MADIGAN,MJ-CURRIE AND GRANBERG.
PEN CD-RULE OF 85
Synopsis of Bill as introduced:
Amends the Illinois Pension Code. Makes technical changes in a
Section relating to employer contributions. Effective immediately.
PENSION NOTE (Pension Laws Commission)
There would be no fiscal impact on any public pension fund or
retirement system in the State.
SENATE AMENDMENT NO. 1.
Deletes reference to:
40 ILCS 5/17-127.2
Adds reference to:
40 ILCS 5/14-107 from Ch. 108 1/2, par. 14-107
40 ILCS 5/14-108 from Ch. 108 1/2, par. 14-108
40 ILCS 5/14-114 from Ch. 108 1/2, par. 14-114
40 ILCS 5/16-132 from Ch. 108 1/2, par. 16-132
40 ILCS 5/16-133 from Ch. 108 1/2, par. 16-133
40 ILCS 5/16-133.1 from Ch. 108 1/2, par. 16-133.1
Deletes everything. Amends the Illinois Pension Code. In the
State Employee Article, allows a person with at least 8 years of
service to retire without penalty at any age which, when added to the
number of years of creditable service, equals at least 85. Changes
the service requirement for a discounted annuity at age 55, from 30
years to 25. Makes a corresponding change in a provision relating to
automatic annual increases. Amends the Downstate Teacher Article to
make similar changes with respect to certain teachers who have credits
as State employees; also removes the age 55 limitation on calculation
of the initial automatic increase. Effective immediately.
Last action on Bill: PUBLIC ACT.............................. 91-0927
Last action date: 00-12-14
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status