HB 7325

Abstract

Amends the IMRF Article of the Illinois Pension Code. Provides that, at any time, the Board may require a municipality to submit to the Board (i) a certified copy of the ordinance for that tax levy, (ii) a certified copy of the ordinance for the appropriation for municipality contributions, and (iii) if the levy exceeds the contribution, a statement of the reason for the additional amount. Provides that the tax collecting authority may not extend a levy for an amount greater than the amount appropriated for municipality contributions unless the additional amount is authorized for a school district or has been approved by the Board. Provides that, as a condition of approval, the Board may require the tax collecting authority to pay the revenue derived from the tax levy directly to the Fund rather than to the treasurer of the municipality levying the tax. Provides that the provisions of this amendatory Act of the 93rd General Assembly do not apply to a municipality that is a county with more than 500,000 inhabitants or is located, in whole or in part, in such a county. Effective immediately.