House Sponsors: SMITH,MICHAEL. Short description: PEN CD-UNIV-INCREASE MINIMUM Synopsis of Bill as introduced: Amends the State Universities Article of the Illinois Pension Code. Provides for a change in the minimum survivor annuity. Provides for a compounded 3% annual increase in both retirement and survivor minimums. Effective immediately. PENSION NOTE (Pension Laws Commission) Increase in accrued liability $ 58.9 million Total annual cost in FY2000 (0.01% of payroll) $127,000 Increase in annual contributions FY2005 (0.03%) $ 0.9 million Increase in annual contributions FY2010 (0.05%) $ 2.2 million Increase in annual contributions FY2020 (0.05%) $ 3.5 million Increase in annual contributions FY2030 (0.05%) $ 6.0 million Increase in annual contributions FY2040 (0.05%) $10.2 million Increase in annual contributions FY2045 (0.05%) $13.3 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