). | ||
(2) The Board shall retain an actuary who is a
member in | ||
good standing of the American Academy of Actuaries
to produce | ||
an annual actuarial report of the Fund. The annual
actuarial | ||
report shall include, but not be limited to: (i) a
statement of | ||
the actuarial value of the Fund's assets as
projected over 30 | ||
years' time and the actuarial value of the
Fund's liabilities | ||
as projected over the same period of time;
and (ii) the minimum | ||
required employer contribution for the
second year immediately | ||
following the year ending on the
valuation date upon which the | ||
annual actuarial report is
based. The annual actuarial report | ||
shall be reviewed and
formally adopted by the Board and may be | ||
included
in other annual reports. | ||
(3) The minimum required employer contribution for a
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specified year as set forth in the annual actuarial report
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required under paragraph (2) shall be the amount determined by
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the Fund's actuary to be equal to the sum of: (i) the projected
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normal cost for pensions for that fiscal year, plus (ii) a
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projected unfunded actuarial accrued liability amortization
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payment for pensions for the fiscal year, plus (iii) projected
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expenses for that fiscal year, plus (iv) interest to adjust
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for payment pattern during the fiscal year, minus (v)
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projected employee contributions for that fiscal year. The
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Forest Preserve District's required annual contribution to the
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Fund shall not be less than the sum of: (i) the projected
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normal cost for pensions for that fiscal year, plus (ii) a
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projected unfunded actuarial accrued liability amortization
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payment for pensions for the fiscal year, plus (iii) projected
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expenses for that fiscal year, plus (iv) interest to adjust
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for payment pattern during the fiscal year, minus (v)
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projected employee contributions for that fiscal year. The
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minimum required employer contribution shall be based on the
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entry age normal cost method, a 5-year smoothed actuarial
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value of assets, and a 30-year layered amortization of
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unfunded actuarial accrued liability with payments increasing
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at 2% per year. The unfunded actuarial accrued liability
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payment schedule shall be based on the schedule initially
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established in 2016 and ending in 2046. | ||
The minimum required employer contribution shall be
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submitted annually by the Forest Preserve District on or
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before July 31 unless another time frame is agreed upon by the
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Forest Preserve District and the Fund. The methods provided in
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this Section may be amended as recommended by an independent
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actuary engaged by the Fund and in compliance with actuarial
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standards of practice and as adopted by an affirmative vote of
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a simple majority of the Board and the Forest Preserve
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District Board of Commissioners. | ||
(4) For payment years after 2055, the Forest Preserve | ||
District's required annual contribution to the Fund shall be | ||
equal to the amount, if any, needed to bring the total | ||
actuarial assets of the Fund up to 100% of the total actuarial | ||
liabilities of the Fund by the end of the year. | ||
(5) To the extent that the Forest Preserve District's
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contribution for any of the payment years referenced in this
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subsection (b) is made with property taxes, those property
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taxes shall be levied, collected, and paid to the Fund in a
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like manner with the general taxes of the Forest
Preserve | ||
District. | ||
(Source: P.A. 102-210, eff. 1-1-22.)
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Section 90. The State Mandates Act is amended by adding | ||
Section 8.46 as follows: | ||
(30 ILCS 805/8.46 new) | ||
Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and | ||
8 of this Act, no reimbursement by the State is required for | ||
the implementation of any mandate created by this amendatory | ||
Act of the 102nd General Assembly.
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Section 99. Effective date. This Act takes effect June 1, | ||
2023.
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