40 ILCS 5/7-141 from Ch. 108 1/2, par. 7-141
40 ILCS 5/7-142 from Ch. 108 1/2, par. 7-142
40 ILCS 5/7-174 from Ch. 108 1/2, par. 7-174
30 ILCS 805/8.26 new
Amends the IMRF Article of the Illinois Pension Code. Changes
the vesting requirement for a retirement annuity from 8 years to 5.
Makes a corresponding change in one part of the retirement formula.
Changes the service requirement for being a member of the Board of
Trustees, from 8 years to 5. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
PENSION IMPACT NOTE (Pension Laws Commission)
IMRF estimates the cost of changing the vesting period from 8
to 5 years to be 0.63% of payroll. The effect of the change
will differ among municipal employees.
SEP-25-2001 H FILED WITH CLERK
NOV-07-2001 H FIRST READING
NOV-07-2001 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
END OF INQUIRY
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