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. Increases 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 January 1, 2007. For service earned before January 1, 2007, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 0.5% of earnings, beginning January 1, 2007. Effective immediately. 1/18/2006SenateFiled with Secretary by Sen. Iris Y. Martinez 1/18/2006SenateFirst Reading 1/18/2006SenateReferred to Rules 1/9/2007SenateSession Sine Die