Bill Title: Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that the Board shall determine the amortization period to be used in calculating the amount to be contributed by participating municipalities and participating instrumentalities in order to adjust for changes in the Fund's unfunded accrued liabilities. Specifies that the amortization period shall not exceed 30 years for participating municipalities or 10 years for participating instrumentalities. Allows participating employees to withdraw additional contributions only to the extent permitted by the federal Internal Revenue Code of 1986. Requires the Board to meet at least quarterly (rather than monthly). Also makes technical changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Passed) 2013-08-09 - Public Act . . . . . . . . . 98-0218 [HB1444 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Michael Zalewski [D]	Primary	Sponsored Bills	HD-023	FollowTheMoney	Ballotpedia	VoteSmart
Representative Raymond Poe [R]	Cosponsor	Sponsored Bills	HD-099	FollowTheMoney	Ballotpedia	VoteSmart
Representative Daniel Burke [D]	Cosponsor	Sponsored Bills	HD-001	FollowTheMoney	Ballotpedia	VoteSmart
Representative William Davis [D]	Cosponsor	Sponsored Bills	HD-030	FollowTheMoney	Ballotpedia	VoteSmart
Representative Derrick Smith [D]	Cosponsor	Sponsored Bills	HD-010	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elaine Nekritz [D]	Cosponsor	Sponsored Bills	HD-057	FollowTheMoney	Ballotpedia	VoteSmart
Representative Robert Rita [D]	Cosponsor	Sponsored Bills	HD-028	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elizabeth Hernandez [D]	Cosponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Senator Iris Martinez [D]	Primary	Sponsored Bills	SD-020	FollowTheMoney	Ballotpedia	VoteSmart

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