Synopsis of Bill as introduced:
Amends the Illinois Pension Code. Provides that a QILDRO may
specify a percentage of the member's benefit or apply a formula to
determine the amount of the member's benefit to be paid to an
alternate payee. Provides that, if so specified, a QILDRO shall take
effect at a date other than at the time the benefit becomes payable.
Provides that an alternate payee may not consent to a form of payment
that has the effect of diminishing the amount of the payment to which
he or she is entitled unless the written consent is notarized.
PENSION NOTE (Pension Laws Commission)
SB 545 would not increase the accrued liabilities or annual
cost of any public pension fund or retirement system in Ill.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status