PEN CD-ART 4-40 YEAR AMORTIZTN

Amends the Downstate Firefighter Article of the Illinois Pension Code. In provisions concerning the financing, provides that the annual actuarial requirements of the pension fund are equal to (1) the normal cost of the pension fund, or 17.5% of the salaries and wages to be paid to firefighters for the year involved, whichever is greater, plus (2) the annual amount necessary to amortize the fund's unfunded accrued liabilities over a period of 40 years from July 1, 2008 (was, from July 1, 1993), as annually updated and determined by an enrolled actuary employed by the Department of Financial and Professional Regulation (was, the Illinois Department of Insurance) or by an enrolled actuary retained by the pension fund or the municipality. Effective immediately.