House Sponsors: FRANKS. Short description: PEN CD-IMRF-VESTING-REFUNDS Synopsis of Bill as introduced: 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. 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 IMPACT NOTE (Pension Laws Commission) IMRF estimates the cost of changing the vesting period from 8 to 5 years to be 0.63% of payroll. The effect of the change will differ among municipal employees. 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