Rep. Barbara Flynn Currie
Filed: 5/29/2015
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO SENATE BILL 777
| ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 777 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. The Illinois Pension Code is amended by | ||||||
5 | changing Sections 5-167.2, 5-168, 6-128.2, and 6-165 and by | ||||||
6 | adding Sections 5-168.2 and 6-165.2 as follows:
| ||||||
7 | (40 ILCS 5/5-167.2)
(from Ch. 108 1/2, par. 5-167.2)
| ||||||
8 | Sec. 5-167.2. Retirement before September 1, 1967. A | ||||||
9 | retired
policeman, qualifying for minimum annuity or who | ||||||
10 | retired from service
with 20 or more years of service, before | ||||||
11 | September 1, 1967, shall, in
January of the year following the | ||||||
12 | year he attains the age of 65, or in
January of the year 1970, | ||||||
13 | if then more than 65 years of age, have his
then fixed and | ||||||
14 | payable monthly annuity increased by an amount equal to
2% of | ||||||
15 | the original grant of annuity, for each year the policeman was | ||||||
16 | in
receipt of annuity payments after the year in which he |
| |||||||
| |||||||
1 | attains, or did
attain the age of 63. An additional 2% increase | ||||||
2 | in such then fixed and
payable original granted annuity shall | ||||||
3 | accrue in each January thereafter.
Beginning January 1, 1986, | ||||||
4 | the rate of such increase shall be 3% instead of 2%.
| ||||||
5 | The provisions of the preceding paragraph of this Section | ||||||
6 | apply only to
a retired policeman eligible for such increases | ||||||
7 | in his annuity who contributes
to the Fund a sum equal to $5 | ||||||
8 | for each full year of credited service upon
which his annuity | ||||||
9 | was computed. All such sums contributed shall be placed
in a | ||||||
10 | Supplementary Payment Reserve and shall be used for the | ||||||
11 | purposes of
such Fund account.
| ||||||
12 | Beginning with the monthly annuity payment due in July, | ||||||
13 | 1982, the fixed
and granted monthly annuity payment for any | ||||||
14 | policeman who retired from the
service, before September 1, | ||||||
15 | 1976, at age 50 or over with 20 or more years
of service and | ||||||
16 | entitled to an annuity on January 1, 1974, shall be not less
| ||||||
17 | than $400. It is the intent of the General Assembly that the | ||||||
18 | change made in
this Section by this amendatory Act of 1982 | ||||||
19 | shall apply retroactively to July
1, 1982.
| ||||||
20 | Beginning with the monthly annuity payment due on January | ||||||
21 | 1, 1986, the
fixed and granted monthly annuity payment for any | ||||||
22 | policeman who retired
from the service before January 1, 1986, | ||||||
23 | at age 50 or over with 20 or more
years of service, or any | ||||||
24 | policeman who retired from service due to
termination of | ||||||
25 | disability and who is entitled to an annuity on January 1,
| ||||||
26 | 1986, shall be not less than $475.
|
| |||||||
| |||||||
1 | Beginning with the monthly annuity payment due on January | ||||||
2 | 1, 1992, the
fixed and granted monthly annuity payment for any | ||||||
3 | policeman who retired
from the service before January 1, 1992, | ||||||
4 | at age 50 or over with 20 or more
years of service, and for any | ||||||
5 | policeman who retired from service due to
termination of | ||||||
6 | disability and who is entitled to an annuity on January 1,
| ||||||
7 | 1992, shall be not less than $650.
| ||||||
8 | Beginning with the monthly annuity payment due on January | ||||||
9 | 1, 1993, the
fixed and granted monthly annuity payment for any | ||||||
10 | policeman who retired
from the service before January 1, 1993, | ||||||
11 | at age 50 or over with 20 or more
years of service, and for any | ||||||
12 | policeman who retired from service due to
termination of | ||||||
13 | disability and who is entitled to an annuity on January 1,
| ||||||
14 | 1993, shall be not less than $750.
| ||||||
15 | Beginning with the monthly annuity payment due on January | ||||||
16 | 1, 1994, the
fixed and granted monthly annuity payment for any | ||||||
17 | policeman who retired
from the service before January 1, 1994, | ||||||
18 | at age 50 or over with 20 or more
years of service, and for any | ||||||
19 | policeman who retired from service due to
termination of | ||||||
20 | disability and who is entitled to an annuity on January 1,
| ||||||
21 | 1994, shall be not less than $850.
| ||||||
22 | Beginning with the monthly annuity payment due on January | ||||||
23 | 1, 2004, the
fixed and granted monthly annuity payment for any | ||||||
24 | policeman who retired
from the service before January 1, 2004, | ||||||
25 | at age 50 or over with 20 or more
years of service, and for any | ||||||
26 | policeman who retired from service due to
termination of |
| |||||||
| |||||||
1 | disability and who is entitled to an annuity on January 1,
| ||||||
2 | 2004, shall be not less than $950.
| ||||||
3 | Beginning with the monthly annuity payment due on January | ||||||
4 | 1, 2005, the
fixed and granted monthly annuity payment for any | ||||||
5 | policeman who retired
from the service before January 1, 2005, | ||||||
6 | at age 50 or over with 20 or more
years of service, and for any | ||||||
7 | policeman who retired from service due to
termination of | ||||||
8 | disability and who is entitled to an annuity on January 1,
| ||||||
9 | 2005, shall be not less than $1,050.
