IL HB4513

Increases employee pension contributions for certain employees hired before January 1, 2011 in reciprocal retirement systems, with phased increases from 8.5% in 2013 to 10.0% by 2015, reverting to 7.5% after the fund reaches 90% funding ratio.

Adds 0.5% to surviving spouse annuity contributions (for total of 2.0%) for qualifying employees from 2015 through the date the fund reaches 90% funding ratio.

Changes the Metropolitan Water Reclamation District's annual pension tax levy calculation beginning fiscal year 2013 to be based on actuarially determined contribution requirements with a goal of achieving 90% funded ratio by 2050, replacing the previous formula multiplier of 2.19 with 4.19.

Exempts this act from state reimbursement requirements under the State Mandates Act.