92nd General Assembly
Status of SB0141
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 Full Text  Bill Summary

   40 ILCS 5/8-243.2         from Ch. 108 1/2, par. 8-243.2                    
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Municipal  Article  of  the  Illinois  Pension      
   Code.   Allows  elected  city  officials  to  retire under the special      
   formula at age 55 rather than age 60.   Allows  participation  in  the      
   special  formula  by the city clerk and city treasurer, and by persons      
   holding elected city office on June 1, 1995 who  so  elect  within  30      
   days.  Amends the State Mandates Act to require implementation without      
   reimbursement.  Effective immediately.                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          There would be a fiscal impact associated with SB 141, but it        
          has not been calculated. As members of the Chicago Municipal         
          Employees' Fund, Chicago aldermen who were in office on April        
          30, 1991, had the option to elect to participate in an optional      
          plan of additional benefits and contributions. The additional        
          contribution is 3% of salary, and the alternative benefit for-       
          mula is 3% of salary at the time of termination for each of the      
          first eight years of service credit, plus 4% for each of the         
          next four years and 5% for years in excess of twelve, subject        
          to a maximum of 80% of final salary.                                 
   FEB-01-2001  S  FIRST READING                                                  
   FEB-01-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-21-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   FEB-27-2001  S                        PENSION NOTE FILED                       
   MAR-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-06-2001  S                   COMMITTEE               INS & PENS.           
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary