Date | Chamber | Action |
1/11/2005 | House | Session Sine Die |
40 ILCS 5/7-116 | from Ch. 108 1/2, par. 7-116 |
40 ILCS 5/7-142 | from Ch. 108 1/2, par. 7-142 |
40 ILCS 5/7-142.1 | from Ch. 108 1/2, par. 7-142.1 |
40 ILCS 5/7-144.3 | from Ch. 108 1/2, par. 7-144.3 |
40 ILCS 5/7-152 | from Ch. 108 1/2, par. 7-152 |
40 ILCS 5/7-156 | from Ch. 108 1/2, par. 7-156 |
40 ILCS 5/7-169 | from Ch. 108 1/2, par. 7-169 |
40 ILCS 5/7-173.1 | from Ch. 108 1/2, par. 7-173.1 |
30 ILCS 805/8.27 new |
Pension Note (Pension Laws Commission) | |
According to IMRF, when calculated individually, the SLEP benefit increases contained in HB 1317 would increase the accrued liabilities of the Fund by $126.5 million. The corresponding increase in average annual cost (including normal cost) is estimated to be 7.34% of payroll for SLEP employers, assuming amortization of the increase in accrued liabilities over 30 years. This cost would be reduced by a savings of 0.62% of payroll from discontinuing the supplemental benefit payment and by 1.1% due to increased employee contributions. Therefore, when calculated individually, the total annual cost associated with the benefit increases provided in HB 1317 is estimated to be 5.62% of payroll for SLEP employers. If the cost of the benefits contained in HB 1317 were calculated together, the increase in the accrued liabilities of IMRF and the increase in annual employer cost may be significantly higher than those outlined above. The required contributions (as a percent of payroll) may vary widely among employers. |
Date | Chamber | Action | 2/5/2003 | House | Filed with the Clerk by Rep. Kurt M. Granberg | 2/5/2003 | House | Chief Co-Sponsor Rep. Dan Brady | 2/5/2003 | House | First Reading | 2/5/2003 | House | Referred to Rules Committee | 2/6/2003 | House | Assigned to Executive Committee | 2/28/2003 | House | Pension Note Filed | 3/13/2003 | House | Rule 19(a) / Re-referred to Rules Committee | 1/11/2005 | House | Session Sine Die |
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