92nd General Assembly
Status of SB0483
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 Full Text  Bill Summary

   40 ILCS 5/9-134           from Ch. 108 1/2, par. 9-134                      
   30 ILCS 805/8.25 new                                                        

        Amends the Cook County Article  of  the  Illinois  Pension  Code.      
   Provides  that  a deputy sheriff or a correctional officer who retires      
   on or after July 1, 2001 with 20 or more years of service may elect to      
   receive an alternate annuity.   Provides  that  a  deputy  sheriff  or      
   correctional  officer  who  makes  such  an election is ineligible for      
   certain optional credit.  Amends the State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Illinois Pension Laws Commission)                      
          SB 483 would increase the accrued liability of the fund by an        
          estimated $53.4 million. The annual payment needed to amortize       
          the estimated increase in unfunded liability over 40 years is        
          $4.5 million, and the estimated annnual increase in normal cost      
          is $4.1 million. Therefore, the estimated increase in total          
          annual cost is $8.6 million, or 0.74% of payroll. The annual         
          cost will increase commensurate with payroll.                        
   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-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-19-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-19-2001  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