92nd General Assembly
Summary of SB0478
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
MOLARO.

Short description: 
PEN CD-CHI LABR-WIDOW ANNUITY                                              

Synopsis of Bill as introduced:
        Amends the Chicago Laborers Article of the Illinois Pension Code.      
   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.   Amends  the  State      
   Mandates   Act   to   require  implementation  without  reimbursement.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB 478 would increase the accrued liability by an estimated          
          $89.2 million. Although the increase in annual normal cost is        
          estimated to be $1.2 million, there would be no increase in the      
          required annual contribution, because as of December 31, 1999,       
          the Chicago Laborers' Pension Fund was funded at 129.1% with         
          assets $380.9 million higher than accrued liabilities.               
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



 Full Text  Bill Status