WALSH,L AND JACOBS. 40 ILCS 5/7-142 from Ch. 108 1/2, par. 7-142 30 ILCS 805/8.25 new Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Increases the retirement formula and removes the reduction for retirement before age 60. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) The fiscal impact of SB 563 has not been calculated, but would be substantial. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-27-2001 S ADDED AS A CO-SPONSOR JACOBS FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-06-2001 S TO SUBCOMMITTEE MAR-12-2001 S PENSION NOTE FILED AS INTRODUCED MAR-12-2001 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