Illinois General Assembly - Bill Status for HB0005

Synopsis As Introduced
Amends the Chicago Laborers Article of the Illinois Pension Code. Increases the minimum annuity for certain retirees and spouses. Creates an additional formula for determining the annuity payable to certain spouses and extends eligibility for one of the existing formulas. Accelerates certain automatic annual increases to the month of January. Allows repayment of a refund by an employee who has returned to service with the City for 90 days or with a reciprocal system employer for 2 years. Provides that the Fund may allow an employee to pay certain optional contributions with pre-tax dollars through employer pick-up. Allows employees to receive up to 5 years of credit for certain military service not preceded by employment; requires payment of the corresponding employee contributions and interest. Makes a technical correction in a Section on refunds. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Pension Note (Pension Laws Commission)

According to the Fund, HB 5 would increase the accrued liability by an estimated $136.7 million. In addition, there would be an increase in accrued liability due to the establishment of service credit for military service not preceded by employment, but it cannot be calculated, as the amount of such service that may be established is unknown. This provision is also the only provision of HB 5 that would result in higher annual employer contributions. As of December 31, 2001 the Chicago Laborers' Pension Fund was funded at 112.0%, with assets $168.5 million higher than accrued liabilities.

Actions

Date	Chamber	Action
12/5/2002	House	Prefiled with Clerk by Rep. Ralph C. Capparelli
12/5/2002	House	Added Chief Co-Sponsor Rep. Joseph M. Lyons
12/5/2002	House	Added Chief Co-Sponsor Rep. Daniel J. Burke
12/5/2002	House	Added Chief Co-Sponsor Rep. Richard T. Bradley
12/5/2002	House	Added Chief Co-Sponsor Rep. Michael P. McAuliffe
1/8/2003	House	First Reading
1/8/2003	House	Referred to Rules Committee
1/23/2003	House	Assigned to Executive Committee
2/19/2003	House	Added Co-Sponsor Rep. Harry Osterman
2/20/2003	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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