HB 4980

Abstract

Amends the Cook County and Cook County Forest Preserve Articles of the Illinois Pension Code. Specifies the amount of the county's and the forest preserve district's required annual contributions for payment year 2024 through payment year 2026. Provides that for payment years 2027 through 2064, the county's and forest preserve district's required annual contributions to the Fund shall be the amount determined by the Fund to be equal to the sum of (i) the county's or forest preserve district's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined on a level percentage of applicable employee payroll basis that is sufficient to bring the total actuarial assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of 2064. Specifies a formula for payment years after 2064. Provides that in lieu of levying all or a portion of the required tax in any year, the county or forest preserve district may deposit with the county treasurer for the benefit of the fund an amount that, together with the taxes levied for that year, is not less than the amount of the county's or forest preserve district's contributions for that year as certified by the board of the Fund to the county board or forest preserve district. Provides that the county may continue to use other lawfully available funds to make the contribution in lieu of all or part of the levy. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State.