92nd General Assembly
Summary of HB0478
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Short description: 
PEN CD-MWRD-ADMINISTRATIVE PKG                                             

Synopsis of Bill as introduced:
        Amends the Metropolitan Water Reclamation District Article of the      
   Illinois Pension Code.   Provides  for  an  increase  in  the  child's      
   annuity,  the  minimum  retirement  annuity, and the minimum surviving      
   spouse annuity.   Allows  conversion  of  a  surviving  spouse's  term      
   annuity  into  a  minimum  surviving  spouse annuity.  Accelerates the      
   initial automatic annual increase by one month for persons retiring on      
   the last day of the month.  In the investment restrictions that  apply      
   to  the  Fund, provides that the total market (rather than book) value      
   of all stocks and convertible debt shall not exceed 65%  (rather  than      
   50%)  of  the  aggregate  market  (rather than book) value of all Fund      
   investments.  Also makes technical changes.  Amends the State Mandates      
   Act  to  require  implementation  without  reimbursement.    Effective      
          PENSION NOTE (Pension Laws Commission)                               
          An analysis prepared by the Fund's actuary estimates the             
          increase in accrued liability due to HB 478 would be $2              
          million. The increase in annual cost is estimated to be              
          $178,000, or 0.16% of payroll. The estimated annual cost             
          will increase commensurate with payroll.                             
Last action on Bill: PUBLIC ACT.............................. 92-0053

   Last action date: JUL-12-2001

           Location: House

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


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