91st General Assembly
Summary of SB0851
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House Sponsors:

Short description: 
PEN CD-DOWNSTATE POL-FORMULA                                               

Synopsis of Bill as introduced:
        Amends the General Provisions Article  of  the  Illinois  Pension      
   Code.    Makes a technical change in the caption of a Section relating      
   to investments.                                                             
          PENSION NOTE (Pension Laws Commission)                               
          SB 851 would not have a fiscal impact on any public pension          
          fund or retirement system in the State of Ill.                       
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          40 ILCS 5/1-113                                                      
          Adds reference to:                                                   
          40 ILCS 5/3-105.2 new                                                
          40 ILCS 5/3-109.2 new                                                
          40 ILCS 5/3-109.3 new                                                
          40 ILCS 5/3-110                 from Ch. 108 1/2, par. 3-110         
          40 ILCS 5/3-111                 from Ch. 108 1/2, par. 3-111         
          40 ILCS 5/3-111.1               from Ch. 108 1/2, par. 3-111.1       
          40 ILCS 5/3-112                 from Ch. 108 1/2, par. 3-112         
          40 ILCS 5/3-113.1                                                    
          40 ILCS 5/3-114.1               from Ch. 108 1/2, par. 3-114.1       
          40 ILCS 5/3-114.2               from Ch. 108 1/2, par. 3-114.2       
          40 ILCS 5/3-114.3               from Ch. 108 1/2, par. 3-114.3       
          40 ILCS 5/3-114.6                                                    
          40 ILCS 5/3-120                 from Ch. 108 1/2, par. 3-120         
          40 ILCS 5/3-124.1               from Ch. 108 1/2, par. 3-124.1       
          40 ILCS 5/3-125.1               from Ch. 108 1/2, par. 3-125.1       
          40 ILCS 5/3-127                 from Ch. 108 1/2, par. 3-127         
          30 ILCS 805/8.24 new                                                 
        Replaces everything.  Amends the Downstate Police Article of  the      
   Illinois  Pension Code.  Increases the pension formula from 2% to 2.5%      
   of salary for the 21st through 30th year of service.    Allows  police      
   officers  to obtain service credit for a period of up to 3 years spent      
   on duty or nonduty disability; requires a return  to  service  for  an      
   equivalent   period  and  payment  of  employee  contributions  before      
   retirement.  Provides duty disability  benefits  for  an  officer  who      
   becomes   disabled  due  to  a  duty-related  stroke.    Provides  for      
   calculation of the initial automatic  annual  increase  in  retirement      
   pension  on  a  monthly  (rather  than  annual) basis.  Raises certain      
   disability pensions to the amount of the retirement pension  that  the      
   police  officer  would  be  eligible  to receive if he or she retired.      
   Increases the employee contribution rate.  Provides for  the  adoption      
   of  a self-managed retirement program for certain employees.  Provides      
   that the program must be qualified under the Internal Revenue Code  of      
   1986.   Includes  provisions  concerning participation in the program,      
   contributions, and vesting.  Also provides annual  increases  in  duty      
   disability  benefits  (including  retroactive increases and a lump sum      
   payment) for certain disabled officers who earn no income from gainful      
   employment.  Requires application within 30  days  and  imposes  other      
   requirements.  Amends the State Mandates Act to require implementation      
   without reimbursement.  Effective immediately.                              
Last action on Bill: PUBLIC ACT.............................. 91-0939

   Last action date: 01-02-01

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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