SB 1294

Abstract

Amends the Cook County and Cook County Forest Preserve Articles of the Illinois Pension Code. Increases the tax multiplier through the year 2022. Beginning in the year 2023, eliminates the multiplier and provides for the annual required contribution and tax levy to be a sum that, when added to the amounts deducted from the salaries of 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. Defines the annual actuarial requirements of the pension fund to be (1) the normal cost of the pension fund, plus (2) the annual amount necessary to amortize the fund's unfunded accrued liabilities over a period of 30 years from the effective date of the evaluation. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.