92nd General Assembly
Summary of SB0485
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Senate Sponsors:

Short description: 
PEN CD-COOK CO-EARLY RETIREMNT                                             

Synopsis of Bill as introduced:
        Amends the Cook County Article  of  the  Illinois  Pension  Code.      
   Provides  a program of early retirement incentives for certain persons      
   who retire between June 1, 2002 and November 30, 2002.  Increases  the      
   retirement  annuity by 10% of average salary and removes the reduction      
   in annuity due to retirement before  age  60.   Also  applies  to  the      
   Article  10  pension  fund.   Amends the State Mandates Act to require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The Fund's actuary has estimated that providing an ERI and           
          extending the optional plan (per SB 484) would increase the          
          accrued liability of the Fund by $225 million. The estimated         
          increase in total annual cost is $26.7 million, or 2.30% of          
          payroll. The impact of only providing the ERI has not been cal-      
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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