WALSH,T-VIVERITO. 40 ILCS 5/1-113 from Ch. 108 1/2, par. 1-113 40 ILCS 5/13-204 from Ch. 108 1/2, par. 13-204 40 ILCS 5/13-207 from Ch. 108 1/2, par. 13-207 40 ILCS 5/13-208 from Ch. 108 1/2, par. 13-208 40 ILCS 5/13-301 from Ch. 108 1/2, par. 13-301 40 ILCS 5/13-302 from Ch. 108 1/2, par. 13-302 40 ILCS 5/13-304 from Ch. 108 1/2, par. 13-304 40 ILCS 5/13-305 from Ch. 108 1/2, par. 13-305 40 ILCS 5/13-306 from Ch. 108 1/2, par. 13-306 40 ILCS 5/13-308 from Ch. 108 1/2, par. 13-308 40 ILCS 5/13-309 from Ch. 108 1/2, par. 13-309 40 ILCS 5/13-310 from Ch. 108 1/2, par. 13-310 40 ILCS 5/13-314 from Ch. 108 1/2, par. 13-314 40 ILCS 5/13-401 from Ch. 108 1/2, par. 13-401 40 ILCS 5/13-402 from Ch. 108 1/2, par. 13-402 Amends the Metropolitan Water Reclamation District Article of the Pension Code. Extends the deadline for early retirement without discount; changes the eligibility requirements and method of calculating the required contributions. Extends the deadline for participating in the optional plan of additional contributions; limits the maximum optional benefit that may be purchased under the plan during its final 5 years and prohibits participation by persons who first enter service after June 30, 1997. For new employees only, raises the minimum retirement age from 50 to 55 and eliminates duty and ordinary disability benefits for the first 3 days of compensable disability if the disability does not extend for at least 11 additional days. Eliminates the duty disability benefit for children. Grants automatic annual increases to certain persons who retired before July 1, 1985. Imposes additional eligibility requirements for disability and survivor benefits. Applies an age discount to the minimum surviving spouse benefit. Changes the definitions of salary and final average salary. Changes the salary used in the calculation of alternative benefits for district commissioners. Changes the conditions for payment of contributions for leaves of absence. Provides that future appointees to the Civil Service Board of the District shall not be deemed to be employees of the District for purposes of qualifying to participate in the Fund. Removes certain age restrictions from the provisions relating to the period during which disability benefits may be received. Makes other changes in the manner of administering the Fund. Also amends the General Provisions Article to authorize the Metropolitan Water Reclamation District pension fund to invest up to 50% (rather than 40%) of its assets in stocks and convertible debt instruments. Declares that the bill accommodates a request from the affected unit of local government. Effective immediately. PENSION NOTE Increase in liabilities for extending sunset date is $15.0 M; reduction in liabilities for raising retirement age for new hires is $3.9 M; for a net increase of $11.1 million. 97-02-06 S FIRST READING 97-02-06 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-06 S ADDED AS A CHIEF CO-SPONSOR VIVERITO 97-02-19 S ASSIGNED TO COMMITTEE INS & PENS. 97-02-26 S TO SUBCOMMITTEE 97-03-05 S PENSION NOTE FILED 97-03-05 S COMMITTEE INS & PENS. 97-03-15 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary