SMITH,MICHAEL. 40 ILCS 5/15-140.1 new 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. 99-02-11 H FIRST READING 99-02-11 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-02-17 H ASSIGNED TO COMMITTEE PERS PENSION 99-03-05 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-03-15 H PENSION NOTE FILED 99-03-15 H COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary