90th General Assembly
Summary of HB0069
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House Sponsors:

Short description: 
PEN CD-CHGO MUNI-BENEFIT INCR                                              

Synopsis of Bill as introduced:
        Amends  the  Chicago  Laborer  Article  of  the   Pension   Code.      
   Increases  the minimum retirement annuity.  Provides for retirement at      
   age 50 with 30 years of service.   Eliminates  the  age  discount  for      
   employees  who  retire  at age 55 with 25 years of service.  Increases      
   the minimum widow's annuity and allows  certain  widows  to  elect  to      
   receive 50% of the deceased employee's retirement annuity instead of a      
   widow's  annuity.   Increases  the  child's  annuity  and  removes the      
   combined family maximum for certain  persons  currently  eligible  for      
   child's   annuities.    Amends  the  State  Mandates  Act  to  require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE                                                         
           Increase in unfunded accrued liability                $ 65.7 M      
           Increase in employer's normal cost                    $  6.5 M      
           Increase in employer's tax levy multiple                   .58      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

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


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