House Sponsors: SMITH,MICHAEL. Short description: PEN CD-ONE-TIME INCREASES Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code to provide for a one-time increase in certain retirement and survivor's annuities. Effective immediately. PENSION NOTE (Pension Laws Commission) Increase in accrued liability $69.8 million Amortization payment in FY2000 (0.01% of payroll) $187,000 Increase in annual contributions FY2005 (0.04%) $ 1.4 million Increase in annual contributions FY2010 (0.07%) $ 3.2 million Increase in annual contributions FY2020 (0.07%) $ 5.2 million Increase in annual contributions FY2030 (0.07%) $ 8.8 million Increase in annual contributions FY2040 (0.07%) $15.0 million Increase in annual contributions FY2045 (0.07%) $19.6 million Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status