IL HB4980

Specifies Cook County's required annual contributions to its pension fund at $511.8 million (2024), $494.9 million (2025), and $495 million (2026), with payments calculated differently for 2027-2064 and thereafter.

For payment years 2027-2064, County contributions equal the projected normal cost plus an amount on a level payroll basis to achieve 90% fund actuarial assets relative to liabilities by end of 2064.

Specifies Cook County Forest Preserve District's required annual contributions at $6.1 million (2024), $8.1 million (2025), and $10.2 million (2026), with similar contribution formulas for subsequent years.

Allows County and Forest Preserve District to deposit lawfully available funds (including borrowing proceeds) with treasurers in lieu of levying all or part of required taxes, provided total contributions meet certified amounts.

Exempts the mandate from State reimbursement requirements under the State Mandates Act.