IL SB4000

Extends the deadline for downstate police and firefighter pension funds to reach 90% funding of actuarial liabilities from fiscal year 2040 to fiscal year 2050.

Applies the 10-year extension to both the Downstate Police Article (Section 3-125) and Downstate Firefighter Article (Section 4-118) of the Illinois Pension Code.

Requires the minimum employer contribution to be calculated annually as a level percentage of payroll over the years remaining through fiscal year 2050 using the projected unit credit actuarial cost method.

Exempts municipalities from receiving state reimbursement under the State Mandates Act for implementing this change.

Takes effect immediately upon becoming law.