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1. Roll Call
   
2. Approval of Minutes from January 24, 2008 7 Committee Meeting
   
3. Discussion of Outside Legislation (Action Required)

House Bills (Action Items)

• House Bill 4603
  Provides that, if a member seeking transfer of certain creditable service under the downstate police pension fund to IMRF applies before 1/1/09 and pays the difference between (1) the employer and employee contributions that would have been required if he had participated in IMRF during the period for which credit is being transferred, plus interest, and (2) the amount actually transferred to IMRF, then the amount of creditable service established shall not be reduced.
  
  
• House Bill 4609
  Allows a police dispatcher to transfer creditable service from IMRF to a downstate police pension fund. Includes a “police dispatcher” in the definition of “police officer” or “officer”.
  
  
• House Bill 4682
  Exempts, from the definition of “aggregate extension” all contributions to a pension fund created under Article 3, Article 4, or Article 7 of the Illinois Pension Code.
  
  
• House Bill 4884
  Allows a regional council of government that has an Internal Revenue Service ruling that it is government entity or instrument of government to participate in IMRF.
  
  
• House Bill 4886
  Adds the Will County Governmental League, the West Central Municipal Conference, and the West Cook County Solid Waste Agency to the list of entities permitted to participate in IMRF as participating instrumentalities.
  
  
• House Bill 4886
  Allows regional councils of government to participate in IMRF.

Senate Bills (Action Item)

• Senate Bill 2003
  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.
  

4. Discussion of IMRF Legislation
   
   • Senate Bill 1957
     Gives the annuitant trustee the right to vote on any and all actions before the Board of Trustees and increases from 4 to 5 the number of concurring votes necessary for every decision or action by the Board of Trustees.
     
     
   • Senate Bill 1958
     Provides that the amount of the separation benefits shall include interest at 50% of the prescribed rate of interest per annum from the date of enrollment to the date of termination of participation.
     
     
   • Senate Bill 1959
     Changes how the 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.
     
     
   • Senate Bill 1960
     Changes the minimum number of years of service an employee must have to be eligible for a retirement annuity from 8 to 5 years.
     
     
5. Discussion of Additional Legislative Committee Meetings During
   Session (Action Required)
   
   
6. Other Issues
   
   
7. Comments
   
   
8. Adjourn