92nd General Assembly
Summary of SB1538
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Senate Sponsors:
MOLARO.

Short description: 
PENCD-ART 13-EARLY RET-RULE-80                                             

Synopsis of Bill as introduced:
        Amends the Metropolitan Water Reclamation District Article of the      
   Illinois Pension Code. Provides that an  employee  with  at  least  10      
   years  of  service  who  is  at least 50 years of age but less than 60      
   years of age and retires on or after January 1, 2003 but on or  before      
   December  31,  2007  may receive an undiscounted retirement annuity if      
   the employee's  age,  when  added  to  the  number  of  years  of  the      
   employee's  creditable  service,  equals at least 80. Amends the State      
   Mandates  Act  to  require   implementation   without   reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The Fund's actuary estimates that providing the Rule of 80           
          would increase the accrued liability of the Fund by $3.3             
          million. The required annual contributions have not been             
          calculated, but would be minor.                                      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



 Full Text  Bill Status