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.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
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