Senate Sponsors: MOLARO. Short description: PEN CD-CHI LABR-INCREASE MIN Synopsis of Bill as introduced: Amends the Chicago Laborer Article of the Illinois Pension Code. Increases the minimum retirement and widow's annuities for certain classes of annuitants, beginning January 1, 2002. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to the Funds' actuary, SB 477 would increase the accrued liability by an estimated $73.6 million. Although the increase in annual normal cost is estimated to be $161,000, there would be no increase in the required annual contribu- tions, because as of December 31, 1999, the Chicago Laborers' Pension Fund was funded at 129.1%, with assets $380.9 million higher than accrued liabilities. 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