92nd General Assembly
Status of SB0779
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 Full Text  Bill Summary

   40 ILCS 5/7-141           from Ch. 108 1/2, par. 7-141                      
   40 ILCS 5/7-142           from Ch. 108 1/2, par. 7-142                      
   40 ILCS 5/7-168           from Ch. 108 1/2, par. 7-168                      
   40 ILCS 5/7-174           from Ch. 108 1/2, par. 7-174                      
   30 ILCS 805/8.25 new                                                        

        Amends the IMRF Article of the Illinois  Pension  Code.   Changes      
   the  vesting  requirement  for a retirement annuity from 8 years to 5.      
   Makes a corresponding change in one part of  the  retirement  formula.      
   Authorizes  the  Fund to pay interest on separation benefits.  Changes      
   the service requirement for being a member of the Board  of  Trustees,      
   from  8  years  to  5.   Amends  the  State  Mandates  Act  to require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          IMRF estimates the cost of changing the vesting period to 5          
          years to be 0.63% of payroll. There would be a fiscal impact         
          associated with the other provisions of SB 779; however, the         
          cost has not been determined.                                        
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               INS & PENS.           
   MAR-06-2001  S       TO SUBCOMMITTEE                                           
   MAR-12-2001  S                        PENSION NOTE FILED AS INTRODUCED         
   MAR-12-2001  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