PEN CD-COOK CO-BENEFIT INCRS
Synopsis of Bill as introduced:
Amends the Cook County Article of the Illinois Pension Code.
Increases the retirement formula to 2.4% of average salary for each
year of service for persons with at least 10 years of service.
Increases the widow's annuity for certain surviving spouses of members
who die on or after January 1, 2001. Amends the State Mandates Act to
require implementation without reimbursement. Effective immediately.
PENSION NOTE (Illinois Pension Laws Commission)
SB 486 would increase the accrued liability of the Fund by
$180 million. The payment required to amortize the increase in
accrued liability over 40 years is $15.2 million, and the in-
crease in annual normal cost is $13.7 million. Therefore, the
increase in first year cost is $28.8 million, or 2.70% of
payroll. Annual costs will increase commensurate with payroll.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status