Bill Text: IL SB1581 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Chicago Park District Article of the Illinois Pension Code. Provides that, beginning with the year 2013 and in each year thereafter, the Chicago Park District Board of Park Commissioners shall levy a tax annually upon all taxable property embraced in the district at a rate that will produce a sum that, when added to the amounts deducted from the salaries of the employees or otherwise contributed by them, and revenues from other sources, will equal a sum sufficient to meet the annual actuarial requirements of the pension fund, as determined by a qualified actuary retained by that fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB1581 Detail]

Download: Illinois-2011-SB1581-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB1581 Introduced 2/9/2011, by Sen. Mike Jacobs SYNOPSIS AS INTRODUCED:
40 ILCS 5/12-149 from Ch. 108 1/2, par. 12-149
Amends the Chicago Park District Article of the Illinois Pension Code. Provides that, beginning with the year 2013 and in each year thereafter, the Chicago Park District Board of Park Commissioners shall levy a tax annually upon all taxable property embraced in the district at a rate that will produce a sum that, when added to the amounts deducted from the salaries of the employees or otherwise contributed by them, and revenues from other sources, will equal a sum sufficient to meet the annual actuarial requirements of the pension fund, as determined by a qualified actuary retained by that fund.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Section 12-149 as follows:
(40 ILCS 5/12-149) (from Ch. 108 1/2, par. 12-149)
Sec. 12-149. Financing. The board of park commissioners of
any such park district shall annually levy a tax (in addition
to the taxes now authorized by law) upon all taxable property
embraced in the district, at the rate which, when added to the
employee contributions under this Article and applied to the
fund created hereunder, shall be sufficient to provide for the
purposes of this Article in accordance with the provisions
thereof. Such tax shall be levied and collected with and in
like manner as the general taxes of such district, and shall
not in any event be included within any limitations of rate for
general park purposes as now or hereafter provided by law, but
shall be excluded therefrom and be in addition thereto. The
amount of such annual tax to and including the year 1977 shall
not exceed .0275% of the value, as equalized or assessed by the
Department of Revenue, of all taxable property embraced within
the park district, provided that for the year 1978, and for
each year thereafter, the amount of such annual tax shall be at

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a rate on the dollar of assessed valuation of all taxable
property that will produce, when extended, for the year 1978
the following sum: 0.825 times the amount of employee
contributions during the fiscal year 1976; for the year 1979,
0.85 times the amount of employee contributions during the
fiscal year 1977; for the year 1980, 0.90 times the amount of
employee contributions during the fiscal year 1978; for the
year 1981, 0.95 times the amount of employee contributions
during the fiscal year 1979; for the year 1982, 1.00 times the
amount of employee contributions during the fiscal year 1980;
for the year 1983, 1.05 times the amount of contributions made
on behalf of employees during the fiscal year 1981; and for the
year 1984 and each year thereafter through 2012, an amount
equal to 1.10 times the employee contributions during the
fiscal year 2-years prior to the year for which the applicable
tax is levied. Beginning with the year 2013 and for each year
thereafter the board of park commissioners of any such park
district shall levy a tax annually upon all taxable property
embraced in the district at a rate that will produce a sum
which, when added to the amounts deducted from the salaries of
the employees or otherwise contributed by them, and revenues
from other sources, will equal a sum sufficient to meet the
annual actuarial requirements of the pension fund as determined
by a qualified actuary retained by the pension fund. For the
purposes of this Section, the annual actuarial requirements of
the pension fund are equal to (1) the employer's normal cost of

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the pension fund, plus (2) the annual amount necessary to
amortize the fund's unfunded accrued liabilities over a period
of 30 years after the effective date of the valuation. As used
in this Section, the term "employee contributions" means
contributions by employees for retirement annuity, spouse's
annuity, automatic increase in retirement annuity, and death
benefit.
In respect to park district employees, other than
policemen, who are transferred to the employment of a city by
virtue of the "Exchange of Functions Act of 1957", the
corporate authorities of the city shall annually levy a tax
upon all taxable property embraced in the city, as equalized or
assessed by the Department of Revenue, at such rate per cent of
the value of such property as shall be sufficient, when added
to the amounts deducted from the salary or wages of such
employees, to provide the benefits to which such employees,
their dependents and beneficiaries are entitled under the
provisions of this Article. The park district shall not levy a
tax hereunder in respect to such employees. The tax levied by
the city under authority of this Article shall be in addition
to and exclusive of all other taxes authorized by law to be
levied by the city for corporate, annuity fund or other
purposes.
All moneys accruing from the levy and collection of taxes,
pursuant to this section, shall be remitted to the board by the
employers as soon as they are received. Where a city has levied

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a tax pursuant to this Section in respect to park district
employees transferred to the employment of a city, the
treasurer of such city or other authorized officer shall remit
the moneys accruing from the levy and collection of such tax as
soon as they are received. Such remittances shall be made upon
a pro rata share basis, whereby each employer shall pay to the
board such employer's proportionate percentage of each payment
of taxes received by it, according to the ratio which its tax
levy for this fund bears to the total tax levy of such
employer.
Should any board of park commissioners included under the
provisions of this Article be without authority to levy the tax
provided in this Section the corporation authorities (meaning
the supervisor, clerk and assessor) of the town or towns for
which such board shall be the board of park commissioners shall
levy such tax.
Employer contributions to the Fund may be reduced by
$5,000,000 for calendar years 2004 and 2005.
(Source: P.A. 93-654, eff. 1-16-04.)