95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5349


 
Introduced , by Rep. Kevin A. McCarthy
 
SYNOPSIS AS INTRODUCED:
 		














40 ILCS 5/6-161
  from Ch. 108 1/2, par. 6-161



30 ILCS 805/8.32 new










    Amends the Chicago Firefighter Article of the Illinois Pension Code. In provisions allowing a reduction in  the amount the city would otherwise be required to contribute to the fund due to certain refunds and interest thereon, provides that no reduction shall be allowed for a fiscal year following a fiscal year in which the funded ratio of assets to liabilities is less than 70%. Amends the State Mandates Act to require implementation without reimbursement. 
















LRB095 18100 AMC 44183 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY


STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
















 


 


A BILL FOR









 











HB5349

LRB095 18100 AMC 44183 b






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    AN ACT concerning public employee benefits.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Pension Code is amended  by changing 
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Section 6-161 as follows:
 



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    (40 ILCS 5/6-161)  (from Ch. 108 1/2, par. 6-161)



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    Sec. 6-161. Refund-Transfer of city contributions. 
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Whenever any amounts are refunded, the accumulated city 
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contributions
shall be transferred to the prior service annuity 
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reserve until such time
as the assets of said reserve become 
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equal to the liabilities thereof.
Thereafter such amounts and 
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the interest thereon shall be used to reduce
the amount which 
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the city would otherwise be required to contribute during
a 
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succeeding year to the fund, except that no reduction shall be 
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allowed for a fiscal year following a fiscal year in which the 
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funded ratio of assets to liabilities is less than 70%.

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(Source: Laws 1963, p. 161.)

 
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    Section 90. The State Mandates Act is amended by adding 
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Section 8.32 as follows:
 
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    (30 ILCS 805/8.32 new)
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    Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 
 


 






HB5349
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LRB095 18100 AMC 44183 b




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of this Act, no reimbursement by the State is required for the 
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implementation of any mandate created by this amendatory Act of 
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the 95th General Assembly.