| ||||||
10 | Beginning with the monthly annuity payment due on January | ||||||
11 | 1, 2016, the fixed and granted monthly annuity payment for any | ||||||
12 | policeman who retired from the service before January 1, 2016, | ||||||
13 | at age 50 or over with 20 or more years of service, and for any | ||||||
14 | policeman who retired from service due to termination of | ||||||
15 | disability and who is entitled to an annuity on January 1, | ||||||
16 | 2016, shall be no less than 125% of the Federal Poverty Level. | ||||||
17 | For purposes of this Section, the "Federal Poverty Level" shall | ||||||
18 | be determined pursuant to the poverty guidelines updated | ||||||
19 | periodically in the Federal Register by the United States | ||||||
20 | Department of Health and Human Services under the authority of | ||||||
21 | 42 U.S.C. 9902(2). | ||||||
22 | The difference in amount between the original fixed and | ||||||
23 | granted monthly
annuity of any such policeman on the date of | ||||||
24 | his retirement from the service
and the monthly annuity | ||||||
25 | provided for in the immediately
preceding paragraph shall be | ||||||
26 | paid as a supplement in the manner set forth
in the immediately |
| |||||||
| |||||||
1 | following paragraph.
| ||||||
2 | To defray the annual cost of the increases indicated in the | ||||||
3 | preceding
part of this Section, the annual interest income | ||||||
4 | accruing from
investments held by this Fund, exclusive of gains | ||||||
5 | or losses on sales
or exchanges of assets during the year, over | ||||||
6 | and above 4% a year shall
be used to the extent necessary and | ||||||
7 | available to finance the cost of
such increases for the | ||||||
8 | following year and such amount shall be
transferred as of the | ||||||
9 | end of each year beginning with the year 1969 to a
Fund account | ||||||
10 | designated as the Supplementary Payment Reserve from the
| ||||||
11 | Interest and Investment Reserve set forth in Section 5-207.
| ||||||
12 | In the event the funds in the Supplementary Payment Reserve | ||||||
13 | in any year
arising from: (1) the interest income accruing in | ||||||
14 | the preceding year above 4%
a year and (2) the contributions by | ||||||
15 | retired persons are insufficient to
make the total payments to | ||||||
16 | all persons entitled
to the annuity specified in this Section | ||||||
17 | and (3) any interest
earnings over 4% a year beginning with the | ||||||
18 | year 1969 which were not
previously used to finance such | ||||||
19 | increases and which were transferred
to the Prior Service | ||||||
20 | Annuity Reserve, may be used to the extent necessary
and | ||||||
21 | available to provide sufficient funds to finance such increases
| ||||||
22 | for the current year and such sums shall be transferred from | ||||||
23 | the Prior
Service Annuity Reserve. In the event the total money | ||||||
24 | available in
the Supplementary Payment Reserve from such | ||||||
25 | sources are insufficient
to make the total payments to all | ||||||
26 | persons entitled to such increases
for the year, a |
| |||||||
| |||||||
1 | proportionate amount computed as the ratio of the
money | ||||||
2 | available to the total of the total payments specified for that
| ||||||
3 | year shall be paid to each person for that year.
| ||||||
4 | The Fund shall be obligated for the payment of the | ||||||
5 | increases in
annuity as provided for in this Section only to | ||||||
6 | the extent that the
assets for such purpose are available.
| ||||||
7 | (Source: P.A. 93-654, eff. 1-16-04.)
| ||||||
8 | (40 ILCS 5/5-168)
(from Ch. 108 1/2, par. 5-168)
| ||||||
9 | Sec. 5-168. Financing.
| ||||||
10 | (a) Except as expressly provided in this Section, the city | ||||||
11 | shall levy a
tax annually upon all taxable property therein for | ||||||
12 | the purpose of providing
revenue for the fund.
| ||||||
13 | The tax shall be at a rate that will produce a sum which, | ||||||
14 | when added to the
amounts deducted from the policemen's | ||||||
15 | salaries and the amounts deposited in
accordance with | ||||||
16 | subsection (g), is sufficient for the purposes of the fund.
| ||||||
17 | For the years 1968 and 1969, the city council shall levy a | ||||||
18 | tax
annually at a rate on the dollar of the assessed
valuation | ||||||
19 | of all taxable property that will produce, when extended, not
| ||||||
20 | to exceed $9,700,000. Beginning with the year 1970 and through | ||||||
21 | 2014, the city council shall levy a tax annually at a rate on | ||||||
22 | the
dollar of the assessed valuation of all taxable property | ||||||
23 | that will
produce when extended an amount not to exceed the | ||||||
24 | total amount of
contributions by the policemen to the Fund made | ||||||
25 | in the calendar year 2
years before the year for which the |
| |||||||
| |||||||
1 | applicable annual tax is levied,
multiplied by 1.40 for the tax | ||||||
2 | levy year 1970; by 1.50 for the year
1971; by 1.65 for 1972; by | ||||||
3 | 1.85 for 1973; by 1.90 for 1974; by 1.97 for
1975 through 1981; | ||||||
4 | by 2.00 for 1982 and for each tax levy year through 2014. | ||||||
5 | Beginning in tax levy year 2015, the city council shall levy a | ||||||
6 | tax annually at a rate on the dollar of the assessed valuation | ||||||
7 | of all taxable property that will produce when extended an | ||||||
8 | annual amount that is equal to no less than the amount of the | ||||||
9 | city's contribution in each of the following payment years: for | ||||||
10 | 2016, $420,000,000; for 2017, $464,000,000; for 2018, | ||||||
11 | $500,000,000; for 2019, $557,000,000; for 2020, $579,000,000. | ||||||
12 | Beginning in tax levy year 2020, the city council shall | ||||||
13 | levy a tax annually at a rate on the dollar of the assessed | ||||||
14 | valuation of all taxable property that will produce when | ||||||
15 | extended an annual amount that is equal to no less than (1) the | ||||||
16 | normal cost to the Fund, plus (2) an annual amount sufficient | ||||||
17 | to bring the total assets of the Fund up to 90% of the total | ||||||
18 | actuarial liabilities of the Fund by the end of fiscal year | ||||||
19 | 2055 2040 , as annually updated and determined by an enrolled | ||||||
20 | actuary employed by the Illinois Department of Insurance or by | ||||||
21 | an enrolled actuary retained by the Fund or the city . In making | ||||||
22 | these determinations, the required minimum employer | ||||||
23 | contribution shall be calculated each year as a level | ||||||
24 | percentage of payroll over the years remaining up to and | ||||||
25 | including fiscal year 2055 2040 and shall be determined under | ||||||
26 | the entry age normal actuarial cost method. Beginning in |
| |||||||
| |||||||
1 | payment year 2056, the city's total required contribution in | ||||||
2 | that year and each year thereafter shall be an annual amount | ||||||
3 | that is equal to no less than (1) the normal cost of the Fund, | ||||||
4 | plus (2) the annual amount determined by an enrolled actuary | ||||||
5 | employed by the Illinois Department of Insurance or by an | ||||||
6 | enrolled actuary retained by the Fund to be equal to the | ||||||
7 | amount, if any, needed to bring the total actuarial assets of | ||||||
8 | the Fund up to 90% of the total actuarial liabilities of the | ||||||
9 | Fund as of the end of the year, utilizing the entry age normal | ||||||
10 | cost method as provided above projected unit credit actuarial | ||||||
11 | cost method . | ||||||
12 | For the purposes of this subsection (a), contributions by | ||||||
13 | the policeman to the Fund shall not include payments made by a | ||||||
14 | policeman to establish credit under Section 5-214.2 of this | ||||||
15 | Code.
| ||||||
16 | (a-5) For purposes of determining the required employer | ||||||
17 | contribution to the Fund, the value of the Fund's assets shall | ||||||
18 | be equal to the actuarial value of the Fund's assets, which | ||||||
19 | shall be calculated as follows: | ||||||
20 | (1) On March 30, 2011, the actuarial value of the | ||||||
21 | Fund's assets shall be equal to the market value of the | ||||||
22 | assets as of that date. | ||||||
23 | (2) In determining the actuarial value of the Fund's | ||||||
24 | assets for fiscal years after March 30, 2011, any actuarial | ||||||
25 | gains or losses from investment return incurred in a fiscal | ||||||
26 | year shall be recognized in equal annual amounts over the |
| |||||||
| |||||||
1 | 5-year period following that fiscal year. | ||||||
2 | (a-7) If the city fails to transmit to the Fund | ||||||
3 | contributions required of it under this Article for more than | ||||||
4 | 90 days after the payment of those contributions is due, the | ||||||
5 | Fund shall may , after giving notice to the city, certify to the | ||||||
6 | State Comptroller the amounts of the delinquent payments, and | ||||||
7 | the Comptroller must, beginning in fiscal year 2016, deduct and | ||||||
8 | deposit into the Fund the certified amounts or a portion of | ||||||
9 | those amounts from the following proportions of grants of State | ||||||
10 | funds to the city: | ||||||
11 | (1) in fiscal year 2016, one-third of the total amount | ||||||
12 | of any grants of State funds to the city; | ||||||
13 | (2) in fiscal year 2017, two-thirds of the total amount | ||||||
14 | of any grants of State funds to the city; and | ||||||
15 | (3) in fiscal year 2018 and each fiscal year | ||||||
16 | thereafter, the total amount of any grants of State funds | ||||||
17 | to the city. | ||||||
18 | The State Comptroller may not deduct from any grants of | ||||||
19 | State funds to the city more than the amount of delinquent | ||||||
20 | payments certified to the State Comptroller by the Fund. | ||||||
21 | (b) The tax shall be levied and collected in like manner | ||||||
22 | with the
general taxes of the city, and is in addition to all | ||||||
23 | other taxes which the
city is now or may hereafter be | ||||||
24 | authorized to levy upon all taxable property
therein, and is | ||||||
25 | exclusive of and in addition to the amount of tax the city is
| ||||||
26 | now or may hereafter be authorized to levy for general purposes |
| |||||||
| |||||||
1 | under any
law which may limit the amount of tax which the city | ||||||
2 | may levy for general
purposes. The county clerk of the county | ||||||
3 | in which the city is located, in
reducing tax levies under | ||||||
4 | Section 8-3-1 of the Illinois
Municipal Code, shall not | ||||||
5 | consider the tax herein authorized as a part
of the general tax | ||||||
6 | levy for city purposes, and shall not include the tax
in any | ||||||
7 | limitation of the percent of the assessed valuation upon which
| ||||||
8 | taxes are required to be extended for the city.
