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
END OF INQUIRY
Full Text Bill Summary