Illinois HB1246 amends the Illinois Pension Code to adjust funding requirements for police and firefighter pension funds.
Illinois HB1246 amends the Illinois Pension Code to modify the funding requirements for police and firefighter pension funds. It changes the target for total assets of the pension fund to reach 90% of the total actuarial liabilities by the end of municipal fiscal year 2050. The bill also mandates that municipalities with a population of 5,000 or more that employ firefighters while they earn service credit in another pension fund are considered secondary employers. These municipalities must contribute to the pension fund of the primary employer.
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