MOLARO. 40 ILCS 5/8-120 from Ch. 108 1/2, par. 8-120 40 ILCS 5/8-137 from Ch. 108 1/2, par. 8-137 40 ILCS 5/8-138 from Ch. 108 1/2, par. 8-138 40 ILCS 5/8-150.1 from Ch. 108 1/2, par. 8-150.1 40 ILCS 5/8-158 from Ch. 108 1/2, par. 8-158 40 ILCS 5/8-161 from Ch. 108 1/2, par. 8-161 40 ILCS 5/8-168 from Ch. 108 1/2, par. 8-168 40 ILCS 5/8-171 from Ch. 108 1/2, par. 8-171 40 ILCS 5/11-134 from Ch. 108 1/2, par. 11-134 40 ILCS 5/11-134.1 from Ch. 108 1/2, par. 11-134.1 40 ILCS 5/11-145.1 from Ch. 108 1/2, par. 11-145.1 40 ILCS 5/11-153 from Ch. 108 1/2, par. 11-153 40 ILCS 5/11-156 from Ch. 108 1/2, par. 11-156 40 ILCS 5/11-164 from Ch. 108 1/2, par. 11-164 40 ILCS 5/11-167 from Ch. 108 1/2, par. 11-167 30 ILCS 805/8.25 new Amends the Chicago Municipal Article of the Illinois Pension Code. Removes the requirement that a legally adopted child be adopted before the employee attains age 55 to be considered a child. Eliminates the service requirement for eligibility for children's annuity for children of employees who die in service. Grants the 3% post-retirement increase beginning at the latest of: (i) the third year after retirement, (ii) attainment of age 53, or (iii) the first payment date on or after the date 60 days after the effective date of this amendatory Act of the 92nd General Assembly, for employees retiring before attainment of age 60. Changes the accrual rate from 2.2% to 2.4% per year and the maximum retirement annuity from 75% to 80% of final average salary. For persons receiving ordinary disability benefits, provides that employee contributions shall be credited to the employee without deduction, but these credits are not available for refund. Amends the Chicago Laborers Article of the Pension Code to change the accrual rate from 2.2% to 2.4% per year and the maximum retirement annuity from 75% to 80% of final average salary. Grants the 3% post-retirement increase beginning at the latest of: (i) the third year after retirement, (ii) attainment of age 53, or (iii) the first payment date on or after the date 60 days after the effective date of this amendatory Act of the 92nd General Assembly, for employees retiring before attainment of age 60. Provides an alternative annuity for the surviving spouse of an employee who dies in service with at least 10 years of service under certain conditions. Creates an additional formula for determining the annuity payable to the widows of certain employees who have at least 10 years of service and have been married for at least 10 years. Eliminates the service requirement for eligibility for children's annuity for children of employees who die in service. Provides that an adopted child shall be entitled to the same child's annuity benefits as those provided for natural children if the child was adopted before the employee withdrew from service. For persons receiving ordinary disability benefits, provides that employee contributions shall be credited to the employee without deduction, but these credits are not available for refund. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) Based on 12/31/98 membership data, in the Chicago Municipal Employees' Pension Fund, SB 803 would increase the accrued liability by an estimated $295 million. The contribution required to amortize the increase in accrued liability is $25.8 million and the estimated increase in normal cost is $11.5 million, for an estimated total annual cost of $37.2 million, or 3.18% of payroll. For the Chicago Laborers' Pension Fund, SB 803 would increase the accrued liability by an estimated $66.9 million. The contribution required to amortize the in- crease in accrued liability is $5.7 million and the estimated increase in normal cost is $2 million, for a estimated total annual cost of $7.8 million, or 4.54% of payroll. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE INS & PENS. MAR-02-2001 S PENSION NOTE FILED MAR-06-2001 S TO SUBCOMMITTEE MAR-06-2001 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