Illinois Senate Bill 3439 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Cook County and Cook County Forest Preserve Articles of the Illinois Pension Code. Increases the tax multiplier through the year 2022. Beginning in the year 2023, eliminates the multiplier and provides for the annual required contribution and tax levy to be a sum that, when added to the amounts deducted from the salaries of employees or otherwise contributed by them and revenues from other sources, will equal a sum sufficient to meet the annual actuarial requirements of the pension fund as determined by a qualified actuary retained by the pension fund. Defines the annual actuarial requirements of the pension fund to be (1) the normal cost of the pension fund, plus (2) the annual amount necessary to amortize the fund's unfunded accrued liabilities over a period of 30 years from the effective date of the evaluation. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PENCD-COOK-MULTIPLIER-FUNDING

Sen. Mike Jacobs [D]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2014-03-06	Senate	To Subcommittee on Special Issues (EX)
2014-03-05	Senate	Assigned to Executive
2014-02-14	Senate	Referred to Assignments
2014-02-14	Senate	First Reading
2014-02-14	Senate	Filed with Secretary by Sen. Mike Jacobs

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.38	New Code	See Bill Text
40	5	10-107	Amended Code	Citation Text
40	5	9-169	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3439&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB3439.htm