92nd General Assembly Summary of SB0407    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
LUECHTEFELD-MAITLAND.

Short description: 
PEN CD-UNIV-30 YEARS ANY AGE                                               

Synopsis of Bill as introduced:
        Amends the State Universities Article  of  the  Illinois  Pension      
   Code.    Allows  retirement  at  any  age  with  30  years of service,      
   beginning in 2002.  Effective immediately.                                  
          PENSIONS NOTE (Pension Laws Commission)                              
          The System's actuary estimates that SB 407 would increase the        
          actuarial liability by $61.4 million. The estimated increase in      
          FY 2001 employer contributions is $0.1 million, or 0.01% of          
          payroll. The increase in employer contributions in FY 2010 is        
          expected to be about $1.2 million, or 0.03% of payroll.              
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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