IL HB5843

Extends the deadline for Downstate Police and Downstate Firefighter pension funds to reach 90% funding from fiscal year 2040 to fiscal year 2050.

Changes the annual employer contribution calculation to use a level percentage of payroll over the extended period remaining up to and including fiscal year 2050 under the projected unit credit actuarial cost method.

Amends the State Mandates Act to exempt municipalities from seeking state reimbursement for implementing this mandate.

Applies to both police pension funds (Section 3-125) and firefighter pension funds (Section 4-118) in the Illinois Pension Code.

Takes effect immediately upon enactment.