SB1635 98TH GENERAL ASSEMBLY

LRB098 07054 EFG 37113 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1635

Introduced 2/13/2013, by Sen. John G. Mulroe

SYNOPSIS AS INTRODUCED:

40 ILCS 5/6-161	from Ch. 108 1/2, par. 6-161
30 ILCS 805/8.37 new

Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that when any amounts are refunded, the corresponding city contributions and interest, unless needed for the prior service annuity reserve, shall be used to reduce the unfunded liability of the fund (rather than to reduce a future city contribution). Amends the State Mandates Act to require implementation without reimbursement.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT concerning public employee benefits.

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

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

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

Sec. 6-161. Refund-Transfer of city contributions.

Whenever any amounts are refunded, the accumulated city contributions shall be transferred to the prior service annuity reserve until such time as the assets of said reserve become equal to the liabilities thereof. Thereafter such amounts and the interest thereon shall be used to reduce the unfunded liability of amount which the city would otherwise be required to contribute during a succeeding year to the fund.

(Source: Laws 1963, p. 161.)

Section 90. The State Mandates Act is amended by adding Section 8.37 as follows:

(30 ILCS 805/8.37 new)

Sec. 8.37. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 98th General Assembly.