HB1523 hfa 0003

Madigan and Senger have spoken calling for a yes vote on HB1523 hfa 0003 which would completely change the Park District Pension fund.

Replaces everything after the enacting clause. Amends the Chicago Park District Article of the Illinois Pension Code. Increases employee contributions. Increases employer contributions: increases the multiplier cap through FY 2019, and thereafter requires actuarial funding designed to bring the Fund to a 90% funding ratio by 2050. Increases the retirement age for certain Tier 1 persons and decreases the retirement age for certain Tier 2 persons. Decreases the automatic annual increases in retirement annuities for Tier 1 persons. Decreases the duty disability benefit. Includes provisions relating to the use of contributions for health care subsidies, funding obligations, and new benefit increases. Amends the State Mandates Act to require implementation without reimbursement. Includes an inseverability provision.

Illinois General Assembly – Full Text of SB1523

Legislation listing for the Illinois General Assembly