MOLARO. 40 ILCS 5/17-119 from Ch. 108 1/2, par. 17-119 30 ILCS 805/8.25 new Amends the Chicago Teachers Article of the Illinois Pension Code. Provides that, beginning January 1, 2002, if the percentage change in the consumer price index for all urban consumers, as published by the Bureau of Labor Statistics of the U.S. Department of Labor, for the 12 months ending on the preceding June 30th, exceeds 6%, then the rate of annual increase in pension shall be 3% plus an additional percentage equal to the amount by which that percentage change in the consumer price index exceeds 6%. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) According to the Fund's actuary, SB 976 would increase the accrued liability of the Fund by $434.6 million. The resulting increase in total annual cost is estimated to be $34.4 million, or 2.26% of payroll. The estimate is based on the increases in the CPI over the last 50 years. FEB-22-2001 S FIRST READING FEB-22-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-06-2001 S TO SUBCOMMITTEE MAR-12-2001 S PENSION NOTE FILED AS INTRODUCED MAR-12-2001 S COMMITTEE INS & PENS. MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary