IL HB3220

Amends Section 6-161 of the Illinois Pension Code concerning the Chicago Firefighter Article and municipal contributions to the pension fund.

Specifies that excess municipal contributions refunded to the city may only be used to reduce city contributions for duty disability, occupational disease, or administrative costs of the fund.

Requires accumulated city contributions to be transferred to the prior service annuity reserve until the reserve's assets equal its liabilities.

Clarifies that after the prior service annuity reserve is fully funded, refunded amounts and interest shall be applied only toward reducing specific categories of required city contributions.