IL HB1357

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 municipalities to annually levy property taxes sufficient to meet pension fund requirements, with employer contributions calculated as a level percentage of payroll over the years remaining until the 2050 target date

Applies to pension funds covered 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 mandate

Takes effect immediately upon becoming law