90th General Assembly
Summary of HB0488
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Short description: 
PEN CD-METRO WATER RECLAM DIST                                             

Synopsis of Bill as introduced:
        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                                                         
          Net increase in accrued liability would be $11.1 M; no informa-      
          tion on total annual cost. Other minimal effects.                    
        HOUSE AMENDMENT NO. 1.                                                 
        In  the  Section   on   alternative   retirement   benefits   for      
   commissioners,  changes  the  manner  of calculating the average final      
          PENSION IMPACT NOTE, ENGROSSED                                       
          No change from previous note.                                        
Last action on Bill: PUBLIC ACT.............................. 90-0012

   Last action date: 97-06-13

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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