Bill Status of SB2362 94th General Assembly
Short Description: PEN CD-IMRF-FORMULA INCREASE
Sen. Iris Y. Martinez
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the IMRF Article of the Illinois Pension Code. Increases 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 January 1, 2007. For service earned before January 1, 2007, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 0.5% of earnings, beginning January 1, 2007. Effective immediately.
|Date||Chamber|| Action|| 1/18/2006||Senate||Filed with Secretary by Sen. Iris Y. Martinez|| 1/18/2006||Senate||First Reading|| 1/18/2006||Senate||Referred to Rules|| 1/9/2007||Senate||Session Sine Die|