92nd General Assembly
Status of HB4449
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Summary

   40 ILCS 5/7-116           from Ch. 108 1/2, par. 7-116                      
   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                    
   40 ILCS 5/7-144.3         from Ch. 108 1/2, par. 7-144.3                    
   40 ILCS 5/7-152           from Ch. 108 1/2, par. 7-152                      
   40 ILCS 5/7-156           from Ch. 108 1/2, par. 7-156                      
   40 ILCS 5/7-169           from Ch. 108 1/2, par. 7-169                      
   40 ILCS 5/7-173.1         from Ch. 108 1/2, par. 7-173.1                    
   30 ILCS 805/8.26 new                                                        

        Amends the Illinois Municipal Retirement Fund (IMRF)  Article  of      
   the  Illinois  Pension  Code.    Allows  a  sheriff's  law enforcement      
   employee (SLEP) to convert up to 10 years of non-SLEP  service  credit      
   into  SLEP  credit by paying the difference in employee contributions,      
   plus interest.  Increases the SLEP retirement formula to 2.5%  of  the      
   final rate of earnings for each year of SLEP service.  Allows a person      
   with at least 20 years of SLEP credit to have the pension based on his      
   or  her salary rate on the last day of SLEP service.  Compounds the 3%      
   annual increase in retirement annuities for SLEPs  who  retire  on  or      
   after  January 1, 2003; specifies that those retirees do not receive a      
   supplemental benefit  payment  (13th  check).    Increases  the  basic      
   disability  benefit  for  a  sheriff's  law enforcement employee whose      
   disability is the result of sickness, accident, or injury incurred  in      
   or  resulting  from the performance of an act of duty, from 50% to 65%      
   of the final rate of earnings.  Increases the  SLEP  surviving  spouse      
   benefit to 66% of the deceased SLEP's retirement annuity.  Removes the      
   2-year  service requirement for earning new benefits after a return to      
   service as a SLEP.  Increases  the  additional  employee  contribution      
   paid  by  SLEPs  to  3.1% of salary.  Also eliminates the reduction in      
   benefit imposed on a surviving spouse who is more than 5 years younger      
   than the deceased member, for the surviving spouse of any  member  who      
   dies on or after the effective date.  Amends the State Mandates Act to      
   require implementation without reimbursement.  Effective immediately.       
          PENSION NOTE (Pension Laws Commission)                               
          According to IMRF, when calculated individually, the SLEP bene-      
          fit increases contained in HB 4449 would increase the accrued        
          liabilities of the Fund by $126.5 million. The corresponding         
          increase in average annual cost (including normal cost) is           
          estimated to be 7.34% of payroll for SLEP employers, assuming        
          amortization of the increase in accrued liabilities over 30          
          years. This cost would be reduced by a savings of 0.62% of           
          payroll from discontinuing the supplemental benefit payment and      
          by 1.1% due to increased employee contributions. Therefore,          
          when calculated individually, the total annual cost associated       
          with the benefit increases provided in HB 4449 is estimated to       
          be 5.62% of payroll for SLEP employers. If the cost of the           
          benefits contained in HB 4449 were calculated together, the          
          increase in the accrued liabilities of IMRF and the increase in      
          annual employer cost may be significantly higher than those          
          outlined as if calculated individually. The required contri-         
          butions (as a percent of payroll) may vary widely among              
   FEB-01-2002  H  FILED WITH CLERK                                               
   FEB-04-2002  H  FIRST READING                                                  
   FEB-04-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   MAR-28-2002  H                        PENSION NOTE FILED                       
   MAR-28-2002  H                   COMMITTEE               RULES                 
   APR-16-2002  H  ADDED AS A JOINT SPONSOR                 BRADY                 
   APR-17-2002  H  ADDED AS A CO-SPONSOR                    FRANKS                
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary