Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

40 ILCS 5/14-108

from Ch. 108 1/2, par. 14-108

40 ILCS 5/14-133

from Ch. 108 1/2, par. 14-133

Synopsis As Introduced
Amends the State Employee Article of the Illinois Pension Code. Increases the retirement formula for certain regular coordinated members from 1.67% to 2.0% of final average compensation per year of service. Increases the employee contribution rate for those members from 4.0% to 5.03%. Effective immediately.

Pension Note (Pension Laws Commission)

Accrued liability of the System increased by an estimated $663.9 million. The contributions required to amortize this increase in accrued liability have not been calculated, but would be substantial. The normal cost (benefits earned in a year) is expected to be 1.03% of payroll, which would be offset by the 1.03% of salary increase in employee contributions. If members of SERS start to retire earlier, the costs of HB2546 would be higher than outlined above.

Actions 

Date	Chamber	Action
2/20/2003	House	Filed with the Clerk by Rep. Michael K. Smith
2/20/2003	House	First Reading
2/20/2003	House	Referred to Rules Committee
2/26/2003	House	Assigned to Executive Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
4/7/2003	House	Pension Note Filed
1/11/2005	House	Session Sine Die

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