Illinois General Assembly - Bill Status for HB1172

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Bill Status of HB1172 93rd General Assembly

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Short Description: PEN CD-PURCHASING POWER INCRS

House Sponsors
Rep. Robert S. Molaro

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/17-119

from Ch. 108 1/2, par. 17-119

40 ILCS 5/17-119.2 new

40 ILCS 5/17-122

from Ch. 108 1/2, par. 17-122

30 ILCS 805/8.27 new

Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides for a one-time increase in certain retirement and survivor's annuities. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the retirement system to review and report on significant changes in purchasing power. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

	Pension Note (Pension Laws Commission)
	HB 1172 would increase the accrued liability of the Fund by $31.6 million. The annual payment required to amortize the increase in liability is estimated to be $1.6 million, or 0.09% of payroll. As HB 1172 only affects current retirees, it would not increase the annual normal cost of the fund.

Actions

Date	Chamber	Action
2/4/2003	House	Filed with the Clerk by Rep. Robert S. Molaro
2/4/2003	House	First Reading
2/4/2003	House	Referred to Rules Committee
2/5/2003	House	Assigned to Executive Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
3/17/2003	House	Pension Note Filed
1/11/2005	House	Session Sine Die

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