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IL HB0308

Bill

Official Source

Status

Introduced

1/27/2021

Primary Sponsor

Maurice West

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Extends the deadline for downstate police and firefighter pension funds to achieve 90% funding from municipal fiscal year 2040 to 2050.

  • Requires annual employer contributions to be calculated as a level percentage of payroll over the extended period using projected unit credit actuarial cost method.

  • Makes conforming grammatical changes to Section 4-118 (firefighter financing provisions).

  • Exempts the mandate from State Mandates Act reimbursement requirements under new Section 8.45 of the State Mandates Act.

  • Becomes effective immediately upon enactment.

Legislative Description

PENCD-DWNST POL&FIRE-FINANCING

Last Action

Rule 19(a) / Re-referred to Rules Committee

2/18/2022

Committee Referrals

Rules2/18/2022
Personnel & Pensions1/5/2022
Rules3/27/2021
Personnel & Pensions3/2/2021
Rules1/29/2021

Full Bill Text

No bill text available