PEN CD-ART 3 & 4-FINANCING Senate SponsorsSen. Pamela J. Althoff-Susan Garrett House Sponsors(Rep. Angelo Saviano-Kathleen A. Ryg-Elaine Nekritz and Karen May) 1/12/2011SenateSession Sine Die 40 ILCS 5/3-127from Ch. 108 1/2, par. 3-12740 ILCS 5/4-118from Ch. 108 1/2, par. 4-118Amends the Downstate Police Article of the Illinois Pension Code. Provides that if a pension fund has a reserve of less than the accrued liabilities of the fund, the board of the pension fund, in making its annual report to the city council or board of trustees of the municipality, shall designate the amount, calculated as a level percentage of payroll, needed annually to insure the accumulation of the reserve to the level of the fund's accrued liabilities over a period of 40 years from July 1, 2009 (was, from July 1, 1993). Amends the Downstate Fire Article of the Illinois Pension Code. In provisions concerning financing of funds through taxes, provides that the annual actuarial requirements of the pension fund are equal to (1) the normal cost of the pension fund, or 17.5% of the salaries and wages to be paid to firefighters for the year involved, whichever is greater, plus (2) the annual amount necessary to amortize the fund's unfunded accrued liabilities over a period of 40 years from July 1, 2009 (was, from July 1, 1993). Effective immediately. 2/20/2009SenateFiled with Secretary by Sen. Pamela J. Althoff 2/20/2009SenateFirst Reading 2/20/2009SenateReferred to Assignments 3/4/2009SenateAssigned to Pensions and Investments 3/11/2009SenateAdded as Chief Co-Sponsor Sen. Susan Garrett 3/12/2009SenateDo Pass Pensions and Investments; 007-000-002 3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009 3/24/2009SenateSecond Reading 3/24/2009SenatePlaced on Calendar Order of 3rd Reading March 25, 2009 4/1/2009SenateThird Reading - Passed; 048-008-001 4/1/2009HouseArrived in House 4/1/2009HousePlaced on Calendar Order of First Reading 4/1/2009HouseChief House Sponsor Rep. Angelo Saviano 4/1/2009HouseFirst Reading 4/1/2009HouseReferred to Rules Committee 4/2/2009HouseAdded Alternate Chief Co-Sponsor Rep. Kathleen A. Ryg 4/20/2009HouseAssigned to Executive Committee 5/8/2009HouseCommittee/Final Action Deadline Extended-9(b) May 22, 2009 5/13/2009HouseAdded Alternate Chief Co-Sponsor Rep. Elaine Nekritz 5/22/2009HouseFinal Action Deadline Extended-9(b) May 29, 2009 5/29/2009HouseFinal Action Deadline Extended-9(b) May 31, 2009 5/31/2009HouseRule 19(a) / Re-referred to Rules Committee 9/29/2009HouseAdded Alternate Co-Sponsor Rep. Karen May 9/30/2009HouseFinal Action Deadline Extended-9(b) November 30, 2009 9/30/2009HouseAssigned to Personnel and Pensions Committee 12/1/2009HouseRule 19(b) / Re-referred to Rules Committee 1/12/2011SenateSession Sine Die