Bill Status of SB0307 94th General Assembly
Short Description: PEN CD-IMRF-FORMULA INCREASE
Sen. Iris Y. Martinez
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the IMRF Article of the Illinois Pension Code. Provides that, by filing a resolution or ordinance with the Fund, an employer may increase 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 the filing of the resolution or ordinance. For service earned before the filing of the resolution or ordinance, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate for employees of an employer that files a resolution or ordinance to increase the regular retirement formula, by 0.5% of earnings. Effective immediately.
|Date||Chamber|| Action|| 2/15/2005||Senate||Filed with Secretary by Sen. Iris Y. Martinez|| 2/15/2005||Senate||First Reading|| 2/15/2005||Senate||Referred to Rules|| 1/9/2007||Senate||Session Sine Die|