HB2352 Summary

• Amends the Illinois Pension Code to modify salary caps for new public employees hired on or after January 1, 2011, with Article 9 members subject to a wage cap tied to the Social Security wage base beginning January 1, 2024.

• Establishes new requirements for county employee pension funds including mandatory annual actuarial reports prepared by American Academy of Actuaries members and minimum required employer contribution calculations using entry age cost method and 30-year amortization.

• Allows counties to pay minimum required employer contributions from any lawfully available funds including home rule taxes, not limited to real estate tax levy proceeds, beginning in 2024.

• Requires retirement boards to notify counties by June 14 annually of proposed group health benefit costs and removes restrictions preventing counties from using non-tax sources for pension contributions.

• Modifies language in pension code sections to update terminology and clarify financing mechanisms for the County Employees' Annuity and Benefit Fund.