IL HB1246

Extends the deadline for Downstate Police and Downstate Firefighter pension funds to reach 90% funding of total actuarial liabilities from municipal fiscal year 2040 to 2050

Requires annual employer contributions to be calculated as a level percentage of payroll over the remaining years through fiscal year 2050, using the projected unit credit actuarial cost method

Applies to pension funds under the Downstate Police Article (Section 3-125) and Downstate Firefighter Article (Section 4-118) of the Illinois Pension Code

Amends the State Mandates Act to exempt municipalities from state reimbursement for implementing this change

Takes effect immediately upon becoming law