92nd General Assembly
Summary of SB0483
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Senate Sponsors:
MOLARO.

Short description: 
PENCD-ART 9-DEP SHER-MIN ANN                                               

Synopsis of Bill as introduced:
        Amends the Cook County Article  of  the  Illinois  Pension  Code.      
   Provides  that  a deputy sheriff or a correctional officer who retires      
   on or after July 1, 2001 with 20 or more years of service may elect to      
   receive an alternate annuity.   Provides  that  a  deputy  sheriff  or      
   correctional  officer  who  makes  such  an election is ineligible for      
   certain optional credit.  Amends the State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Illinois Pension Laws Commission)                      
          SB 483 would increase the accrued liability of the fund by an        
          estimated $53.4 million. The annual payment needed to amortize       
          the estimated increase in unfunded liability over 40 years is        
          $4.5 million, and the estimated annnual increase in normal cost      
          is $4.1 million. Therefore, the estimated increase in total          
          annual cost is $8.6 million, or 0.74% of payroll. The annual         
          cost will increase commensurate with payroll.                        
 
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 



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