| ||||||
9 | (c) On or before January 10 of each year, the board shall | ||||||
10 | notify the
city council of the requirement that the tax herein | ||||||
11 | authorized be levied by
the city council for that current year. | ||||||
12 | The board shall compute the
amounts necessary for the purposes | ||||||
13 | of this fund to be credited to the
reserves established and | ||||||
14 | maintained within the fund; shall make an
annual determination | ||||||
15 | of the amount of the required city contributions;
and shall | ||||||
16 | certify the results thereof to the city council.
| ||||||
17 | As soon as any revenue derived from the tax is collected it | ||||||
18 | shall be
paid to the city treasurer of the city and shall be | ||||||
19 | held by him for the
benefit of the fund in accordance with this | ||||||
20 | Article.
| ||||||
21 | (d) If the funds available are insufficient during any year | ||||||
22 | to meet the
requirements of this Article, the city may issue | ||||||
23 | tax anticipation warrants
against the tax levy for the current | ||||||
24 | fiscal year.
| ||||||
25 | (e) The various sums, including interest, to be contributed | ||||||
26 | by the city,
shall be taken from the revenue derived from such |
| |||||||
| |||||||
1 | tax or otherwise as expressly
provided in this Section. Any | ||||||
2 | moneys of the city derived from any source other
than the tax | ||||||
3 | herein authorized shall not be used for any purpose of the fund
| ||||||
4 | nor the cost of administration thereof, unless applied to make | ||||||
5 | the deposit
expressly authorized in this Section
or the | ||||||
6 | additional city contributions required under subsection (h).
| ||||||
7 | (f) If it is not possible or practicable for the city to | ||||||
8 | make its
contributions at the time that salary deductions are | ||||||
9 | made, the city
shall make such contributions as soon as | ||||||
10 | possible thereafter, with
interest thereon to the time it is | ||||||
11 | made.
| ||||||
12 | (g) In lieu of levying all or a portion of the tax required | ||||||
13 | under this
Section in any year, the city may deposit with the | ||||||
14 | city treasurer no later than
March 1 of that year for the | ||||||
15 | benefit of the fund, to be held in accordance with
this | ||||||
16 | Article, an amount that, together with the taxes levied under | ||||||
17 | this Section
for that year, is not less than the amount of the | ||||||
18 | city contributions for that
year as certified by the board to | ||||||
19 | the city council. The deposit may be derived
from any source | ||||||
20 | legally available for that purpose, including, but not limited
| ||||||
21 | to, the proceeds of city borrowings. The making of a deposit | ||||||
22 | shall satisfy
fully the requirements of this Section for that | ||||||
23 | year to the extent of the
amounts so deposited. Amounts | ||||||
24 | deposited under this subsection may be used by
the fund for any | ||||||
25 | of the purposes for which the proceeds of the tax levied under
| ||||||
26 | this Section may be used, including the payment of any amount |
| |||||||
| |||||||
1 | that is otherwise
required by this Article to be paid from the | ||||||
2 | proceeds of that tax.
| ||||||
3 | (h) In addition to the contributions required under the | ||||||
4 | other provisions
of this Article, by November 1 of the | ||||||
5 | following specified years, the city shall
deposit with the city | ||||||
6 | treasurer for the benefit of the fund, to be held and
used in | ||||||
7 | accordance with this Article, the following specified amounts:
| ||||||
8 | $6,300,000 in 1999;
$5,880,000 in 2000;
$5,460,000 in 2001;
| ||||||
9 | $5,040,000 in 2002; and
$4,620,000 in 2003.
| ||||||
10 | The additional city contributions required under this | ||||||
11 | subsection are
intended to decrease the unfunded liability of | ||||||
12 | the fund and shall not decrease
the amount of the city | ||||||
13 | contributions required under the other provisions of
this | ||||||
14 | Article. The additional city contributions made under this | ||||||
15 | subsection
may be used by the fund for any of its lawful | ||||||
16 | purposes.
| ||||||
17 | (i) Any proceeds received by the city in relation to the | ||||||
18 | operation of a casino or casinos within the city shall be | ||||||
19 | expended by the city for payment to the Policemen's Annuity and | ||||||
20 | Benefit Fund of Chicago to satisfy the city contribution | ||||||
21 | obligation in any year. | ||||||
22 | (Source: P.A. 95-1036, eff. 2-17-09; 96-1495, eff. 1-1-11.)
