HB1859 Summary

• Amends the Illinois Pension Code Section 10-107 to modify forest preserve district tax levies and pension contribution requirements for payment years 2024 through 2054.

• Changes tax levy calculation beginning in levy year 2023 to require the forest preserve district to levy taxes sufficient to produce an amount equal to its total required contribution to the pension fund for the next payment year, rather than using the previous 1.25-1.30 multiplier formula.

• Establishes minimum required employer contribution methodology for 2024-2054 based on entry age normal cost method, 5-year smoothed actuarial value of assets, and 30-year layered amortization schedule with 2% annual increases, ending in 2046.

• Requires the district to retain an actuary from the American Academy of Actuaries to produce annual actuarial reports including 30-year asset and liability projections and minimum required employer contributions.

• Specifies that after 2055, the district's required annual contribution equals the amount needed to bring fund assets to 100% of total actuarial liabilities by year-end, and exempts this mandate from state reimbursement requirements.