SB 3403 — PEN CD-BD OF INVESTMENT AUDIT

SB3403 EngrossedEnrolled LRB104 19237 RPS 32683 b AN ACT concerning public employee benefits.

The Illinois Pension Code is amended by changing SectionSections 4-110 and 22A-115 as follows:

(40 ILCS 5/22A-115)5/4-110) (from Ch.

4-110) Sec.

4-110.

Disability pension;

line pension - Line of duty.

If a firefighter, as the result of sickness, accident or injury incurred in or resulting from the performance of an act of duty or from the cumulative effects of acts of duty, is found, pursuant to Section 4-112, to be physically or mentally permanently disabled for service in the fire department, so as to render necessary his or her being placed on disability pension, the firefighter shall be entitled to a disability pension equal to the greater of (1) 65% of the monthly salary attached to the rank held by him or her in the fire department at the date he or she is removed from the municipality's fire department payroll or (2) the retirement pension that the firefighter would be eligible to receive if he or she retired (but not including any automatic annual increase in that retirement pension).

A firefighter shall be considered "on duty" while on any assignment approved by the chief of the fire department, even though away from the municipality he or she SB3403 Enrolled - 2 - LRB104 19237 RPS 32683 b serves as a firefighter, if the assignment is related to the fire protection service of the municipality.

Such firefighter shall also be entitled to a child's disability benefit of $20 a month on account of each unmarried child less than 18 years of age and dependent upon the firefighter for support, either the issue of the firefighter or legally adopted by him or her.

The total amount of child's disability benefit payable to the firefighter, when added to his or her disability pension, shall not exceed 75% of the amount of salary which the firefighter was receiving at the date of retirement.

Benefits payable on account of a child under this Section shall not be reduced or terminated by reason of the child's attainment of age 18 if he or she is then dependent by reason of a physical or mental disability but shall continue to be paid as long as such dependency continues.

Individuals over the age of 18 and adjudged to be disabled persons pursuant to Article XIa of the Probate Act of 1975, except for persons receiving benefits under Article III of the Illinois Public Aid Code, shall be eligible to receive benefits under this Act.

If a firefighter dies while still disabled and receiving a disability pension under this Section, the disability pension shall continue to be paid to the firefighter's survivors in the sequence provided in Section 4-114.

The disability pension under this Section that continues SB3403 Enrolled - 3 - LRB104 19237 RPS 32683 b to be paid to the firefighter's survivors shall be increased to $50,051.76 and adjusted by a simple 3% increase annually from the initial adjustment if all of the following conditions are met:

(1) the firefighter died in 2023;

(2) the firefighter died less than 6 months before his or her 60th birthday;

and (3) by no later than one year after the effective date of this amendatory Act of the 104th General Assembly, the board of trustees of the fire protection district adopted an ordinance or resolution granting the increase.

A pension previously granted under Section 4-114 to a survivor of a firefighter who died while receiving a disability pension under this Section shall be deemed to be a continuation of the pension provided under this Section and shall be deemed to be in the nature of worker's compensation payments.

The changes to this Section made by this amendatory Act of 1995 are intended to be retroactive and are not limited to persons in service on or after its effective date.

(Source:

P.A.

93-1090, eff.

3-11-05.) (40 ILCS 5/22A-115) (from Ch.

108 1/2, par.

The audit opinion shall be SB3403 Enrolled - 4 - LRB104 19237 RPS 32683 b published as a part of the annual report of the board.

SB3403 Engrossed - 2 - LRB104 19237 RPS 32683 b An annual report shall be prepared by the board for submission to each pension fund, retirement system or education fund under its jurisdiction within 6 months after the close of each fiscal year, except that the board shall not be considered in violation of this provision if the board has not received the audit opinion required pursuant to this Section by December 15.

(a) a listing of the investments held by the board as at the end of the year showing their book values and market values SB3403 Enrolled - 5 - LRB104 19237 RPS 32683 b and their income yields on market values;

and (g) a listing of the names of securities brokers and SB3403 Engrossed - 3 - LRB104 19237 RPS 32683 b dealers dealt with during the year showing the total amount of commissions received by each on transactions with the board.

84-1127.) Section 99.90.

The State Mandates Act is amended by adding Section 8.50 as follows:

(30 ILCS 805/8.50 new) Sec.

8.50.

Exempt mandate.

Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 104th General Assembly.

Section 99.

This Act takes effect upon SB3403 Enrolled - 6 - LRB104 19237 RPS 32683 b becoming law.