| ||||||
23 | (40 ILCS 5/5-168.2 new) | ||||||
24 | Sec. 5-168.2. Funding obligation. | ||||||
25 | (a) Beginning January 1, 2016, the city shall be obligated |
| |||||||
| |||||||
1 | to contribute to the Fund in
each fiscal year an amount not | ||||||
2 | less than the amount determined annually under subsection (a) | ||||||
3 | of Section 5-168 of this Code. Notwithstanding any other | ||||||
4 | provision of law, if the city fails to pay the amount | ||||||
5 | guaranteed under this Section on or before December 31 of the | ||||||
6 | year in which such amount is due, the Fund may bring a mandamus | ||||||
7 | action in the Circuit Court of Cook County to compel the city | ||||||
8 | to make the required payment, irrespective of other remedies | ||||||
9 | that may be available to the Fund. The obligations and causes | ||||||
10 | of action created under this Section shall be in addition to | ||||||
11 | any other right or remedy otherwise accorded by common law or | ||||||
12 | State or federal law, and nothing in this Section shall be | ||||||
13 | construed to deny, abrogate, impair, or waive any such common | ||||||
14 | law or statutory right or remedy. | ||||||
15 | (b) In ordering the city to make the required payment, the | ||||||
16 | court may order a reasonable
payment schedule to enable the | ||||||
17 | city to make the required payment without significantly | ||||||
18 | imperilling the public health, safety, or welfare. Any payments | ||||||
19 | required to be made by the city pursuant to this Section are | ||||||
20 | expressly subordinated to the payment of the principal, | ||||||
21 | interest, premium, if any, and other payments on or related to | ||||||
22 | any bonded debt obligation of the city, either currently | ||||||
23 | outstanding or to be issued, for which the source of repayment | ||||||
24 | or security thereon is derived directly or indirectly from any | ||||||
25 | funds collected or received by the city. Payments on such | ||||||
26 | bonded obligations include any statutory fund transfers or |
| |||||||
| |||||||
1 | other prefunding mechanisms or formulas set forth, now or | ||||||
2 | hereafter, in State law, city ordinance, or bond indentures, | ||||||
3 | into debt service funds or accounts of the city related to such | ||||||
4 | bonded obligations, consistent with the payment schedules | ||||||
5 | associated with such obligations.
| ||||||
6 | (40 ILCS 5/6-128.2)
(from Ch. 108 1/2, par. 6-128.2)
| ||||||
7 | Sec. 6-128.2. Minimum retirement annuities.
| ||||||
8 | (a) Beginning with the monthly payment due in January, | ||||||
9 | 1988, the monthly
annuity payment for any person who is | ||||||
10 | entitled to receive a retirement
annuity under this Article in | ||||||
11 | January, 1990 and has retired from service at
age 50 or over | ||||||
12 | with 20 or more years of service, and for any person who
| ||||||
13 | retires from service on or after January 24, 1990 at age 50 or | ||||||
14 | over
with 20 or more years of service, shall not be less than | ||||||
15 | $475 per month.
The $475 minimum annuity is exclusive of any | ||||||
16 | automatic annual increases
provided by Sections 6-164 and | ||||||
17 | 6-164.1, but not exclusive of previous
raises in the minimum | ||||||
18 | annuity as provided by any Section of this Article.
| ||||||
19 | Beginning January 1, 1992, the minimum retirement annuity | ||||||
20 | payable to
any person who has retired from service at age 50 or | ||||||
21 | over with 20 or more
years of service and is entitled to | ||||||
22 | receive a retirement annuity under this
Article on that date, | ||||||
23 | or who retires from service at age 50 or over with 20
or more | ||||||
24 | years of service after that date, shall be $650 per month.
| ||||||
25 | Beginning January 1, 1993, the minimum retirement annuity |
| |||||||
| |||||||
1 | payable to
any person who has retired from service at age 50 or | ||||||
2 | over with 20 or more
years of service and is entitled to | ||||||
3 | receive a retirement annuity under this
Article on that date, | ||||||
4 | or who retires from service at age 50 or over with 20
or more | ||||||
5 | years of service after that date, shall be $750 per month.
| ||||||
6 | Beginning January 1, 1994, the minimum retirement annuity | ||||||
7 | payable to
any person who has retired from service at age 50 or | ||||||
8 | over with 20 or more
years of service and is entitled to | ||||||
9 | receive a retirement annuity under this
Article on that date, | ||||||
10 | or who retires from service at age 50 or over with 20
or more | ||||||
11 | years of service after that date, shall be $850 per month.
| ||||||
12 | Beginning January 1, 2004, the minimum retirement annuity | ||||||
13 | payable to any
person who has retired from service at age 50 or | ||||||
14 | over with 20 or more years of
service and is entitled to | ||||||
15 | receive a retirement annuity under this Article on
that date, | ||||||
16 | or who retires from service at age 50 or over with 20 or more | ||||||
17 | years
of service after that date, shall be $950 per month.
| ||||||
18 | Beginning January 1, 2005, the minimum retirement annuity | ||||||
19 | payable to any
person who has retired from service at age 50 or | ||||||
20 | over with 20 or more years of
service and is entitled to | ||||||
21 | receive a retirement annuity under this Article on
that date, | ||||||
22 | or who retires from service at age 50 or over with 20 or more | ||||||
23 | years
of service after that date, shall be $1,050 per month.
