BRADLEY AND MCAULIFFE.
PEN CD-MWRD-OPTIONAL PROGRAM
Synopsis of Bill as introduced:
Amends the Metropolitan Water Reclamation District Article of the
Illinois Pension Code. Extends the program of optional contributions
and benefits through December 31, 2007. Provides for certain optional
contributions to be made on a tax-deferred basis. Makes other
changes. Amends the State Mandates Act to require implementation
without reimbursement. Effective immediately.
PENSION NOTE (Pension Laws Commission)
Based on matching employer contributions, the Fund's actuary
estimates HB 5701 would increase annual employer costs by
$600,000, beginning in 2005 through 2009. In addition, the
new optional plan would increase the unfunded liability by
an estimated $1.8 million.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status