SB 3909

Abstract

Amends the Cook County Forest Preserve Article of the Illinois Pension Code. Provides that beginning in levy year 2023, and in each year thereafter, the Forest Preserve District shall levy a tax annually at a rate on the dollar of the value of all taxable property within the county that will produce, when extended, an amount equal to no less than the amount of the Forest Preserve District's total required contribution to the Fund for the next payment year. Specifies the annual contribution for payment years 2023 through 2025. Provides that the retirement board shall retain an actuary who is a member in good standing of the American Academy of Actuaries to produce an annual actuarial report of the Fund, which shall include specified information. Provides that the minimum required employer contribution for a specified year as set forth in the annual actuarial report shall be the amount determined by the Fund's actuary to be equal to the sum of: (i) the projected normal cost for pensions for that fiscal year, plus (ii) a projected unfunded actuarial accrued liability amortization payment for pensions for the fiscal year, plus (iii) projected expenses for that fiscal year, plus (iv) interest to adjust for payment pattern during the fiscal year, minus (v) projected employee contributions for that fiscal year. Contains provisions concerning additional contributions; methods of calculating the required contribution; contributions for payment years after 2063; and property taxes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.