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
END OF INQUIRY
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