92nd General Assembly Summary of HB3588    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
MADIGAN,MJ.

Short description: 
PEN CD-CHGO-COOK CO-OMNIBUS                                                

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  In the Chicago  Municipal  and      
   Laborer  Articles  and  the  Cook  County  Article  of the Code, makes      
   numerous changes affecting participation, eligibility,  benefits,  and      
   administration  of  benefits.  Makes  technical changes.  Also makes a      
   conforming change in the State Employee  Article.   Amends  the  State      
   Mandates   Act   to   require  implementation  without  reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Illinois Pension Laws Commission)                      
          The estimated total annual cost of HB 3588 for the Chicago           
          Municipal Employees' Pension Fund will be $37.2 million, or          
          3.18% of payroll.                                                    
          The Chicago Laborers' Pension Fund total annual cost is $7.8         
          million, or 4.54% of payroll.                                        
          The Cook County Employees' Pension Fund total annual cost is         
          $55.5 million, or 5.0% of payroll.                                   
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


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