Senate Sponsors: MADIGAN,R. Short description: PEN CD-IMRF-ADMINISTRATIVE Synopsis of Bill as introduced: Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Extends the duration of certain disability benefits to the age at which the recipient becomes eligible for a full Social Security old-age insurance benefit. Authorizes the payment of a separation benefit to a person who is entitled to a retirement annuity, but wishes instead to use the amounts to his or her credit in the Fund to purchase credit in another retirement plan. Changes the amortization period used in calculating certain employer contributions, from 40 years to the period that is allowable under generally accepted accounting principles. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. PENSION NOTE (Pension Laws Commission) There would be a fiscal impact associated with SB 566, but it has not been determined. Extending the duration of total and permanent disability benefits and changing the amortization period may significantly impact some employers. 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