92nd General Assembly Summary of HB3644    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
FRANKS.

Short description: 
PEN CD-IMRF-VESTING-REFUNDS                                                

Synopsis of Bill as introduced:
        Amends the IMRF Article of the Illinois  Pension  Code.   Changes      
   the  vesting  requirement  for a retirement annuity from 8 years to 5.      
   Makes a corresponding change in one part of  the  retirement  formula.      
   Changes  the  service  requirement  for being a member of the Board of      
   Trustees, from 8 years to 5.  Amends the State Mandates Act to require      
   implementation without reimbursement.  Effective immediately.               
          PENSION IMPACT NOTE (Pension Laws Commission)                        
          IMRF estimates the cost of changing the vesting period from 8        
          to 5 years to be 0.63% of payroll. The effect of the change          
          will differ among municipal employees.                               
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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