HB2904 Summary

• Establishes fixed annual employer contribution amounts for Cook County pension fund for 2019-2022: $566 million (2019), $577 million (2020), $588 million (2021), and $599 million (2022).

• Beginning in 2023, requires annual contributions equal to the normal cost plus an amount sufficient to fully fund the pension by end of 2052, with contributions reaching 100% of actuarial liabilities.

• Permits contributions to come from any revenue source including tax revenue, borrowings, or State or federal funds, rather than limiting to dedicated property tax levies.

• Establishes similar contribution schedule for Cook County Forest Preserve District: $5.5 million (2019) through $8.5 million (2022), with same post-2023 funding methodology.

• Exempts the Act from State Mandates Act reimbursement requirements; effective immediately upon enactment.