91st General Assembly
Summary of HB4339
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House Sponsors:

Short description: 
PEN CD-MWRD-ADMINISTRATIVE                                                 

Synopsis of Bill as introduced:
        Amends the Metropolitan Water Reclamation District Article of the      
   Pension Code.  Increases the minimum retirement and  surviving  spouse      
   annuities in certain cases where the employee retired before attaining      
   age  60.  Extends the early retirement without discount option through      
   2007 and allows the required  employee  contribution  to  be  paid  in      
   either pre-retirement or post-retirement installments.  In the special      
   plan  for Commissioners, allows payment of the additional contribution      
   for past service in  installments  and  authorizes  employer  pick-up.      
   Extends  the  optional plan of additional benefits through 2007; makes      
   the plan available to employees entering service after June  30,  1997      
   and  increases  the  rate of optional contributions required under the      
   plan.  Accelerates the initial automatic annual increase by one  month      
   for  persons  retiring on the last day of the month.  Allows the Board      
   to adopt a new actuarial table for calculating reversionary annuities.      
   With respect to the repayment of refunds, allows employees to  pay  in      
   installments,  authorizes  employer pick-up, and changes the manner of      
   calculating the required interest.  Makes other changes.   Amends  the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          HB 4339 would increase the unfunded liability by $6.4 million.       
          The increase in annual costs has not been calculated, but            
          would be relatively minor.                                           
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


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