Illinois General Assembly - Bill Status for HB0602
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 Bill Status of HB0602  95th General Assembly

Short Description:  PEN CD-PURCHASING POWER INCRS

House Sponsors
Rep. Angelo Saviano

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

Statutes Amended In Order of Appearance
40 ILCS 5/17-119from Ch. 108 1/2, par. 17-119
40 ILCS 5/17-119.2 new
40 ILCS 5/17-122from Ch. 108 1/2, par. 17-122
30 ILCS 805/8.31 new


Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides for a one-time increase in certain retirement and survivor's annuities. Declares it to be the public policy of this State and the intention of the General Assembly to protect annuitants against significant decreases in the purchasing power of retirement and survivor's annuities. Directs the retirement system to review and report on significant changes in purchasing power. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 An analysis prepared by the Fund’s actuary estimates that HB 602 would increase the accrued liabilities by $18.9 million. The annual amount required to pay off the increase over 40 years as a level percent of payroll is estimated to be $932,000, or 0.05% of payroll. The annual cost would grow at the same rate as payroll. As HB 602 only affects current retirees, it would not increase the annual normal cost of the Fund.

Actions 
DateChamber Action
  2/2/2007HouseFiled with the Clerk by Rep. Angelo Saviano
  2/5/2007HouseFirst Reading
  2/5/2007HouseReferred to Rules Committee
  2/7/2007HouseAssigned to Personnel and Pensions Committee
  2/15/2007HousePension Note Filed
  2/27/2007HouseRe-assigned to Executive Committee
  3/23/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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