MOLARO. 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 5/7-168 from Ch. 108 1/2, par. 7-168 40 ILCS 5/7-174 from Ch. 108 1/2, par. 7-174 30 ILCS 805/8.25 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. Authorizes the Fund to pay interest on separation benefits. 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 NOTE (Pension Laws Commission) IMRF estimates the cost of changing the vesting period to 5 years to be 0.63% of payroll. There would be a fiscal impact associated with the other provisions of SB 779; however, the cost has not been determined. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES 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