92nd General Assembly
Status of HB3625
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 Full Text  Bill Summary

   40 ILCS 5/7-132           from Ch. 108 1/2, par. 7-132                      

        Amends the Illinois Municipal  Retirement  Fund  Article  of  the      
   Illinois  Pension  Code  to authorize participation in the Fund by the      
   employees of a charter school who are not eligible to  participate  in      
   any  other  pension  fund  or  retirement system established under the      
   Code.  Effective immediately.                                               
          PENSION IMPACT NOTE (Pension Laws Commission)                        
          Employees of employers joining IMRF receive credit (without          
          making contributions) for 5 years or 20% of service with the         
          employer, whichever is less. Upon joining IMRF, a charter            
          school would be required to make annual contributions to             
          amortize the unfunded liability (over 10 years) created by           
          employees' past service credit. The resulting increase in un-        
          funded liability and associated annual costs cannot be deter-        
          mined, as the amount of outstanding service that would be            
          granted to employees of charter schools is unknown. Allowing         
          certain employees of charter schools into IMRF would not affect      
          the accrued liability or annual cost of any other IMRF employ-       
   MAY-21-2001  H  FILED WITH CLERK                                               
   MAY-21-2001  H  FIRST READING                                                  
   MAY-21-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   NOV-19-2001  H                        PENSION NOTE FILED                       
   NOV-19-2001  H                   COMMITTEE               RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary