House Sponsors: CAPPARELLI-SAVIANO-BUGIELSKI-BURKE-SANTIAGO, LOPEZ, MCAULIFFE LYONS,JOSEPH. Senate Sponsors: MADIGAN,R-DELEO Short description: PENCD-CHGO MUNICIPAL & LABORER Synopsis of Bill as introduced: Amends the Chicago Municipal and Laborer Articles of the Pension Code. Provides that new annuities are payable on the first day of the calendar month, without proration. Authorizes the City to substitute funds obtained from borrowings and other sources for a portion of its authorized tax levy for pension purposes. Expands the investment authority of the board. Eliminates the provision restricting investments to the items specified in Section 1-113 of the Code; provides that investments in those items are deemed to be prudent. Contains related provisions. Provides that persons who have been out of service for up to 90 days and persons who are active participants in a reciprocal retirement system but are not in City service may establish credit for certain periods of service. Authorizes the Board to adopt rules prescribing the manner of repaying refunds and purchasing optional credits. Authorizes the Fund to accept direct rollovers of moneys from other qualified retirement plans. Changes the manner of calculating annual salary for minimum annuity purposes; applies to persons withdrawing from service on or after July 1, 1990 and makes the resulting increases retroactive to the start of the affected annuities, without interest. Also makes technical changes. Amends the Chicago Laborer Article of the Pension Code to require participation by employees of the boards of certain other Chicago public pension funds. Provides that an employee may establish credit in the Fund for service rendered as a police officer, firefighter, or teacher. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION IMPACT NOTE Chicago Municipal: Increase in accrued liability $4.6M Increase in total annual cost $609,872 Increase in total annual cost as a % of payroll 0.06% Chicago Laborers: Increase in accrued liability $943,882 Increase in total annual cost $112.691 Increase in total annual cost as a % of payroll 0.08% PENSION IMPACT NOTE, ENGROSSED No change from previous note. Last action on Bill: PUBLIC ACT.............................. 90-0031 Last action date: 97-06-27 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status