SB1436 Summary

• Increases the Cook County and Cook County Forest Preserve pension tax multipliers to 2.25 for years 2015-2018 and to 3.00 for years 2019-2022, up from the previous 1.54 multiplier that applied from 1984 onwards.

• Beginning in 2023, eliminates the tax multiplier system entirely and requires the county and forest preserve district to levy taxes based on annual actuarial requirements determined by a qualified actuary.

• Defines annual actuarial requirements starting in 2023 as the normal cost of the pension fund plus the annual amount needed to amortize unfunded accrued liabilities over a 30-year period from the valuation date.

• Amends the State Mandates Act to exempt the implementation of these changes from state reimbursement requirements.

• Takes effect immediately upon becoming law.