HB2962 Summary

• Specifies Cook County pension contribution amounts at $555 million (2017), $566 million (2018), $577 million (2019), $588 million (2020), and $599 million (2021).

• Specifies Cook County Forest Preserve District pension contribution amounts at $4.5 million (2017), $5.5 million (2018), $6.5 million (2019), $7.5 million (2020), and $8.5 million (2021).

• Beginning in 2022, requires annual contributions equal to the employer's portion of projected normal cost plus an amount to achieve 100% funding of total actuarial liabilities by end of 2051.

• Allows contributions to be funded from any revenue source, including tax revenue, borrowings, or State and federal funds, rather than only from designated pension tax levies.

• Amends the State Mandates Act to exempt this legislation from state reimbursement requirements and takes effect immediately upon becoming law.