SB2003 - Illinois
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PEN CD-IMRF-MUNI ELEC WORKER Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. Provides that, in lieu of the retirement annuity otherwise provided under the Article, any municipal electrical worker who (i) has 25 or more years of service in that capacity; (ii) is at least 50 years of age; and (iii) terminates service on or after the effective date of the amendatory Act shall be entitled at his or her option to receive a monthly retirement annuity for service as a municipal electrical worker computed by multiplying 3% for each year of such service by his or her annual final rate of earnings and dividing by 12. Requires a municipal electrical worker who makes the election to make an additional contribution of 3.5% of earnings. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. Comment on Bill - Be the first to leave a comment!
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