92nd General Assembly
Summary of SB0779
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Senate Sponsors:
MOLARO.

Short description: 
PEN CD-IMRF-VESTING-REFUNDS                                                

Synopsis of Bill as introduced:
        Amends the IMRF Article of the Illinois  Pension  Code.   Changes      
   the  vesting  requirement  for a retirement annuity from 8 years to 5.      
   Makes a corresponding change in one part of  the  retirement  formula.      
   Authorizes  the  Fund to pay interest on separation benefits.  Changes      
   the service requirement for being a member of the Board  of  Trustees,      
   from  8  years  to  5.   Amends  the  State  Mandates  Act  to require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE (Pension Laws Commission)                               
          IMRF estimates the cost of changing the vesting period to 5          
          years to be 0.63% of payroll. There would be a fiscal impact         
          associated with the other provisions of SB 779; however, the         
          cost has not been determined.                                        
 
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