IL SB1564

Amends the Chicago Police and Firefighter pension funding articles to require the city to deposit a minimum of 20% of all proceeds from newly established gaming revenue sources enacted in 2013 or later into these pension funds.

Gaming revenue deposits must continue until an independent actuarial organization mutually agreed upon by the city and employee representatives determines the funds have been stabilized.

These additional contributions are for emergency stabilization of the funds and do not reduce other required city pension contributions under existing law.

Amends the State Mandates Act to provide that no state reimbursement is required for implementing this mandate.

Takes effect immediately upon becoming law.