Full Text of SB1910 101st General Assembly
SB1910sam001 101ST GENERAL ASSEMBLY | Sen. Christopher Belt Filed: 3/14/2019
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| 1 | | AMENDMENT TO SENATE BILL 1910
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1910, by replacing | 3 | | line 6 on page 2 through line 8 on page 3 with the following: | 4 | | " For municipal fiscal years 2021 through 2025, the annual | 5 | | requirements to be provided by such tax levy and the required | 6 | | minimum contribution to the fund are equal to (1) the normal | 7 | | cost of the pension fund for the year involved, plus (2) an | 8 | | amount sufficient to bring the total assets of the pension fund | 9 | | up to 100% of the total actuarial liabilities of the pension | 10 | | fund over a 30-year rolling amortization period, as annually | 11 | | updated and determined by an enrolled actuary employed by the | 12 | | Department of Insurance or by an enrolled actuary retained by | 13 | | the pension fund or the municipality. In making these | 14 | | determinations, the required minimum employer contribution | 15 | | shall be calculated each year as a level dollar amount over the | 16 | | amortization period and shall be determined under the entry age | 17 | | normal actuarial cost method, and shall be determined using the | 18 | | most recent mortality tables available and investment |
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| 1 | | assumptions recommended by an enrolled actuary employed by the | 2 | | Department of Insurance or by an enrolled actuary retained by | 3 | | the pension fund or the municipality. | 4 | | For municipal fiscal years 2026 through 2035, the annual | 5 | | requirements to be provided by such tax levy and the required | 6 | | minimum contribution to the fund are equal to (1) the normal | 7 | | cost of the pension fund for the year involved, plus (2) an | 8 | | amount sufficient to bring the total assets of the pension fund | 9 | | up to 100% of the total actuarial liabilities of the pension | 10 | | fund over a 30-year rolling amortization period, as annually | 11 | | updated and determined by an enrolled actuary employed by the | 12 | | Department of Insurance or by an enrolled actuary retained by | 13 | | the pension fund or the municipality. However, for each | 14 | | municipal fiscal year until municipal fiscal year 2035, the | 15 | | rolling amortization period specified in this paragraph shall | 16 | | be reduced by one year for each municipal fiscal year after | 17 | | 2026. In making these determinations, the required minimum | 18 | | employer contribution shall be calculated each year as a level | 19 | | dollar amount over the amortization period and shall be | 20 | | determined under the entry age normal actuarial cost method, | 21 | | and shall be determined using the most recent mortality tables | 22 | | available and investment assumptions recommended by an | 23 | | enrolled actuary employed by the Department of Insurance or by | 24 | | an enrolled actuary retained by the pension fund or the | 25 | | municipality. | 26 | | For municipal fiscal year 2036 and each year thereafter, |
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| 1 | | the annual requirements to be provided by such tax levy and the | 2 | | required minimum contribution to the fund are equal to (1) the | 3 | | normal cost of the pension fund for the year involved, plus (2) | 4 | | an amount sufficient to bring the total assets of the pension | 5 | | fund up to 100% of the total actuarial liabilities of the | 6 | | pension fund over a 20-year rolling amortization period, as | 7 | | annually updated and determined by an enrolled actuary employed | 8 | | by the Department of Insurance or by an enrolled actuary | 9 | | retained by the pension fund or the municipality. In making | 10 | | these determinations, the required minimum employer | 11 | | contribution shall be calculated each year as a level dollar | 12 | | amount over the amortization period and shall be determined | 13 | | under the entry age normal actuarial cost method, and shall be | 14 | | determined using the most recent mortality tables available and | 15 | | investment assumptions recommended by an enrolled actuary | 16 | | employed by the Department of Insurance or by an enrolled | 17 | | actuary retained by the pension fund or the municipality. "; and | 18 | | by replacing line 11 on page 7 through line 18 on page 8 with | 19 | | the following:
