95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0065


 
Introduced 1/31/2007, by Sen. Ira I. Silverstein
 
SYNOPSIS AS INTRODUCED:
 		














40 ILCS 5/3-125
  from Ch. 108 1/2, par. 3-125







    Amends the Chicago Police Article of the Illinois Pension Code. Provides that the annual property tax levied for pension purposes shall be forwarded directly to the treasurer of the board within 30 business days after receipt by the county. Effective immediately.
















LRB095 06385 AMC 26482 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB0065

LRB095 06385 AMC 26482 b






1
    AN ACT concerning public employee benefits.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Illinois Pension Code is amended  by changing 
5
Section 3-125 as follows:
 



6
    (40 ILCS 5/3-125)  (from Ch. 108 1/2, par. 3-125)



7
    Sec. 3-125. Financing. The city council or the board of 
8
trustees of
the municipality shall annually levy a tax upon all

9
the taxable property of the municipality at the rate on the 
10
dollar which
will produce an amount which, when added to the 
11
deductions from the salaries
or wages of police officers, and 
12
revenues
available from other
sources, will equal a sum 
13
sufficient to meet
the annual requirements of the police 
14
pension fund.  The annual
requirements to be provided by such 
15
tax levy are equal
to (1) the normal cost of the pension fund 
16
for the year involved, plus
(2) the amount necessary to 
17
amortize the fund's unfunded accrued liabilities
as provided in 
18
Section 3-127.  The tax shall be levied and
collected in the 
19
same manner as the general taxes
of the municipality, and in 
20
addition to all other taxes now or hereafter authorized to
be 
21
levied upon all property within the municipality, and shall be 
22
in
addition to the amount authorized to be levied for general 
23
purposes as
provided by Section 8-3-1 of the Illinois Municipal 
 


 






SB0065
- 2 -
LRB095 06385 AMC 26482 b




1
Code, approved May
29, 1961, as amended. The tax shall be 
2
forwarded directly to the treasurer of the board within 30 
3
business days after receipt by the county.


4
    The police pension fund shall consist of the following 
5
moneys which
shall be set apart by the treasurer of the 
6
municipality:

7
    (1) All moneys derived from the taxes levied hereunder;

8
    (2) Contributions by police officers under Section 
9
3-125.1;

10
    (3) All moneys accumulated by the municipality under any 
11
previous
legislation establishing a fund for the benefit of 
12
disabled or retired
police officers;

13
    (4) Donations, gifts or other transfers authorized by this

14
Article.

15
(Source: P.A. 83-1440.)

 

16
    Section 99. Effective date. This Act takes effect upon 
17
becoming law.