Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that amends the pension code for the City of Chicago.

Highlights:

• Amends the calculation for the annual amount of contributions the City of Chicago is required to pay to the following pension funds (Sec. 10):
• The Municipal Employees', Officers', and Officials' Annuity and Benefit Fund; and
• Laborers' and Retirement Board Employees' Annuity and Benefit Fund.

• Authorizes the Fund to notify the State Comptroller if the City of Chicago fails to pay the contribution amount required by this bill (Sec. 10).

• Requires the State Comptroller to deduct up to the following proportions of state funds allocated to the City of Chicago if the Fund notifies the State Comptroller that the City has failed to pay the amount required by this bill (Sec. 10):
• 1/3 of the total amount of any grants of State funds to the City in payment year 2016;
• 2/3 of the total amount of any grants of State funds to the City in payment year 2017; and
• The total amount of any grants of State funds to the City in payment year 2018 and each following year.

• Authorizes the Court to order a reasonable payment schedule to enable the City of Chicago to make the payments required by this bill if the payments would not significantly “imperil the public health, safety, or welfare” (Sec. 10).

• Prohibits the Fund from increasing the benefits for all individuals in the following years, unless the individual’s annual amount of annuity is less than $22,000 (Sec. 10):
• 2017;
• 2019; and
• 2025.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends the pension code for the City of Chicago.

Highlights:

• Amends the calculation for the annual amount of contributions the City of Chicago is required to pay to the following pension funds (Sec. 10):
• The Municipal Employees', Officers', and Officials' Annuity and Benefit Fund; and
• Laborers' and Retirement Board Employees' Annuity and Benefit Fund.

• Authorizes the Fund to notify the State Comptroller if the City of Chicago fails to pay the contribution amount required by this bill (Sec. 10).

• Requires the State Comptroller to deduct up to the following proportions of state funds allocated to the City of Chicago if the Fund notifies the State Comptroller that the City has failed to pay the amount required by this bill (Sec. 10):
• 1/3 of the total amount of any grants of State funds to the City in payment year 2016;
• 2/3 of the total amount of any grants of State funds to the City in payment year 2017; and
• The total amount of any grants of State funds to the City in payment year 2018 and each following year.

• Authorizes the Court to order a reasonable payment schedule to enable the City of Chicago to make the payments required by this bill if the payments would not significantly “imperil the public health, safety, or welfare” (Sec. 10).

• Prohibits the Fund from increasing the benefits for all individuals in the following years, unless the individual’s annual amount of annuity is less than $22,000 (Sec. 10):
• 2017;
• 2019; and
• 2025.

Full Bill Text