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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1958
Introduced 2/7/2008, by Sen. James F. Clayborne, Jr. SYNOPSIS AS INTRODUCED:
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40 ILCS 5/7-168 |
from Ch. 108 1/2, par. 7-168 |
30 ILCS 805/8.32 new |
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Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Provides that the amount of the separation benefits shall include interest at 50% of the prescribed rate of interest per annum from the date of enrollment to the date of termination of participation. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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SB1958 |
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LRB095 16320 AMC 42344 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 7-168 as follows:
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| (40 ILCS 5/7-168) (from Ch. 108 1/2, par. 7-168)
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| Sec. 7-168. Separation benefits - Amount. The amount of the |
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| separation benefits shall be the sum of the employee's
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| accumulated normal, survivor and additional contributions, |
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| plus interest at 50% of the prescribed rate of interest per |
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| annum from the date of enrollment to the date of termination of |
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| participation..
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| (Source: P.A. 87-740.)
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.32 as follows:
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| (30 ILCS 805/8.32 new) |
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| Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 |
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| of this Act, no reimbursement by the State is required for the |
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| implementation of any mandate created by this amendatory Act of |
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| the 95th General Assembly.
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