HB 1698

Abstract

Amends the Illinois Pension Code. In the General Provisions Article, allows certain pension funds to embrace the investment in international equities and fixed income in corporations created or existing under the laws of a foreign country or in such corporations through investments in certain pooled or commingled funds and provides that, for the Metropolitan Water Reclamation District Retirement Fund, the total market value of all stocks and convertible debt shall not exceed 75% of the aggregate market value of all fund investments. In the Metropolitan Water Reclamation District Article, (i) makes changes concerning the timing of the first annuity payment date for retirement and survivor's annuities; (ii) provides that an employee in service before June 13, 1997 shall also receive a child's disability benefit during the period of disability of $10 per month for each unmarried natural or adopted child of the employee under 18 years of age (language granting this benefit was removed from the statutes by Public Act 90-12, effective June 13, 1997); (iii) provides that there shall be deducted from each payment of salary an amount equal to 7% of salary as the employee's contribution for the retirement annuity, including child's annuity, and 0.5% of salary as the employee's contribution for annual increases to the retirement annuity (was, 7 1/2% of salary as employees contribution for the retirement annuity, including annual increases therefore and child's annuity); (iv) makes changes concerning refunds after the death of a survivor of the employee and spouse; and (v) makes changes concerning the investment authority of the Retirement Board of the Metropolitan Water Reclamation District. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.