House Sponsors: GRANBERG-LYONS,EILEEN AND FRANKS. Short description: PEN CD-IMRF-INCR RETMT FORMULA Synopsis of Bill as introduced: Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Increases the regular retirement formula to 2.0% of the final rate of earnings for each year of service. Increases the SLEP retirement formula to 2.5% of the final rate of earnings for each year of SLEP service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION IMPACT NOTE, REVISED (Illinois Pension Laws Commission) According to IMRF, HB 0963 would increase the accrued liabili- ties of the Fund by $716.6 million ($698.9 million for regular members and $17.7 million for SLEP members). The estimated in- crease in average annual cost is 2.20% of salary for regular IMRF employers and 1.10% for SLEP employers, assuming the pay- ment of the normal cost plus the amortization of the increase in accrued liabilities over 30 years. 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 Full Text Bill Status