PEN CD-ART 4-40 YEAR AMORTIZTN

Amends the Downstate Firefighter 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 the date it is determined to be unfunded by the Division of Insurance of the Department of Financial and Professional Regulation, by an enrolled actuary employed by the Division of Insurance, or by an enrolled actuary retained by the pension fund or the municipality (was, from July 1, 1993). Effective immediately.