Bill Status of SB 2979   93rd General Assembly

Short Description:  PEN CD-IMRF-FORMULA INCREASE

Senate Sponsors
Sen. Lawrence M. Walsh

Last Action  View All Actions

DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/7-141from Ch. 108 1/2, par. 7-141
40 ILCS 5/7-142from Ch. 108 1/2, par. 7-142
40 ILCS 5/7-173from Ch. 108 1/2, par. 7-173
40 ILCS 5/7-173.3 new
30 ILCS 805/8.28 new

Synopsis As Introduced
Amends the IMRF Article of the Illinois Pension Code. Increases the regular retirement formula to 1.96% of final earnings for the first 15 years of service and 2.28% of final earnings for each additional year of service, for service earned on or after July 1, 2004. For service before that date, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 1.5% of earnings. Allows a person to retire without penalty at any age which, when added to the number of years of creditable service, equals at least 85. Changes the way the early retirement penalty is calculated. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/6/2004SenateFiled with Secretary by Sen. Lawrence M. Walsh
  2/6/2004SenateFirst Reading
  2/6/2004SenateReferred to Rules
  1/11/2005SenateSession Sine Die

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