90th General Assembly
Summary of HB3133
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House Sponsors:
MCKEON.

Short description: 
PEN CD-CHGO MUN-INCREASE BENFT                                             

Synopsis of Bill as introduced:
        Amends the Chicago Municipal  Article  of  the  Pension  Code  to      
   compound  the  3%  automatic  annual  increase  in retirement pension.      
   Provides a minimum retirement annuity for  persons  retiring  with  at      
   least   5   years   of   service.   Authorizes  withholding  of  labor      
   organization dues  from  annuities,  and  grants  labor  organizations      
   access  to  a  mailing  list  of  the  Fund's  annuitants.  Also makes      
   technical  changes.   Amends  the  State  Mandates  Act   to   require      
   implementation without reimbursement.  Effective immediately.               
          PENSION NOTE                                                         
          Estimated increase in total annual cost is $35.0 million, 3.25%      
          of payroll; annual cost will increase as payroll grows.              
 
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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