Bill Status of HB2144  93rd General Assembly

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Short Description:  PEN CD-COOK CO-DEPUTY ANNUITY

House Sponsors
Rep. Robert S. Molaro

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/9-134

from Ch. 108 1/2, par. 9-134

30 ILCS 805/8.27 new

Synopsis As Introduced
Amends the Cook County Article of the Illinois Pension Code. Provides that a deputy sheriff or correctional officer who retires on or after July 1, 2004 with 20 or more years of service may elect to receive an alternate annuity without reduction at age 50. Provides that a person who makes such an election is ineligible for certain optional credit. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Pension Note (Pension Laws Commission)

HB 2144 would increase the accrued liability of the Fund by an estimated $53.4 million. The annual payment needed to amortize the estimated increase in unfunded liability over 40 years is $4.5 million, and the estimated annual increase in normal cost is $4.1 million. Therefore, the estimated increase in total annual cost is $8.6 million, or 0.74% of payroll. The annual cost will increase commensurate with payroll.

Actions 

Date	Chamber	Action
2/11/2003	House	Filed with the Clerk by Rep. Robert S. Molaro
2/11/2003	House	First Reading
2/11/2003	House	Referred to Rules Committee
2/19/2003	House	Assigned to Executive Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
3/17/2003	House	Pension Note Filed
1/11/2005	House	Session Sine Die