SB 3942

Abstract

Amends the Cook County and Cook County Forest Preserve Articles of the Illinois Pension Code. Provides that the multiplier for the years 2011 through 2013 is 2.25 and for the years 2014 through 2017 is 3.00. Provides that, beginning with the year 2018 and each year thereafter, the county and forest preserve district shall levy a tax annually upon all taxable property within the district at a rate that will produce a sum that, when added to the amounts deducted from the salaries of the employees or otherwise contributed by them and revenues from other sources, will equal a sum sufficient to meet the annual actuarial requirements of the pension fund as determined by a qualified actuary retained by the pension fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.