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IL HB3426

Bill

Official Source

Status

Failed

1/8/2013

Primary Sponsor

David Harris

Click for details

Origin

House of Representatives

97th General Assembly

AI Summary

  • Amends the Illinois Municipal Retirement Fund (IMRF) to exclude lump sum payments for retirement, severance, or sick and vacation time from calculations of final rate of earnings for pension purposes.

  • Modifies 40 ILCS 5/7-116 to add this exclusion as a seventh factor in computing final rate of earnings used to determine retirement, survivor, death, and disability benefits.

  • Amends the State Mandates Act by adding Section 8.35 to exempt this mandate from state reimbursement requirements for local implementation.

  • Takes effect immediately upon becoming law.

Legislative Description

PENSION CD-EARNINGS-EXCLUSIONS

Last Action

Session Sine Die

1/8/2013

Committee Referrals

Rules3/17/2011
Personnel & Pensions2/28/2011
Rules2/24/2011

Full Bill Text

No bill text available