House Sponsors: SMITH,MICHAEL. Short description: PEN CD-UNIV-SURVIVORS INCR-60% Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code. Increases the minimum survivor benefit from 50% to 60% of the retirement annuity. Effective immediately. PENSION NOTE (Pension Laws Commission) Increase in accrued liability $109.8 million Total annual cost in FY2000 (0.04% of payroll) $ 0.9 million Increase in annual contributions FY2005 (0.20%) $ 6.3 million Increase in annual contributions FY2010 (0.35%) $13.5 million Increase in annual contributions FY2020 (0.35%) $23.7 million Increase in annual contributions FY2030 (0.35%) $40.1 million Increase in annual contributions FY2040 (0.35%) $68.6 million Increase in annual contributions FY2045 (0.35%) $89.7 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