BLACK-POE-KLINGLER-TURNER,JOHN-HARTKE AND MITCHELL,JERRY.
PEN CD-ST EMPL-75% AT ANY AGE
Synopsis of Bill as introduced:
Amends the State Employee Article of the Illinois Pension Code.
Provides that a person with at least 34 years of creditable service
who has reached the 75% maximum pension shall be deemed to have 35
years of service for purposes of avoiding the early retirement penalty
and qualifying for the automatic annual increase in annuity.
PENSION NOTE (Pension Laws Commission)
Accrued liability would increase by $13.8 million; annual
contributions would be relatively small.
PENSION NOTE, REVISED (Pension Laws Commission)
According to the Commission's actuary, HB 428 would increase
the accrued liability of the System by an estimated $8.38
million (based on the 1999 actuarial valuation). The increase
in total annual costs as a percent of payroll is 0.02% ($0.75
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status