| ||||||
24 | Beginning January 1, 2016, the minimum retirement annuity | ||||||
25 | payable to any person who has retired from service at age 50 or | ||||||
26 | over with 20 or more years of service and is entitled to |
| |||||||
| |||||||
1 | receive a retirement annuity under this Article on that date, | ||||||
2 | or who retires from service at age 50 or over with 20 or more | ||||||
3 | years of service after that date, shall be no less than 125% of | ||||||
4 | the Federal Poverty Level. For purposes of this Section, the | ||||||
5 | "Federal Poverty Level" shall be determined pursuant to the | ||||||
6 | poverty guidelines updated periodically in the Federal | ||||||
7 | Register by the United States Department of Health and Human | ||||||
8 | Services under the authority of 42 U.S.C. 9902(2). | ||||||
9 | The minimum annuities established by this subsection (a) do | ||||||
10 | include
previous raises in the minimum annuity as provided by | ||||||
11 | any Section of this
Article, but do not include any sums which | ||||||
12 | have been added or will be added
to annuity payments by the | ||||||
13 | automatic annual increases provided by Sections
6-164 and | ||||||
14 | 6-164.1. Such annual increases shall be paid in addition to the
| ||||||
15 | minimum amounts specified in this subsection.
| ||||||
16 | (b) Notwithstanding any other provision of this Article, | ||||||
17 | beginning
January 1, 1990, the minimum retirement annuity | ||||||
18 | payable to any person who
is entitled to receive a retirement | ||||||
19 | annuity under this Article on that date
shall be $475 per | ||||||
20 | month.
| ||||||
21 | (c) The changes made to this Section by this amendatory Act | ||||||
22 | of the
93rd General Assembly apply to all persons receiving a | ||||||
23 | retirement
annuity under this Article, without regard to | ||||||
24 | whether the retirement of the
fireman occurred prior to the | ||||||
25 | effective date of this amendatory Act.
| ||||||
26 | (Source: P.A. 93-654, eff. 1-16-04.)
|
| |||||||
| |||||||
1 | (40 ILCS 5/6-165)
(from Ch. 108 1/2, par. 6-165)
| ||||||
2 | Sec. 6-165. Financing; tax.
| ||||||
3 | (a) Except as expressly provided in this
Section, each city | ||||||
4 | shall levy a tax annually upon all
taxable property therein for | ||||||
5 | the purpose of providing revenue for the
fund. For the years | ||||||
6 | prior to the year 1960, the tax rate shall be as
provided for | ||||||
7 | in the "Firemen's Annuity and Benefit Fund of the Illinois
| ||||||
8 | Municipal Code". The tax, from and after January 1, 1968 to and
| ||||||
9 | including the year 1971, shall not exceed .0863% of the value, | ||||||
10 | as
equalized or assessed by the Department of Revenue, of
all | ||||||
11 | taxable property in the city. Beginning with the year 1972 and | ||||||
12 | through 2014, the city shall levy a tax annually at a rate on | ||||||
13 | the
dollar of the value, as equalized or assessed by the | ||||||
14 | Department of Revenue
of all taxable property within such city | ||||||
15 | that will
produce, when extended, not to exceed an amount equal | ||||||
16 | to the total
amount of contributions by the employees to the | ||||||
17 | fund made in the
calendar year 2 years prior to the year for | ||||||
18 | which the annual applicable
tax is levied, multiplied by 2.23 | ||||||
19 | through the calendar year 1981, and by
2.26 for the year 1982 | ||||||
20 | and for each tax levy year through 2014. Beginning in tax levy | ||||||
21 | year 2015, the city council shall levy a tax annually at a rate | ||||||
22 | on the dollar of the assessed valuation of all taxable property | ||||||
23 | that will produce when extended an annual amount that is equal | ||||||
24 | to no less than the amount of the city's contribution in each | ||||||
25 | of the following payment years: for 2016, $199,000,000; for |
| |||||||
| |||||||
1 | 2017, $208,000,000; for 2018, $227,000,000; for 2019, | ||||||
2 | $235,000,000; for 2020, $245,000,000. | ||||||
3 | Beginning in tax levy year 2020, the city council shall | ||||||
4 | levy a tax annually at a rate on the dollar of the assessed | ||||||
5 | valuation of all taxable property that will produce when | ||||||
6 | extended an annual amount that is equal to no less than (1) the | ||||||
7 | normal cost to the Fund, plus (2) an annual amount sufficient | ||||||
8 | to bring the total assets of the Fund up to 90% of the total | ||||||
9 | actuarial liabilities of the Fund by the end of fiscal year | ||||||
10 | 2055 2040 , as annually updated and determined by an enrolled | ||||||
11 | actuary employed by the Illinois Department of Insurance or by | ||||||
12 | an enrolled actuary retained by the Fund or the city. In making | ||||||
13 | these determinations, the required minimum employer | ||||||
14 | contribution shall be calculated each year as a level | ||||||
15 | percentage of payroll over the years remaining up to and | ||||||
16 | including fiscal year 2055 2040 and shall be determined under | ||||||
17 | the entry age normal actuarial cost method. Beginning in | ||||||
18 | payment year 2056, the city's required contribution in that | ||||||
19 | year and for each year thereafter shall be an annual amount | ||||||
20 | that is equal to no less than (1) the normal cost to the Fund, | ||||||
21 | plus (2) the annual amount determined by an enrolled actuary | ||||||
22 | employed by the Illinois Department of Insurance or by an | ||||||
23 | enrolled actuary retained by the Fund to be equal to the | ||||||
24 | amount, if any, needed to bring the total actuarial assets of | ||||||
25 | the Fund up to 90% of the total actuarial liabilities of the | ||||||
26 | Fund as of the end of the year, utilizing the entry age normal |
| |||||||
| |||||||
1 | actuarial cost method as provided above projected unit credit | ||||||
2 | actuarial cost method .
