91st General Assembly
Summary of SB0660
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Senate Sponsors:

Short description: 
PEN CD-IMRF-ADMINISTRATIVE                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Municipal Retirement Fund (IMRF) Article of        
   the Illinois Pension Code. Eliminates the requirement that a person         
   seeking early retirement incentives give the Fund notice 60 days in         
   advance of retirement. Eliminates the 8-year vesting requirement if         
   the General Assembly terminates the Fund. Provides that terminated          
   credits shall not be applied to increase the benefits any remaining         
   employee would otherwise receive. With respect to the application of        
   limitations under Section 415 of the Internal Revenue Code of 1986,         
   provides that a benefit reduction required to meet those limitations        
   shall first be applied to benefits not arising under the IMRF Article.      
   Changes provisions relating to refunds upon termination of employment.      
   Provides  that  a  person who has authorized the withholding of health      
   insurance premiums from an annuity may revoke  that  authorization  at      
   any  time.   Also  makes  technical corrections.  Effective January 1,      
          PENSION NOTE (Pension Laws Commission)                               
          SB660 would not increase the accrued liability or annual cost        
          of any IMRF employer.                                                
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


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