91st General Assembly
Summary of HB1373
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House Sponsors:

Short description: 
PEN CD-ST POLICE "DROP" PLAN                                               

Synopsis of Bill as introduced:
        Amends the State Employee Article of the Illinois Pension Code.        
   Provides a Deferred Retirement Option Plan for State Police, under          
   which a State Policeman who is at least age 50 with 20 years of             
   eligible creditable service may continue in active service for up to        
   3 years while having his or her retirement annuity paid into a special      
   account, to be distributed to the employee upon retirement.  Bases the      
   retirement  annuity on the employee's service and average salary as of      
   the time of joining the DROP plan.  Requires termination of service at      
   the end of the DROP plan participation period.  Effective immediately.      
          HOUSING AFFORDABILITY NOTE (Housing Development Authority)           
          No fiscal effect on a single-family residence.                       
          PENSION NOTE (Pension Laws Commission)                               
          Estimated increase in accrued liability of SERS is $60.5             
          million; estimated increase in total annual cost is 4.428% of        
          affected payroll.                                                    
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status