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SB2740 Enrolled |
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LRB094 17355 AMC 52650 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 4-118 as follows:
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| (40 ILCS 5/4-118) (from Ch. 108 1/2, par. 4-118)
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| Sec. 4-118. Financing.
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| (a) The city council or the board of trustees
of the |
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| municipality shall annually levy a tax upon all the taxable |
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| property
of the municipality at the rate on the dollar which |
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| will produce an amount
which, when added to the deductions from |
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| the salaries or wages of
firefighters and revenues available |
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| from other sources, will equal a sum
sufficient to meet the |
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| annual actuarial requirements of the pension fund,
as |
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| determined by an enrolled actuary employed by the Illinois |
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| Department of
Insurance or by an enrolled actuary retained by |
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| the pension fund or
municipality. For the purposes of this |
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| Section, the annual actuarial
requirements of the pension fund |
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| are equal to (1) the normal cost of the
pension fund, or 17.5% |
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| of the salaries and wages to be paid to firefighters
for the |
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| year involved, whichever is greater, plus (2) the annual amount
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| necessary to amortize the fund's unfunded accrued liabilities |
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| over a period
of 40 years from July 1, 1993, as annually |
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| updated and determined by an
enrolled actuary employed by the |
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| Illinois Department of Insurance or by an
enrolled actuary |
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| retained by the pension fund or the municipality. The amount
to |
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| be applied towards the amortization of the unfunded accrued |
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| liability in any
year shall not be less than the annual amount |
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| required to amortize the unfunded
accrued liability, including |
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| interest, as a level percentage of payroll over
the number of |
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| years remaining in the 40 year amortization period.
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| (b) The tax shall be levied and collected in the same |