Illinois General Assembly - Illinois Compiled Statutes

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Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

25 ILCS 55/3

(25 ILCS 55/3) (from Ch. 63, par. 42.43)

Sec. 3. Content of pension impact note.

(a) The pension impact note shall be factual in nature, as brief and
concise as may be, and shall provide a reliable estimate of the impact of the bill on
any public pension systems to be effected by it, in dollars where appropriate,
and, in addition,
it shall include both the immediate effect and, if determinable or reasonably
foreseeable,
the long range effect of the measure. If, after careful investigation, it
is determined that no
dollar estimate is possible, the note shall contain a statement to that effect, setting
forth the reasons why no dollar estimate can be given.  A brief summary or work sheet
of computations used in arriving at pension impact note figures shall be included.

(b) The pension impact note for any legislation or amendment that the Commission on Government Forecasting and Accountability determines would result in an increase in benefits or increased costs to a pension fund established under Article 3 or 4 of the Illinois Pension Code may demonstrate the fiscal impact of the legislation being considered on selected individual municipalities with such pension funds.

(Source: P.A. 95-950, eff. 8-29-08.)