Synopsis As Introduced Amends the Cook County Article of the Illinois Pension Code. Deletes provisions concerning the expense reserve, county contribution reserve, employee's contribution reserve, annuity payment reserve, prior service annuity reserve, child's annuity reserve, duty disability reserve, ordinary disability reserve, gift reserve, investment and interest reserve, supplementary payment reserve, and optional contribution reserve. Makes corresponding changes. Provides that an adequate system of accounts and records shall be established to report the financial condition of the County Employees' and Officers' Annuity and Benefit Fund and that such additional data as is necessary for required calculations, actuarial valuations, and operation of the fund shall be maintained. Effective immediately.
Replaces everything after the enacting clause. Amends the State Employee Article of the Illinois Pension Code. Provides the alternative (State police) retirement formula for certain tollway employees, automotive mechanics, mechanic/autobody technicians, automotive attendants, sign hangers, and sign hanger foremen. In provisions concerning the alternative retirement formula, makes changes to reflect obsolete job designations of the Illinois State Toll Highway Authority. Includes language exempting the changes from provisions concerning new benefit increases. Effective immediately.
Requires the Illinois State Toll Highway Authority to make contributions to the System of amounts that will be sufficient to meet the cost of any additional liability created by the amendatory Act for its employees. Replaces language exempting the changes from the provisions concerning new benefit increases with language in compliance with the new benefit increase provisions. Effective immediately.