92nd General Assembly
Summary of SB0566
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Senate Sponsors:

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      
          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


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