| ||||||
3 | To provide revenue for the ordinary death benefit | ||||||
4 | established by
Section 6-150 of this Article, in addition to | ||||||
5 | the contributions by the firemen
for this purpose, the city | ||||||
6 | council shall for the
year 1962 and each year thereafter | ||||||
7 | annually levy a tax, which shall be
in addition to and | ||||||
8 | exclusive of the taxes authorized to be levied under
the | ||||||
9 | foregoing provisions of this Section, upon all taxable property | ||||||
10 | in
the city, as equalized or assessed by the Department of | ||||||
11 | Revenue, at such
rate per cent of the value of such property as | ||||||
12 | shall be
sufficient to produce for each year the sum of | ||||||
13 | $142,000.
| ||||||
14 | The amounts produced by the taxes levied annually, together | ||||||
15 | with the
deposit expressly authorized in this Section, shall be
| ||||||
16 | sufficient, when added to the amounts deducted from the | ||||||
17 | salaries of
firemen and applied to the fund, to provide for the | ||||||
18 | purposes of the
fund.
| ||||||
19 | (a-5) For purposes of determining the required employer | ||||||
20 | contribution to the Fund, the value of the Fund's assets shall | ||||||
21 | be equal to the actuarial value of the Fund's assets, which | ||||||
22 | shall be calculated as follows: | ||||||
23 | (1) On March 30, 2011, the actuarial value of the | ||||||
24 | Fund's assets shall be equal to the market value of the | ||||||
25 | assets as of that date. | ||||||
26 | (2) In determining the actuarial value of the Fund's |
| |||||||
| |||||||
1 | assets for fiscal years after March 30, 2011, any actuarial | ||||||
2 | gains or losses from investment return incurred in a fiscal | ||||||
3 | year shall be recognized in equal annual amounts over the | ||||||
4 | 5-year period following that fiscal year. | ||||||
5 | (a-7) If the city fails to transmit to the Fund | ||||||
6 | contributions required of it under this Article for more than | ||||||
7 | 90 days after the payment of those contributions is due, the | ||||||
8 | Fund shall may , after giving notice to the city, certify to the | ||||||
9 | State Comptroller the amounts of the delinquent payments, and | ||||||
10 | the Comptroller must, beginning in fiscal year 2016, deduct and | ||||||
11 | deposit into the Fund the certified amounts or a portion of | ||||||
12 | those amounts from the following proportions of grants of State | ||||||
13 | funds to the city: | ||||||
14 | (1) in fiscal year 2016, one-third of the total amount | ||||||
15 | of any grants of State funds to the city; | ||||||
16 | (2) in fiscal year 2017, two-thirds of the total amount | ||||||
17 | of any grants of State funds to the city; and | ||||||
18 | (3) in fiscal year 2018 and each fiscal year | ||||||
19 | thereafter, the total amount of any grants of State funds | ||||||
20 | to the city. | ||||||
21 | The State Comptroller may not deduct from any grants of | ||||||
22 | State funds to the city more than the amount of delinquent | ||||||
23 | payments certified to the State Comptroller by the Fund. | ||||||
24 | (b) The taxes shall be levied and collected in like manner | ||||||
25 | with the
general taxes of the city, and shall be in addition to | ||||||
26 | all other taxes
which the city may levy upon all taxable |
| |||||||
| |||||||
1 | property therein and shall be
exclusive of and in addition to | ||||||
2 | the amount of tax the city may levy for
general purposes under | ||||||
3 | Section 8-3-1 of the Illinois Municipal Code,
approved May 29, | ||||||
4 | 1961, as amended, or under any other law or laws which
may | ||||||
5 | limit the amount of tax which the city may levy for general
| ||||||
6 | purposes.
| ||||||
7 | (c) The amounts of the taxes to be levied in each year | ||||||
8 | shall be
certified to the city council by the board.
| ||||||
9 | (d) As soon as any revenue derived from such taxes is | ||||||
10 | collected, it
shall be paid to the city treasurer and held for | ||||||
11 | the benefit of the fund, and
all such revenue shall be paid | ||||||
12 | into the fund in accordance with the
provisions of this | ||||||
13 | Article.
| ||||||
14 | (e) If the funds available are insufficient during any year | ||||||
15 | to
meet the requirements of this Article, the city may issue | ||||||
16 | tax anticipation
warrants, against the tax levies herein | ||||||
17 | authorized for the current
fiscal year.
| ||||||
18 | (f) The various sums, hereinafter stated, including | ||||||
19 | interest, to be
contributed by the city, shall be taken from | ||||||
20 | the revenue derived from the taxes
or otherwise as expressly | ||||||
21 | provided in this Section. Except for defraying the
cost of | ||||||
22 | administration of the fund during the calendar year in which a | ||||||
23 | city
first attains a population of 500,000 and comes under the | ||||||
24 | provisions of this
Article and the first calendar year | ||||||
25 | thereafter, any money of the city derived
from any source other | ||||||
26 | than these taxes or the sale of tax anticipation warrants
shall |
| |||||||
| |||||||
1 | not be used to provide revenue for the fund, nor to pay any | ||||||
2 | part of the
cost of administration thereof, unless applied to | ||||||
3 | make the deposit expressly
authorized in this Section
or the | ||||||
4 | additional city contributions required under subsection (h).
