PEN CD-IMRF-FORMULA INCREASE Senate SponsorsSen. Lawrence M. Walsh 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 5/7-173from Ch. 108 1/2, par. 7-17340 ILCS 5/7-173.3 new30 ILCS 805/8.28 newAmends the IMRF Article of the Illinois Pension Code. Increases the regular retirement formula to 1.96% of final earnings for the first 15 years of service and 2.28% of final earnings for each additional year of service, for service earned on or after July 1, 2004. 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 1.5% of earnings. Allows a person to retire without penalty at any age which, when added to the number of years of creditable service, equals at least 85. Changes the way the early retirement penalty is calculated. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. 2/6/2004SenateFiled with Secretary by Sen. Lawrence M. Walsh 2/6/2004SenateFirst Reading 2/6/2004SenateReferred to Rules 1/11/2005SenateSession Sine Die