Approval
of Minutes from February 21, 2008 Committee Meeting
Discussion
of Outside Legislation (Action Required)
House Bills
(Action Items)
House
Bill 5144
Makes a technical change in a Section concerning the purpose
of the Illinois Municipal Retirement Fund.
House
Bill 5197
Opens another transfer window between IMRF and police pension
funds. The transfer is for up to 8 years of service and the
window is until January 1, 2009.
House
Bill 5244
Makes a technical change in a Section concerning credits and
creditable service.
House
Bill 5774 Opens another transfer window between IMRF and police
pension funds. Similar to transfer under P.A. 95-530. Includes
exception to usual pension recalculation rules for SLEP members
who have returned to work and make this transfer
Senate Bills
(Action Item)
Senate
Bill 2078
Provides that, until January 1, 2010, a police officer who
transferred service from IMRF or a member of IMRF who transferred
service from a pension fund under the Downstate Police Article
of the Code under the provisions of Public Act 94-356 may
establish additional credit, but only for the amount of the
service credit reduction in that transfer.
Senate
Bill 2250
Provides that an elected or appointed coroner may elect to
participate in the Fund as a sheriff’s law enforcement
employee (SLEP). Allows conversion of prior service.
Senate
Bill 2359
Allows a regional council of government that has an Internal
Revenue Service ruling that it is a government entity or instrument
of government to participate in IMRF.
Senate
Bill 2540
Makes a technical change in a Section concerning investment
consultants. Contains only a caption.
Senate
Bill 2627
Creates the Pension Funding and Investments Act. Requires
pension plan providers to provide statements to members of
a plan that include (1) the actuarial value of the assets
and liabilities of the plan, (2) the extent to which the plan
is funded, (3) the plan’s funding policy, and (4) asset
allocations based on the percentage of overall plan assets.
Requires a retirement system or pension fund established under
the Code to provide a statement to each member and annuitant
that includes specified financial information. Makes other
changes.
If you have questions regarding IMRF benefits,
contact us by email or call 1-800-ASK-IMRF
(1-800-275-4673)
IMRF Online provides
a brief summary of IMRF benefits and the administration of those benefits.
IMRF members' and employers' rights and obligations are governed by Article
7 of the Illinois Pension Code.
