Illinois General Assembly - Bill Status for SB2979

Synopsis As Introduced
Amends 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.

Actions

Date	Chamber	Action
2/6/2004	Senate	Filed with Secretary by Sen. Lawrence M. Walsh
2/6/2004	Senate	First Reading
2/6/2004	Senate	Referred to Rules
1/11/2005	Senate	Session Sine Die

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