House Sponsors: SMITH,MICHAEL. Short description: PEN CD-UNIV-THIRTEENTH CHECK Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code. Provides for an additional payment to persons receiving a retirement or survivor annuity, equal to half the monthly benefit, to be paid on the December 31 next following a fiscal year in which the System's investment return is at least 190% of the prescribed rate of interest determined for that year by the Board. Effective immediately. PENSION NOTE (Pension Laws Commission) There is no increase in accrued liability, but there is a cost that cannot be determined from the loss of reinvestment oppor- tunities. If these provisions had been in effect since 1970, SURS would have distributed benefits in 10 of the last 26 years (37% of the time). Distribution on December 1, 1997 would have totaled $17.5 million, 250% of the investment return assumption. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status