CAPPARELLI-SAVIANO-BUGIELSKI-BURKE-SANTIAGO, LOPEZ, MCAULIFFE LYONS,JOSEPH. (MADIGAN,R-DELEO) 40 ILCS 5/8-125 from Ch. 108 1/2, par. 8-125 40 ILCS 5/8-139 from Ch. 108 1/2, par. 8-139 40 ILCS 5/8-158 from Ch. 108 1/2, par. 8-158 40 ILCS 5/8-173 from Ch. 108 1/2, par. 8-173 40 ILCS 5/8-201 from Ch. 108 1/2, par. 8-201 40 ILCS 5/8-230 from Ch. 108 1/2, par. 8-230 40 ILCS 5/8-230.6 new 40 ILCS 5/8-233 from Ch. 108 1/2, par. 8-233 40 ILCS 5/11-110 from Ch. 108 1/2, par. 11-110 40 ILCS 5/11-124 from Ch. 108 1/2, par. 11-124 40 ILCS 5/11-125.8 new 40 ILCS 5/11-134.2 from Ch. 108 1/2, par. 11-134.2 40 ILCS 5/11-153 from Ch. 108 1/2, par. 11-153 40 ILCS 5/11-169 from Ch. 108 1/2, par. 11-169 40 ILCS 5/11-190 from Ch. 108 1/2, par. 11-190 40 ILCS 5/11-217 from Ch. 108 1/2, par. 11-217 40 ILCS 5/11-221 from Ch. 108 1/2, par. 11-221 40 ILCS 5/11-221.3 new 30 ILCS 805/8.21 new Amends the Chicago Municipal and Laborer Articles of the Pension Code. Provides that new annuities are payable on the first day of the calendar month, without proration. Authorizes the City to substitute funds obtained from borrowings and other sources for a portion of its authorized tax levy for pension purposes. Expands the investment authority of the board. Eliminates the provision restricting investments to the items specified in Section 1-113 of the Code; provides that investments in those items are deemed to be prudent. Contains related provisions. Provides that persons who have been out of service for up to 90 days and persons who are active participants in a reciprocal retirement system but are not in City service may establish credit for certain periods of service. Authorizes the Board to adopt rules prescribing the manner of repaying refunds and purchasing optional credits. Authorizes the Fund to accept direct rollovers of moneys from other qualified retirement plans. Changes the manner of calculating annual salary for minimum annuity purposes; applies to persons withdrawing from service on or after July 1, 1990 and makes the resulting increases retroactive to the start of the affected annuities, without interest. Also makes technical changes. Amends the Chicago Laborer Article of the Pension Code to require participation by employees of the boards of certain other Chicago public pension funds. Provides that an employee may establish credit in the Fund for service rendered as a police officer, firefighter, or teacher. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION IMPACT NOTE Chicago Municipal: Increase in accrued liability $4.6M Increase in total annual cost $609,872 Increase in total annual cost as a % of payroll 0.06% Chicago Laborers: Increase in accrued liability $943,882 Increase in total annual cost $112.691 Increase in total annual cost as a % of payroll 0.08% PENSION IMPACT NOTE, ENGROSSED No change from previous note. 97-01-08 H FILED WITH CLERK 97-01-08 H ADDED AS A JOINT SPONSOR SAVIANO 97-01-08 H ADDED AS A CO-SPONSOR BUGIELSKI 97-01-08 H ADDED AS A CO-SPONSOR BURKE 97-01-08 H ADDED AS A CO-SPONSOR SANTIAGO 97-01-08 H ADDED AS A CO-SPONSOR LOPEZ 97-01-08 H ADDED AS A CO-SPONSOR MCAULIFFE 97-01-08 H ADDED AS A CO-SPONSOR LYONS,EILEEN 97-01-08 H FIRST READING 97-01-08 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-01-22 H ASSIGNED TO COMMITTEE PERS PENSION 97-02-10 H PENSION NOTE FILED 97-02-10 H COMMITTEE PERS PENSION 97-03-21 H DO PASS/SHORT DEBATE 008-001-000 HPPN 97-03-21 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-04-08 H SECOND READING-SHORT DEBATE 97-04-08 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-09 H THIRD READING/SHORT DEBATE/PASSED 115-001-001 97-04-10 S ARRIVE IN SENATE 97-04-10 S PLACED CALENDAR ORDER OF FIRST READING 97-04-10 S CHIEF SPONSOR MADIGAN 97-04-10 S ADDED AS A CHIEF CO-SPONSOR DELEO 97-04-10 S FIRST READING 97-04-10 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-17 S ASSIGNED TO COMMITTEE INS & PENS. 97-04-24 S PENSION NOTE FILED AS ENGROSSED 97-04-29 S DO PASS 009-000-000 SINS 97-04-29 S PLACED ON CALENDAR ORDER OF 2ND READING 97-04-30 97-04-30 S SECOND READING 97-04-30 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-01 97-05-08 S THIRD READING - PASSED 050-002-000 97-05-08 H PASSED BOTH HOUSES 97-05-12 H SENT TO THE GOVERNOR 97-06-27 H GOVERNOR APPROVED 97-06-27 H EFFECTIVE DATE 97-06-27 97-06-27 H PUBLIC ACT.............................. 90-0031 END OF INQUIRY Full Text Bill Summary