Illinois House Bill 1773 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 16 2021 - 25% progression, died in committee
Action: 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Chicago Municipal Article of the Illinois Pension Code. Provides that, instead of specified dollar amounts, the city's required annual contribution to the Fund shall be for year 2021, 80% of the following calculation; and for year 2022, 90% of the following calculation: the sum of (i) the city's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined on a level percentage of applicable employee payroll basis (reflecting any limits on individual participants' pay that apply for benefit and contribution purposes under the plan) that is sufficient to bring the total actuarial assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of 2058. Makes conforming changes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

PEN CD-CHI MUNICIPAL-FUNDING

Rep. Sonya Harper [D]

Date	Chamber	Action
2021-03-27	House	Rule 19(a) / Re-referred to Rules Committee
2021-03-09	House	Assigned to Personnel & Pensions Committee
2021-02-17	House	Referred to Rules Committee
2021-02-17	House	First Reading
2021-02-16	House	Filed with the Clerk by Rep. Sonya M. Harper

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.45	New Code	See Bill Text
40	5	8-173	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1773&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB1773.htm