PEN CD-IMRF-FORMULA INCREASE
Summary
Amends the IMRF Article of the Illinois Pension Code. Increases the regular retirement formula to 1.96% of final earnings for the first 15 years of service and 2.28% of final earnings for each additional year of service for service earned on or after January 1, 2007. For service earned before January 1, 2007, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 0.5% of earnings, beginning January 1, 2007. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Jan 2006
Committee Review
Floor Vote
Governor
Introduced Jan 18, 2006
Last action Jan 9, 2007
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
4
Key actions
0
Committee
1
Jan 9, 2007
Senate · Failed
Session Sine Die
Jan 18, 2006
Senate · Referred to committee
Referred to Rules
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Iris Y. Martinez
DDemocratic
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