Senate Sponsors: VIVERITO-MOLARO-O'MALLEY. Short description: PEN CD-COOK CO-EARLY RETIREMNT Synopsis of Bill as introduced: Amends the Cook County Article of the Illinois Pension Code. Provides a program of early retirement incentives for certain persons who retire between June 1, 2002 and November 30, 2002. Increases the retirement annuity by 10% of average salary and removes the reduction in annuity due to retirement before age 60. Also applies to the Article 10 pension fund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) The Fund's actuary has estimated that providing an ERI and extending the optional plan (per SB 484) would increase the accrued liability of the Fund by $225 million. The estimated increase in total annual cost is $26.7 million, or 2.30% of payroll. The impact of only providing the ERI has not been cal- culated. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status