Full Text of HB1859 102nd General Assembly
HB1859ham001 102ND GENERAL ASSEMBLY | Rep. Kelly M. Burke Filed: 2/3/2022
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| 1 | | AMENDMENT TO HOUSE BILL 1859
| 2 | | AMENDMENT NO. ______. Amend House Bill 1859 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by | 5 | | changing Section 10-107 as follows:
| 6 | | (40 ILCS 5/10-107) (from Ch. 108 1/2, par. 10-107)
| 7 | | Sec. 10-107. Financing - Tax levy. | 8 | | (a) The forest preserve district may
levy an annual tax on | 9 | | the value, as equalized or assessed by the
Department of | 10 | | Revenue, of all taxable property in the
district for the | 11 | | purpose of providing revenue for the fund. The rate of
such tax | 12 | | in any year may not exceed the rate herein specified for that
| 13 | | year or the rate which will produce, when extended, the sum | 14 | | herein
stated for that year, whichever is higher: for any year | 15 | | prior to 1970,
.00103% or $195,000; for the year 1970, .00111% | 16 | | or $210,000; for the
year 1971, .00116% or $220,000. For the |
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| 1 | | year 1972 and each year
thereafter, the Forest Preserve | 2 | | District shall levy a tax annually at a
rate on the dollar of | 3 | | the value, as equalized or assessed by the
Department of | 4 | | Revenue upon all taxable property in the
county, when | 5 | | extended, not to exceed an amount equal to the total amount
of | 6 | | contributions by the employees to the fund made in the | 7 | | calendar year
2 years prior to the year for which the annual | 8 | | applicable tax is levied,
multiplied by 1.25 for the year | 9 | | 1972; and by 1.30 for the year 1973 and
for each year | 10 | | thereafter through levy year 2022. Beginning in levy year
| 11 | | 2023, and in each year thereafter, the Forest Preserve | 12 | | District shall levy a tax annually at a rate on the dollar of | 13 | | the value, as equalized or assessed by the Department of | 14 | | Revenue, of all taxable property within the county that will | 15 | | produce, when extended, an amount equal to no less than the | 16 | | amount of the Forest Preserve District's total required | 17 | | contribution to the Fund for the next payment year, as | 18 | | determined under subsection (b). For the purposes of this | 19 | | Section, the payment year is the year immediately following | 20 | | the levy year .
| 21 | | The tax shall be levied and collected in like manner with | 22 | | the general
taxes of the district and shall be in addition to | 23 | | the maximum of all
other tax rates which the district may levy | 24 | | upon the aggregate valuation
of all taxable property and shall | 25 | | be exclusive of and in addition to the
maximum amount and rate | 26 | | of taxes the district may levy for general
purposes or under |
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| 1 | | and by virtue of any laws which limit the amount of
tax which | 2 | | the district may levy for general purposes. The county clerk
| 3 | | of the county in which the forest preserve district is located | 4 | | in
reducing tax levies under the provisions of "An Act | 5 | | concerning the levy
and extension of taxes", approved May 9, | 6 | | 1901, as amended, shall not
consider any such tax as a part of | 7 | | the general tax levy for forest
preserve purposes, and shall | 8 | | not include the same in the limitation of
1% of the assessed | 9 | | valuation upon which taxes are required to be
extended, and | 10 | | shall not reduce the same under the provisions of that
Act. The | 11 | | proceeds of the tax herein authorized shall be kept as a
| 12 | | separate fund. | 13 | | The forest preserve district may use other lawfully | 14 | | available funds in lieu of all or part of the levy.
| 15 | | The Board may establish a manpower program reserve, or a | 16 | | special
forest preserve district contribution rate, with | 17 | | respect to employees
whose wages are funded as program | 18 | | participants under the Comprehensive
Employment and Training | 19 | | Act of 1973 in the manner provided in subsection
(d) or (e), | 20 | | respectively, of Section 9-169.
