IL SB3421

Increases the tax levy multiplier for Cook County and Cook County Forest Preserve pension funds from 1.54 to 2.25 for years 2014-2016 and to 3.00 for years 2017-2020.

Beginning in 2021, replaces the fixed multiplier with an annual tax levy based on the employer's normal cost plus the amount necessary to amortize unfunded accrued liabilities over 30 years.

Applies the same tax levy changes to both the Cook County pension fund (Section 9-169) and the Cook County Forest Preserve District pension fund (Section 10-107).

Amends the State Mandates Act to exempt this legislation from state reimbursement requirements for implementation.

Takes effect immediately upon becoming law.