97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1581

 

Introduced 2/9/2011, by Sen. Mike Jacobs

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/12-149  from Ch. 108 1/2, par. 12-149

    Amends the Chicago Park District Article of the Illinois Pension Code. Provides that, beginning with the year 2013 and in each year thereafter, the Chicago Park District Board of Park Commissioners shall levy a tax annually upon all taxable property embraced in the district at a rate that will produce a sum that, when added to the amounts deducted from the salaries of the employees or otherwise contributed by them, and revenues from other sources, will equal a sum sufficient to meet the annual actuarial requirements of the pension fund, as determined by a qualified actuary retained by that fund.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 changing
5Section 12-149 as follows:
 
6    (40 ILCS 5/12-149)   (from Ch. 108 1/2, par. 12-149)
7    Sec. 12-149. Financing. The board of park commissioners of
8any such park district shall annually levy a tax (in addition
9to the taxes now authorized by law) upon all taxable property
10embraced in the district, at the rate which, when added to the
11employee contributions under this Article and applied to the
12fund created hereunder, shall be sufficient to provide for the
13purposes of this Article in accordance with the provisions
14thereof. Such tax shall be levied and collected with and in
15like manner as the general taxes of such district, and shall
16not in any event be included within any limitations of rate for
17general park purposes as now or hereafter provided by law, but
18shall be excluded therefrom and be in addition thereto. The
19amount of such annual tax to and including the year 1977 shall
20not exceed .0275% of the value, as equalized or assessed by the
21Department of Revenue, of all taxable property embraced within
22the park district, provided that for the year 1978, and for
23each year thereafter, the amount of such annual tax shall be at

 

 

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1a rate on the dollar of assessed valuation of all taxable
2property that will produce, when extended, for the year 1978
3the following sum: 0.825 times the amount of employee
4contributions during the fiscal year 1976; for the year 1979,
50.85 times the amount of employee contributions during the
6fiscal year 1977; for the year 1980, 0.90 times the amount of
7employee contributions during the fiscal year 1978; for the
8year 1981, 0.95 times the amount of employee contributions
9during the fiscal year 1979; for the year 1982, 1.00 times the
10amount of employee contributions during the fiscal year 1980;
11for the year 1983, 1.05 times the amount of contributions made
12on behalf of employees during the fiscal year 1981; and for the
13year 1984 and each year thereafter through 2012, an amount
14equal to 1.10 times the employee contributions during the
15fiscal year 2-years prior to the year for which the applicable
16tax is levied. Beginning with the year 2013 and for each year
17thereafter the board of park commissioners of any such park
18district shall levy a tax annually upon all taxable property
19embraced in the district at a rate that will produce a sum
20which, when added to the amounts deducted from the salaries of
21the employees or otherwise contributed by them, and revenues
22from other sources, will equal a sum sufficient to meet the
23annual actuarial requirements of the pension fund as determined
24by a qualified actuary retained by the pension fund. For the
25purposes of this Section, the annual actuarial requirements of
26the pension fund are equal to (1) the employer's normal cost of

 

 

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1the pension fund, plus (2) the annual amount necessary to
2amortize the fund's unfunded accrued liabilities over a period
3of 30 years after the effective date of the valuation. As used
4in this Section, the term "employee contributions" means
5contributions by employees for retirement annuity, spouse's
6annuity, automatic increase in retirement annuity, and death
7benefit.
8    In respect to park district employees, other than
9policemen, who are transferred to the employment of a city by
10virtue of the "Exchange of Functions Act of 1957", the
11corporate authorities of the city shall annually levy a tax
12upon all taxable property embraced in the city, as equalized or
13assessed by the Department of Revenue, at such rate per cent of
14the value of such property as shall be sufficient, when added
15to the amounts deducted from the salary or wages of such
16employees, to provide the benefits to which such employees,
17their dependents and beneficiaries are entitled under the
18provisions of this Article. The park district shall not levy a
19tax hereunder in respect to such employees. The tax levied by
20the city under authority of this Article shall be in addition
21to and exclusive of all other taxes authorized by law to be
22levied by the city for corporate, annuity fund or other
23purposes.
24    All moneys accruing from the levy and collection of taxes,
25pursuant to this section, shall be remitted to the board by the
26employers as soon as they are received. Where a city has levied

 

 

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1a tax pursuant to this Section in respect to park district
2employees transferred to the employment of a city, the
3treasurer of such city or other authorized officer shall remit
4the moneys accruing from the levy and collection of such tax as
5soon as they are received. Such remittances shall be made upon
6a pro rata share basis, whereby each employer shall pay to the
7board such employer's proportionate percentage of each payment
8of taxes received by it, according to the ratio which its tax
9levy for this fund bears to the total tax levy of such
10employer.
11    Should any board of park commissioners included under the
12provisions of this Article be without authority to levy the tax
13provided in this Section the corporation authorities (meaning
14the supervisor, clerk and assessor) of the town or towns for
15which such board shall be the board of park commissioners shall
16levy such tax.
17    Employer contributions to the Fund may be reduced by
18$5,000,000 for calendar years 2004 and 2005.
19(Source: P.A. 93-654, eff. 1-16-04.)