Illinois HB1357 amends pension fund financing for police and firefighters, extending the amortization period for liabilities.
HB1357 amends the Illinois Pension Code to adjust the financing of pension funds for police and firefighters. It extends the deadline for municipalities to cover 90% of their pension fund's actuarial liabilities from 2040 to 2050. The bill also mandates annual tax levies to meet pension fund requirements, with contributions calculated as a percentage of payroll. Additionally, it requires municipalities to report on secondary employer contributions and mandates a study on pension fund balances and employer contributions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.