40 ILCS 5/11-145.1 from Ch. 108 1/2, par. 11-145.1
30 ILCS 805/8.25 new
Amends the Chicago Laborers Article of the Illinois Pension Code.
Creates an additional formula for determining the annuity payable to
the widows of certain employees who have at least 10 years of service
and have been married for at least 10 years. Amends the State
Mandates Act to require implementation without reimbursement.
PENSION NOTE (Pension Laws Commission)
SB 478 would increase the accrued liability by an estimated
$89.2 million. Although the increase in annual normal cost is
estimated to be $1.2 million, there would be no increase in the
required annual contribution, 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-27-2001 S PENSION NOTE FILED
FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS.
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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