Senate Sponsors: CULLERTON. Short description: PEN CD-CHGO ALDERMAN FORMULA Synopsis of Bill as introduced: Amends the Chicago Municipal Article of the Illinois Pension Code. Allows elected city officials to retire under the special formula at age 55 rather than age 60. Allows participation in the special formula by the city clerk and city treasurer, and by persons holding elected city office on June 1, 1995 who so elect within 30 days. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) There would be a fiscal impact associated with SB 141, but it has not been calculated. As members of the Chicago Municipal Employees' Fund, Chicago aldermen who were in office on April 30, 1991, had the option to elect to participate in an optional plan of additional benefits and contributions. The additional contribution is 3% of salary, and the alternative benefit for- mula is 3% of salary at the time of termination for each of the first eight years of service credit, plus 4% for each of the next four years and 5% for years in excess of twelve, subject to a maximum of 80% of final salary. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status