Illinois General Assembly - Bill Status for SB 455

Amends the Metropolitan Water Reclamation District Article of the Illinois Pension Code. Provides that a child's annuity is payable to a child who is over 18 years of age, but less than 23 years of age, if he or she is a full-time student. Eliminates the 3-day waiting period for the payment of a duty disability benefit for certain persons. Provides a minimum annuity for certain retirees and surviving spouses. Authorizes employer pickup and tax-deferred status for contributions made toward the alternative plan for commissioners. With respect to the 5 years of service needed to establish eligibility for a disability retirement annuity, excludes service credit earned while on disability for new employees. Clarifies the calculation of service with respect to the Optional Plan. Allows an employee who has returned to service to repay a prior refund within the 90 days following his or her final withdrawal from service. Allows payment of a refund to certain nonvested employees who are under age 55 (rather than 50). Makes changes concerning eligibility for a surviving spouse's annuity. Provides that certain early retirement discounts apply to the calculation of a surviving spouse's annuity. Provides that an employee may establish service credit for voluntary military service that commences after commencement of service with the Metropolitan Water Reclamation District. Adds to the powers and duties of the Board, the power to assess and collect interest on amounts due to the Fund using the annual rate as shall from time to time be determined by the Board, compounded annually from the date of notification to the date of payment. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Date	Chamber	Action
1/9/2007	Senate	Session Sine Die

Date	Chamber	Action
2/16/2005	Senate	Filed with Secretary by Sen. Don Harmon
2/16/2005	Senate	First Reading
2/16/2005	Senate	Referred to Rules
2/17/2005	Senate	Assigned to Pensions & Investments
3/2/2005	Senate	Do Pass Pensions & Investments; 010-000-000
3/2/2005	Senate	Placed on Calendar Order of 2nd Reading March 3, 2005
3/3/2005	Senate	Second Reading
3/3/2005	Senate	Placed on Calendar Order of 3rd Reading March 8, 2005
3/10/2005	Senate	Added as Chief Co-Sponsor Sen. Louis S. Viverito
3/11/2005	Senate	Pension Note Filed from the Commission on Government Forecasting and Accountability.
4/7/2005	Senate	Third Reading - Passed; 057-000-000
4/7/2005	House	Arrived in House
4/7/2005	House	Placed on Calendar Order of First Reading
4/20/2005	House	Referred to Rules Committee
9/27/2005	House	Chief House Sponsor Rep. Michael J. Madigan
1/9/2007	Senate	Session Sine Die

	Pension Note (Commission on Gov't Forecasting and Accountability)
	The fiscal impact of Senate Bill 455 is expected to be minimal. The Metropolitan Reclamation District estimates that Senate Bill 455 would increase actuarial liabilities by less than $87,000. Changes to the alternative plan would generate an annual cost of $4,700.