House Sponsors: SMITH,MICHAEL-REITZ-BOST-MCGUIRE, RUTHERFORD AND BOLAND. Short description: PEN CD-ST EMPLOYEE ALT FORMULA Synopsis of Bill as introduced: Amends the State Employee Article of the Illinois Pension Code. Increases the alternative (State Police) retirement formula. Also increases the regular retirement formula for certain employees of the Department of Corrections and the Department of Human Services. Effective immediately. PENSION NOTE (Pension Laws Commission) The System's actuary (based on 1999 membership data) estimates HB 3864 would increase the accrued liability by $280.8 million. The first year cost would be $10.4 million, or 0.312% of pay- roll. In FY 2010, the employer contribution would be $45.1 million, or 1.016% of payroll. Beginning in FY 2010, the em- ployer contributions will increase commensurate with payroll. 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