SB 2958

Abstract

Amends the Chicago Laborers Article of the Illinois Pension Code. In provisions concerning contributions for leaves of absence during which a participant is employed by a local labor organization, provides that for levy year 2017 and until the effective date of the amendatory Act, the participant, or the labor organization on the participant's behalf, shall make employer contributions equal to the contributions the participant would have made if the participant was an active employee. Provides that beginning after the effective date of the amendatory Act, the participant, or the labor organization on the participant's behalf, shall make employer contributions equal to the difference between the amount contributed by the participant as though the participant was an active employee and the normal cost, which shall be calculated by the Fund's actuary on an aggregate basis specific to the participant's Tier based on the Fund's most recent actuarial valuation and shall be effective on each July 1 after the Board certifies the amount of the contribution to the participant. Effective immediately.