HB4100 Summary

• Establishes fixed annual pension contribution amounts for Cook County and Cook County Forest Preserve District for payment years 2023-2025: County contributions of $540.9 million (2023), $551.3 million (2024), and $545.7 million (2025); Forest Preserve District contributions of $5.7 million (2023), $7.6 million (2024), and $9.5 million (2025).

• For payment years 2026-2063, requires contributions equal to the normal cost plus an amount to achieve 90% funding ratio by end of 2063, calculated using entry age normal actuarial cost method with 5-year smoothing of investment gains/losses.

• For payment years after 2063, requires contributions needed to maintain 90% funding ratio, with specific actuarial calculation requirements continuing.

• Allows County and Forest Preserve District to satisfy contribution requirements through property tax levies, deposits of lawfully available funds (including borrowing proceeds), or combinations thereof, without requiring public referendum for the tax levy.

• Amends State Mandates Act to specify that implementation of these provisions requires no state reimbursement.