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.
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
END OF INQUIRY
Full Text Bill Summary