92nd General Assembly
Status of HB0963
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 Full Text  Bill Summary

   40 ILCS 5/7-142           from Ch. 108 1/2, par. 7-142                      
   40 ILCS 5/7-142.1         from Ch. 108 1/2, par. 7-142.1                    
   30 ILCS 805/8.25 new                                                        

        Amends the Illinois Municipal  Retirement  Fund  Article  of  the      
   Illinois  Pension  Code.   Increases the regular retirement formula to      
   2.0% of  the  final  rate  of  earnings  for  each  year  of  service.      
   Increases  the  SLEP  retirement  formula to 2.5% of the final rate of      
   earnings for each year of SLEP service.  Amends the State Mandates Act      
   to  require   implementation   without   reimbursement.      Effective      
          PENSION IMPACT NOTE, REVISED (Illinois Pension Laws Commission)      
          According to IMRF, HB 0963 would increase the accrued liabili-       
          ties of the Fund by $716.6 million ($698.9 million for regular       
          members and $17.7 million for SLEP members). The estimated in-       
          crease in average annual cost is 2.20% of salary for regular         
          IMRF employers and 1.10% for SLEP employers, assuming the pay-       
          ment of the normal cost plus the amortization of the increase        
          in accrued liabilities over 30 years.                                
   FEB-08-2001  H  FILED WITH CLERK                                               
   FEB-08-2001  H  FIRST READING                                                  
   FEB-08-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-15-2001  H       ASSIGNED TO COMMITTEE               PERS PENSION          
   MAR-01-2001  H  ADDED AS A JOINT SPONSOR                 LYONS,EILEEN          
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   MAY-08-2001  H  ADDED AS A CO-SPONSOR                    FRANKS                
   NOV-06-2001  H                        PENSION NOTE FILED                       
   NOV-06-2001  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary