HB4622 Summary

• Amends the Illinois Pension Code to clarify that employees make their own Social Security and Medicare contributions directly, separate from employer contributions to the Municipal Employees' Annuity and Benefit Fund.

• Modifies contribution requirements so municipalities and instrumentalities are no longer responsible for employee Social Security/Medicare taxes; employees pay these per federal law.

• Changes the election period for portable benefit package annuity options from 90 days to 180 days prior to retirement annuity commencement.

• Updates references to effective dates of Public Act 97-609 (January 1, 2012) throughout provisions regarding salary increase limitations and employer contributions.

• Adds a State Mandates Act exemption stating the state owes no reimbursement to municipalities for implementing this amendatory act.