PEN CD-IMRF-FORMULA INCREASE Senate SponsorsSen. Iris Y. Martinez 1/9/2007SenateSession Sine Die 40 ILCS 5/7-142from Ch. 108 1/2, par. 7-14240 ILCS 5/7-173from Ch. 108 1/2, par. 7-17340 ILCS 5/7-173.3 newAmends the IMRF Article of the Illinois Pension Code. Provides that, by filing a resolution or ordinance with the Fund, an employer may increase the regular retirement formula to 1.96% of final earnings for the first 15 years of service and 2.28% of final earnings for each additional year of service, for service earned on or after the filing of the resolution or ordinance. For service earned before the filing of the resolution or ordinance, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate for employees of an employer that files a resolution or ordinance to increase the regular retirement formula, by 0.5% of earnings. Effective immediately. 2/15/2005SenateFiled with Secretary by Sen. Iris Y. Martinez 2/15/2005SenateFirst Reading 2/15/2005SenateReferred to Rules 1/9/2007SenateSession Sine Die