MOLARO. 40 ILCS 5/9-134 from Ch. 108 1/2, par. 9-134 30 ILCS 805/8.25 new Amends the Cook County Article of the Illinois Pension Code. Provides that a deputy sheriff or a correctional officer who retires on or after July 1, 2001 with 20 or more years of service may elect to receive an alternate annuity. Provides that a deputy sheriff or correctional officer who makes such an election is ineligible for certain optional credit. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) SB 483 would increase the accrued liability of the fund by an estimated $53.4 million. The annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $4.5 million, and the estimated annnual increase in normal cost is $4.1 million. Therefore, the estimated increase in total annual cost is $8.6 million, or 0.74% of payroll. The annual cost will increase commensurate with payroll. FEB-20-2001 S FIRST READING FEB-20-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-06-2001 S TO SUBCOMMITTEE MAR-19-2001 S PENSION NOTE FILED AS INTRODUCED MAR-19-2001 S COMMITTEE INS & PENS. MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary