HB2870 Summary

• Beginning in levy year 2024, Cook County must levy taxes annually to produce an amount equal to at least the County's total required contribution to the pension fund for the next payment year, replacing the previous 1.54 multiplier formula used since 1984.

• For payment years 2025 through 2055, the County's required annual pension contributions are determined by formula: projected normal cost plus unfunded actuarial accrued liability amortization plus projected expenses plus interest adjustments, minus projected employee contributions, based on entry age normal cost method and 30-year layered amortization.

• For payment years after 2055, the County's required contribution equals the amount needed to bring total actuarial pension assets to 100% of total actuarial liabilities by year-end.

• The County may deposit lawfully available funds (including borrowed funds) with the county treasurer in lieu of levying all or part of required taxes, provided the combined amount meets the annual contribution requirement.

• Amends the State Mandates Act to require implementation of these provisions without state reimbursement.