Summary as Introduced
Amends the Illinois Pension Code. Makes a technical change in a Section concerning Chicago teachers.
Staff Analysis
SCA 1: Reinserts the provisions of the engrossed bill with the following changes. Removes provisions concerning an additional contribution to the Fund and specifying the annual employer contribution amount for payment years 2023 through 2025. Provides the Forest Preserve District's contribution formula for payment years 2024 through 2054 (rather than payment years 2026 through 2063). Makes a conforming change. Provides that certain methods may be amended as recommended by an independent actuary engaged by the Fund and in compliance with actuarial standards of practice and as adopted by an affirmative vote of a simple majority (rather than an affirmative vote of a majority) of the Board and the Forest Preserve District Board of Commissioners. Effective June 1, 2023 (rather than immediately).