40 ILCS 5/14-115.1 new
Amends the State Employee Article of the Illinois Pension Code.
Provides an additional benefit payment for certain survivors and
retirees. Applies only to fiscal years before 2005 in which the
System's return on investment exceeds the actuarial assumed rate of
return. Effective immediately.
PENSION NOTE (Pension Laws Commission)
There is no increase in accrued liability associated with
SB 1702, but there is a cost (that cannot be determined), as
some investment returns that would normally remain with SERS
to be reinvested would instead be paid out as benefits. This
would increase State contributions over time by an amount that
cannot be determined.
00-02-02 S FIRST READING
00-02-02 S REFERRED TO SENATE RULES COMMITTEE RULES
00-02-10 S PENSION NOTE FILED AS INTRODUCED
00-02-10 S COMMITTEE RULES
01-01-09 S SESSION SINE DIE
END OF INQUIRY
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