HB1859 EnrolledLRB102 11405 RPS 16738 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by
5changing Section 10-107 as follows:
 
6    (40 ILCS 5/10-107)  (from Ch. 108 1/2, par. 10-107)
7    Sec. 10-107. Financing; tax levy Financing - Tax levy.
8    (a) The forest preserve district may levy an annual tax on
9the value, as equalized or assessed by the Department of
10Revenue, of all taxable property in the district for the
11purpose of providing revenue for the fund. The rate of such tax
12in any year may not exceed the rate herein specified for that
13year or the rate which will produce, when extended, the sum
14herein stated for that year, whichever is higher: for any year
15prior to 1970, .00103% or $195,000; for the year 1970, .00111%
16or $210,000; for the year 1971, .00116% or $220,000. For the
17year 1972 and each year thereafter through levy year 2022, the
18Forest Preserve District shall levy a tax annually at a rate on
19the dollar of the value, as equalized or assessed by the
20Department of Revenue upon all taxable property in the county,
21when extended, not to exceed an amount equal to the total
22amount of contributions by the employees to the fund made in
23the calendar year 2 years prior to the year for which the

 

 

HB1859 Enrolled- 2 -LRB102 11405 RPS 16738 b

1annual applicable tax is levied, multiplied by 1.25 for the
2year 1972; and by 1.30 for the year 1973 and for each year
3thereafter through levy year 2022. Beginning in levy year
42023, and in each levy year thereafter, the Forest Preserve
5District shall levy a tax annually at a rate on the dollar of
6the value, as equalized or assessed by the Department of
7Revenue, of all taxable property within the county that will
8produce, when extended, an amount equal to no less than the
9amount of the Forest Preserve District's total required
10contribution to the Fund for the next payment year, as
11determined under subsection (b). For the purposes of this
12Section, the payment year is the year immediately following
13the levy year.
14    The tax shall be levied and collected in like manner with
15the general taxes of the district and shall be in addition to
16the maximum of all other tax rates which the district may levy
17upon the aggregate valuation of all taxable property and shall
18be exclusive of and in addition to the maximum amount and rate
19of taxes the district may levy for general purposes or under
20and by virtue of any laws which limit the amount of tax which
21the district may levy for general purposes. The county clerk
22of the county in which the forest preserve district is located
23in reducing tax levies under the provisions of "An Act
24concerning the levy and extension of taxes", approved May 9,
251901, as amended, shall not consider any such tax as a part of
26the general tax levy for forest preserve purposes, and shall

 

 

HB1859 Enrolled- 3 -LRB102 11405 RPS 16738 b

1not include the same in the limitation of 1% of the assessed
2valuation upon which taxes are required to be extended, and
3shall not reduce the same under the provisions of that Act. The
4proceeds of the tax herein authorized shall be kept as a
5separate fund.
6    The forest preserve district may use other lawfully
7available funds in lieu of all or part of the levy.
8    The Board may establish a manpower program reserve, or a
9special forest preserve district contribution rate, with
10respect to employees whose wages are funded as program
11participants under the Comprehensive Employment and Training
12Act of 1973 in the manner provided in subsection (d) or (e),
13respectively, of Section 9-169.
14    (b)(1) For payment years 2024 through 2054, the Forest
15Preserve District's required annual contribution to the fund
16shall be the minimum required employer contribution set forth
17in paragraph (3) of this subsection (b).
18    (2) The Board shall retain an actuary who is a member in
19good standing of the American Academy of Actuaries to produce
20an annual actuarial report of the Fund. The annual actuarial
21report shall include, but not be limited to: (i) a statement of
22the actuarial value of the Fund's assets as projected over 30
23years' time and the actuarial value of the Fund's liabilities
24as projected over the same period of time; and (ii) the minimum
25required employer contribution for the second year immediately
26following the year ending on the valuation date upon which the

 

 

HB1859 Enrolled- 4 -LRB102 11405 RPS 16738 b

1annual actuarial report is based. The annual actuarial report
2shall be reviewed and formally adopted by the Board and may be
3included in other annual reports.
4    (3) The minimum required employer contribution for a
5specified year as set forth in the annual actuarial report
6required under paragraph (2) shall be the amount determined by
7the Fund's actuary to be equal to the sum of: (i) the projected
8normal cost for pensions for that fiscal year, plus (ii) a
9projected unfunded actuarial accrued liability amortization
10payment for pensions for the fiscal year, plus (iii) projected
11expenses for that fiscal year, plus (iv) interest to adjust
12for payment pattern during the fiscal year, minus (v)
13projected employee contributions for that fiscal year. The
14Forest Preserve District's required annual contribution to the
15Fund shall not be less than the sum of: (i) the projected
16normal cost for pensions for that fiscal year, plus (ii) a
17projected unfunded actuarial accrued liability amortization
18payment for pensions for the fiscal year, plus (iii) projected
19expenses for that fiscal year, plus (iv) interest to adjust
20for payment pattern during the fiscal year, minus (v)
21projected employee contributions for that fiscal year. The
22minimum required employer contribution shall be based on the
23entry age normal cost method, a 5-year smoothed actuarial
24value of assets, and a 30-year layered amortization of
25unfunded actuarial accrued liability with payments increasing
26at 2% per year. The unfunded actuarial accrued liability

 

 

HB1859 Enrolled- 5 -LRB102 11405 RPS 16738 b

1payment schedule shall be based on the schedule initially
2established in 2016 and ending in 2046.
3    The minimum required employer contribution shall be
4submitted annually by the Forest Preserve District on or
5before July 31 unless another time frame is agreed upon by the
6Forest Preserve District and the Fund. The methods provided in
7this Section may be amended as recommended by an independent
8actuary engaged by the Fund and in compliance with actuarial
9standards of practice and as adopted by an affirmative vote of
10a simple majority of the Board and the Forest Preserve
11District Board of Commissioners.
12    (4) For payment years after 2055, the Forest Preserve
13District's required annual contribution to the Fund shall be
14equal to the amount, if any, needed to bring the total
15actuarial assets of the Fund up to 100% of the total actuarial
16liabilities of the Fund by the end of the year.
17    (5) To the extent that the Forest Preserve District's
18contribution for any of the payment years referenced in this
19subsection (b) is made with property taxes, those property
20taxes shall be levied, collected, and paid to the Fund in a
21like manner with the general taxes of the Forest Preserve
22District.
23(Source: P.A. 102-210, eff. 1-1-22.)
 
24    Section 90. The State Mandates Act is amended by adding
25Section 8.46 as follows:
 

 

 

HB1859 Enrolled- 6 -LRB102 11405 RPS 16738 b

1    (30 ILCS 805/8.46 new)
2    Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and
38 of this Act, no reimbursement by the State is required for
4the implementation of any mandate created by this amendatory
5Act of the 102nd General Assembly.
 
6    Section 99. Effective date. This Act takes effect June 1,
72023.