40 ILCS 5/9-134.4 new
30 ILCS 805/8.25 new
Amends the Cook County Article of the Illinois Pension Code.
Provides a program of early retirement incentives for certain persons
who retire between June 1, 2002 and November 30, 2002. Increases the
retirement annuity by 10% of average salary and removes the reduction
in annuity due to retirement before age 60. Also applies to the
Article 10 pension fund. Amends the State Mandates Act to require
implementation without reimbursement. Effective immediately.
PENSION NOTE (Illinois Pension Laws Commission)
The Fund's actuary has estimated that providing an ERI and
extending the optional plan (per SB 484) would increase the
accrued liability of the Fund by $225 million. The estimated
increase in total annual cost is $26.7 million, or 2.30% of
payroll. The impact of only providing the ERI has not been cal-
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
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
Full Text Bill Summary