Illinois 103rd Regular Session Status: Introduced 1 D cosponsors

SB 2435 — PEN CD-COOK COUNTY-FUNDING

Last action — Referred to Assignments

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  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 103rd Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Cook County Article of the Illinois Pension Code. Provides that beginning in levy year 2024, the County shall levy a tax annually at a rate on the dollar of the value, as equalized or assessed by the Department of Revenue of all taxable property within the County that will produce, when extended, an amount equal to no less than the amount of the County's total required contribution to the Fund for the next payment year. Provides that for payment years 2025 through 2055, the County's required annual contributions to the Fund shall be the amount determined by the Fund to be equal to the sum of (i) the projected normal cost for pensions for that fiscal year, plus (ii) a projected unfunded actuarial accrued liability amortization payment for pensions for the fiscal year, plus (iii) projected expenses for that fiscal year, plus (iv) interest to adjust for payment pattern during the fiscal year, minus (v) projected employee contributions for that fiscal year. Specifies a formula for payment years after 2055. Provides that, in lieu of levying all or a portion of the tax required, the County may deposit with the County treasurer for the benefit of the Fund an amount that, together with the taxes levied for that year, is not less than the amount of the County contributions for that year as certified by the Board of Trustees of the Fund to the County board. Provides that the County may continue to use other lawfully available funds to make the contribution in lieu of all or part of the levy. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State.

Bill Text

Action History

  1. Referred to Assignments

  2. First Reading

  3. Filed with Secretary by Sen. Robert F. Martwick

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 182 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance labor
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Frequently asked questions

What does SB 2435 do?
Amends the Cook County Article of the Illinois Pension Code. Provides that beginning in levy year 2024, the County shall levy a tax annually at a rate on the dollar of the value, as equalized or assessed by the Department of Revenue of all taxable property within the County that will produce, when extended, an amount equal to no less than the amount of the County's total required contribution to the Fund for the next payment year. Provides that for payment years 2025 through 2055, the County's required annual contributions to the Fund shall be the amount determined by the Fund to be equal to the sum of (i) the projected normal cost for pensions for that fiscal year, plus (ii) a projected unfunded actuarial accrued liability amortization payment for pensions for the fiscal year, plus (iii) projected expenses for that fiscal year, plus (iv) interest to adjust for payment pattern during the fiscal year, minus (v) projected employee contributions for that fiscal year. Specifies a formula for payment years after 2055. Provides that, in lieu of levying all or a portion of the tax required, the County may deposit with the County treasurer for the benefit of the Fund an amount that, together with the taxes levied for that year, is not less than the amount of the County contributions for that year as certified by the Board of Trustees of the Fund to the County board. Provides that the County may continue to use other lawfully available funds to make the contribution in lieu of all or part of the levy. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement by the State.
Who sponsors SB 2435?
SB 2435 is sponsored by Robert F. Martwick (Democrat).
What is the current status of SB 2435?
This bill died with 103rd Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 2435?
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Last checked for changes 3 months ago · updated continuously

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