IL HB1185

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

Requires annual employer contributions to be calculated as a level percentage of payroll over the years remaining until the 2050 target date

Applies to both the Downstate Police Article (40 ILCS 5/3-125) and Downstate Firefighter Article (40 ILCS 5/4-118) of the Illinois Pension Code

Amends the State Mandates Act to exempt the state from reimbursing municipalities for costs associated with implementing this change

Takes effect immediately upon becoming law