92nd General Assembly
Status of SB0478
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 Full Text  Bill Summary

   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.      
   Effective immediately.                                                      
          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                                               


 Full Text  Bill Summary