SB1925 amends the Illinois Pension Code to adjust contribution rates for participating municipalities and instrumentalities in the Illinois Municipal.
SB1925 amends the Illinois Pension Code to modify the contribution rates for participating municipalities and instrumentalities in the Illinois Municipal Retirement Fund (IMRF). The bill specifies that municipality contributions are to be allocated among school districts based on the amount of school funds handled by township treasurers. It also details the calculation of the municipality contribution rate, which is determined annually and may vary based on the number of participating employees and the presence of an unfunded obligation.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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