PEN CD-CHGO LABORERS BENEFITS

Amends the Chicago Laborers Article of the Illinois Pension Code. Increases the minimum annuity for certain retirees and spouses. Creates an additional formula for determining the annuity payable to certain spouses and extends eligibility for one of the existing formulas. Accelerates certain automatic annual increases to the month of January. Allows repayment of a refund by an employee who has returned to service with the City for 90 days or with a reciprocal system employer for 2 years. Provides that the Fund may allow an employee to pay certain optional contributions with pre-tax dollars through employer pick-up. Allows employees to receive up to 5 years of credit for certain military service not preceded by employment; requires payment of the corresponding employee contributions and interest. Makes a technical correction in a Section on refunds. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.