Senate Sponsors: CULLERTON. House Sponsors: MCKEON-HOEFT-MURPHY-BOST-OSTERMAN Short description: PEN CD-TECHNICAL CORRECTION Synopsis of Bill as introduced: Amends the Illinois Pension Code. Makes a technical correction and a stylistic change in a Section relating to transfer of credits from the Judges Retirement System. PENSION NOTE (Pension Laws Commission) SB 1047 would have no fiscal impact on the Judges' Retirement System. HOUSE AMENDMENT NO. 1. Deletes reference to: 40 ILCS 5/18-112.2 Adds reference to: 40 ILCS 5/14-103.05 from Ch. 108 1/2, par. 14-103.0 40 ILCS 5/14-106 from Ch. 108 1/2, par. 14-106 40 ILCS 5/14-107 from Ch. 108 1/2, par. 14-107 40 ILCS 5/14-108 from Ch. 108 1/2, par. 14-108 40 ILCS 5/14-110 from Ch. 108 1/2, par. 14-110 40 ILCS 5/14-114 from Ch. 108 1/2, par. 14-114 40 ILCS 5/14-133 from Ch. 108 1/2, par. 14-133 40 ILCS 5/16-132 from Ch. 108 1/2, par. 16-132 40 ILCS 5/16-133 from Ch. 108 1/2, par. 16-133 40 ILCS 5/16-133.1 from Ch. 108 1/2, par. 16-133.1 Deletes everything. Amends the Illinois Pension Code. In the State Employee Article, 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. For members receiving those formulas, increases the employee contribution by 1% of salary in each of 2002, 2003, and 2004. Includes within the definition of "security employee of the Department of Human Services" certain employees who work at least 50% of their working hours at a security facility, thereby making them eligible for the alternative retirement formula. Allows certain persons to participate in the System while employed by a statewide labor organization that represents members of the System; allows those persons to purchase credit for certain prior service. Provides that employees who are employed on an academic-year basis shall receive a full year of service credit for each academic year of service. Allows a person with at least 8 years of service to retire without penalty at any age which, when added to the number of years of creditable service, equals at least 85. Changes the service requirement for a discounted annuity at age 55, from 30 years to 25. Makes a corresponding change in a provision relating to automatic annual increases. Amends the Downstate Teacher Article to make similar changes with respect to certain teachers who have credits as State employees; also removes the age 55 limitation on calculation of the initial automatic increase. Effective immediately. FISCAL NOTE, H-AM 1 (State Retirement Systems) SB 1047 will increase the SERS accrued liability by approxi- mately $492 million. The additional ongoing cost which will begin in FY 2010 is 1.3% of payroll, or approximately $58 million. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status