HB 1572

Abstract

Amends the Illinois Pension Code. In the Downstate Police and Downstate Firefighter Articles, provides that the annual employer contribution shall include an amount sufficient to bring the total assets of the pension fund up to 80% (instead of 90%) of the total actuarial liabilities of the pension fund by the end of municipal fiscal year 2050 (instead of 2040). Makes a conforming change. In the General Provisions Article, requires the Commission on Government Forecasting and Accountability to conduct a study on the costs and benefits of consolidating all downstate police and downstate firefighter pension funds into a single pension fund and to submit its report on its findings to the General Assembly on or before December 1, 2020. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.