Bill Status of SB 2362   94th General Assembly

Short Description:  PEN CD-IMRF-FORMULA INCREASE

Senate Sponsors
Sen. Iris Y. Martinez

Last Action  View All Actions

DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/7-142from Ch. 108 1/2, par. 7-142
40 ILCS 5/7-173from Ch. 108 1/2, par. 7-173
40 ILCS 5/7-173.3 new

Synopsis As Introduced
Amends the IMRF Article of the Illinois Pension Code. Increases the regular retirement formula to 1.96% of final earnings for the first 15 years of service and 2.28% of final earnings for each additional year of service for service earned on or after January 1, 2007. For service earned before January 1, 2007, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 0.5% of earnings, beginning January 1, 2007. Effective immediately.

Actions 
DateChamber Action
  1/18/2006SenateFiled with Secretary by Sen. Iris Y. Martinez
  1/18/2006SenateFirst Reading
  1/18/2006SenateReferred to Rules
  1/9/2007SenateSession Sine Die

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