PENCD-DWNST POL&FIRE-FINANCING
- Introduced Jan 26, 2024
- In committee Jan 26, 2024
- Died
- Passed the House
- To the governor
- Became law
What it does
The legislature's own summary of the bill, or its official long title.
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…
Read the full title (132 words)
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.
Every action
4 steps, oldest first, as the legislature records them.
- SenateFiled with Secretary by Sen. Michael W. Halpin
- SenateFirst Reading
- CommitteeReferred to Assignments · Senate Assignments
- SenateSession Sine Die
Roll calls
No recorded votes on this bill yet.
Sponsors
The member who introduced it.
-
Michael W. HalpinD Primary sponsor · District 36
From Illinois's official records (www.ilga.gov), checked Nov 2, 2026. Text links go to the official versions; LegiList does not copy bill text.