Synopsis As Introduced Amends the Illinois Pension Code. In the Cook County Article, deletes a restrictive date in a provision concerning establishing credit for military service. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
The fiscal impact of HB 6130 cannot be determined as the number of employees who will apply for the military service offered by this bill is unknown. According to officials with Cook County, as many as 30% of recently hired employees at the Cook County Jail have military service that would allow them to qualify for the additional service credit under the provisions of this bill, provided they work the requisite number of years and make the required payments. Higher rates of participation than those outlined in the Comments Section below could lead to additional costs to the pension fund. An actuarial cost study that contemplates several different rates of participation would be needed to assess the potential fiscal impact of HB 6130.