IL HB0417

Authorizes Chicago Park District to issue up to $250,000,000 in bonds (limited to $75,000,000 per year) to make contributions to the pension fund established under Article 12 of the Illinois Pension Code, without voter approval.

Modifies retirement age provisions for new employees hired on or after January 1, 2022 under the Chicago Park District pension system (Article 12), establishing age 65 as the standard retirement age with age 60 early retirement option.

Revises Park District pension contribution requirements beginning in 2020, establishing a phased contribution schedule from 2021-2058 designed to achieve 100% funding of actuarial liabilities using the entry age normal cost method.

Requires an additional $40,000,000 employer contribution to the pension fund by November 1, 2021, separate from and not reducing other required contributions.

Amends Property Tax Code definitions related to the Tax Increment Allocation Redevelopment Act and makes technical corrections to Illinois Pension Code sections regarding employee contributions and benefit increases.