MOLARO. 40 ILCS 5/9-121.14 new 40 ILCS 5/9-121.16 new 40 ILCS 5/9-134 from Ch. 108 1/2, par. 9-134 40 ILCS 5/9-146.1 from Ch. 108 1/2, par. 9-146.1 40 ILCS 5/9-149 from Ch. 108 1/2, par. 9-149 40 ILCS 5/9-163 from Ch. 108 1/2, par. 9-163 40 ILCS 5/9-194 from Ch. 108 1/2, par. 9-194 40 ILCS 5/9-219 from Ch. 108 1/2, par. 9-219 30 ILCS 805/8.24 new Amends the Cook County Article of the Pension Code. Increases the retirement formula to 2.4% of average salary for each year of service for persons with at least 10 years of service. Also provides a special retirement formula for a person who withdrew from service in July of 1996 with at least 8 years of service credit. Increases the widow's annuity for certain surviving spouses of members who die on or after January 1, 2001. Allow certain members to purchase up to 5 years of service credit for time spent working as a benefits processor for a firm under contract with the Fund and up to 10 years of service credit for time spent rendering contractual services (other than legal services) to the Board. Requires payment of an employee contribution, but no employer contribution or interest. Allows a person establishing credit for contractual service to reinstate credit in this Fund and repay a refund without a return to service. Allows widows who remarry to continue receiving an annuity. Allows a county correctional officer to establish credit for periods spent as an officer or employee of a labor organization that represents employees. Requires payment of employee and employer contributions plus interest; waives the employer contributions if application is made before July 1, 2001. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) There is only one provision of SB 1850 which would have a significant fiscal impact--increasing the retirement benefit formula to 2.4% of salary for each year of service credit. This would increase the accrued liability of the Fund by an estimated $180 million. The payment required to amortize the increase in accrued liability over 40 years is $15.2 million, and the increase in annual normal cost is $13.7 million. There- fore, the increase in first year cost is $28.8 million, or 2.70% of payroll. 00-02-08 S FIRST READING 00-02-08 S REFERRED TO SENATE RULES COMMITTEE RULES 00-02-14 S PENSION NOTE FILED AS INTRODUCED 00-02-14 S COMMITTEE RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary