92nd General Assembly Summary of HB0193    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
SMITH,MICHAEL.

Short description: 
PEN CD-IMRF-INCR 13TH CHECK                                                

Synopsis of Bill as introduced:
        Amends the Illinois Municipal Retirement Fund (IMRF)  Article  of      
   the  Illinois  Pension  Code.  Increases the amount of money available      
   for supplemental  (13th  check)  benefits,  from  0.62%  to  0.80%  of      
   payroll.   Amends  the  State  Mandates  Act to require implementation      
   without reimbursement.  Effective immediately.                              
          PENSION NOTE (Pension Laws Commission)                               
          HB 193 would increase total contribution rates of all IMRF           
          employers by 0.18% of employee payroll. Based on FY 1999 pay-        
          roll of more than $3.9 billion, this would have amounted to a        
          $7.1 million increase in employer contributions. Contributions       
          from all employers totaled $379.2 million in FY 1999, with           
          $24.4 contributed for the supplemental benefits payment.             
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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