| 20 | | " For the purposes of this Section, for municipal fiscal | 21 | | years 2021 through 2025, the annual actuarial requirements of | 22 | | the pension fund and the required minimum contribution to the | 23 | | fund are equal to (1) the normal cost of the
pension fund, or | 24 | | 17.5% of the salaries and wages to be paid to firefighters
for | 25 | | the year involved, whichever is greater, plus (2) an amount |
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| 1 | | sufficient to bring the total assets of the pension fund up to | 2 | | 100% of the total actuarial liabilities of the pension fund | 3 | | over a 30-year rolling amortization period, as annually updated | 4 | | and determined by an enrolled actuary employed by the | 5 | | Department of Insurance or by an enrolled actuary retained by | 6 | | the pension fund or the municipality. In making these | 7 | | determinations, the required minimum employer contribution | 8 | | shall be calculated each year as a level dollar amount over the | 9 | | amortization period and shall be determined under the entry age | 10 | | normal actuarial cost method, and shall be determined using the | 11 | | most recent mortality tables available and investment | 12 | | assumptions recommended by an enrolled actuary employed by the | 13 | | Department of Insurance or by an enrolled actuary retained by | 14 | | the pension fund or the municipality. | 15 | | For the purposes of this Section, for municipal fiscal | 16 | | years 2026 through 2035, the annual actuarial requirements of | 17 | | the pension fund and the required minimum contribution to the | 18 | | fund are equal to (1) the normal cost of the
pension fund, or | 19 | | 17.5% of the salaries and wages to be paid to firefighters
for | 20 | | the year involved, whichever is greater, plus (2) an amount | 21 | | sufficient to bring the total assets of the pension fund up to | 22 | | 100% of the total actuarial liabilities of the pension fund | 23 | | over a 30-year rolling amortization period, as annually updated | 24 | | and determined by an enrolled actuary employed by the | 25 | | Department of Insurance or by an enrolled actuary retained by | 26 | | the pension fund or the municipality. However, for each |
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| 1 | | municipal fiscal year until municipal fiscal year 2035, the | 2 | | rolling amortization period specified in this paragraph shall | 3 | | be reduced by one year for each municipal fiscal year after | 4 | | 2026. In making these determinations, the required minimum | 5 | | employer contribution shall be calculated each year as a level | 6 | | dollar amount over the amortization period and shall be | 7 | | determined under the entry age normal actuarial cost method, | 8 | | and shall be determined using the most recent mortality tables | 9 | | available and investment assumptions recommended by an | 10 | | enrolled actuary employed by the Department of Insurance or by | 11 | | an enrolled actuary retained by the pension fund or the | 12 | | municipality. | 13 | | For the purposes of this Section, beginning municipal | 14 | | fiscal year 2036 and each municipal fiscal year thereafter, the | 15 | | annual actuarial requirements of the pension fund and the | 16 | | required minimum contribution to the fund are equal to (1) the | 17 | | normal cost of the
pension fund, or 17.5% of the salaries and | 18 | | wages to be paid to firefighters
for the year involved, | 19 | | whichever is greater, plus (2) an amount sufficient to bring | 20 | | the total assets of the pension fund up to 100% of the total | 21 | | actuarial liabilities of the pension fund over a 20-year | 22 | | rolling amortization period, as annually updated and | 23 | | determined by an enrolled actuary employed by the Department of | 24 | | Insurance or by an enrolled actuary retained by the pension | 25 | | fund or the municipality. In making these determinations, the | 26 | | required minimum employer contribution shall be calculated |
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| 1 | | each year as a level dollar amount over the amortization period | 2 | | and shall be determined under the entry age normal actuarial | 3 | | cost method, and shall be determined using the most recent | 4 | | mortality tables available and investment assumptions | 5 | | recommended by an enrolled actuary employed by the Department | 6 | | of Insurance or by an enrolled actuary retained by the pension | 7 | | fund or the municipality. ".
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