| ||||||
5 | (g) In lieu of levying all or a portion of the tax required | ||||||
6 | under this
Section in any year, the city may deposit with the | ||||||
7 | city treasurer no later than
March 1 of that year for the | ||||||
8 | benefit of the fund, to be held in accordance with
this | ||||||
9 | Article, an amount that, together with the taxes levied under | ||||||
10 | this Section
for that year, is not less than the amount of the | ||||||
11 | city contributions for that
year as certified by the board to | ||||||
12 | the city council. The deposit may be derived
from any source | ||||||
13 | legally available for that purpose, including, but not limited
| ||||||
14 | to, the proceeds of city borrowings. The making of a deposit | ||||||
15 | shall satisfy
fully the requirements of this Section for that | ||||||
16 | year to the extent of the
amounts so deposited. Amounts | ||||||
17 | deposited under this subsection may be used
by the fund for any | ||||||
18 | of the purposes for which the proceeds of the taxes levied
| ||||||
19 | under this Section may be used, including the payment of any | ||||||
20 | amount that is
otherwise required by this Article to be paid | ||||||
21 | from the proceeds of those
taxes.
| ||||||
22 | (h) In addition to the contributions required under the | ||||||
23 | other provisions
of this Article, by November 1 of the | ||||||
24 | following specified years, the city shall
deposit with the city | ||||||
25 | treasurer for the benefit of the fund, to be held and
used in | ||||||
26 | accordance with this Article, the following specified amounts:
|
| |||||||
| |||||||
1 | $6,300,000 in 1999;
$5,880,000 in 2000;
$5,460,000 in 2001;
| ||||||
2 | $5,040,000 in 2002; and
$4,620,000 in 2003.
| ||||||
3 | The additional city contributions required under this | ||||||
4 | subsection are
intended to decrease the unfunded liability of | ||||||
5 | the fund and shall not decrease
the amount of the city | ||||||
6 | contributions required under the other provisions of
this | ||||||
7 | Article. The additional city contributions made under this | ||||||
8 | subsection
may be used by the fund for any of its lawful | ||||||
9 | purposes.
| ||||||
10 | (i) Any proceeds received by the city in relation to the | ||||||
11 | operation of a casino or casinos within the city shall be | ||||||
12 | expended by the city for payment to the Firemen's Annuity and | ||||||
13 | Benefit Fund of Chicago to satisfy the city contribution | ||||||
14 | obligation in any year. | ||||||
15 | (Source: P.A. 96-1495, eff. 1-1-11.)
| ||||||
16 | (40 ILCS 5/6-165.2 new) | ||||||
17 | Sec. 6-165.2. Funding Obligation. | ||||||
18 | (a) Beginning January 1, 2016, the city shall be obligated | ||||||
19 | to contribute to the Fund in
each fiscal year an amount not | ||||||
20 | less than the amount determined annually under subsection (a) | ||||||
21 | of Section 6-165 of this Code. Notwithstanding any other | ||||||
22 | provision of law, if the city fails to pay the amount | ||||||
23 | guaranteed under this Section on or before December 31 of the | ||||||
24 | year in which such amount is due, the Fund may bring a mandamus | ||||||
25 | action in the Circuit Court of Cook County to compel the city |
| |||||||
| |||||||
1 | to make the required payment, irrespective of other remedies | ||||||
2 | that may be available to the Fund. The obligations and causes | ||||||
3 | of action created under this Section shall be in addition to | ||||||
4 | any other right or remedy otherwise accorded by common law or | ||||||
5 | State or federal law, and nothing in this Section shall be | ||||||
6 | construed to deny, abrogate, impair, or waive any such common | ||||||
7 | law or statutory right or remedy. | ||||||
8 | (b) In ordering the city to make the required payment, the | ||||||
9 | court may order a reasonable
payment schedule to enable the | ||||||
10 | city to make the required payment without significantly | ||||||
11 | imperilling the public health, safety, or welfare. Any payments | ||||||
12 | required to be made by the city pursuant to this Section are | ||||||
13 | expressly subordinated to the payment of the principal, | ||||||
14 | interest, premium, if any, and other payments on or related to | ||||||
15 | any bonded debt obligation of the city, either currently | ||||||
16 | outstanding or to be issued, for which the source of repayment | ||||||
17 | or security thereon is derived directly or indirectly from any | ||||||
18 | funds collected or received by the city or collected or | ||||||
19 | received on behalf of the city. Payments on such bonded | ||||||
20 | obligations include any statutory fund transfers or other | ||||||
21 | prefunding mechanisms or formulas set forth, now or hereafter, | ||||||
22 | in State law, city ordinance, or bond indentures, into debt | ||||||
23 | service funds or accounts of the city related to such bonded | ||||||
24 | obligations, consistent with the payment schedules associated | ||||||
25 | with such obligations.
|
| |||||||
| |||||||
1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.".
|