91st General Assembly
Summary of HB0280
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House Sponsors:

Short description: 
PEN CD-JUDGE-EARLY RET PENALTY                                             

Synopsis of Bill as introduced:
        Amends the Judges Article of the Illinois Pension Code. Provides       
   that a judge who has attained age 60 and is eligible to receive the         
   maximum rate of annuity may elect to have his or her contributions to       
   the System based only on the increases in salary received by the judge      
   on or after the date of the election, rather than the total salary          
   received; does not apply to a judge who has previously elected to stop      
   contributing, unless the judge has revoked that election.  Extends the      
   deadline  for  revocation  to  January  1,  2000.   In  the provisions      
   relating to reduction of annuity due to retirement before age 60  with      
   fewer  than 28 years of service, reduces the early retirement penalty.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          Reducing early retirement reduction would increase accrued           
          liability by $372,000, and increase total annual cost by             
          $39,800 in the 1st year. Impact from allowing judges to make         
          contributions based on salary increase cannot be determined.         
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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