| 21 | | (b)(1) Beginning in payment year 2023, the Forest Preserve | 22 | | District shall contribute to the Fund: $6,100,000 in payment | 23 | | year 2023; $8,100,000 in payment year 2024; and $10,200,000 in | 24 | | payment year 2025. The Forest Preserve District may contribute | 25 | | an additional amount to the Fund in each payment year 2023, | 26 | | 2024, or 2025, which shall not exceed a contribution of |
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| 1 | | $13,000,000 to the Fund in payment year 2023, 2024, or 2025. | 2 | | (2) The retirement board shall retain an actuary who is a | 3 | | member in good standing of the American Academy of Actuaries | 4 | | to produce an annual actuarial report of the Fund. The annual | 5 | | actuarial report shall include, but not be limited to: (i) a | 6 | | statement of the actuarial value of the Fund's assets as | 7 | | projected over 30 years' time and the actuarial value of the | 8 | | Fund's liabilities as projected over the same period of time; | 9 | | and (ii) the minimum required employer contribution for the | 10 | | second year immediately following the year ending on the | 11 | | valuation date upon which the annual actuarial report is | 12 | | based. The annual actuarial report shall be reviewed and | 13 | | formally adopted by the retirement board and may be included | 14 | | in other annual reports. | 15 | | (3) The minimum required employer contribution for a | 16 | | specified year as set forth in the annual actuarial report | 17 | | required under paragraph (2) shall be the amount determined by | 18 | | the Fund's actuary to be equal to the sum of: (i) the projected | 19 | | normal cost for pensions for that fiscal year, plus (ii) a | 20 | | projected unfunded actuarial accrued liability amortization | 21 | | payment for pensions for the fiscal year, plus (iii) projected | 22 | | expenses for that fiscal year, plus (iv) interest to adjust | 23 | | for payment pattern during the fiscal year, minus (v) | 24 | | projected employee contributions for that fiscal year. The | 25 | | Forest Preserve District's required annual contribution to the | 26 | | Fund shall not be less than the sum of: (i) the projected |
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| 1 | | normal cost for pensions for that fiscal year, plus (ii) a | 2 | | projected unfunded actuarial accrued liability amortization | 3 | | payment for pensions for the fiscal year, plus (iii) projected | 4 | | expenses for that fiscal year, plus (iv) interest to adjust | 5 | | for payment pattern during the fiscal year, minus (v) | 6 | | projected employee contributions for that fiscal year. The | 7 | | minimum required employer contribution shall be based on the | 8 | | entry age normal cost method, a 5-year smoothed actuarial | 9 | | value of assets, and a 30-year layered amortization of | 10 | | unfunded actuarial accrued liability with payments increasing | 11 | | at 2% per year. The unfunded actuarial accrued liability | 12 | | payment schedule shall be based on the schedule initially | 13 | | established in 2016 and ending in 2046. | 14 | | The minimum required employer contribution shall be | 15 | | submitted annually by the Forest Preserve District on or | 16 | | before July 31 unless another time frame is agreed upon by the | 17 | | Forest Preserve District and the Fund. The methods provided in | 18 | | this Section may be amended as recommended by an independent | 19 | | actuary engaged by the Fund and in compliance with actuarial | 20 | | standards of practice and as adopted by an affirmative vote of | 21 | | a majority of the retirement board and the Forest Preserve | 22 | | District Board of Commissioners. | 23 | | (4) For payment years 2026 through 2063, the Forest | 24 | | Preserve District's required annual contribution to the Fund | 25 | | shall be the minimum required employer contribution set forth | 26 | | in paragraph(3) of this subsection (b). |
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| 1 | | (5) For payment years after 2063, the Forest Preserve | 2 | | District's required annual contribution to the Fund shall be | 3 | | equal to the amount, if any, needed to bring the total | 4 | | actuarial assets of the Fund up to 100% of the total actuarial | 5 | | liabilities of the Fund by the end of the year. | 6 | | (6) To the extent that the Forest Preserve District's | 7 | | contribution for any of the payment years referenced in this | 8 | | subsection (b) is made with property taxes, those property | 9 | | taxes shall be levied, collected, and paid to the Fund in a | 10 | | like manner with the general taxes of the Forest Preserve | 11 | | District. | 12 | | (Source: P.A. 102-210, eff. 1-1-22 .)
| 13 | | Section 90. The State Mandates Act is amended by adding | 14 | | Section 8.46 as follows: | 15 | | (30 ILCS 805/8.46 new) | 16 | | Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and | 17 | | 8 of this Act, no reimbursement by the State is required for | 18 | | the implementation of any mandate created by this amendatory | 19 | | Act of the 102nd General Assembly.
| 20 | | Section 99. Effective date. This Act takes effect upon | 21 | | becoming law.".
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