IL SB0777

Sets minimum monthly annuity payments for Chicago police officers and firefighters who retired before January 1, 2016, at 125% of the Federal Poverty Level beginning January 1, 2016, indexed annually to federal poverty guidelines.

Establishes city contribution requirements for the Policemen's and Firemen's Annuity and Benefit Funds with specific minimum amounts from 2016-2020, then requires contributions to reach 90% funding of actuarial liabilities by fiscal year 2055 using the entry age normal cost method.

Allows the State Comptroller to automatically deduct delinquent pension contributions from state grants to Chicago, beginning in fiscal year 2016 with one-third, escalating to full amount by fiscal year 2018.

Permits the Policemen's and Firemen's Funds to bring mandamus actions in Cook County Circuit Court to compel the city to make required contributions, with court authority to establish reasonable payment schedules subordinate to the city's bonded debt obligations.

Directs any casino revenue received by the city to be used for police and fire pension fund contributions to satisfy the city's annual funding obligations.