FRANKS. 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 5/7-174 from Ch. 108 1/2, par. 7-174 30 ILCS 805/8.26 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. 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 IMPACT NOTE (Pension Laws Commission) IMRF estimates the cost of changing the vesting period from 8 to 5 years to be 0.63% of payroll. The effect of the change will differ among municipal employees. SEP-25-2001 H FILED WITH CLERK NOV-07-2001 H FIRST READING NOV-07-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES NOV-19-2001 H PENSION NOTE FILED NOV-19-2001 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary