92nd General Assembly
Status of SB0477
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 Full Text  Bill Summary

   40 ILCS 5/11-134          from Ch. 108 1/2, par. 11-134                     
   40 ILCS 5/11-145.1        from Ch. 108 1/2, par. 11-145.1                   
   30 ILCS 805/8.25 new                                                        

        Amends the Chicago Laborer Article of the Illinois Pension Code.       
   Increases the minimum retirement and  widow's  annuities  for  certain      
   classes  of  annuitants,  beginning January 1, 2002.  Amends the State      
   Mandates  Act  to  require   implementation   without   reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          According to the Funds' actuary, SB 477 would increase the           
          accrued liability by an estimated $73.6 million. Although the        
          increase in annual normal cost is estimated to be $161,000,          
          there would be no increase in the required annual contribu-          
          tions, because as of December 31, 1999, the Chicago Laborers'        
          Pension Fund was funded at 129.1%, with assets $380.9 million        
          higher than accrued liabilities.                                     
   FEB-20-2001  S  FIRST READING                                                  
   FEB-20-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-01-2001  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