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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status