91st General Assembly
Status of SB1732
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 Full Text  Bill Summary

   40 ILCS 5/13-213          from Ch. 108 1/2, par. 13-213                     
   40 ILCS 5/13-302          from Ch. 108 1/2, par. 13-302                     
   40 ILCS 5/13-303          from Ch. 108 1/2, par. 13-303                     
   40 ILCS 5/13-304          from Ch. 108 1/2, par. 13-304                     
   40 ILCS 5/13-306          from Ch. 108 1/2, par. 13-306                     
   40 ILCS 5/13-314          from Ch. 108 1/2, par. 13-314                     
   40 ILCS 5/13-603          from Ch. 108 1/2, par. 13-603                     
   30 ILCS 805/8.24 new                                                        

        Amends the Metropolitan Water Reclamation District Article of the      
   Pension Code.  Increases the minimum retirement and  surviving  spouse      
   annuities in certain cases where the employee retired before attaining      
   age  60.  Extends the early retirement without discount option through      
   2007 and allows the required  employee  contribution  to  be  paid  in      
   either pre-retirement or post-retirement installments.  In the special      
   plan  for Commissioners, allows payment of the additional contribution      
   for past service in  installments  and  authorizes  employer  pick-up.      
   Extends  the  optional plan of additional benefits through 2007; makes      
   the plan available to employees entering service after June  30,  1997      
   and  increases  the  rate of optional contributions required under the      
   plan.  Accelerates the initial automatic annual increase by one  month      
   for  persons  retiring on the last day of the month.  Allows the Board      
   to adopt a new actuarial table for calculating reversionary annuities.      
   With respect to the repayment of refunds, allows employees to  pay  in      
   installments,  authorizes  employer pick-up, and changes the manner of      
   calculating the required interest.  Makes other changes.   Amends  the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB 1732 would increase the unfunded liability by $6.4 million.       
          The increase in annual costs has not been calculated, but would      
          be relatively minor.                                                 
   00-02-03  S  FIRST READING                                                  
   00-02-03  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   00-02-16  S                        PENSION NOTE FILED AS INTRODUCED         
   00-02-16  S                   COMMITTEE               RULES                 
   01-01-09  S  SESSION SINE DIE                                               


 Full Text  Bill Summary