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IL SB1925
Bill
Status
Introduced
2/6/2025
Primary Sponsor
Michael Halpin
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AI Summary
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Extends the payment deadline for Illinois Municipal Retirement Fund (IMRF) additional contributions from 3 years to 7 years after receipt of the bill
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Applies to extra payments municipalities and instrumentalities must make when employee earnings increase above 6% or 1.5 times the annual Consumer Price Index-U increase, whichever is greater
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The additional contributions cover the present value of increased pension benefits resulting from earnings increases that exceed the threshold during the final rate of earnings period
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Takes effect immediately upon becoming law
Legislative Description
PEN CD-IMRF-MUNI CONTRIBUTION
Last Action
Rule 3-9(a) / Re-referred to Assignments
3/21/2025
Committee Referrals
Assignments3/21/2025
Pensions3/12/2025
Assignments2/6/2025
Full Bill Text
No bill text available