HB5873 Engrossed

LRB096 19254 AMC 34645 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
Sections 3-143 and 4-134 as follows:
 
6
    (40 ILCS 5/3-143)  (from Ch. 108 1/2, par. 3-143)
7
    Sec. 3-143. Report by pension board. 
8
    (a) The pension board shall report annually to the city

9
council or board of trustees of the municipality on the 
10
condition of the
pension fund at the end of its most recently 
11
completed fiscal year.  The
report shall be made prior to the 
12
council or board meeting held for the levying
of taxes for the 
13
year for which the report is made.
14
    The pension board shall certify and provide the following 
15
information to the city council or board of trustees of the 
16
municipality:
17
        (1) the total assets of the fund in its custody at the 
18
    end of the fiscal
year and the current market value of 
19
    those assets;
20
        (2) the estimated receipts during the next succeeding 
21
    fiscal year from
deductions from the salaries of police 
22
    officers, and
from all other sources;
23
        (3) the estimated amount required during the next 
 


 






HB5873 Engrossed
- 2 -
LRB096 19254 AMC 34645 b




1
    succeeding fiscal year
to (a) pay all pensions and other 
2
    obligations provided
in this Article, and (b) to meet the 
3
    annual requirements of the fund as
provided in Sections 
4
    3-125 and 3-127;
5
        (4) the total net income received from investment of 
6
    assets along with the assumed investment return and actual 
7
    investment return received by the fund during its most 
8
    recently completed fiscal year compared to the total net
 
9
    income, assumed investment return, and actual investment 
10
    return received during the preceding fiscal year;
11
        (5) the total number of active employees who are 
12
    financially contributing to the fund;
13
        (6) the total amount that was disbursed in benefits 
14
    during the fiscal year, including the number of and total 
15
    amount disbursed to (i) annuitants in receipt of a regular 
16
    retirement pension, (ii) recipients being paid a 
17
    disability pension, and (iii) survivors and children in 
18
    receipt of benefits;
19
        (7) the funded ratio of the fund;
20
        (8) the unfunded liability carried by the fund, along 
21
    with an actuarial explanation of the unfunded liability; 
22
    and
23
        (9) the investment policy of the pension board under 
24
    the statutory investment restrictions imposed on the fund. 
25
    Before the pension board makes its report, the municipality 
26
shall have the assets
of the fund and their current market 
 


 






HB5873 Engrossed
- 3 -
LRB096 19254 AMC 34645 b




1
value verified by an independent certified
public accountant of 
2
its choice.
3
    (b) The municipality is authorized to publish the report 
4
submitted under this Section.  This publication may be made, 
5
without limitation, by publication in a local newspaper of 
6
general circulation in the municipality or by publication on 
7
the municipality's Internet website.  If the municipality 
8
publishes the report, then that publication must include all of 
9
the information submitted by the pension board under subsection 
10
(a). 
11
    (c)  Upon issuing the report to the municipality, the 
12
pension board shall also provide the report to the Department 
13
of Insurance.  The Department shall compile these reports on an 
14
annual basis into a comprehensive report and shall make this 
15
report available to the General Assembly and the Governor 
16
before January 1, 2011 and before January 1 of each subsequent 
17
year. 
18
(Source: P.A. 95-950, eff. 8-29-08.)
 
19
    (40 ILCS 5/4-134)  (from Ch. 108 1/2, par. 4-134)
20
    Sec. 4-134. Report for tax levy. 
21
    (a) The board shall report to the city council
or board of 
22
trustees of the municipality on the condition of the pension 
23
fund
at the end of its most recently completed fiscal year.  The 
24
report shall
be made prior to the council or board meeting held 
25
for appropriating and
levying taxes for the year for which the 
 


 






HB5873 Engrossed
- 4 -
LRB096 19254 AMC 34645 b




1
report is made.
2
    The pension board in the report shall certify and provide 
3
the following information to the city council or board of 
4
trustees of the municipality:
5
        (1) the total assets of the fund and their current 
6
    market value of those assets;
7
        (2) the estimated receipts during the next succeeding 
8
    fiscal year from
deductions from the salaries or wages
of 
9
    firefighters, and from all other sources;
10
        (3) the estimated amount necessary during the fiscal 
11
    year to meet the
annual actuarial requirements of the 
12
    pension fund as
provided in Sections 4-118 and 4-120;
13
        (4) the total net income received from investment of 
14
    assets along with the assumed investment return and actual 
15
    investment return received by the fund during its most 
16
    recently completed fiscal year compared to the total net
 
17
    income, assumed investment return, and actual investment 
18
    return received during the preceding fiscal year;
19
        (5) the increase in employer pension contributions 
20
    that results from the implementation of the provisions of 
21
    this amendatory Act of the 93rd General Assembly;
22
        (6) the total number of active employees who are 
23
    financially contributing to the fund;
24
        (7) the total amount that was disbursed in benefits 
25
    during the fiscal year, including the number of and total 
26
    amount disbursed to (i) annuitants in receipt of a regular 
 


 






HB5873 Engrossed
- 5 -
LRB096 19254 AMC 34645 b




1
    retirement pension, (ii) recipients being paid a 
2
    disability pension, and (iii) survivors and children in 
3
    receipt of benefits;
4
        (8) the funded ratio of the fund;
5
        (9) the unfunded liability carried by the fund, along 
6
    with an actuarial explanation of the unfunded liability; 
7
    and
8
        (10) the investment policy of the pension board under 
9
    the statutory investment restrictions imposed on the fund. 
10
    Before the pension board makes its report, the municipality 
11
shall have the assets
of the fund and
their current market 
12
value verified by an independent certified public
accountant of 
13
its choice.
14
    (b) The municipality is authorized to publish the report 
15
submitted under this Section.  This publication may be made, 
16
without limitation, by publication in a local newspaper of 
17
general circulation in the municipality or by publication on 
18
the municipality's Internet website.  If the municipality 
19
publishes the report, then that publication must include all of 
20
the information submitted by the pension board under subsection 
21
(a). 
22
    (c)  Upon issuing the report to the municipality, the 
23
pension board shall also provide the report to the Department 
24
of Insurance.  The Department shall compile these reports on an 
25
annual basis into a comprehensive report and shall make this 
26
report available to the General Assembly and the Governor 
 


 






HB5873 Engrossed
- 6 -
LRB096 19254 AMC 34645 b




1
before January 1, 2011 and before January 1 of each subsequent 
2
year. 
3
(Source: P.A. 95-950, eff. 8-29-08.)
 

4
    Section 99. Effective date. This Act takes effect upon 
5
becoming law.