90th General Assembly
Summary of HB0015
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Short description: 
PENCD-CHGO MUNICIPAL & LABORER                                             

Synopsis of Bill as introduced:
        Amends the Chicago Municipal and Laborer Articles of the  Pension      
   Code.  Provides that new annuities are payable on the first day of the      
   calendar  month, without proration.  Authorizes the City to substitute      
   funds obtained from borrowings and other sources for a portion of  its      
   authorized  tax  levy  for  pension  purposes.  Expands the investment      
   authority  of  the  board.    Eliminates  the  provision   restricting      
   investments  to  the  items  specified  in  Section 1-113 of the Code;      
   provides that investments in those items are  deemed  to  be  prudent.      
   Contains  related provisions.  Provides that persons who have been out      
   of service for up to 90 days and persons who are  active  participants      
   in  a  reciprocal  retirement  system  but are not in City service may      
   establish credit for certain periods of service.  Authorizes the Board      
   to  adopt  rules  prescribing  the  manner  of  repaying  refunds  and      
   purchasing optional credits.  Authorizes the  Fund  to  accept  direct      
   rollovers  of  moneys  from other qualified retirement plans.  Changes      
   the manner of calculating annual salary for minimum annuity  purposes;      
   applies  to  persons withdrawing from service on or after July 1, 1990      
   and makes the resulting increases retroactive  to  the  start  of  the      
   affected  annuities,  without interest.  Also makes technical changes.      
   Amends the Chicago Laborer Article of  the  Pension  Code  to  require      
   participation  by  employees  of  the  boards of certain other Chicago      
   public pension funds.  Provides that an employee may establish  credit      
   in  the Fund for service rendered as a police officer, firefighter, or      
   teacher.  Amends the State  Mandates  Act  to  require  implementation      
   without reimbursement.  Effective immediately.                              
          PENSION IMPACT NOTE                                                  
          Chicago Municipal:                                                   
           Increase in accrued liability                            $4.6M      
           Increase in total annual cost                         $609,872      
           Increase in total annual cost as a % of payroll          0.06%      
          Chicago Laborers:                                                    
           Increase in accrued liability                         $943,882      
           Increase in total annual cost                         $112.691      
           Increase in total annual cost as a % of payroll          0.08%      
          PENSION IMPACT NOTE, ENGROSSED                                       
          No change from previous note.                                        
Last action on Bill: PUBLIC ACT.............................. 90-0031

   Last action date: 97-06-27

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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