92nd General Assembly
Summary of SB0181
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Senate Sponsors:
LUECHTEFELD.

Short description: 
PEN CD-IMRF-KASKASKIA REG PORT                                             

Synopsis of Bill as introduced:
        Amends the Illinois Municipal Retirement Fund (IMRF)  Article  of      
   the  Illinois  Pension  Code to authorize participation in the Fund by      
   employees  of  the  Kaskaskia  Regional  Port   District.    Effective      
   immediately.                                                                
          PENSION 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, the Kaskaskia        
          Regional Port District would be required to make annual con-         
          tributions to amortize the unfunded liability (over 10 years)        
          created by employees' past service credit. The resulting             
          increase in unfunded liability and associated annual costs           
          cannot be determined, as the amount of outstanding service that      
          would be granted to current employees of the Kaskaskia Regional      
          Port District is unknown. Allowing the Kaskaskia Regional Port       
          District into IMRF would not affect the accrued liability or         
          annual cost of any other IMRF employer.                              
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


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 Full Text  Bill Status