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 Full Text Bill Status