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IL SB2972

Bill

Official Source

Status

Passed

8/5/2016

Primary Sponsor

Don Harmon

Click for details

Origin

Senate

99th General Assembly

AI Summary

  • Amends Section 7-166 of the Illinois Pension Code regarding separation benefits for participating municipal employees
  • Increases the monthly retirement annuity threshold from $30 to $100 per month for employees eligible to elect a separation benefit in lieu of retirement annuity
  • Allows employees entitled to a retirement annuity of less than $100 per month to elect to take a separation benefit instead
  • Permits employees to use separation benefits to purchase credit in another retirement plan
  • Takes effect January 1, 2017

Legislative Description

PEN CD-IMRF-SEPARATION BENEFIT

Last Action

Public Act . . . . . . . . . 99-0747

8/5/2016

Committee Referrals

Personnel & Pensions5/2/2016
Rules4/21/2016
Licensed Activities And Pensions3/2/2016
Assignments2/18/2016

Full Bill Text

No bill text available