40 ILCS 5/12-149
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 12 - Park Employees' And Retirement Board Employees' Annuity And Benefit Fund--Cities Over 500,000

   (from Ch. 108 1/2, par. 12-149)Sec. 12-149. Financing.(a) The board of park commissioners of any such  park district shall annually levy a tax (in addition to the taxes now  authorized by law) upon all taxable property embraced in the district,  at the rate which, when added to the employee contributions under this  Article and applied to the fund created  hereunder, shall be sufficient to provide for the purposes of this  Article in accordance with the provisions thereof.  Such tax shall be  levied and collected with and in like manner as the general taxes of  such district, and shall not in any event be included within any  limitations of rate for general park purposes as now or hereafter  provided by law, but shall be excluded therefrom and be in addition  thereto.The amount of such annual tax to and including the year 1977  shall not exceed .0275% of the value, as equalized or assessed by the  Department of Revenue, of all taxable property embraced  within the park district, provided that for the year 1978, and for each  year thereafter, the amount of such annual tax shall be at a rate on the  dollar of assessed valuation of all taxable property that will produce,  when extended, for the year 1978 the following sum: 0.825 times the  amount of employee contributions during the fiscal year 1976; for the  year 1979, 0.85 times the amount of employee contributions during the  fiscal year 1977; for the year 1980, 0.90 times the amount of employee  contributions during the fiscal year 1978; for the year 1981, 0.95 times  the amount of employee contributions during the fiscal year 1979; for the year  1982, 1.00 times the amount of employee contributions during the fiscal year  1980; for the year 1983, 1.05 times the amount of contributions made on behalf  of employees during the fiscal year 1981; and for the year 1984 and each year  thereafter through the year 2019, an amount equal to 1.10 times the employee contributions during the  fiscal year 2-years prior to the year for which the applicable tax is levied.  Beginning in levy year 2020, and in each year thereafter, the levy shall not exceed the amount of the Park District's total required contribution to the Fund for the next payment year, as determined under this subsection.  Beginning payment year 2021, the Park District's required annual contribution shall be as follows:For payment year 2021, the Park District's required annual contribution to the Fund shall be one-fourth of the amount, as determined by an actuary retained by the Fund, equal to the sum of (i) the Park District's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined by an actuary retained by the Fund, using a 35-year period starting on December 31, 2020 with the entry age normal actuarial cost method,  that is sufficient to bring the total actuarial assets of the Fund up to 100% of the total actuarial accrued liabilities of the Fund by the end of 2055.For payment year 2022, the Park District's required annual contribution to the Fund shall be one-half of the amount, as determined by an actuary retained by the Fund, equal to the sum of (i) the Park District's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined by an actuary retained by the Fund, using a 35-year period starting on December 31, 2021 with the entry age normal actuarial cost method,  that is sufficient to bring the total actuarial assets of the Fund up to 100% of the total actuarial accrued liabilities of the Fund by the end of 2056.For payment year 2023, the Park District's required annual contribution to the Fund shall be three-fourths of the amount, as determined by an actuary retained by the Fund, equal to the sum of (i) the Park District's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined by an actuary retained by the Fund, using a 35-year period starting on December 31, 2022 with the entry age normal actuarial cost method,  that is sufficient to bring the total actuarial assets of the Fund up to 100% of the total actuarial accrued liabilities of the Fund by the end of 2057.For payment years 2024 through 2058, the Park District's required annual contribution to the Fund shall be the amount, as determined by an actuary retained by the Fund, equal to the sum of  (i) the Park District's portion of the projected normal cost for that fiscal year, plus (ii) an amount determined by an actuary retained by the Fund, using a 35-year period starting on December 31, 2023 with the entry age normal actuarial cost method,  that is sufficient to bring the total actuarial assets of the Fund up to 100% of the total actuarial accrued liabilities of the Fund by the end of 2058.For payment year 2059 and each year thereafter, the Park District's required annual contribution to the Fund shall be the amount, as determined by an actuary retained by the Fund, if any, needed to bring the total actuarial assets of the Fund up to 100% of the total actuarial accrued liabilities of the Fund, using the entry age normal actuarial cost method,   as of the end of the year.In making determinations under this subsection, any actuarial gains or losses from investment returns that differ from the  expected investment returns incurred in a fiscal year shall be recognized in equal annual amounts over the 5-year period following the fiscal year.As used in this Section, "payment year" means the year immediately following the levy year.(b) In addition to the contributions required under the other provisions of this Article, no later than November 1, 2021 the employer shall contribute $40,000,000 to the Fund. The additional employer contributions required under this subsection (b) are intended to decrease the unfunded liability of the Fund and shall not decrease the amount of the employer contributions required under the other provisions of this Article. The additional employer contributions made under this subsection (b) may be used by the Fund for any of its lawful purposes.(c) As used in this Section, the term "employee contributions" means contributions  by employees for retirement annuity, spouse's annuity, automatic increase in  retirement annuity, and death benefit.In making required contributions under this Section, the employer may, in lieu of levying all or a portion of the tax required under this Section, deposit an amount not less than the required amount of employer contributions derived from any source legally available for that purpose.(d) In respect to park district employees, other than policemen, who are  transferred to the employment of a city by virtue of the "Exchange of  Functions Act of 1957", the corporate authorities of the city shall  annually levy a tax upon all taxable property embraced in the city, as  equalized or assessed by the Department of Revenue, at such rate per  cent of the value of such property as shall be sufficient, when added  to the amounts deducted from the salary or wages of such employees, to  provide the benefits to which such employees, their dependents and  beneficiaries are entitled under the provisions of this Article.  The  park district shall not levy a tax hereunder in respect to such  employees.  The tax levied by the city under authority of this Article  shall be in addition to and exclusive of all other taxes authorized by  law to be levied by the city for corporate, annuity fund or other  purposes.(e) All moneys accruing from the levy and collection of taxes, pursuant  to this section, shall be remitted to the board by the employers as soon  as they are received. Where a city has levied a tax pursuant to this  Section in respect to park district employees transferred to the  employment of a city, the treasurer of such city or other authorized  officer shall remit the moneys accruing from the levy and collection of  such tax as soon as they are received. Such remittances shall be made  upon a pro rata share basis, whereby each employer shall pay to the  board such employer's proportionate percentage of each payment of taxes  received by it, according to the ratio which its tax levy for this fund  bears to the total tax levy of such employer.(f) Should any board of park commissioners included under the provisions  of this Article be without authority to levy the tax provided in this  Section the corporation authorities (meaning the supervisor, clerk and  assessor) of the town or towns for which such board shall be the board  of park commissioners shall levy such tax.(g) Employer contributions to the Fund may be reduced by $5,000,000 for  calendar years 2004 and 2005.  (Source: P.A. 102-263, eff. 8-6-21.)