SMITH,MICHAEL. 40 ILCS 5/7-139 from Ch. 108 1/2, par. 7-139 40 ILCS 5/7-141 from Ch. 108 1/2, par. 7-141 40 ILCS 5/7-142 from Ch. 108 1/2, par. 7-142 40 ILCS 5/7-168 from Ch. 108 1/2, par. 7-168 40 ILCS 5/7-174 from Ch. 108 1/2, par. 7-174 30 ILCS 805/8.24 new Amends the IMRF Article of the Illinois Pension Code. Changes the vesting requirement for a retirement annuity from 8 years to 5. Makes a corresponding change in one part of the retirement formula. Authorizes the Fund to pay interest on separation benefits. With respect to persons establishing service credit for periods spent on a leave of absence, removes a provision requiring application within 2 years. Changes the service requirement for being a member of the Board of Trustees, from 8 years to 5. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) The estimated cost of changing the vesting period to 5 years would be 0.63% of payroll. There is a fiscal impact associated with other provisions of the bill; however, the cost has not been determined. 00-02-02 H FILED WITH CLERK 00-02-02 H REFERRED TO HOUSE RULES COMMITTEE RULES 00-03-21 H PENSION NOTE FILED 00-03-21 H COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary