Illinois Senate Bill 2899

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 26 2024 - 25% progression
Action: 2024-01-26 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code. Provides that, if a pension fund's total assets are at least 60% of the total actuarial liabilities of the pension fund, the city council or board of trustees of that municipality may elect an annual employer contribution that includes an amount sufficient to bring the total assets of the pension fund up to 90% of the total actuarial liabilities of the pension fund by the end of municipal fiscal year 2050 or an earlier fiscal year, but no earlier than municipal fiscal year 2040. Provides that the election is irrevocable and must be made by ordinance or resolution no later than January 1, 2027. Makes conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PENCD-DWNST POL&FIRE-FINANCING

Sen. Michael Halpin [D]

Date	Chamber	Action
2024-01-26	Senate	Referred to Assignments
2024-01-26	Senate	First Reading
2024-01-26	Senate	Filed with Secretary by Sen. Michael W. Halpin

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.48	New Code	See Bill Text
40	5	3-125	Amended Code	Citation Text
40	5	4-118	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2899&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB2899.htm