Illinois General Assembly - Bill Status for SB0307

Synopsis As Introduced
Amends the IMRF Article of the Illinois Pension Code. Provides that, by filing a resolution or ordinance with the Fund, an employer may increase the regular retirement formula to 1.96% of final earnings for the first 15 years of service and 2.28% of final earnings for each additional year of service, for service earned on or after the filing of the resolution or ordinance. For service earned before the filing of the resolution or ordinance, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate for employees of an employer that files a resolution or ordinance to increase the regular retirement formula, by 0.5% of earnings. Effective immediately.

Actions

Date	Chamber	Action
2/15/2005	Senate	Filed with Secretary by Sen. Iris Y. Martinez
2/15/2005	Senate	First Reading
2/15/2005	Senate	Referred to Rules
1/9/2007	Senate	Session Sine Die

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