Illinois General Assembly - Bill Status for SB2003
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 Bill Status of SB2003  103rd General Assembly


Short Description:  PEN CD-IMRF-MUNI ELEC WORKER

Senate Sponsors
Sen. William R. Haine

Last Action
DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/7-142.2 new
40 ILCS 5/7-173.3 new
30 ILCS 805/8.32 new


Synopsis As Introduced
Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Provides that, in lieu of the retirement annuity otherwise provided under the Article, any municipal electrical worker who (i) has 25 or more years of service in that capacity; (ii) is at least 50 years of age; and (iii) terminates service on or after the effective date of the amendatory Act shall be entitled at his or her option to receive a monthly retirement annuity for service as a municipal electrical worker computed by multiplying 3% for each year of such service by his or her annual final rate of earnings and dividing by 12. Requires a municipal electrical worker who makes the election to make an additional contribution of 3.5% of earnings. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/7/2008SenateFiled with Secretary by Sen. William R. Haine
  2/7/2008SenateFirst Reading
  2/7/2008SenateReferred to Rules
  3/5/2008SenateAssigned to Pensions and Investments
  3/12/2008SenateTo Subcommittee
  3/14/2008SenateRule 3-9(a) / Re-referred to Rules
  1/13/2009SenateSession Sine Die

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