92nd General Assembly
Summary of HB3625
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House Sponsors:
POE.

Short description: 
PEN CD-IMRF-CHARTER SCHOOLS                                                

Synopsis of Bill as introduced:
        Amends the Illinois Municipal  Retirement  Fund  Article  of  the      
   Illinois  Pension  Code  to authorize participation in the Fund by the      
   employees of a charter school who are not eligible to  participate  in      
   any  other  pension  fund  or  retirement system established under the      
   Code.  Effective immediately.                                               
          PENSION IMPACT NOTE (Pension Laws Commission)                        
          Employees of employers joining IMRF receive credit (without          
          making contributions) for 5 years or 20% of service with the         
          employer, whichever is less. Upon joining IMRF, a charter            
          school would be required to make annual contributions to             
          amortize the unfunded liability (over 10 years) created by           
          employees' past service credit. The resulting increase in un-        
          funded liability and associated annual costs cannot be deter-        
          mined, as the amount of outstanding service that would be            
          granted to employees of charter schools is unknown. Allowing         
          certain employees of charter schools into IMRF would not affect      
          the accrued liability or annual cost of any other IMRF employ-       
          er.                                                                  
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


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 Full Text  Bill Status