GRANBERG-LYONS,EILEEN AND FRANKS. 40 ILCS 5/7-142 from Ch. 108 1/2, par. 7-142 40 ILCS 5/7-142.1 from Ch. 108 1/2, par. 7-142.1 30 ILCS 805/8.25 new Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Increases the regular retirement formula to 2.0% of the final rate of earnings for each year of service. Increases the SLEP retirement formula to 2.5% of the final rate of earnings for each year of SLEP service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION IMPACT NOTE, REVISED (Illinois Pension Laws Commission) According to IMRF, HB 0963 would increase the accrued liabili- ties of the Fund by $716.6 million ($698.9 million for regular members and $17.7 million for SLEP members). The estimated in- crease in average annual cost is 2.20% of salary for regular IMRF employers and 1.10% for SLEP employers, assuming the pay- ment of the normal cost plus the amortization of the increase in accrued liabilities over 30 years. FEB-08-2001 H FILED WITH CLERK FEB-08-2001 H FIRST READING FEB-08-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2001 H ASSIGNED TO COMMITTEE PERS PENSION MAR-01-2001 H ADDED AS A JOINT SPONSOR LYONS,EILEEN MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL MAY-08-2001 H ADDED AS A CO-SPONSOR FRANKS NOV-06-2001 H PENSION NOTE FILED NOV-06-2001 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary