PEN CD-IMRF-VESTING-BOARD Senate SponsorsSen. Debbie DeFrancesco Halvorson-Denny Jacobs 1/11/2005SenateSession Sine Die 40 ILCS 5/7-141from Ch. 108 1/2, par. 7-14140 ILCS 5/7-142from Ch. 108 1/2, par. 7-14240 ILCS 5/7-174from Ch. 108 1/2, par. 7-17430 ILCS 805/8.27 newAmends the IMRF Article of the Illinois Pension Code. Changes the vesting requirement for a retirement annuity from 8 years to 5. Makes a corresponding change in one part of the retirement formula. Changes the service requirement for being a member of the Board of Trustees from 8 years to 5. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.Pension Note (Pension Laws Commission) IMRF estimates the cost of changing the vesting period to 5 years to be 0.24% of payroll for regular employees and 0.08% of payroll for SLEP employers. Fiscal Note (Dept of Commerce and Community Affairs) SB498 does not pertain to DCCA and therefore has no fiscal impact. The extent of the fiscal impact to local governments cannot be determined. 2/18/2003SenateFiled with Secretary by Sen. Debbie DeFrancesco Halvorson 2/18/2003SenateFirst Reading 2/18/2003SenateReferred to Rules 2/26/2003SenateAssigned to Insurance & Pensions 3/5/2003SenateTo Subcommittee 3/11/2003SenatePension Note Filed As Introduced 3/12/2003SenateAdded as Chief Co-Sponsor Sen. Denny Jacobs 3/13/2003SenateDo Pass Insurance & Pensions; 010-000-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/18/2003SenateFiscal Note Requested by Sen. Bill Brady 3/25/2003SenateFiscal Note Filed 4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003. 7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 1/11/2005SenateSession Sine Die