House Sponsors: CAPPARELLI-SAVIANO-MCAULIFFE-BUGIELSKI-MOORE,EUGENE AND LYONS,JOSEPH. Senate Sponsors: MAITLAND-MOLARO Short description: PEN CD-CHGO PARK-EARLY RETMT Synopsis of Bill as introduced: Amends the Chicago Park District Article of the Pension Code. Provides an early retirement program for certain employees who withdraw from service on or after August 31, 1998 and no later than December 31, 1998. Allows the retiree to establish up to 5 years of additional service credit; requires an additional employee contribution. Also expands the investment authority of the Board. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE Participation rate is estimated at 30%, for an increase in accrued liability of $4.6 M; to amortize over 10 years, an annual contribution is $508,000. Annual investment return may be increased. HOUSE AMENDMENT NO. 1. Deletes reference to: 40 ILCS 5/12-133.5 new 40 ILCS 5/12-166 from Ch. 108 1/2, par. 12-166 30 ILCS 805/8.22 new Adds reference to: 40 ILCS 5/15-102 from Ch. 108 1/2, par. 15-102 Deletes everything. Amends the State Universities Article of the Pension Code to make a technical correction in a cross reference relating to definitions. Effective immediately. PENSION NOTE, AMENDED No change from previous pension note. HOUSE AMENDMENT NO. 2. Deletes reference to: 40 ILCS 5/15-102 from Ch. 108 1/2, par. 15-102 Adds reference to: 40 ILCS 5/12-133.5 new 40 ILCS 5/12-166 from Ch. 108 1/2, par. 12-166 30 ILCS 805/8.22 new Deletes everything. Amends the Chicago Park District Article of the Pension Code. Provides an early retirement program for certain employees who withdraw from service on or after August 31, 1998 and no later than December 31, 1998. Allows the retiree to establish up to 5 years of additional service credit; requires an additional employee contribution. Also expands the investment authority of the Board. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status