92nd General Assembly
Status of SB0486
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 Full Text  Bill Summary

   40 ILCS 5/9-134           from Ch. 108 1/2, par. 9-134                      
   40 ILCS 5/9-146.1         from Ch. 108 1/2, par. 9-146.1                    
   30 ILCS 805/8.25 new                                                        

        Amends the Cook County Article of the Illinois Pension Code.           
   Increases the retirement formula to 2.4% of average salary for each         
   year of service for persons with at least 10 years of service.              
   Increases the widow's annuity for certain surviving spouses of members      
   who die on or after January 1, 2001. Amends the State Mandates Act to       
   require implementation without reimbursement. Effective immediately.        
          PENSION NOTE (Illinois Pension Laws Commission)                      
          SB 486 would increase the accrued liability of the Fund by           
          $180 million. The payment required to amortize the increase in       
          accrued liability over 40 years is $15.2 million, and the in-        
          crease in annual normal cost is $13.7 million. Therefore, the        
          increase in first year cost is $28.8 million, or 2.70% of            
          payroll. Annual costs 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