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
END OF INQUIRY
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