HB2352: PEN CD-CHI MUNI-REENTRY

Legislative Summary

Amends the Illinois Pension Code. In the General Provisions Article, provides that beginning on January 1, 2024, the annual earnings, salary, or wages of a Tier 2 participant under the Cook County Article shall track with the Social Security wage base (rather than shall not exceed $106,800, adjusted annually). Makes conforming changes in the Cook County Article and provides that the county's contribution shall be paid through a tax levy and any other lawfully available funds. Further amends the Cook County Article. In a provision concerning establishing credit for military service, deletes a restrictive date and a requirement that the person must have at least 25 years of service credit. Requires the retirement board to retain an actuary who is a member in good standing of the American Academy of Actuaries to produce an annual actuarial report of the Fund and provides criteria for the report. Makes changes concerning the minimum required employer contribution. Provides that the annual audit required of the Fund may include the preparation of the annual actuarial report. Provides that the annual report submitted to the county board shall include the annual actuarial report. Requires that the minimum required employer contribution shall be submitted annually by the county and provides the method of determining the minimum required employer contribution. Provides that the county shall be notified by June 14 of each year of the proposed costs of any such payments allocated by the Fund for all or any portion of the total health premium paid by the Fund. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.