House Sponsors: SMITH,MICHAEL. Short description: PEN CD-IMRF-VESTING-REFUNDS Synopsis of Bill as introduced: 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. With respect to persons establishing service credit for periods spent on a leave of absence, removes a provision requiring application within 2 years. 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) The estimated cost of changing the vesting period to 5 years would be 0.63% of payroll. There is a fiscal impact associated with other provisions of the bill; however, the cost has not been determined. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status