PEN CD-DNST POL&FIRE-FUNDING
Summary
Amends the Downstate Police and Fire Articles of the Illinois Pension Code in relation to employer contributions. Changes the funding formula by: (1) reducing the target funding ratio from 90% to 85%; (2) extending the amortization period to 2055; (3) changing the actuarial method from projected unit credit to entry age normal; and (4) deleting the "level percentage of payroll" calculation from the funding requirement. Also delays by 4 years the enforcement of late payments by intercepting State funds. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2016
Committee Review
Floor Vote
Governor
Introduced Feb 17, 2016
Last action Jan 10, 2017
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
3
Jan 10, 2017
Senate · Failed
Session Sine Die
Apr 8, 2016
Senate · Referred to committee
Rule 3-9(a) / Re-referred to Assignments
Mar 1, 2016
Senate · Referred to committee
Assigned to Executive
Feb 17, 2016
Senate · Referred to committee
Referred to Assignments
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Pamela J. Althoff
RRepublican
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