SB 1959

Abstract

Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Fund. Changes how a supplemental benefit payment is calculated. Provides that the amount of the supplemental benefit payment to each eligible person shall be 75% of the monthly retirement or surviving spouse annuity payable to that person in June preceding the July 1 supplemental benefit payment date. Adds the percentage of earnings of the participating employees of all participating municipalities and participating instrumentalities necessary to provide that year's supplemental benefit payment to the list of considerations in determining the municipal contribution rate. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.