PEN CD-IMRF-FORMULA INCREASE Senate SponsorsSen. Denny Jacobs-Lawrence M. Walsh and M. Maggie Crotty 1/11/2005SenateSession Sine Die 40 ILCS 5/7-142from Ch. 108 1/2, par. 7-14240 ILCS 5/7-173from Ch. 108 1/2, par. 7-17340 ILCS 5/7-173.3 new30 ILCS 805/8.27 newAmends the IMRF Article of the Illinois Pension Code. Increases the regular retirement formula to 2.15% of final earnings per year of service for service earned on or after July 1, 2003. For service before that date, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 0.5% of earnings. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.Pension Note (Pension Laws Commission) The fiscal impact of SB 1103 has not been calculated, but would be significant. Fiscal Note (Dept of Commerce and Community Affairs) No fiscal impact on DCCA. The extent of fiscal impact on local governments cannot be determined. 2/20/2003SenateFiled with Secretary by Sen. Denny Jacobs 2/20/2003SenateFirst Reading 2/20/2003SenateReferred to Rules 2/26/2003SenateAssigned to Insurance & Pensions 3/5/2003SenateTo Subcommittee 3/5/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Lawrence M. Walsh 3/5/2003SenateSenate Committee Amendment No. 1 Referred to Rules 3/11/2003SenatePension Note Filed As Introduced 3/11/2003SenateSenate Committee Amendment No. 1 Rules Refers to Insurance & Pensions 3/12/2003SenateAdded as Chief Co-Sponsor Sen. Lawrence M. Walsh 3/13/2003SenateDo Pass Insurance & Pensions; 010-000-000 3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003 3/14/2003SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Rules 3/18/2003SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Lawrence M. Walsh 3/18/2003SenateSenate Floor Amendment No. 2 Referred to Rules 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. 5/5/2003SenateAdded as Co-Sponsor Sen. M. Maggie Crotty 7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 7/1/2003SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a) 7/1/2003SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) 1/11/2005SenateSession Sine Die