VIVERITO-MOLARO-O'MALLEY. 40 ILCS 5/9-134 from Ch. 108 1/2, par. 9-134 40 ILCS 5/9-146.1 from Ch. 108 1/2, par. 9-146.1 30 ILCS 805/8.25 new Amends the Cook County Article of the Illinois Pension Code. Increases the retirement formula to 2.4% of average salary for each year of service for persons with at least 10 years of service. Increases the widow's annuity for certain surviving spouses of members who die on or after January 1, 2001. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Illinois Pension Laws Commission) SB 486 would increase the accrued liability of the Fund by $180 million. The payment required to amortize the increase in accrued liability over 40 years is $15.2 million, and the in- crease in annual normal cost is $13.7 million. Therefore, the increase in first year cost is $28.8 million, or 2.70% of payroll. Annual costs will increase commensurate with payroll. FEB-20-2001 S FIRST READING FEB-20-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-06-2001 S TO SUBCOMMITTEE MAR-19-2001 S PENSION NOTE FILED AS INTRODUCED MAR-19-2001 S COMMITTEE INS & PENS. MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary