Illinois General Assembly - Bill Status for SB2362

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Bill Status of SB2362 94th General Assembly

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Short Description: PEN CD-IMRF-FORMULA INCREASE

Senate Sponsors
Sen. Iris Y. Martinez

Last Action

Date	Chamber	Action
1/9/2007	Senate	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/7-142

from Ch. 108 1/2, par. 7-142

40 ILCS 5/7-173

from Ch. 108 1/2, par. 7-173

40 ILCS 5/7-173.3 new

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.

Actions

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

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