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CATEGORIES:Events
SUMMARY:The New Pension Law: How It Affects You and Your Officers
LOCATION:ISU Alumni Center\, 1101 North Main St\, Normal, IL 61761\, United States
DESCRIPTION:
ILACP Training Seminar:
“The New Pens
ion Law: How It Affects You and Your Officers.”
Description:
Governor Rauner signed HB 418 on August 24, 2
017, after its sponsor, Rep. Grant Wehrli, engaged in negotiations with the
Illinois Chiefs for three years on variations of this bill. It is now Pub
lic Act 100-0281. It affects police pensions, and we continue to hear q
uestions about exactly what this law does and what happens when the changes
take effect on January 1, 2019.
This three-hour seminar is designed
to answer those questions. Participants will learn:
- Exactly what
this bill says about your pension
- What municipalities must do in s
etting up a defined contribution
- How the law affects sworn officers
entering service after the effective date of this law
- The funding
impact the law will have on the Article 3 pension funds.
- Informati
on about benefits (Tier 1 vs Tier 2, calculations for retirement/disability
/survivors, contribution refunds, taxes, QILDROs, transfers and purchases o
f service)
- Actuarial information (developing sound funding policies
, impact of statutory changes, GASB)
- Answers to your questions &nda
sh; you can ask questions in advance when you register, and there will be a
Q&A at each location.
- A brief history of the politics that led
to the “Wehrli bill” and the final language in this law, poten
tial changes to the law in the future for better or for worse, and why only
police chiefs (not fire chiefs, teachers, and others) were included.
<
/ul> Main presenter:
- Allison Bar
rett, Director, Lauterbach & Amen
- Other presenters have bee
n invited to address specific topics
- ILACP leaders will describe th
e “Illinois politics” behind this law as well as bills and idea
s that could affect us.
CONTACT:Carmen J. Kent - ckent@ilchiefs.org - 217-523-3765
DTSTAMP:20240328T082302
DTSTART;TZID=America/Chicago:20181112T140000
DTEND;TZID=America/Chicago:20181112T170000
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